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Yahoo
7 hours ago
- Business
- Yahoo
MedTech Europe calls for medtech tariff and export restriction exemptions
MedTech Europe has issued a statement calling on European policymakers to exempt medical technologies from any trade tariffs or export restrictions. In response to the European Commission's (EC) conclusion of a public consultation on proposed EU countermeasures impacting trade with the US, MedTech Europe expressed deep concern over a draft package that 'targets a broad range of finished medical devices, in vitro diagnostic (IVD) medical devices, and a variety of essential components used in their manufacture'. The trade body's overall request was that medical technologies be included and prioritised in a 'zero for zero' tariff agreement on industrial goods or as part of any negotiated settlement that seeks to eliminate tariffs on both sides of the Atlantic. The EC's consultation, which was announced on 8 May and closed on 10 June, was launched to gather input towards finalising proposals for the adoption of countermeasures against the Trump's administration's imposition of tariffs on the bloc. Upon launching the consultation, EC president Ursula von der Leyen said: 'Tariffs are already having a negative impact on the global economies. The EU remains fully committed to finding negotiated outcomes with the US. 'At the same time, we continue preparing for all possibilities, and the consultation launched today will help guide us in this necessary work.' President Trump's initial announcement of tariffs for many countries and regions worldwide on 2 April has been marked by continued flip-flopping. The EU was originally facing 20% blanket tariffs on all imported goods from 9 April; however, the White House walked back its plans on the date, instead choosing to enact a 90-day pause on the imposition of tariffs. Trump has since threatened to raise tariffs on the EU to 50% if no deal is reached by the end of the pause period on 9 July. According to reports by German newspaper Handelsblatt, the EU was willing to accept a flat fee of 10% tariffs. However, in a statement shared with Reuters, the EC dismissed the claims, stating: "Negotiations are ongoing, and no agreement has been reached at this stage. The EU has from the start objected to unjustified and illegal US tariffs.' In concluding remarks, MedTech Europe stated: 'Patients must not become collateral damage in a trade dispute. Safeguarding their access to the technologies they depend on must remain a shared priority.' On 11 June, leading players from the medtech industry convened on Capitol Hill alongside the Advanced Medical Technology Association (AdvaMed) to advocate for the elimination of tariffs on medical technologies. After the Trump administration's announcement of a 90-day pause on the imposition of tariffs for most countries, barring China, AdvaMed CEO Scott Whitaker voiced similar hopes as MedTech Europe, restating his previous request that a 'zero for zero' tariff deal on medtech with all of the US's key trading partners be struck. Navigate the shifting tariff landscape with real-time data and market-leading analysis. Request a free demo for GlobalData's Strategic Intelligence "MedTech Europe calls for medtech tariff and export restriction exemptions" was originally created and published by Medical Device Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
4 days ago
- Business
- Yahoo
MedTech Europe urges EU to exclude devices, diagnostics from trade war
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. MedTech Europe urged policymakers last week to exempt medical technologies from any trade tariffs or export restrictions. The trade group said it is 'deeply concerned' that the European Commission's draft proposal for countermeasures to U.S. tariffs targets 'a broad range' of devices, diagnostics and components. MedTech Europe's intervention follows similar pleas from its U.S. counterpart AdvaMed, which has called for 'zero-for-zero' reciprocal tariffs on the trade of medtech products. The European Commission started a consultation into plans to impose tariffs on imports and restrictions on exports in May in response to actions taken by the U.S. MedTech Europe said the draft list of products 'includes over 800 trade codes related to medical technologies, covering finished goods as well as a variety of core components necessary for the functioning of medical devices and diagnostics.' Restrictions on the trade of the devices and components would disrupt supply chains and 'create ripple effects throughout the healthcare system,' MedTech Europe said. The trade group wants policymakers to know that companies may struggle to adapt their supply chains before patient care is affected. 'Replacing components is not a simple option,' MedTech Europe said. 'In some cases, no alternative exists. Where substitutes are possible, the process of revalidation is lengthy and resource-intensive to ensure the same high standards and safety are met. Delays to access to medical technologies ultimately affect patients.' MedTech Europe wants European policymakers to exempt medical technologies from any trade tariffs or export restrictions. The trade group also echoed AdvaMed's call for medical technologies to be covered by a zero-for-zero policy on trade between the U.S. and European Union. The U.S. imposed a 20% tariff on most goods imported from the EU but temporarily halved the rate to give negotiators time to reach a deal. The U.S. has threatened to impose a 50% tariff. Negotiators have until July 9 to reach an agreement or agree to extend talks. After that, the U.S. may reimpose tariffs at a higher rate, potentially triggering retaliatory measures from the EU that MedTech Europe wants to avoid. Recommended Reading AdvaMed CEO Scott Whitaker pleads for tariff relief in Senate hearing Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
