Major Australian medical technology manufacturer ResMed secures tariff exemption from Trump Administration
A major Australian company has managed to secure a tariff exemption from the Trump Administration as the world waits to see how the United States President will proceed with the market rocking trade policies.
The CEO of ResMed, a $49b company which manufactures sleep devices to treat sleep apnea and other chronic respiratory conditions, on Thursday revealed the Trump Administration will not apply tariffs to goods it makes in Australia or Singapore.
ResMed's goods have been exempt from trade levies as they are protected under the Nairobi Protocol – an international agreement that guarantees products which help people with disabilities are duty-free.
'Our products are used to treat patients with chronic respiratory conditions that have been subject to global tariff relief for decades,' ResMed chief executive Mick Farrell told investors.
'We have reaffirmed that. That is the case with federal authorities just this month in the current setting.'
ResMed's chief financial officer Brett Sandercock said the company was informed several days after President Trump made his 'Liberation Day' announcements that it would maintain its tariff exempt status, despite the US President hitting most countries around the globe with the levies.
'On April 5, US Customs and Border Protection issued a notice of implementation confirming that current tariff treatment of our products like ours continues,' Mr Sandercock said.
'Accordingly, we do not expect the introduction of US tariffs to have a material impact on our financial results.'
ResMed also revealed plans to double its manufacturing footprint in the US by opening a new facility in California, as growing demand for the medical company's goods continues.
While the company was given a tariff exemption, Mr Farrell said ResMed will continue to monitor the global trade environment as President Trump's trade announcements have rattled markets over the past month.
'As the global leader in helping patients with chronic respiratory conditions, we are closely monitoring the evolving global trade environment, particularly in area of tariffs,' he said.
President Trump initially slapped a 10 per cent tariff on Australia - the baseline levy implemented globally - before temporarily pausing this, alongside most other tariffs he announced on "Liberation Day".
The US still has a 145 per cent tariff on Chinese goods, while China has implemented a 125 per cent reciprocal tariff.
President Trump, however, is expected to lower the tariff on the US, telling reporters earlier this week the levy is not sustainable.
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