Devicemaker hit with $6K in expenses from tariffs in a single week

A Redwood City, Calif.-based medical devicemaker paid an additional $6,000 last week alone due to the Trump administration's latest round of tariffs against Chinese imports, according to Department of Homeland Security documents obtained by Fox Business.

The company, Biotricity — which focuses on lowering healthcare costs by using technology to manage chronic diseases — was hit with a 25 percent tariff on Chinese-imported parts that went into effect Sept. 1.

Many of the small mechanical parts Biotricity uses in its devices are only made in China, the company told Fox Business.

One of Biotricity's suppliers told Fox Business it plans to raise the price of its products because it can't absorb the costs of the tariffs.

The Medical Imaging and Technology Alliance estimated the new tariffs will cost the U.S. medical technology industry about $138 million.

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