Philips Navigates U.S. Import Investigations Impact

Philips is engaging with U.S. policymakers regarding national security investigations into imports of medical tech and other goods. These Section 232 investigations could lead to higher tariffs. Share prices of Philips and other European med-tech companies have been affected by the announcements.

Philips is in discussions with U.S. policymakers concerning ongoing investigations into medical technology imports, the company announced on Thursday.

The U.S. Department of Commerce, on Wednesday, revealed that it had launched national security probes into the importation of personal protective equipment and other technological items. These Section 232 investigations commenced on September 2 and might result in increased import tariffs on a range of goods such as face masks and industrial machinery.

Philips, alongside other European med-tech firms, noted a decline in share prices, with Philips' stocks dropping almost 3% amid the ongoing discussions and potential outcomes.

(With inputs from agencies.)