Cochlear to retain US duty-free status for hearing implants

The news: Cochlear said it will still be able to import its hearing implant systems into the US duty-free after the US government released its findings from a series of Section 301 investigations.

The context: The US announced this morning that it will impose additional tariffs of 10% or 12.5% on 60 trade partners over their “failure to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.”

The action was taken under Section 301 of the Trade Act, following investigations into the acts, policies and practices of various economies related to forced labour imports.

In April, Cochlear shares plunged after the company downgraded its full-year profit guidance due to a decline in consumer sentiment, particularly in the US.