Baxter International, a prominent health care and pharmaceutical manufacturer, reports that President Trump’s tariffs will likely cost the company $60 million to $70 million this year, according to the Chicago Tribune.
The hefty toll was revealed by Baxter’s executive vice president and chief financial officer, Joel Grade, during an earnings call Thursday.
“We are able to mitigate a portion of these impacts,” Grade reportedly said in the call. “Currently a majority of Baxter’s products sold in the US are manufactured in the US and made largely from US-made components. However, international procurement is part of our business operations and as such we are impacted from the US and retaliatory tariffs that have been issued.”