Trade wars: Fisher & Paykel Healthcare, Cettire shares hammered by Donald Trump’s tariffs
Fisher & Paykel Healthcare shares have nosedived after it warned costs were forecast to rise as US President Donald Trump makes good on his election promise to impose heavy new tariffs on Mexico, Canada and China.
The tariffs — 25 per cent for Mexico and Canada and 10 per cent for China — come into effect from Tuesday and have already sparked a wave of retaliatory measures from the US’s three biggest trading partners.
ASX-listed Fisher & Paykel’s stock plunged 7 per cent to $31.71 after it told investors it manufactured about 45 per cent of its medical devises and systems in Mexico. The rest comes from its base in New Zealand.
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By continuing you agree to our Terms and Privacy Policy.“For the first half of the 2025 financial year approximately 43 per cent of the company’s revenue came from the US,” it said in a statement.
“Approximately 60 per cent of US volumes are supplied from the company’s Mexico manufacturing facilities. The company does not currently anticipate a material impact from the announced tariffs on its net profit after tax for the 2025 financial year.
“The company is currently working through the complexities associated with the imposition of the tariffs and will provide an update on outlook for the 2026 financial year.”
But it warned the company’s costs would likely increase next financial year, “acknowledging that the economic environment, global response to US tariffs and foreign currency movements may be fluid over this period”.
Chief executive Lewis Gradon said Fisher & Paykel took a long-term view and would be working with global suppliers and US customers “to provide solutions to best mitigate the impact of the tariffs on all parties”.
Luxury goods online retailer Cettire said it was also assesses the changes to the US tariffs on overseas imports, noting 7.5 per cent of its gross sales sourced from the US related to items manufactured in the jurisdictions impacted by the new tariffs.
Overall, they account for 4 per cent of gross sales.
“Cettire began identifying strategies to prepare for and mitigate potential changes to the US tariff regime throughout calendar year 2024 and continues to closely monitor the situation,” it said in a statement to the ASX.
Its shares were hammered 16.6 per cent lower to $1.21.
