ABB expects to pass on cost increases from new tariffs

Published 04/03/2025, 08:14 AM
Updated 04/03/2025, 08:15 AM
© Reuters. FILE PHOTO: The logos of Swiss power technology and automation group ABB and of Accelleron turbocharging company are seen in Baden, Switzerland September 6, 2022. REUTERS/Arnd Wiegmann/FIle PHoto

ZURICH (Reuters) - Swiss engineering group ABB (ST:ABB) said on Thursday it is evaluating the implications of new import tariffs and expects to pass on higher costs that result from them.

"We expect to pass on cost increases that are the result of the tariffs to our customers," a company spokesperson said.

The spokesperson said ABB aimed to be self-sufficient in all regions and has about 75-80% local production in the U.S. A key part of its strategy is to increase localization levels when investing in new manufacturing capacity, he added.

ABB’s comments came after U.S. President Donald Trump imposed a 31% tariff on imports from Switzerland compared with 20% on goods from the European Union and 10% from Britain.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.