ABB Plans to Offset Tariff Costs by Passing to Customers
ZURICH (Reuters) - Swiss engineering group 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.
(Reporting by Oliver Hirt; Editing by Dave Graham)
