Retractable Technologies, Inc. Files Complaint in United States Court of International Trade
Retractable Technologies, Inc. (NYSE American: RVP) has filed a complaint in the United States Court of International Trade on September 26, 2024. The complaint targets defendants involved in implementing a 100% tariff on syringes and needles imported from China, effective September 27, 2024. Defendants include the United States of America, the Office of the United States Trade Representative, Trade Representative Katherine Tai, U.S. Customs & Border Protection, and Acting Commissioner Troy Miller.
The company is seeking preliminary injunctions and a decision to set aside the tariffs, along with costs and fees. The complaint alleges improper conduct of the most recent tariff review for needles and syringes, as well as procedural and policy issues. Retractable Technologies claims that 100% tariffs without sufficient time to increase domestic production would cause irreparable harm to the company.
Retractable Technologies, Inc. (NYSE American: RVP) ha presentato un reclamo presso la Corte Statunitense del Commercio Internazionale il 26 settembre 2024. Il reclamo è rivolto ai convenuti coinvolti nell'implementazione di un dazio del 100% su siringhe e aghi importati dalla Cina, in vigore dal 27 settembre 2024. I convenuti includono gli Stati Uniti d'America, l'Ufficio del Rappresentante Commerciale degli Stati Uniti, la Rappresentante Commerciale Katherine Tai, la Dogana e Protezione delle Frontiere degli Stati Uniti e il Commissario ad interim Troy Miller.
L'azienda richiede ingiunzioni preliminari e una decisione per annullare i dazi, insieme a costi e spese. Il reclamo denuncia comportamenti scorretti nell'ultima revisione dei dazi per aghi e siringhe, così come questioni procedurali e politiche. Retractable Technologies sostiene che i dazi del 100% senza tempo sufficiente per aumentare la produzione domestica causerebbero danni irreparabili all'azienda.
Retractable Technologies, Inc. (NYSE American: RVP) ha presentado una queja en el Tribunal de Comercio Internacional de los Estados Unidos el 26 de septiembre de 2024. La queja se dirige a los demandados involucrados en la implementación de un arancel del 100% sobre jeringas y agujas importadas de China, que entrará en vigor el 27 de septiembre de 2024. Los demandados incluyen a los Estados Unidos de América, la Oficina del Representante Comercial de los Estados Unidos, la Representante Comercial Katherine Tai, la Aduana y Protección Fronteriza de los Estados Unidos y el Comisionado Interino Troy Miller.
La empresa busca medidas cautelares y una decisión para anular los aranceles, junto con costos y tarifas. La queja alega conductas inapropiadas en la revisión más reciente del arancel para agujas y jeringas, así como problemas procedimentales y de política. Retractable Technologies sostiene que los aranceles del 100% sin un tiempo suficiente para aumentar la producción nacional causarían daños irreparables a la empresa.
Retractable Technologies, Inc. (NYSE American: RVP)는 2024년 9월 26일 미국 국제무역법원에 소송을 제기했습니다. 이 소송은 2024년 9월 27일부터 시행되는 중국에서 수입한 주사기와 바늘에 대한 100% 관세를 시행하는 피고들을 대상으로 하고 있습니다. 피고에는 미국, 미국 무역대표부, 무역대표 캐서린 타이, 미국 세관국경보호청과 대행 커미셔너 트로이 밀러가 포함됩니다.
회사는 예비 금지 명령과 관세를 무효화할 결정을 요구하고 있습니다, 비용 및 수수료와 함께. 이 소송은 최근 주사기와 바늘에 대한 관세 재검토에서의 부적절한 행동 및 절차와 정책 문제를 제기하고 있습니다. Retractable Technologies는 국내 생산을 늘릴 충분한 시간 없이 100%의 관세가 부과된다면 회사에 돌이킬 수 없는 피해를 줄 것이라고 주장하고 있습니다.
Retractable Technologies, Inc. (NYSE American: RVP) a déposé une plainte auprès de la Cour américaine du commerce international le 26 septembre 2024. La plainte vise les défendeurs impliqués dans la mise en œuvre d'un tarif de 100 % sur les seringues et aiguilles importées de Chine, en vigueur le 27 septembre 2024. Les défendeurs incluent les États-Unis d'Amérique, le Bureau du représentant commercial des États-Unis, la représentante commerciale Katherine Tai, le service des douanes et de la protection des frontières des États-Unis, et le commissaire par intérim Troy Miller.
L'entreprise demande des injonctions préliminaires et une décision pour annuler les tarifs, ainsi que des frais et coûts. La plainte allègue une conduite inappropriée lors du dernier examen tarifaire pour les aiguilles et seringues, ainsi que des problèmes de procédure et de politique. Retractable Technologies affirme que des tarifs de 100 % sans temps suffisant pour augmenter la production nationale causeraient un préjudice irréparable à l'entreprise.
Retractable Technologies, Inc. (NYSE American: RVP) hat am 26. September 2024 eine Klage beim U.S. Court of International Trade eingereicht. Die Klage richtet sich gegen die Beklagten, die an der Einführung eines 100%igen Zolls auf aus China importierte Spritzen und Nadeln beteiligt sind, der am 27. September 2024 in Kraft tritt. Zu den Beklagten gehören die Vereinigten Staaten von Amerika, das Büro des U.S. Trade Representative, Handelsbeauftragte Katherine Tai, der U.S. Customs & Border Protection und der amtierende Kommissar Troy Miller.
Das Unternehmen fordert vorläufige Unterlassungsverfügungen und eine Entscheidung zur Aufhebung der Zölle sowie Kosten und Gebühren. Die Klage erhebt Vorwürfe über ein unsachgemäßes Verhalten bei der letzten Zollüberprüfung für Nadeln und Spritzen sowie über verfahrenstechnische und politische Probleme. Retractable Technologies behauptet, dass 100% Zölle ohne ausreichende Zeit zur Steigerung der inländischen Produktion dem Unternehmen irreparablen Schaden zufügen würden.
- None.
- 100% tariff imposed on syringes and needles imported from China
- Potential for irreparable harm to the company due to insufficient time to increase domestic production
- Legal costs associated with filing the complaint and seeking injunctions
Insights
The filing of this complaint by Retractable Technologies against the U.S. government and trade officials is a significant legal move with potential far-reaching implications. The company is challenging the implementation of a 100% tariff on syringes and needles imported from China, set to take effect on September 27, 2024. This action highlights the critical nature of the tariff decision for RVP's business operations.
The complaint alleges procedural irregularities in the tariff review process, particularly for needles and syringes. If successful, this legal challenge could result in the tariffs being set aside, which would be a major victory for RVP. However, the litigation process in the U.S. Court of International Trade can be lengthy and complex, potentially creating uncertainty for investors.
RVP's claim of "irreparable harm" due to insufficient time to increase domestic production underscores the immediate and severe impact these tariffs could have on the company's operations and financial performance. This case exemplifies the broader tensions between trade policy and the medical supply chain, which could have ripple effects across the healthcare sector.
The imposition of a 100% tariff on Chinese-imported syringes and needles poses a significant financial threat to Retractable Technologies. With a market cap of just
If the tariffs are implemented as planned, RVP could face:
- Substantially higher costs of goods sold
- Compressed profit margins
- Potential loss of market share to competitors with domestic production
- Increased capital expenditure requirements to establish U.S. manufacturing
The legal action, while necessary, adds uncertainty and potential legal expenses. Investors should closely monitor the court proceedings and any interim rulings on injunctions, as these will be critical for RVP's short-term financial stability. The outcome of this case could be a major inflection point for the company's future profitability and market position.
ABOUT RETRACTABLE
Retractable manufactures and markets VanishPoint® and Patient Safe® safety medical products and the EasyPoint® needle. The VanishPoint® syringe, blood collection, and IV catheter products are designed to prevent needlestick injuries and product reuse by retracting the needle directly from the patient, effectively reducing exposure to the contaminated needle. Patient Safe® syringes are uniquely designed to reduce the risk of bloodstream infections resulting from catheter hub contamination. The EasyPoint® is a retractable needle that can be used with luer lock syringes, luer slip syringes, and prefilled syringes to give injections. The EasyPoint® needle also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general line distributors.
For more information on Retractable, visit its website at www.retractable.com.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect Retractable's current views with respect to future events. Retractable believes that the expectations reflected in such forward-looking statements are accurate. However, Retractable cannot assure you that such expectations will materialize. Actual future performance could differ materially from such statements.
Factors that could cause or contribute to such differences include, but are not limited to: material changes in demand, Retractable's ability to maintain liquidity; Retractable's maintenance of patent protection; Retractable's ability to maintain favorable third party manufacturing and supplier arrangements and relationships; foreign trade risk; Retractable's ability to access the market; production costs; the impact of larger market players in providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in Retractable's periodic reports filed with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240930044847/en/
Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief Accounting Officer
Source: Retractable Technologies, Inc.
FAQ
What legal action has Retractable Technologies (RVP) taken regarding the new tariffs?
When does the 100% tariff on Chinese syringes and needles take effect for Retractable Technologies (RVP)?
What relief is Retractable Technologies (RVP) seeking in its legal complaint?
How could the 100% tariff impact Retractable Technologies (RVP)?
