RETRACTABLE TECHNOLOGIES INC
For the period ended Mar 31, 2024. Filed May 15, 2024.
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Mar 31, 2024 · Filed May 15, 2024
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Item 1A. Risk Factors
In addition to the risk factors disclosed in our most recent annual report which is available on EDGAR, the following additional risk factor has been identified.
On May 14, 2024, President Biden directed his Trade Representative to increase or impose tariffs on certain imports from China under section 301 of the Trade Act of 1974. Included is a 50% tariff on syringes and needles, which will likely take effect in the third quarter of 2024. As previously disclosed, we purchased over 90% of our products from China in the first quarter of 2024, most of which would likely be subject to the newly announced tariffs. In the event that
we are unable to economically purchase products from China, we may need to increase our domestic production of 1mL and 3mL syringes, as well as EasyPoint®needles and consider the economic impact of alternative sourcing of any other affected products.
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