Fitbit Is Moving Out of China. Until Then, It Wants Relief From Tariffs [Yahoo! Finance News]
FITBIT INC (FIT)
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Source: Yahoo! Finance News
Fitbit Is Moving Out of China. Until Then, It Wants Relief From Tariffs Bloomberg) -- Fitbit Inc., soon to be acquired by Google, says it’s shifting manufacturing operations out of China for its health trackers and smartwatches to avoid U.S. tariffs. But until then, it wants relief from President Donald Trump’s duties. The smartwatch maker has filed a request for an exclusion on the 15% duty that took effect Sept. 1 on its wrist-wearable communications devices, saying that while its goal is to eliminate the use of Chinese manufacturers, it “respectfully requests” a tariff waiver for its smartwatches and fitness trackers now imported from China. The duties will allow Chinese firms such as Huawei nologies Co. to gain U.S. market share while helping China’s data-collection and surveillance aims, the firm said. “Tariffs that place U.S. brands like Fitbit at a disadvantage relative to Chinese competitors in the U.S. market will only further these objectives,” the company said in its exclus
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