AMSTERDAM (Reuters) - Dutch health technology company Philips (PHG.AS) on Monday said rising trade tensions between the United States and China are having a negative effect on its results, as they drive prices of raw materials such as aluminum and steel higher.
“So far the effects are modest, but we are worried about the trade tensions,” Chief Executive Frans van Houten told Reuters in a phone interview. “We don’t expect any tariffs to be imposed on medical equipment, but we see indirect effects through the costs of commodities.”
Van Houten said he expects Philips to maintain its current double digit sale growth in China this year.
Reporting by Bart Meijer