MDT · 10-Q · 2026Q3 · Full report

Trade Policy and Tariffs

Medtronic plc · 2026-09-03 · Importance 37 · Surprise 42

The U.S., China, and other jurisdictions have imposed or proposed additional tariffs on imported goods, creating uncertainty for Medtronic’s cost structure and financial performance. On February 20, 2026, the U.S. Supreme Court ruled President Trump’s tariff policies under the International Emergency Economic Powers Act unconstitutional, after which U.S. Customs and Border Protection implemented procedures for IEEPA tariff refunds. Medtronic has participated in the refund processes where appropriate and stated that further escalation or expansion of trade barriers could materially adversely affect results of operations.

Key facts

• Medtronic participated in U.S. Customs and Border Protection procedures for processing IEEPA tariff refunds following the U.S. Supreme Court ruling on February 20, 2026 regarding IEEPA tariffs. source
• The year-over-year impact of tariffs did not have a material impact on cost of products sold when including the benefit of refunds for the three months ended July 31, 2026. source