US medical device makers gain after US and China agree to slash tariffs

Shares of U.S. medical device makers rise, after the U.S. and China agreed to temporarily slash reciprocal tariffs on each other's goods

The U.S. will cut tariffs on Chinese imports from 145% to 30% and China will cut tariffs on US imports from 125% to 10%

Shares of GE Healthcare GEHC.O rise 7.5%, Illumina ILMN.O gain 6.3%, Baxter BAX.N up 4.6%, Intuitive Surgical ISRG.O up 4.2%, Medtronic MDT.N up 2.8%, Stryker SYK.N climb 2% and Dexcom DXCM.O up 1.7%

Reduced tariffs will be in effect for 90 days

China is a critical supplier of raw materials and components for the pharmaceutical and medical device firms

As of last close, ILMN down 43.3%, GEHC down 10.6%, ISRG up 2.8%, MDT up 6%, BAX up 10%, SYK up 5.8% and DXCM up 9% YTD