Cochlear Ltd (ASX: COH) saw its shares surge 6.09% in Thursday's trading session, as investors reacted positively to news that the company's products remain exempt from the latest round of US tariffs. This development comes amid growing concerns about the impact of global trade tensions on the healthcare sector.

According to a recent analysis by Macquarie Group, Cochlear's hearing implants continue to enjoy duty-free treatment under the current US harmonized tariff schedule. This exemption shields the company from the potential negative effects of trade disputes that are affecting other players in the healthcare industry. Macquarie noted, "COH's hearing implants continue to be exempt from tariffs under the latest Harmonised Tariff Schedule. We think its market dominance and margins are strong defence against future tariff pressures."

The market's enthusiastic response to Cochlear's tariff-exempt status likely reflects growing investor confidence in the company's ability to maintain its competitive edge and profitability. As trade tensions escalate, companies insulated from tariff pressures may become increasingly attractive to investors seeking stability in uncertain times. Cochlear's strong market position and robust margins, as highlighted by Macquarie, further reinforce its appeal as a defensive healthcare stock in the current economic climate.