Transcript
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Trustage helps make annuities simple. Our flexible products and personalized support help you build stronger relationships and grow your business with confidence. Discover how@truestage.com grow trustage is the marketing name for Trustage Financial Group Inc. At subsidiaries and affiliates. Corporate headquarters is located in Madison, Wisconsin.
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President Trump says he's slapping 100% tariffs on pharmaceutical products from companies that aren't building plants in the U.S. plus, James Comey is indicted as Trump seeks payback against the former FBI director.
C (0:33)
Comey is somebody that Trump has had in his crosshairs really for years, and this development is part of an effort by Trump to exact the sort of vengeance that he talked about on the campaign trail.
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And we look at the difficulty in defending against drones that are buzzing into NATO airspace. It's Friday, September 26th. I'm Caitlin McCabe for the Wall Street Journal, and here is the AM edition of what' News, the top headlines and business stories moving your world today. The White House's trade war is front and center once again today after President Trump announced new tariffs on pharmaceuticals, large trucks and furniture and home goods. The pharmaceutical industry stands to bear the biggest brunt of the new levies, with Trump posting on social Media that the U.S. will impose a 100% tariff on branded or patented drugs unless the company is building a manufacturing plant in the U.S. the announcement marks the latest move by Trump to reshape the pharmaceutical industry. Last month, he sent letters to 17 drug makers asking them to lower drug costs for Americans to match the lowest price offered in other developed nations in recent months to get ahead of potential tariffs. More than a dozen pharma companies have announced new US Construction projects, with a Wall Street Journal analysis showing they've pledged to spend more than $350 billion by the end of this decade on manufacturing and R and D. Finance reporter Ben Dummett says Trump's announcement has rattled some markets this morning, with shares of drugmakers falling in Asia.
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So far, the response in Europe has been kind of muted. That's partly because the big European pharma companies like Roush, for example Novo Nordisk, have already announced big investments in the US So that should appease Trump. As for Asia, the sell off has been more pronounced, but there's a question mark as to how lasting the impact will be, because at least Last year only 4% of US drug imports were from Asia.
B (2:36)
In addition to the pharma tariffs, Trump also announced a 25% duty on imported heavy trucks, a 50% levy on kitchen cabinets, bathroom vanities and similar products, and a 30% tariff on upholstered furniture. The president says the levies will begin on Thursday, October 1st. The tariff announcements come as the White House is weighing a plan to dramatically reduce America's reliance on semiconductors made overseas as it looks to spur domestic manufacturing and reshape global supply chains. We are exclusively reporting that the Trump administration is planning to ask chip makers to manufacture the same number of semiconductors at home as their customers import from overseas producers, people familiar with the concept said. Companies that don't maintain a one to one ratio over time would have to pay a tariff. The plan stems from President Trump's comments last month that tech firms that invest more domestically would avoid roughly 100% tariffs on semiconductors. The plan could challenge the biggest tech companies like Apple and Dell Technologies, which import products containing a host of different chips from all around the world. A federal grand jury in Virginia has indicted former FBI Director James Comey on charges of making false statements and obstruction in one of the most glaring examples of President Trump's efforts to seek retribution against his political enemies. The charges come after Trump publicly questioned why the Justice Department hadn't brought cases against several of his key adversaries and called on Attorney General Pam Bondi to act quickly.
