WSJ What’s News – AM Edition

Episode: Trump Declares 100% Tariffs on Pharma Firms Not Building U.S. Plants

Date: September 26, 2025
Host: Caitlin McCabe (Wall Street Journal)

Episode Overview

This episode explores the Trump administration's sweeping new tariffs targeting foreign pharmaceutical, trucking, and home goods firms in a bid to drive domestic manufacturing, as well as the unprecedented indictment of former FBI Director James Comey. The show also covers NATO’s escalating struggle to counter drone incursions from Russia in European airspace, highlighting the evolving nature of hybrid warfare on the continent.

Key Discussion Points and Insights

1. Trump’s New Tariffs on Foreign Goods

[00:46 - 04:13]

• Announcement Details

  • President Trump will impose a 100% tariff on branded/patented drugs from companies not building manufacturing plants in the U.S.
  • Additional tariffs: 25% duty on imported heavy trucks, 50% on kitchen cabinets, bathroom vanities, and 30% on upholstered furniture.
  • All tariffs take effect Thursday, October 1st.

• Impact on Pharmaceutical Industry

  • The pharma sector is hardest hit; U.S.-targeted firms must manufacture in the U.S. or face steep import costs.
  • “The pharmaceutical industry stands to bear the biggest brunt of the new levies...” (Caitlin McCabe, [00:47])
  • Over a dozen pharma companies have promised more than $350 billion in new U.S. projects through the decade.

• Market Response

  • European companies (e.g., Roche, Novo Nordisk) largely shielded due to prior U.S. investments.
  • “So far, the response in Europe has been kind of muted...the sell off has been more pronounced [in Asia].” (Ben Dummett, [02:08])
  • U.S. imports of drugs from Asia make up a small fraction (4% in 2024) of total imports.

• Broader Trade Policy Shift

  • White House considering mandating chipmakers to match U.S.-made and imported semiconductor volumes, or pay tariffs—a move affecting major players like Apple and Dell.
  • “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...” (Caitlin McCabe, [03:21])

2. Indictment of Former FBI Director James Comey

[04:13 – 06:35]

• Indictment Summary

  • James Comey, former FBI Director, indicted by a federal grand jury in Virginia on charges of making false statements and obstruction.
  • Seen widely as President Trump seeking retribution for the Russia investigation during his first term.
  • “President Trump pursued this indictment against Comey because he's long had Comey in his crosshairs.” (Annie Linsky, [04:13])

• Political and Legal Implications

  • Replacing the U.S. Attorney to get an indictment, after the prior attorney declined, signals Trump’s exertion of power over the Justice Department.
  • “This is an instance where Trump was very clear that he wanted an indictment against a person who he perceives as a political enemy.” (Annie Linsky, [05:11])
  • The Justice Department’s independence—from the White House—is described as fundamentally altered under Trump.

• Response and Next Steps

  • Comey’s arraignment set for October 9, with both sides expected to fight vigorously.
  • “Comey...has the best legal team available to him, but he is also facing the full force of the federal government...” (Annie Linsky, [05:53])
  • Democrats denounce the case as an abuse of power.

3. NATO’s Growing Threat From Russian Drone Incursions

[07:28 – 12:10]

• Recent Incidents

  • Denmark experienced two significant drone-related airspace closures in a week, including one at Copenhagen Airport and another near major airbases.
  • Russian drones shot down in Poland; Russian jets breached Estonian airspace—largest such incidents since the Ukraine war began.

• Strategic Dilemmas

  • “If you shoot down a drone, it will come down. And these are pretty big unmanned vehicles. So it could hit houses, it could hit people on the ground.” (Suna Rasmussen, [09:01])
  • Shooting drones risks collateral damage and rapidly depleting missile arsenals.

• Counter-Drone Challenges

  • Drones are cheap and rapidly produced; counter-drone tech lags behind.
  • “Drone technology is developing much faster than counter-drone technology.” (Suna Rasmussen, [10:05])
  • ‘Drone wall’ proposals encounter detection and interception limitations, especially for drones launched internally.

• Evolving Defense Priorities

  • These incursions may force NATO states, especially Denmark, to reconsider balancing aid to Ukraine with domestic defense needs.
  • “This new pattern...could possibly push Europe to reconsider its priorities in Ukraine and whether supporting Ukraine to the extent it has done so far is the right approach.” (Suna Rasmussen, [11:27])

Notable Quotes & Memorable Moments

• On Pharma Tariffs:
  “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.”
  — Caitlin McCabe ([00:47])

• On Market Impact:
  “For Asia, the sell off has been more pronounced, but there’s a question mark as to how lasting the impact will be...”
  — Ben Dummett ([02:20])

• On Trump’s Political Retaliation:
  “This is an instance where Trump was very clear that he wanted an indictment against a person who he perceives as a political enemy.”
  — Annie Linsky ([05:11])

• On Hybrid Warfare:
  “Drone technology is developing much faster than counter-drone technology...they can basically overwhelm almost counter-drone defense systems.”
  — Suna Rasmussen ([10:05])

• On Domestic Security vs. Support for Ukraine:
  “If all of a sudden Denmark is in a situation where it has to use its own aerial defenses and missiles to defend its own territory... that could possibly push Europe to reconsider its priorities in Ukraine.”
  — Suna Rasmussen ([11:27])

Important Segment Timestamps

• Trump's New Tariff Announcements: 00:46 – 04:13
• Markets and Pharma Industry Response: 02:08 – 02:36
• Semiconductor Policy Changes: 03:20 – 04:13
• Indictment of James Comey: 04:13 – 06:35
• NATO & Drone Incursions Overview: 07:28 – 12:10
• Foreign Correspondent Interview (Suna Rasmussen): 08:10 – 12:10

Conclusion

This episode paints a vivid, timely picture of rapid policy changes with global business and security implications—from trade wars remaking the pharmaceutical and tech industries, to legal actions reflecting deepening U.S. political divides, and the evolution of warfare challenging NATO’s defenses. Each segment underscores both the volatility and interconnectedness of current events shaping global markets and geopolitics.