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A foreign-made heavy truck crosses the U.S. border, the low, menacing rumble of its engine sounding like a ravenous predator. But it’s more prey than hunter, for it carries in its body forbidden goods: medicine. Spotting no guards, the driver urges the truck forward cautiously under the cover of the night.
That scene has completely no relation to developments happening in America.
In other news, President Donald Trump announced Thursday stateside that imports to the U.S. of pharmaceutical products, if “branded or patented,” will incur a 100% tariff. However, if the company is building a drug manufacturing plant in the U.S., its products will be exempted from those duties.
Trump also said the U.S. will impose a 25% tariff on “Heavy (Big!)” trucks and 50% levies on “all Kitchen Cabinets, Bathroom Vanities, and associated products.”
The above charges will begin Oct. 1. Coincidentally, it seems like that’s the opening date for the new movie, “Mad Max: The Pills in Your Cabinet.” (Not a real movie.)
What you need to know today
100% tariffs on pharmaceuticals. Trump said Thursday stateside that imports of “any branded or patented Pharmaceutical Product” will be subject to duties from Oct. 1, unless the firms are building plants in the U.S. He also announced a 25% tariff on heavy trucks.
Trump signs executive order for a TikTok deal. It calls for a new joint-venture company to oversee TikTok’s U.S. businesses.Oracle
Lawyers say Trump could ‘eviscerate’ Fed’s independence. That’s according to a filing with the Supreme Court by lawyers of Fed Governor Lisa Cook — whom Trump has tried to fire. Former Fed chairs and White House officials voiced similar concerns.
U.S. markets retreat a third day. Major indexes declined Thursday as Oracle lost 5.6% and the 10-year Treasury yield touched 4.2%.Europe’s regional Stoxx 600 indexfell 0.66%, though H&M bucked the trend to surge 9.8%.
[PRO] Indian stocks regain some shine. Thanks to a recent correction in the market and an improving economy, analysts and fund managers are turning bullish on India — which has been underperforming other emerging markets for a year.
And finally…
Oil giant BP quietly steps out of the takeover spotlight
Five months ago, British energy major BP was firmly in the spotlight as a prime takeover candidate. Now, not so much. Shares of the London-listed oil giant have climbed more than 32% since early April, outperforming many of its U.S. and European rivals.
The improving sentiment can be attributed to a range of factors, including BP’s fundamental strategic reset, a leadership shake-up, progress on its cost-cutting program and a string of recent oil discoveries.
— Sam Meredith
International: Top News And Analysis
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