Wall Street Breakfast Podcast: Tariffs Hit Pharma

Tariffs and Trade Policy - President Trump announced new tariffs, including 100% on branded and patented pharmaceutical drugs, effective October 1 [2][3] - Additional tariffs include 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture, and 25% on heavy trucks [3] Economic Indicators - The core personal consumption expenditures (PCE) price index is expected to show a 2.9% year-over-year increase for August, unchanged from July [9] - The overall PCE price index, including food and energy, is projected to increase by 2.7% year-over-year, up from 2.6% in July [9] - Consumer spending is anticipated to rise by 0.4% month-over-month, slowing from a 0.5% increase in July, while personal income is projected to increase by 0.3% month-over-month, down from 0.4% [10] Government Operations and Employment - Federal agencies have been directed to prepare for mass firings if the government shuts down on October 1, affecting programs without alternative funding [4][5] - The Office of Management and Budget (OMB) has instructed agencies to issue reduction-in-force notices for employees in programs inconsistent with Trump's priorities [5][6]