Let's begin in Washington where the president announcing new tariffs impacting trucks, furniture, and the pharma market. Our Aean Jabber is in DC with more. Hey, Aean.>> Carl, that's right. President Trump announced a slate of new tariffs late yesterday focused on pharmaceuticals and trucks as the big headline. He said the US is going to impose a 100% tariff on any branded or patented pharmaceutical product entering the country.That'll begin on October 1st. But that will not apply to companies that are buil ...

US President Donald Trump's latest executive actions and trade moves sent global markets reeling on Friday. From new tariffs on pharmaceuticals, furniture, and heavy trucks to a TikTok US divestiture ... ...

President Donald Trump announced Thursday that the U.S. will impose a 100% tariff on "any branded or patented Pharmaceutical Product" entering the country from Oct. 1.The measure will not apply to companies building drug manufacturing plants in the U.S., Trump added.He said that the exemption covers projects where construction has started, including sites that have broken ground or are under construction."There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started," Trum ...

Key TakeawaysPresident Trump announced a 25% tariff on all heavy trucks manufactured outside the U.S., effective October 1, 2025, aimed at protecting domestic industry.Bank reserves at the Federal Reserve have fallen below $3 trillion, signaling a significant liquidity drain in the financial system.Australian miner Lynas Rare Earths Ltd (LYC) is experiencing its strongest market gains in nearly a decade, benefiting from escalating US-China trade tensions.Economic growth in EBRD countries is edging higher, b ...

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around the impact of proposed tariff changes on various sectors of the U.S. economy, particularly focusing on trade policies announced by President Trump. Core Insights and Arguments - **Tariff Proposals**: President Trump has proposed higher tariffs on countries that account for ¾ of U.S. imports, with potential baseline tariff rates rising to 15-20% [2][4][5] - **Sector-Specific Tariffs**: A significant increase in sectoral tariffs, particularly a 50% tariff on copper, was announced, which is double the previously expected rate [2][7] - **Pharmaceutical Tariffs**: There is uncertainty regarding the implementation of tariffs on pharmaceuticals, which may be delayed for up to 18 months, potentially affecting the overall effective tariff rate [2][10][18] - **Effective Tariff Rate (ETR) Forecast**: The near-term ETR is expected to rise slightly more slowly than previously anticipated but will still end the year approximately 14 percentage points (pp) higher than it started [2][21] - **Country-Specific Tariffs**: Proposed country-specific tariffs could add an additional 3.2pp to the ETR if implemented [22] Additional Important Content - **Historical Context**: Previous tariff deadlines have shown a pattern where proposed increases are often reversed or reduced before implementation, leading to a higher ETR than before but lower than initially proposed [11][12] - **Legal Risks**: There are potential legal challenges that could impact tariff rates, particularly concerning the baseline tariff and sectoral tariffs [14] - **Sectoral Investigations**: Ongoing investigations into pharmaceuticals and semiconductors are expected to conclude soon, which could lead to further tariff announcements [8] - **Impact on Trading Partners**: The proposed tariffs will have varying impacts on different trading partners, with specific rates outlined for countries like Brazil (50%), the EU (30%), and Canada (35%) [5][24] Conclusion - The overall sentiment indicates a cautious approach to the anticipated rise in tariffs, with a focus on the implications for various sectors and trading partners. The potential for delays and legal challenges adds complexity to the tariff landscape, necessitating close monitoring of developments in trade policy.