U.S. President Donald Trump speaks after signing an government order on a deal that may divest TikTook’s U.S. operations from ByteDance from its Chinese proprietor ByteDance, on the White House in Washington, D.C., U.S., Sept. 25, 2025.
Kevin Lamarque | Reuters
A foreign-made heavy truck crosses the U.S. border, the low, menacing rumble of its engine sounding like a ravenous predator. But it is extra prey than hunter, for it carries in its physique forbidden items: drugs. Spotting no guards, the motive force urges the truck ahead cautiously below the quilt of the night time.
That scene has utterly no relation to developments taking place in America.
In different information, President Donald Trump announced Thursday stateside that imports to the U.S. of pharmaceutical merchandise, if “branded or patented,” will incur a 100% tariff. However, if the corporate is constructing a drug manufacturing plant within the U.S., its merchandise will be exempted from these duties.
Trump additionally stated 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 costs will start Oct. 1. Coincidentally, it looks like that is the opening date for the new film, “Mad Max: The Pills in Your Cabinet.” (Not an actual film.)
What it’s essential know as we speak
100% tariffs on prescribed drugs. Trump said Thursday stateside that imports of “any branded or patented Pharmaceutical Product” will be subject to duties from Oct. 1, except the companies are constructing crops within the U.S. He additionally introduced a 25% tariff on heavy trucks.
Trump indicators government order for a TikTook deal. It requires a new joint-venture company to supervise TikTook’s U.S. companies. Oracle, Silver Lake and Abu Dhabi’s MGX will be important traders. However, China should nonetheless approve the phrases.
FBI Director James Comey indicted. A federal grand jury in Virginia indicted Comey on charges of making a false statement and obstruction for previous testimony to the U.S. Congress. It comes days after Trump pressed for Comey’s prosecution.
U.S. markets retreat a 3rd day. Major indexes declined Thursday as Oracle misplaced 5.6% and the 10-year Treasury yield touched 4.2%. Asia-Pacific shares fell Friday. Pharma shares, akin to Daiichi Sankyo and JD Health, had been significantly hard hit by Trump’s tariff announcement.
[PRO] Barclays CEO reaffirms dedication to the UK. Despite the opportunity of elevated taxes on the banking sector, C.S. Venkatakrishnan, Barclay’s chief government, advised CNBC that “we are … happy to be in London.” Here’s what’s behind his optimism.
And lastly…
SHANGHAI, CHINA – JUNE 09: Labubu figures and dolls are seen on show at a Pop Mart retailer on June 9, 2025 in Shanghai, China. From Southeast Asia and Europe to the United States and the Middle East, Labubu – the beloved character from Chinese toy firm Pop Mart – is taking the world by storm. (Photo by VCG/VCG through Getty Images)
Vcg | Visual China Group | Getty Images
Fever to fatigue? Pop Mart is actually happy that Labubu resale prices are dropping
This summer season, the monster toy Labubu charmed the world with its cute and chaotic vitality, commanding resale markups that may make day merchants or Rolex flippers blush. One secret blind field version was promoting for over 2,000% above retail costs, in accordance with Nomura. Last month, robbers in California staged a $30,000 heist.
Now, there are indicators that the secondary market is dropping steam — scalpers are panic-selling, watching costs crater by half or extra. But Pop Mart, the Chinese firm behind the phenomenon, stated the crash was simply what they needed.
— Elaine Yu