Fired prosecutor ‘prepared' to replace Trump's U.S. attorney pick Habba
Desiree Leigh Grace — a career government lawyer who rose through the ranks of the Garden State's U.S. attorney's office over nearly a decade before the judges elevated her to lead it Tuesday — said in a statement that she was ready to begin serving in that position 'in accordance with the law.' She called it an honor to have been chosen 'on merit' after a career 'guided by nothing more than the genuine desire to do the right thing for the right reason.'
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Trump doubles down on Most Favored Nation plan to target drug prices
US President Donald Trump has called on pharmaceutical manufacturers to lower US drug prices in line with the Most Favored Nation (MFN) policy first proposed in an executive order in May. On 31 July, the White House said letters were sent to leading pharmaceutical manufacturers like AstraZeneca, AbbVie, Eli Lilly, Regeneron, Novartis, Pfizer, and more, calling on them to take steps to lower drug prices in the US such that they match the lowest prices in other developed countries within the next 60 days. President Trump also shared many of these letters on the social media platform Truth Social. While this is not the first time the administration has floated the MFN policy, this time, the language used to address pharma companies is more aggressive. If the companies do not comply, the order states, the federal government 'will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.' In response to this statement, a spokesperson for the industry body BIO said, 'We share the Administration's goal of ending foreign freeloading on American innovation. But importing socialist price controls would lead only to fewer new medicines and the rationing of healthcare for Americans and would strengthen and embolden foreign adversaries whose goal is to dominate the world in biotechnology.' The BIO spokesperson said eliminating the middlemen, ending the abuse of drug reimbursement programs like 340B would be a way to simplify the system, protect patients and narrow the pricing gap between the US and other developed countries. 'Middlemen' or pharmacy benefit managers (PBMs) are often blamed by the pharmaceutical companies for high drug prices. PBMs on their part have said they negotiate with different stakeholders to drive down costs, and pass on savings obtained through rebates and discounts to health plans. The letter to the manufacturers implores them to provide drug at 'MFN rates' to all Medicaid patients, and commit to providing these prices for newly launched drugs to all major US buyers like Medicare and commercial plans. The latest announcement also calls on drug manufacturers to opt in for platforms where drugs can be sold directly to patients at prices that are comparable to those in developed nations, which are currently offered to third party payers. Among the letters posted on Truth Social, Trump directly called on several CEOs like Albert Bourla of Pfizer, and Leonard Schleifer of Regeneron, by using their first names instead of a formal address. Several countries use international reference pricing as a strategy in their health systems. However, chief among the criticism following the May executive order has been the lack of details. Industry experts have highlighted a lack of clarity on how any potential list price changes will affect the prices patients pay at the pharmacy counter given the complex dynamics and multiple stakeholders in the US healthcare system. There is also a concern that if the US implements reference pricing, it could influence when companies choose to launch drugs in certain ex-US markets to avoid those potentially lower prices from being used as references. Furthermore, pharma companies have chosen the litigation route to fight legislative changes targeting drug prices, like the Inflation Reduction Act, and the same could be seen with the MFN executive order, as per a Bank of America report. "Trump doubles down on Most Favored Nation plan to target drug prices" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 登入存取你的投資組合
Yahoo
21 minutes ago
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Trump finally announces new tariff plan hours before deadline - but delays them yet again
The Trump administration announced its new trade policy and its tariff plan on Thursday, just hours before the August 1 trade deadline. On Thursday night, the Trump White House announced that a "universal" tariff for goods coming into U.S. will remain at 10 percent. That is the same level that President Donald Trump set during his "Liberation Day" even in early April when he first announced the tariffs. However, that 10 percent rate will only apply to countries with a trade surplus — in other words, countries to which the U.S,. exports more than it imports. A senior administration official told the Associated Press that most countries have trade surpluses with the U.S. The new tariff policy will not go into effect on Friday. Trump has delayed the tariffs for another week, until August 7, reportedly to give U.S. Customs and Border Protection time to make changes in how it policies incoming goods and to collect the new duties from imports.
Yahoo
21 minutes ago
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Trump orders tariffs on dozens of countries in push to reshape global trade
President Donald Trump ordered the reimposition of tariffs on dozens of trading partners Thursday -- his cornerstone strategy for reshaping global trade to benefit the US economy. However in a minor reprieve, the White House said the measures will take effect in a week, not this Friday as previously expected. The tariffs are a demonstration of raw economic power that Trump says will put US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports. But the muscular approach has raised fears of inflation and other economic fallout in the world's biggest economy. And with questions hanging over the effectiveness of bilateral trade deals already struck -- including by the European Union and Japan -- the outcome of Trump's plan remained uncertain. Trump's new measures in an executive order raised duties on dozens of economies up to a 41 percent rate. - Frantic negotiations - Most of these new tariff hikes were first announced in April when Trump slapped a minimum 10 percent levy on goods from almost every country in the world, citing unfair trade practices and US deficits. However, Washington then postponed implementation, amid frantic series of negotiations, alongside announcements of new duties and deals with some partners. Just Thursday, Trump announced he was delaying a tariff hike on products from the major US trading partner Mexico. The postponement by 90 days came after talks with his counterpart Claudia Sheinbaum. The 79-year-old Republican has made tariffs core to his protectionist brand of hard-right politics. On Thursday, he claimed that the US economy had "no chance of survival or success" without tariffs. But the latest salvo came amid legal challenges against Trump's use of emergency economic powers. On Thursday, the US Court of Appeals for the Federal Circuit heard arguments in cases brought against Trump's blanket tariffs targeting different countries. And questions linger over the effectiveness of Trump's grand plans, or even whether he will hold firm on his most drastic threats. While Trump has touted a surge in customs revenues since the start of the year, economists warn the duties could fuel inflation. Proponents of his policy argue that their impact will be one-off, but analysts are awaiting further economic data to gauge for more persistent effects. - China question mark - Among those who managed to strike deals with Washington were Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union. Britain also reached a pact with the United States, although it was not originally targeted by higher "reciprocal" tariffs. Washington did not finalize a deal with neighboring Canada, but Trump reached agreement with Mexico to maintain an existing 25 percent duty on its products. Canada, however, was slapped with duties of 35 percent in the Trump executive order. An exemption for goods entering the country under a North American trade pact remained in place, according to the White House. But transshipped goods to evade the 35 percent duty would face even higher levels. Canada's trade relations with the United States came under renewed threat after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September. Notably excluded from the latest drama was China, which faces an August 12 deadline instead, when duties could bounce back to higher levels. Washington and Beijing had slapped tit-for-tat tariffs on each other's goods, bringing them to triple-digit levels before both countries reached agreement in May to temporarily lower these duties. The superpowers are now working towards extending their truce. bys-sms/ Sign in to access your portfolio
