Latest news with #Trump
Yahoo
23 minutes ago
- Business
- Yahoo
Bernie Sanders Says, 'Trump Just Announced He's Reduced Drug Prices By 85%,' Dares You To Go To The Pharmacy And 'Tell Them Trump Sent You'
Sen. Bernie Sanders (I-VT) took a jab at President Donald Trump on social media, mocking a recent claim and executive order Trump made about slashing drug prices. 'Good news: Donald Trump, who never lies, just announced he alone has reduced drug prices by 85%,' Sanders posted on X on May 20. 'Quick. Go to your pharmacy. Demand an 85% reduction on your drug prices. Tell them Trump sent you.' He also added, 'If that doesn't work, tell him to support the bill I'm introducing that'll do it.' Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Sanders' post came days after Trump signed an executive order on May 12 aimed at lowering prescription drug costs for Americans. The order focuses on ensuring Americans pay the same or less than other wealthy nations by pressuring pharmaceutical companies to offer 'Most-Favored-Nation' pricing—the lowest price they offer to any developed country. According to a White House fact sheet, the order allows Americans to buy drugs directly from manufacturers, bypassing middlemen. If companies don't cooperate, the Department of Health and Human Services is instructed to take aggressive regulatory steps. 'Our citizens pay massively higher prices than other nations for the same exact pill,' Trump said. 'We would spend tremendous amounts of money in order to provide inexpensive drugs to another country.' Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Backing up both arguments is a February 2024 Rand Corp. study that found U.S. drug prices are on average 2.78 times higher than in 33 other developed nations. For brand-name drugs, the gap is even wider—4.22 times higher. The Rand report also revealed that in 2022, the U.S. accounted for 62% of global drug sales, despite making up just 24% of total prescription volume. Meanwhile, generics in the U.S. cost less than abroad, averaging about 67% of international Trump administration argues Americans are subsidizing both Big Pharma and foreign health systems, while Sanders wants broader government action to force lower prices through legislation. During a briefing on the Make America Healthy Again Commission's report on children's health, Trump criticized other countries for negotiating harder on prices, calling their representatives 'a lot more vicious than us,' and argued that the U.S. has been footing the bill for lower drug prices overseas for years. "We are going to now get a reduction in drug costs of up to 89% in some cases, but 50% would be a low, a bad number," Trump said. "It's going to be massive numbers. It's going to be incredible for Medicaid, incredible for all forms of health care. Medicare is going to be; it's going to have a huge impact, so big that nobody can calculate it." Read Next:'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Bernie Sanders Says, 'Trump Just Announced He's Reduced Drug Prices By 85%,' Dares You To Go To The Pharmacy And 'Tell Them Trump Sent You' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
23 minutes ago
- Politics
- The Hill
Trump commutes sentence for donor Imaad Zuberi
President Trump has commuted the sentence of top political donor Imaad Zuberi, who had been sentenced to 12 years in prison in 2021 after giving illegal campaign contributions to former President Biden and Sen. Lindsey Graham (R-S.C.). A White House official confirmed Trump commuted his sentence to The Hill's sister network NewsNation on Wednesday. Zuberi had pleaded guilty in 2019 and 2020 to tax evasion, lobbying top U.S. officials while working as a foreign agent, campaign finance violations and obstruction of justice. Alongside the 12-year sentence, U.S. District Judge Virginia Phillips ordered Zuberi to pay close to $16 million in restitution and a nearly $2 million fine. 'I'm deeply sorry and, of course, humiliated,' Zuberi previously told Phillips. 'I have no excuse for what I've done.' Zuberi has also been accused of putting together meetings with U.S. and foreign politicians as well as being behind a straw donor plot. 'Everyone wants to come to Washington to meet people,' Zuberi said in a decade-old email in which he was attempting to put together a meeting between the president of Guinea and a congressman, according to the AP. 'We get request(s) for meeting(s) from all scumbag of the world, warlords, kings, queens, presidents for life, military dictators, clan chiefs, tribal chiefs and etc.' The New York Times previously reported that Zuberi donated over $1.1 million in the three months following Trump's first election to committees linked with the president and the GOP after previously backing former President Obama and former Secretary of State Hillary Clinton in her 2016 bid for the presidency.
The Sun
28 minutes ago
- Business
- The Sun
Oil Prices Rise After US Court Blocks Trump Tariffs
TOKYO: Oil prices rose on Thursday after a U.S. court blocked President Donald Trump's tariffs from taking effect, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures climbed 81 cents, or 1.25%, to $65.71 a barrel. U.S. West Texas Intermediate crude advanced by 83 cents, or 1.34%, to $62.62 a barrel at 0102 GMT. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board tariffs on imports from nations that sell more to the United States than they buy. The ruling buoyed risk appetite across global markets which have been on edge about the impact of the levies on economic growth, but analysts said the relief may only be temporary given the administration has said it will appeal. 'But for now, investors get a breather from the economic uncertainty they love to loathe,' said Matt Simpson, an analyst at City Index in Brisbane. On the supply front, there are concerns about potential new sanctions on Russian crude. At the same time, the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, could agree on Saturday to accelerate their oil production hikes in July. With Russian oil so far overall showing relative resistance to the sanctions, imposed over Moscow's war on Ukraine, 'it is hard to be convinced that any new U.S. sanctions on Russia will meaningfully dent Russia's oil exports,' Commonwealth Bank of Australia analyst Vivek Dhar said in a note. Adding to supply risks, Chevron has terminated its oil production and a number of other activities in Venezuela, after its key license was revoked by U.S. President Donald Trump's government in March. Venezuela in April cancelled cargoes scheduled to Chevron citing payment uncertainties related to U.S. sanctions. Chevron was exporting 290,000 barrels per day (bpd) of Venezuelan oil or over a third of the country's total before that. 'From May through August, the data points to a constructive, bullish bias with liquids demand set to outpace supply,' Mukesh Sahdev, Global Head of Commodity Markets at Rystad Energy, said in a note, as he expects demand growth outpacing supply growth by 0.6 million to 0.7 million bpd. Later on Thursday, investors will be watching for the weekly reports from the American Petroleum Institute (API) and the Energy Information Administration, the statistical arm of the U.S. Department of Energy. U.S. crude oil and distillate inventories likely rose last week while gasoline stockpiles likely fell, an extended Reuters poll showed on Wednesday. According to the market sources familiar with the API data, U.S. crude and gasoline stocks fell last week while distillate inventories rose.
Winnipeg Free Press
28 minutes ago
- Business
- Winnipeg Free Press
South Korea's central bank cuts borrowing costs to nurse the sluggish economy
SEOUL, South Korea (AP) — South Korea's central bank cut its key interest rate and sharply lowered its growth outlook for the country's economy in 2025, as it moved Thursday to counter U.S. President Donald Trump's tariff hikes and weak domestic demand worsened by recent political turmoil. Following a monetary policy meeting, the Bank of Korea cut its benchmark interest rate by a quarter percentage point to 2.5%. It was its fourth cut since October, when it began lowering borrowing costs for the first time in years to support a weakening economy. The bank slashed its 2025 growth outlook to 0.8%, nearly halving its previous projection of 1.5% announced in February. Share prices jumped, with the Kospi gaining 1.7%. Although trade tensions have recently eased, the global economy is still expected to slow due to the lingering effects of increased tariffs. U.S.-China friction over trade and geopolitical uncertainties will continue to weigh on markets, the bank said in a statement. South Korea's domestic economic activity remained sluggish in April following a contraction in the first quarter driven by weak consumption and business investment, the bank said. It said job creation in manufacturing and other sectors was slow. Since beginning his second term, Trump has vowed to slap huge new tariffs on foreign products entering the United States, including those from Mexico, Canada and China, which he insists will create more domestic jobs and shrink the federal deficit. In recent weeks, South Korea has sent trade officials to Washington to discuss the Trump administration's trade measures, including reciprocal tariffs and potential product-specific duties on semiconductors and cars, which are major exports for the country's trade-dependent economy. Monday Mornings The latest local business news and a lookahead to the coming week. A decision by a U.S. federal court saying Trump lacks the legal authority to impose such tariffs could upset his plans, but the White House has appealed and it's unclear what will happen in the longer run. Experts say South Korea's leverage in trade talks and its ability to tackle domestic economic challenges have been undermined by political instability after former President Yoon Suk Yeol's ill-fated imposition of martial law in December. Yoon was formally ousted from office in April, setting the stage for a snap presidential election next week.
NZ Herald
32 minutes ago
- Politics
- NZ Herald
Trump administration to crack down on Chinese visas, applicants, Rubio says
Secretary of State Marco Rubio has announced plans to crack down on Chinese holders of student visas and ramp up scrutiny of new visa applicants from China and Hong Kong, escalating the Trump administration's confrontational approach to Beijing. In a statement, Rubio said the State Department would work with the
