Trump slaps 100% tariff on some pharmaceutical drugs via executive order
President Donald Trump answers questions after signing an executive order to limit mail-in voting in the Oval Office of the White House, March 31, 2026, in Washington. (Alex Wong/Getty Images)
(WASHINGTON) — President Donald Trump on Thursday slapped 100% tariffs on some pharmaceutical products, ramping up his effort to boost U.S. drug manufacturing.
The move, in the form of an executive order, targets patented drugs that lack a “most favored nations” pricing agreement with the U.S. Under such agreements, companies ensure the U.S. will pay the same amount that other wealthy countries pay for similar medications.
Companies face a reduced levy if they agree to bring production to the U.S. or enter into pricing deals with the administration, the executive order says.
If companies commit to bring their manufacturing to America, then the tariff on their products will drop to 20%, the order notes.
In the event such companies also enter into a most-favored-nation agreement with the Department of Health and Human Services, then they can avert tariffs entirely while in the process of building a U.S.-based plant, according to the executive order.
Large companies, the executive order says, will receive a 120-day phase-in period before the tariffs take effect.
The fresh round of tariffs will exclude drugs made in some countries that previously entered into trade agreements with the U.S., including Switzerland, Japan, South Korea and the 27-member European Union, according to the order.
Pharmaceutical products from those countries will face a 15% tariff based on the terms of trade agreements reached with the U.S, the order notes.
This is a developing story. Please check back for updates.
ABC News’ Mary Kekatos contributed to this report.
(NEW YORK) — Hiring slowed in April as a rise in fuel prices hammered shoppers weeks into the war with Iran, U.S. government data on Friday showed.
The U.S. added 115,000 jobs in April, according to the report, which marked a cooldown from 178,000 jobs added in March. The reading for April exceeded economists’ expectations.
The unemployment rate held steady at 4.3% in April, the Bureau of Labor Statistics (BLS) said. Unemployment remains low by historical standards.
The U.S. Bureau of Labor Statistics (BLS) collected the previous month’s survey data through the second week of March, before the full effects of the oil shock set off by the war.
As in previous months, the health care industry stood out as a top source of hiring in April, adding 37,000 jobs, the BLS said. The retail sector, as well as transportation and warehousing, also contributed to the increase in hiring.
Employment in the federal government continued to decline in April, shedding 9,000 jobs, the BLS said. The federal government has lost 348,000 jobs, or nearly 12% of its workforce, since October 2024, a month before President Donald Trump was elected.
The hiring figure for March was revised upward from 178,000 jobs added to 185,000 jobs added. Hiring for February, however, was revised downward from a loss of 133,000 jobs to a loss of 156,000 jobs.
The fresh data arrived as the war continues to drive up gasoline prices and borrowing costs, threatening a drag on the economy.
The U.S. added an average of about 15,000 jobs per month in 2025, BLS data showed. That performance indicated a drop-off from 186,000 jobs added each month in 2024.
The Middle East conflict, which began on Feb. 28, prompted Iran’s effective closure of the Strait of Hormuz, a critical waterway that facilitates the transport of about one-fifth of the worldwide supply of oil.
The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.
The price of an average gallon of gas stands at $4.54 as of Friday, marking an increase of $1.56 per gallon since the war started, AAA data showed. That amounts to a roughly 50% jump in about two-and-a-half months.
In theory, a prolonged oil shortage could drive up prices for a vast array of goods, sapping energy from consumer spending, which powers most of the nation’s economic growth.
A potential jump in costs for additional goods delivered through the Strait of Hormuz — such as fertilizer and diesel fuel — could also raise prices beyond gasoline, putting pressure on the Federal Reserve to hike interest rates in an effort to quell inflation.
Last month, Fed Chair Jerome Powell described the economic outlook as “highly uncertain.”
“We’re kind of waiting to see what happens with events in the Middle East,” Powell said.
The Fed has opted to hold interest rates steady at three consecutive meetings since the outset of 2026. Before that, the Fed cut interest rates a quarter-point three straight times.
The benchmark interest rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.
If the Fed moved to raise interest rates, it would hike borrowing costs for many consumer and business loans, risking a slowdown in hiring.
Markets peg a roughly 70% chance of interest rates holding steady for the remainder of this year, according to the CME FedWatch Tool.
Mark Zuckerberg (R), CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC. (Anna Moneymaker/Getty Images)
(WASHINGTON) — Mark Zuckerberg took the stand on Wednesday in a landmark Los Angeles trial alleging that major social media platforms were intentionally designed to be addictive for children and teens.
The case, which began last Monday in Los Angeles County Superior Court, centers on claims against Meta — the parent company of Facebook and Instagram — and YouTube, which is owned by Google. Plaintiffs argue the companies knowingly built features that encouraged compulsive use among young users, contributing to long-term mental health harm.
The lawsuit was brought by a now-20-year-old woman identified as “Kaley” and her mother, who allege she was exposed to addictive design features as a child. Her lawyers claim she got hooked on social media apps starting as young as age 6. She says features like auto-scrolling got her addicted to the platforms — ultimately leading to anxiety, depression and body image issues.
In opening statements, the plaintiffs’ attorney Mark Lanier told the jury the case was “as easy as ABC,” which he said stood for “addicting the brains of children.”
The case is the first of more than 1,500 similar lawsuits nationwide to go before a jury, potentially setting a precedent for how tech companies are held liable for product design.
Zuckerberg has appeared before Congress multiple times to address concerns over youth safety and online harms, but Wednesday marks the first time he will testify before a jury on these claims.
Several parents of children who died by suicide or accidental harm linked to online trends are expected to attend the proceedings. Some previously watched Zuckerberg apologize during a 2024 Capitol Hill hearing, where he acknowledged families who said social media contributed to their children’s deaths.
The companies deny the allegations, arguing that mental health outcomes are shaped by a range of factors beyond social media use. They say they have implemented safeguards aimed at protecting young users, including parental controls and accounts designed specifically for teens.
In a statement to ABC News at the start of the trial, a Meta spokesperson said, “We strongly disagree with these allegations and are confident the evidence will show our longstanding commitment to supporting young people.”
Meta said that the company has made “meaningful changes” to its services, such as introducing accounts specifically for teenage users.
Zuckerberg’s appearance follows testimony last week from Instagram head Adam Mosseri, who disputed characterizing Instagram use as an “addiction,” while acknowledging what he described as “problematic use.”
Mosseri testified that there’s always a tradeoff between “safety and speech,” saying users don’t like it when they remove options from Instagram.
The Los Angeles trial is part of a broader wave of litigation targeting social media companies. Meta is also facing a separate child safety lawsuit in New Mexico, while lawsuits brought by school districts — modeled after tobacco litigation in the 1990s — are expected to head to trial later this year.
Social platforms Snapchat and TikTok were previously named in the lawsuit but reached settlements with the plaintiffs last month.
Stock Market Wall Street (Matteo Colombo/Getty Images)
(NEW YORK) — Stocks dipped and oil prices rose in early trading on Monday as tensions mounted in the Strait of Hormuz, putting pressure on the ceasefire between the U.S and Iran a day before it’s set to expire.
The Dow Jones Industrial Average fell 25 points, or 0.07%, while the S&P 500 dropped 0.1%. The tech-heavy Nasdaq declined 0.1%.
U.S. Marines seized an Iran-flagged container ship in the Gulf of Oman on Sunday, according to CENTOM, just a day after two Indian ships came under fire in the Strait of Hormuz.
A potential second round of peace talks between the U.S. and Iran remained in doubt on Monday. Iranian Foreign Ministry spokesperson Esmaeil Baghaei said Monday that Iran has not yet made any decision regarding additional talks.
West Texas Intermediate futures, the benchmark index for U.S. oil prices, climbed more than 4% on Monday, registering at about $87 a barrel.
The escalating tensions appeared to reverse a brief thaw on Friday, when a senior Iranian official declared the strait “completely open” for tanker traffic. Within minutes, President Donald Trump celebrated the announcement as a major breakthrough.
The glimmer of relief for the critical waterway sent stock prices soaring and oil prices plummeting on Friday.
This is a developing story. Please check back for updates.
