Slash US drug prices or face action: Trump pressures CEOs of 17 pharma companies
'According to recent data, the prices that Americans have been paying for brand name drugs are more than three times the price other similarly developed nations pay,' said White House Press Secretary Karoline Leavitt.The letters come after Trump signed an executive order in May, reviving a contentious plan, known as the 'most favored nation' policy, that aims to slash drug costs by tying the prices of some medicines in the US to the significantly lower ones abroad.'We will deploy every tool in our arsenal to end these practices,' Leavitt added.While details of enforcement remain unclear, Trump's aggressive messaging marks a return to populist themes that defined his earlier administration, with drug prices once again taking center stage in his political agenda.'The president is calling on the companies to extend most favoured nation pricing to Medicaid... and return excess overseas revenue to American patients and taxpayers,' said the White House statement.Critics say such pricing mandates could lead to supply disruptions or discourage innovation, but Trump's team maintains that US consumers have been unfairly burdened for decades.- EndsWith inputs from Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
23 minutes ago
- The Hindu
U.S. Federal Reserve Governor Kugler steps down, giving Trump slot to fill
The Federal Reserve announced Friday (August 1, 2025) that governor Adriana Kugler will step down next week, opening up a spot on the central bank's powerful board that President Donald Trump will be able to fill. Ms. Kugler, who did not participate in the Fed's policy meeting earlier this week, would have completed her term in January. Instead, she will retire August 8. She did not provide a reason for stepping down in her resignation letter. Mr. Trump has continued his attacks on the Fed since chair Jerome Powell said Wednesday that the central bank would keep its short-term interest rate unchanged. Mr. Powell also said the Fed could take months to evaluate the impact of tariffs on the economy before deciding to cut rates, as Mr. Trump has demanded. Mr. Powell is 'a stubborn MORON, must substantially lower interest rates, NOW," Mr. Trump posted early Friday morning, before the monthly jobs report was released. That report showed hiring slowed in July and was much lower in May and June than had been initially reported. Ms. Kugler was appointed to the Fed's seven-member board of governors by former President Joe Biden in September 2023. She was the first Hispanic Fed governor, and prior to joining the Fed, was a professor at Georgetown University and was the U.S. representative to the World Bank. She will return to the Georgetown faculty in the fall. 'I am proud to have tackled this role with integrity, a strong commitment to serving the public, and with a data-driven approach strongly based on my expertise in labour markets and inflation,' she said in her resignation letter. In her last speech as a Fed governor two weeks ago, Ms. Kugler expressed support for Mr. Powell's view that the central bank should keep rates unchanged while officials monitor the economy to see how Mr. Trump's tariffs affect inflation and the economy. Mr. Trump, meanwhile, has said he will appoint Fed officials who favour cutting rates. One complication is that Mr. Powell's term as chair ends in May 2026. But his position on the Fed's governing board lasts through January 2028. As a result, he could stay on the board even after stepping down as chair, and simply remain as one of seven governors. There is some precedent for such a step: Marriner Eccles, who served as Fed chair in the 1930s, remained on the board after completing his term as chair. If Mr. Powell took such a step, that would mean whomever the Trump administration chose to replace Ms. Kugler could then be elevated to chair after Mr. Powell finishes as chair in May 2026. In other words, to get their choice of Fed Chair in 2026, the Trump White House may choose to appoint that person to replace Ms. Kugler as governor, and then elevate them to Fed chair in May 2026. Mr. Powell has declined to answer at the last two press conferences whether he will leave the board when he is done as chair.
The Hindu
23 minutes ago
- The Hindu
Trump welcomes reports India may halt Russian oil imports, calls it a 'good step'
U.S. President Donald Trump on Friday (August 1, 2025) expressed cautious optimism over reports that India may be ending its purchases of Russian oil, calling it a 'good step' while addressing reporters before departing the White House. 'I understand India no longer is going to be buying oil from Russia. That's what I heard. I don't know if that's right or not, but that's a good step,' Mr. Trump said during an impromptu press gaggle on the South Lawn. His remarks come amid growing American scrutiny of India's continued energy and defence ties with Russia, especially in the context of the ongoing war in Ukraine and broader U.S. efforts to isolate the Kremlin economically. While there has been no official confirmation from New Delhi regarding such a move, Mr. Trump's comments mark the first public acknowledgement from the U.S. administration of a potential policy shift by India. Mr. Trump has maintained a firm stance against countries maintaining close commercial ties with Moscow. His administration has already imposed a 25% tariff on Indian imports, citing both trade imbalances and India's longstanding energy relationship with Russia. In his remarks, Mr. Trump did not elaborate on whether the reported change in India's oil policy would impact those tariffs or future negotiations. 'We'll see what happens,' he said. The issue of India's energy imports from Russia has been a point of contention between Washington and New Delhi, with previous administrations urging India to reduce its reliance on Russian crude in the wake of the Ukraine conflict. India has so far defended its purchases as essential for energy security and economic stability. Mr. Trump's tone on Friday, however, suggested an openness to engage with India if the reported shift holds. 'That's a good step,' he repeated, signalling potential diplomatic movement should the reports prove accurate. Officials in New Delhi have historically avoided commenting on energy policy decisions until after implementation. Mr. Trump's brief but pointed remarks come as part of a broader foreign policy strategy to pressure both adversaries and allies into realigning their global partnerships in accordance with US strategic interests. Russia remains under sweeping U.S. sanctions, and energy exports have been a critical lifeline for the Kremlin amid ongoing war-related expenditures. (This article is published in an arrangement with 5WH.)
The Wire
23 minutes ago
- The Wire
Trump Announces Deployment of Nuclear Submarines After ‘Provocative' Russian Comments
Trump's comments continue his war of words with former Russian President Dmitry Medvedev sparked by the former's tariff threats. US President Donald Trump at the Oval Office. Photo: X/@WhiteHouse. US President Donald Trump said Friday (August 1) that he had ordered the deployment of two nuclear submarines in response to "provocative" comments by a senior Russian official. 'Based on the highly provocative statements of the Former President of Russia, Dmitry Medvedev … I have ordered two Nuclear Submarines to be positioned in the appropriate regions, just in case these foolish and inflammatory statements are more than just that,' Trump posted on his Truth Social platform. 'Words are very important, and can often lead to unintended consequences, I hope this will not be one of those instances,' he added. Trump's comments continue an ongoing war of words on social media between the US president and Medvedev. Medvedev served as Russian president from 2008 to 2012, between President Vladimir Putin's terms in power, and is now deputy chairman of Russia's Security Council. He attracted Trump's ire when he said the US president's threat to impose tariffs on buyers of Russian oil, such as India, constituted an 'ultimatum game' whereby 'each new ultimatum is a threat and a step towards war' between Moscow and Washington. On Thursday, Medvedev wrote in a post on Telegram that, 'if some words from the former president of Russia trigger such a nervous reaction from the high-and-mighty president of the United States, then Russia is doing everything right and will continue to proceed along its own path'. He also said Trump should remember 'how dangerous the fabled 'Dead Hand' can be' – a reference to a secretive, semi-automated, Soviet-era command system designed to launch Moscow's nuclear missiles in the event of its leadership being eliminated. The announcement comes amid intensified Russian attacks on Ukraine, even as Trump threatens tougher sanctions unless Putin agrees to a ceasefire in the coming days. A day of mourning was being held in Ukraine's capital on Friday, a day after Russia launched waves of missiles and drones on Kyiv, killing 31 people and wounding over 150 others. This article was originally published on DW and contains two paragraphs from its blog. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
