Kevin Lamarque | Reuters
Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today
A foreign-made heavy truck crosses the U.S. border, the low, menacing rumble of its engine sounding like a ravenous predator. But it’s more prey than hunter, for it carries in its body forbidden goods: medicine. Spotting no guards, the driver urges the truck forward cautiously under the cover of the night.
That scene has completely no relation to developments happening in America.
In other news, President Donald Trump announced Thursday stateside that imports to the U.S. of pharmaceutical products, if “branded or patented,” will incur a 100% tariff. However, if the company is building a drug manufacturing plant in the U.S., its products will be exempted from those duties.
Trump also said 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 charges will begin Oct. 1. Coincidentally, it seems like that’s the opening date for the new movie, “Mad Max: The Pills in Your Cabinet.” (Not a real movie.)
What you need to know today
100% tariffs on pharmaceuticals. Trump said Thursday stateside that imports of “any branded or patented Pharmaceutical Product” will be subject to duties from Oct. 1, unless the firms are building plants in the U.S. He also announced a 25% tariff on heavy trucks.
Trump signs executive order for a TikTok deal. It calls for a new joint-venture company to oversee TikTok’s U.S. businesses.Oracle , Silver Lake and Abu Dhabi’s MGX will be main investors. However, China must still approve the terms.
FBI Director James Comey indicted. A federal grand jury in Virginia indicted Comey on charges of making a false statement and obstruction for past testimony to the U.S. Congress. It comes days after Trump pressed for Comey’s prosecution.
U.S. markets retreat a third day. Major indexes declined Thursday as Oracle lost 5.6% and the 10-year Treasury yield touched 4.2%. Asia-Pacific stocks fell Friday. Pharma stocks, such as Daiichi Sankyo and JD Health, were particularly hard hit by Trump’s tariff announcement.
[PRO] Barclays CEO reaffirms commitment to the UK. Despite the possibility of increased taxes on the banking sector, C.S. Venkatakrishnan, Barclay’s chief executive, told CNBC that “we are … happy to be in London.” Here’s what’s behind his optimism.
And finally…
Vcg | Visual China Group | Getty Images
Fever to fatigue? Pop Mart is actually happy that Labubu resale prices are dropping
This summer, the monster toy Labubu charmed the world with its cute and chaotic energy, commanding resale markups that would make day traders or Rolex flippers blush. One secret blind box edition was selling for over 2,000% above retail prices, according to Nomura. Last month, robbers in California staged a $30,000 heist.
Now, there are signs that the secondary market is losing steam — scalpers are panic-selling, watching prices crater by half or more. But Pop Mart, the Chinese company behind the phenomenon, said the crash was just what they wanted.
— Elaine Yu