Bloomberg Daybreak: US Edition Trump Threatens Drug Tariffs; Hassett Frontrunner For Fed Chair
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Jul 16, 2025 President Trump may impose tariffs on pharmaceuticals and semiconductors, signaling a bold trade strategy. Major banks like Goldman Sachs and Bank of America are reporting their earnings, giving insight into the financial landscape. In the political arena, Kevin Hassett emerges as a candidate to replace Jerome Powell at the Federal Reserve. The interplay of economics and politics weaves a complex narrative, affecting everything from trade agreements to market reactions. It's a thought-provoking look at the evolving economic implications on the horizon.
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Tariffs Target Pharma and Chips
- President Trump is poised to impose tariffs on pharmaceuticals and semiconductors by the end of the month.
- These tariffs aim to incentivize companies to move production back to the U.S. by initially starting low then significantly increasing over time.
U.S.-Indonesia Trade Deal Highlights
- The U.S. secured tariff-free access to Indonesia in exchange for energy, agricultural, and aerospace purchases.
- This deal reflects mutually beneficial trade negotiations with emerging markets as part of Trump's trade strategy.
Kevin Hassett Leads Fed Chair Race
- Kevin Hassett is the early frontrunner to replace Jerome Powell as Fed Chair, signaling possible shifts in U.S. monetary policy.
- Treasury Secretary Scott Besson plays a key role in the process, but the final decision rests with President Trump.