Cheap drugs face tariffs

Bloomberg Morning Briefing Americas  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Good morning. Your prescriptions may soon cost more. Wall Street is holding its breath for Alphabet. And California’s insurance crisis is reaching Beverly Hills. Listen to the day’s top stories. — Hellmuth Tromm Market Snapshot S&P 500 Futures 7,530.25 -0.2% Nasdaq 100 Futures 29,156.00 -0.5% WTI Crude Oil Futures $87.13 +3.3% Market data as of 07:05 AM ET. Data is subject to provider delays. Your watchlist Generic drug manufacturers will have two years to move production to the US or face a 100% import duty, Donald Trump said — and levies would double the following year. The tariffs risk driving up prices and causing shortages of medicines ranging from everyday painkillers and antibiotics to cholesterol and cancer drugs. Another tariff salvo is expected by Friday, with Trump poised to target dozens of trading partners. On Wall Street, all eyes are on Alphabet’s earnings, with investors watching closely for evidence that massive investments in artificial intelligence are paying off. Tesla also reports today, with investors asking a different question: Why isn’t it spending more on AI? IBM may cut its outlook after gloomy preliminary results. The nerves are showing, with Nasdaq futures edging lower. Another endorsement, another win. In an early test of his push to rally Republicans around his election-scrutiny message, Trump-backed Andy Biggs secured Arizona’s GOP nomination for governor, setting up a November showdown against Democratic incumbent Katie Hobbs. Arizona represents a critical state for Trump, who won there in 2024 after narrowly losing the state to Joe Biden in 2020. Officials are meanwhile probing reports that almost 1,000 ballots failed to reach voters in northern Arizona. As Parasite Spawned Chaos, Taylor Farms Slow-Walked Its Response Read more California’s wildfire insurance crisis is reaching some of the state’s wealthiest enclaves. Beverly Hills, Malibu and Bel Air now account for a growing share of the FAIR Plan’s exposure, fueling fears the insurer of last resort may buckle under the strain. A single affluent Lake Tahoe zip code where about half of the dwellings are second homes now comprises $9 billion in risk. The climate strain is showing elsewhere, too, with Texas appearing to set a record for electricity demand. Deep Dive: Tesla’s Edsel Moment Ford’s Edsel and Tesla’s Cybertruck had similar disappointing sales starts. Photo Illustration 731/Getty Images/Bloomberg Ford introduced a car named the Edsel, named after Henry Ford’s son, almost 70 years ago. It’s widely viewed as the greatest automotive flop of all time. Tesla’s Cybertruck may now be well on its way to claiming that title. Tesla started delivering its unusually angular vehicle in 2023 and Elon Musk called it the company’s best product ever, estimating the carmaker might build more than 250,000 annually. Initial reviews were mixed at best, and by the time Tesla started delivering the pickup years behind schedule, the company charged initial buyers more than $100,000. Cybertrucks faced production challenges from the start. It’s been plagued by recalls, and Tesla has been sued because its truck’s doors wouldn’t open after a crash. While Edsel sales dropped each year the model was on the market, Cybertruck sales are off to an even worse start. Just 7,133 have been registered in the US through May this year — and that count is buoyed by Musk’s SpaceX building out a fleet of the vehicles. The Big Take Illustration: Joel Plosz The latest tax dodge for the ultra-rich is a customized ETF. The bespoke vehicles help wealthy investors defer — and sometimes even avoid — capital gains taxes. Big Take Podcast The Hunt for Cambodia’s Stolen Statues Opinion Yemen’s Houthi fighters’ takeover of the Galaxy Leader Cargo in the Red Sea. Photographer: Houthi Movement /Getty Images While the world focuses on the Strait of Hormuz, the Houthis’ blockade target is an equally vulnerable global chokepoint, James Stavridis writes. The Bab el-Mandeb is a vital link to the Suez Canal, threatening a global oil shock if both straits are closed to traffic. More Opinions Marc Champion Ukraine’s War Effort Just Got a Reboot The Editors Kevin Warsh Has Breathing Space, For Now Play Alphadots! Our daily word puzzle with a plot twist. Play now! Before You Go Supplements. Photographer: Maggie Shannon/Bloomberg Teens with ADHD are increasingly designing their own supplement routines using tips from Reddit and TikTok. Many do so without consulting a doctor. A Couple More The NHL Wants to Make Hockey’s Pop Culture Moment Last The New Luxury Vacation Has Two Speeds More From Bloomberg Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. 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