Trump has floated 25 percent tariffs on imports from Mexico and Canada and additional tariffs on Chinese imports.
Economists have warned Trump’s tariff plan could cause prices and inflation to rise, and Trump this month acknowledged that he “can’t guarantee” they won’t increase costs for consumers.
Health care industry insiders are concerned that Trump’s tariff plan could not only raise the price of drugs but also lead to shortages in the U.S.
Canada, China and Mexico are among the top five countries that import pharmaceutical drugs to the U.S.. China accounts for nearly a quarter of all such imports as of 2021, and supply chain experts are hoping any tariffs enacted will be nuanced.
Generic drugs, medical equipment and medical devices and their components are among the most vulnerable in the medical supply chain, according to health industry experts.
The Hill’s Joseph Choi has more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Essential Reads
Key business and economic news with implications this week and beyond:
Wall Street shrugs off political drama, readies for Trump 2.0
Washington, D.C., faces a minefield of deadlines with serious political and economic implications as it enters 2025.
Full Story
What’s changing for USPS in 2025?
The U.S. Postal Service (USPS) will raise shipping prices in early 2025 while keeping the cost of first-class stamps unchanged.
Full Story
China’s Xi cites global ‘uncertainties’ in speech ahead of Trump inauguration
Chinese President Xi Jinping painted a picture of a strong Chinese economy in his New Year’s speech, while also alluding to external “uncertainties” as President-elect Trump prepares to return to the Oval Office.
Full Story
Ford recalls thousands of trucks due to crash risk: What to know
The National Highway Traffic Safety Administration (NHTSA) announced that Ford Motor Company has recalled thousands of 2023-2024 electric trucks due to increased crash risk.
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The Ticker
Upcoming news themes and events we’re watching:
Business & Economy will be off on Jan. 1, 2025, but we’ll be back in your inbox on Jan. 2.
In Other News
Branch out with more stories from the day:
Stock market today: Wall Street indexes lose ground as market closes another record-breaking year
Stock indexes closed mostly lower Tuesday as the market delivered a downbeat finish on the final day …
Full Story
Good to Know
Business and economic news we’ve flagged from other outlets:
Stocks Skid at End of Best S&P 500 Run Since 1990s (Bloomberg)
Horse racing is set for a resurgence, even as America’s oldest track closes (CNBC)
Patrick McHenry Lets Loose on the Republican Insurgents He Left Behind (Politico Magazine)
What Others are Reading
Top stories on The Hill right now:
FBI: Largest homemade explosives cache in agency history found in Virginia
The FBI arrested a Virginia man it says had the largest stockpile of explosives recovered in the agency’s history. Read more
Chief Justice Roberts condemns elected officials for intimidating judges
Chief Justice John Roberts condemned elected officials who have intimidated judges and defied court rulings, highlighting them in his year-end report Tuesday as part of what Roberts called “illegitimate activity” that threatens the rule of law. Read more
