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: 2025.05.12
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US President Donald Trump says he'll sign executive order that aims to cut drug prices
World FX news
Breaking news
US President Donald Trump says he'll sign executive order that aims to cut drug prices
New
2025.05.12 08:47
2025.05.12 08:47
2025.05.12 08:47
US President Donald Trump announced Sunday that he will sign an executive order that would cut prescription drug and pharmaceutical prices "almost immediately, by 30% to 80%."
"I will be signing one of the most consequential Executive Orders in our Country's history. Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%," Trump wrote in a Truth Social. "I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World."
Market reaction
At the time of press, the US Dollar Index (DXY) was up 0.22% on the day at 100.55.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
Last updated
: 2025.05.12
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GBP/USD hovers above 1.3550 ahead of US Nonfarm Payrolls
GBP/USD maintains its position near 1.3616, the highest since February 2022, which was recorded on June 5. At the time of writing, the pair is trading around 1.3570, with little moves ahead of labor market data from the United States (US).
New
2025.06.06 12:47USD/CAD trades cautiously near 1.3650 ahead of US/Canada employment data
The USD/CAD pair strives to hold an almost eight-month low of 1.3635 during Friday's Asian trading session, posted the previous day.
New
2025.06.06 12:13NZD/USD remains below 0.6050, pulls back from eight-month highs
NZD/USD is trading around 0.6030 during the Asian hours on Friday after retreating from the eight-month high of 0.6081, reached on Thursday.
New
2025.06.06 12:10Canadian PM Carney and China Premier Li discussed trade and bilateral relations
Canadian Prime Minister's Office (PMO) published a statement on Friday, citing that Canada's PM Mark Carney spoke with Chinese Premier Li Qiang about trade and bilateral relations.
New
2025.06.06 12:09WTI consolidates around mid-$62.00s; looks to US NFP for fresh impetus
West Texas Intermediate (WTI) US Crude Oil prices oscillate in a narrow band, around mid-$62.00s during the Asian session on Friday, and remain on track to register gains for the first time in three weeks.
New
2025.06.06 11:54Japanese Yen continues to decline after weaker Household Spending data
The Japanese Yen (JPY) drifts lower for the second consecutive day on Friday in reaction to the disappointing release of Japan's Household Spending data.
New
2025.06.06 11:42EUR/USD holds losses near 1.1450 after retreating from two-month highs
EUR/USD continues to lose ground after pulling back from a two-month high of 1.1495, marked on June 5, currently trading around 1.1440 during the Asian hours on Friday.
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2025.06.06 11:35Australian Dollar extends gains as sentiment improves following a Trump-Xi phone call
The Australian Dollar (AUD) advances against the US Dollar (USD) on Friday, extending its winning streak for the third successive day. Traders await the upcoming US Nonfarm Payrolls (NFP) report, due later in the day, seeking fresh insights into the United States (US) economy.
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2025.06.06 10:34PBOC sets USD/CNY reference rate at 7.1845 vs. 7.1865 previous
The People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Friday at 7.1845 as compared to the previous day's fix of 7.1865 and 7.1935 Reuters estimate.
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2025.06.06 10:17Japan's Kato: Monetary policy decision is up to BoJ
Japan's Finance Minister Katsunobu Kato, when asked about the US Treasury report on exchange rate, said that the monetary policy decision is up to the Bank of Japan.
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2025.06.06 09:54Disclaimer:
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