Trump Trade: Pharma tariff announcement likely ‘weeks away’

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

PHARMA TARIFF: The announcement by President Donald Trump’s administration of the results of a probe into pharmaceutical imports and new sector-specific tariffs are likely “weeks away,” which would be later than initially promised, reported Reuters, citing official and industry sources. Publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol Myers (BMY), Eli Lilly (LLY), GSK (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).

CANADIAN BOYCOTT: After President Trump initiated a series of trade battles with Canada, many in the country stopped placing orders for American-made spirits and pulled U.S. liquor brands off the shelves, Laura Cooper and Vipal Monga of The Wall Street Journal report. Now, six months later, the hit to the U.S. alcohol industry is coming into view. The Distilled Spirits Council estimates exports of U.S. distilled spirits to Canada in the first six months of the year are down 62% compared to the same period in 2024. Similarly, American wine exports to Canada were down about 67%. Publicly traded beer and spirits makers include AB InBev (BUD), Molson Coors (TAP), Constellation Brands (STZ), Diageo (DEO), Heineken (HEINY) and Boston Beer (SAM).

FED CHAIR PICK: President Trump said he would announce his Fed chair pick “a little bit early,” sometime within the next week perhaps. Amid his constant push for cuts and his decision to announce his pick early to form a “shadow Fed,” along with Treasury Secretary Bessent’s comments today that the Fed should lower rates by -150 bps to -175 bps have helped support the futures. The implied September contract is now pricing in -26.5 bps in cuts with October at -43 bps and December at -63.3 bps.

RATE CUTS: Treasury Secretary Bessent said there could be a “series of rate cuts here, starting with a -50 bp rate cut in September,” in a Bloomberg Surveillance interview. He added, according to any model “analysts should be -150 bps to -175 bps lower.” Bessent is helping lead the search for a new Fed chair and said there are 10 or 11 candidates on the list.