New 100% Drug Tariffs, Former FBI Chief Charged, NATO Warns Russia

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Donald Trump announced a fresh round of tariffs, including a 100% duty on branded or patented pharmaceuticals starting October 1, unless a company is building a manufacturing plant in America.

(2) Former FBI Director James Comey was charged with lying to Congress and obstruction related to testimony he gave in 2020, accelerating President Donald Trump’s push for legal action against his perceived political enemies.

(3) European diplomats warned the Kremlin this week that NATO is ready to respond to further violations of its airspace with full force, including by shooting down Russian planes, according to officials familiar with the exchange.

(4) Lorie Logan, president of the Federal Reserve Bank of Dallas, has proposed replacing the central bank’s benchmark federal funds rate — the primary tool the central bank has used to steer the nation’s economy since the 1980s — with a much more widely used market bellwether.

(5) Volkswagen is curbing volumes and introducing temporary shutdowns at two German factories as demand for its electric vehicles grows more slowly than predicted.

(6) UK Prime Minister Keir Starmer will try to relaunch his stuttering administration with a speech Friday announcing a plan for compulsory digital identity cards to help combat illegal migration, while also making a progressive case for his premiership as it comes under threat from internal rivals.

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