Trump announces 100% tariffs on foreign drugs and steep tariff hikes on other goods

Left-wing violence hits new record high, small businesses very concerned about socialist NYC mayor and more...

Hello Capitalists,

Here is everything we are following today:

• Trump hikes tariffs on foreign drugs to 100%

• Left-wing violence hits 30 record high, right-wing violence decreases

• Small businesses are concerned about socialism in NYC

• Amazon reaches $2.5 billion settlement for allegedly misleading Prime members

Today’s markets:

• DOW: 46180.06 (+0.77%)

• S&P: 6634.15 (+0.56%)

• NASDAQ: 22465.02 (+0.33%)

• CBOE VIX Volatility Index: (-6.6%)

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Trump slaps 100% tariffs on imported drugs and more

President Donald Trump announced a 100% tariff on branded and patented pharmaceutical products effective October 1st, unless companies are actively building manufacturing plants in the United States (defined as breaking ground or under construction).

• Home goods and furniture levies: The president imposed a 50% tariff on kitchen cabinets and bathroom vanities, plus a 30% tariff on upholstered furniture, citing concerns about “flooding” of imports that threaten American manufacturers.

• Heavy truck protection: A 25% tariff will be placed on heavy trucks built outside the U.S. to protect domestic manufacturers like Peterbilt, Kenworth, Freightliner, and Mack Trucks, with Trump framing this as essential for national security and trucker financial health.

• Economic concerns raised: While Trump argues that the tariffs as protecting U.S. manufacturing and national security, some economists warn the measures could raise consumer prices.

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A Life of Faith, A Legacy that Endures: Remembering Charlie Kirk

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Left-wing violence breaks new record, study shows

A Center for Strategic & International Studies study found that left-wing terrorist attacks reached record highs in the first half of 2025, with five incidents through July 4th—more than eight times the annual average from 1995-2000 and outpacing far-right attacks for the first time in 30 years.

• Anti-government motivation pattern: The study attributed the increase to anti-government and partisan extremism opposing the Trump administration, noting that “all left-wing attacks through July 4, 2025, appeared to be motivated by one of these ideologies,” including Charlie Kirk’s assassination by Tyler Robinson who inscribed “hey fascist, catch this” on shell casings.

• Democratic rhetoric under scrutiny: The analysis comes amid criticism of Democratic leaders’ language, with officials like Tim Walz calling ICE a “modern-day Gestapo,” Gavin Newsom describing it as a “private domestic army,” and Kamala Harris agreeing Trump was a “fascist”—rhetoric the White House has urged Democrats to tone down.

• Immigration enforcement flashpoint: The study highlighted immigration as a major trigger for violence, exemplified by the Dallas ICE facility attack, while noting that right-wing terrorism declined this year, possibly because “some extremists do not feel the need to act violently if their concerns are being addressed” under Trump’s presidency.

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Small businesses fear possible socialist leadership in NYC

Small Business Administrator Kelly Loeffler warned that NYC’s 100,000+ small businesses employing nearly 1 million people are fearful that democratic socialist candidate Zohran Mamdani’s policies could accelerate population loss and drive jobs to red states.

• Specific policy worries: Loeffler highlighted concerns about Mamdani’s proposals including potential $30/hour minimum wage, government takeover of industries, rising regulation and taxes, plus his campaign promises of free buses, city-owned grocery stores, and rent freezes that have rattled Wall Street.

• Red state migration trend: Loeffler cited ongoing economic migration patterns where “the fastest growing states in this country are red states” like Texas, Florida, and Georgia due to pro-business policies, while blue states including New York have lost population and businesses over the past four years.

• Federal bailout rejection: Treasury Secretary Scott Bessent reinforced warnings that if Mamdani’s economic policies drive NYC into financial crisis and the city seeks a federal bailout, the Trump administration would refuse, referencing Gerald Ford’s famous “drop dead” response to New York’s 1970s financial troubles.

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Amazon reached multi-billion dollar settlement after allegedly lying to Prime members

Amazon agreed to pay $2.5 billion to settle FTC allegations, including a $1 billion civil penalty (the largest in FTC history) and a $1.5 billion consumer reimbursement fund for allegedly tricking customers into Prime subscriptions and making cancellation extremely difficult.

• Consumer compensation eligibility: Customers who used three or fewer Prime benefits during any 12-month period from June 2019 to June 2025 are automatically eligible for $51 payments, while those who used Prime benefits fewer than 10 times can receive the same amount through a claims process.

• Required interface changes: Amazon must implement simple cancellation processes that are as easy as signing up, clearly inform customers about trial terms and costs, and provide transparent steps for cancellation—changes the FTC says will prevent future “subscription traps” that affected nearly 40 million consumers.

• Broader regulatory context: The settlement comes as Amazon faces a separate major antitrust lawsuit involving Prime set for trial in February 2027, while a federal appeals court struck down the FTC’s broader rule requiring easy subscription cancellations across all companies, forcing case-by-case enforcement instead.

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