Trump tariff refunds begin but consumers likely to miss out

The Trump administration has announced a deal allowing patients to buy prescription drugs at discounted prices via a new website operated by the federal government. The agreement with pharmaceutical giant Pfizer will see prices for some medicines slashed by up to 85% on the direct-to-consumer TrumpRx site, the White House said in a press conference…

US economist Bernard Yaros pointed out that Trump has already used Section 232 of the Trade Expansion Act of 1962 to introduce industry-specific tariffs on sectors including vehicles, steel and aluminium, and noted that “the Department of Commerce has launched Section 232 investigations into pharmaceuticals, semiconductors, critical minerals, and aircraft”.

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Stephen Witt’s The Thinking Machine, about the rise of Nvidia and its hard-driving leader Jensen Huang, has won the 2025 Financial Times and Schroders Business Book of the Year Award. It is the second year…

Chip giant Nvidia beat Wall Street’s expectations for revenue and upcoming sales, easing investor concerns about heavy artificial intelligence (AI) spending that have unsettled markets. In its quarterly earnings report on Wednesday, the firm said revenue for the three months to October jumped 62% to $57bn, driven by demand for its chips used in AI…

Guests across the world have been told to leave their accommodation mid-holiday after property rentals firm Sonder suddenly went bankrupt. The collapse came after hotel chain Marriott terminated its leasing agreement with Sonder, a year after the partnership had been established. It allowed Sonder rooms to be booked via Marriott’s various booking platforms and app….

“Sometimes it feels that second class is literally the last thing that Royal Mail look at, in preference to parcels, but a lot of people use second class, a lot of online retailers use second class, because it is an affordable option for both us and the customer.”