A University of Chicago Economics Professor, Brent Neiman, was surprised to find that President Donald Trump used his research as a basis for imposing tariffs on 60 countries. Neiman had initially questioned how the administration calculated such large rates and discovered the answer when the Office of the US Trade Representative released its methodology, citing an academic paper he co-authored with four other economists. However, Neiman claimed that the calculation was "very wrong."

European pharmaceutical companies have warned EU chiefs that Donald Trump’s tariffs could lead to an "exodus" from Europe to the United States. The European Federation of Pharmaceutical Industries and Associations (EFPIA) called on EU President Ursula von der Leyen to take rapid action to mitigate this risk. The EFPIA, which represents pharma giants like Bayer, Novartis, and Novo Nordisk, warned that if the EU doesn't change its regulatory framework and strengthen intellectual property provisions, Europe's pharma sector will lose out to increased competition from the US, China, and emerging markets.

Rachel Reeves warned of the "profound" impact from US President Donald Trump’s tariffs, which global markets had calmed down about after days of turmoil. The Chancellor will meet her US counterpart to discuss the effect of the president's protectionism, as UK stocks rose slightly but still remained below pre-tariff levels.

Rachel Reeves, the Chancellor, has refused to support a "buy British" campaign in response to Donald Trump’s tariffs on UK goods entering the US. She warned against the UK becoming "inward looking" and suggested it could be a barrier to trade. The Chancellor also expressed concerns about the impact of the tariffs on living standards and communities, but did not commit to launching a "buy British" campaign as part of a national effort.