President Trump signs an executive order that promises to bring down the cost of prescription drugs, the U.S. and China agree on a tariff truce, and controversy over a luxury jet offered to Trump by the country of Qatar. Get the facts first with Morning Wire.Balance of Nature: Go to balanceofnature.com and use promo code WIRE for 35% off your first order as a preferred customer PLUS get a free bottle of Fiber and Spice.Lumen: Get 15% off your Lumen at Lumen.me/WIREShopify: Go to Shopify.com/morningwire to sign up for your $1 per month trial period today.
Chapter 1: What executive order did President Trump sign regarding prescription drug prices?
President Trump signs an executive order forcing big pharma to stop charging Americans more than their European counterparts.
Will the sweeping order stand up to legal scrutiny and how will other nations respond?
I'm Georgia Howe with Daily Wire executive editor John Bickley. It's Tuesday, May 13th, and this is Morning Wire.
Stocks surge after tariffs are slashed as the U.S. and China announce a truce in the trade war.
The negotiations are a combination of tariffs, non-tariff trade barriers, currency manipulation, and subsidies of labor and capital.
And Air Force One needs an update. Will Trump accept an offer of a $400 million flying palace from Qatar?
They're giving us a free jet. I could say no, no, no. Or I could say thank you very much.
Thanks for waking up with Morning Wire. Stay tuned. We have the news you need to know.
Hey, guys. Producer Brandon here. Balance of Nature Fruits and Veggies provide a convenient way to get your daily whole fruits and vegetables. Using a special freeze-drying process, they transform fresh produce into easy-to-take capsules that you can bring anywhere. While not replacing a healthy diet, Balance of Nature works alongside your other healthy habits to support your wellness journey.
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Chapter 2: How will the new drug pricing order affect Americans and big pharma?
President Trump signed what he called one of the most consequential executive orders in our country's history on Monday to dramatically lower the prices of prescription drugs.
Here to discuss is Daily Wire reporter Amanda Prestigiacomo. So Amanda, potentially a game-changing move here. What is the president intending to do with this order?
Yeah, a lot of attention being paid to this order and for good reason. Trump said that he's going to lower drug prices in the U.S. by up to 80%. He's going to do that by implementing the most favored nation policy.
He said he's going to cut out industry middlemen and he's basically going to tell the European Union and other allied nations that they need to pay more for research and development, which is also called R&D. Here's the president.
We're subsidizing others' health care. Countries where they paid a small fraction of what for the same drug... that what we pay many, many times more for and will no longer tolerate profiteering and price gouging from big pharma. But again, it was really the countries that forced big pharma to do things that, frankly, I'm not sure they really felt comfortable doing.
Now, specifically, this order is going to allow Americans to buy drugs directly from manufacturers, cutting out those middlemen. These so-called middlemen are PBMs or pharmacy benefit managers. They work with insurance providers to negotiate prices with drug companies in exchange for including those drugs in their coverage.
Now, critics have said that PBMs are not transparent and they don't actually have incentive to lower prices for Americans. The order also sets a 30-day deadline for HHS to work with these drug makers to lower prescription drug costs. If a deal is not reached in time, a new rule is going to kick in that will effectively make these drugs the same price as other nations are paying for them.
It's going to happen because the other countries have no choice. Now, the drug companies are going to have to say, listen, if you don't pay more, we're not going to give you the drug, and they're willing to do that. So that's it. We have to equalize.
Trump was asked on Monday if this order now means that America is setting price controls. Here's how he responded.
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Chapter 3: Who are the key figures supporting the drug price executive order?
HHS Secretary Robert F. Kennedy Jr., also at the presser, he targeted the EU as well. He said that if they were to chip in for R&D and raise their prices by just 20 percent, that would dramatically reduce prices for Americans.
Now, drug prices have been a bipartisan concern for a long time. What sort of reaction are we seeing from across the aisle?
Yeah, we're not hearing a lot from Democrats at the moment. We did get a response from Senator Bernie Sanders, who talks a lot about these drugs. He said he did agree with Trump that prices are too high, but he didn't back this order. He argued that it's going to be blocked by the courts. As for the right, there's a little bit of skepticism about how this is all going to be implemented.
But overall, there is a lot of support, especially since this is all being framed by Trump as an America first policy. Well, a lot of cautious optimism, at least.
Amanda, thanks for reporting. You're welcome.
Thank you Lumen for sponsoring this episode.
Stocks soared Monday after the U.S. and China formally agreed to a trade deal that will dramatically lower tariffs across the board.
Daily Wire senior editor Cabot Phillips has the latest on this highly anticipated deal. Hey, Cabot, so a crucial agreement between China and the U.S. announced. We've got the details now. Tell us what we know.
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Chapter 4: What are the political reactions to the drug pricing executive order?
Well, if we've learned anything about Donald Trump in the last few years, it's that this is a man who loves cutting a good deal. And on Monday, we saw the most consequential deal of his second term come to fruition. After formal negotiations in Switzerland this weekend, China has now agreed to cut tariffs on American imports from 125% down to just 10%, while the U.S.
will cut rates from 145% to 10%. And importantly, Beijing has also agreed to suspend or outright cancel non-tariff countermeasures against the U.S. That means their existing ban on rare earth mineral exports could be coming to an end. They'll also remove dozens of American companies from a blacklist that had kept them from operating within China's borders.
The new rates will apply for the next 90 days. In the meantime, the two sides will work on making a permanent deal. Here's President Trump announcing the deal from the White House Monday.
Yesterday, we achieved a total reset with China. After productive talks in Geneva, both sides now agree to reduce the tariffs imposed after April 2nd to 10% for 90 days as negotiators continue on the larger structural issues.
Chapter 5: What is the recent trade deal agreed upon by the U.S. and China?
Now, this deal marks a stunning turnaround and reversal of hostilities. Ahead of this weekend's meetings, for example, even Treasury Secretary Scott Besant said the deal was a long ways off and that his goal heading in was de-escalation, not a big trade deal. That's a direct quote. But clearly, the Chinese were more willing to negotiate than many had expected.
For their part, Beijing signed on to a joint statement that referenced a, quote, spirit of mutual opening, continued communication, cooperation, and mutual respect. So they're showing a little love there. That's quite a different message than we heard last month. Indeed. The Chinese were calling the U.S. bullies, saying they were going to make us pay, etc.,
Chapter 6: How will the U.S.-China tariff truce impact stocks and trade relations?
Chapter 7: What is the controversy surrounding the luxury jet offer to President Trump?
And Air Force One needs an update. Will Trump accept an offer of a $400 million flying palace from Qatar?
They're giving us a free jet. I could say no, no, no. Or I could say thank you very much.
Thanks for waking up with Morning Wire. Stay tuned. We have the news you need to know.
Chapter 8: What health supplements does Producer Brandon recommend during travel?
Hey, guys. Producer Brandon here. Balance of Nature Fruits and Veggies provide a convenient way to get your daily whole fruits and vegetables. Using a special freeze-drying process, they transform fresh produce into easy-to-take capsules that you can bring anywhere. While not replacing a healthy diet, Balance of Nature works alongside your other healthy habits to support your wellness journey.
I take these capsules whenever I'm traveling to ensure I get my daily fruits and veggies. Head to balanceofnature.com and use promo code wire for 35% off your first order as a preferred customer, plus get a free bottle of fiber and spice. That's balanceofnature.com, promo code wire.
President Trump signed what he called one of the most consequential executive orders in our country's history on Monday to dramatically lower the prices of prescription drugs.
Here to discuss is Daily Wire reporter Amanda Prestigiacomo. So Amanda, potentially a game-changing move here. What is the president intending to do with this order?
Yeah, a lot of attention being paid to this order and for good reason. Trump said that he's going to lower drug prices in the U.S. by up to 80%. He's going to do that by implementing the most favored nation policy.
He said he's going to cut out industry middlemen and he's basically going to tell the European Union and other allied nations that they need to pay more for research and development, which is also called R&D. Here's the president.
We're subsidizing others' health care. Countries where they paid a small fraction of what for the same drug... that what we pay many, many times more for and will no longer tolerate profiteering and price gouging from big pharma. But again, it was really the countries that forced big pharma to do things that, frankly, I'm not sure they really felt comfortable doing.
Now, specifically, this order is going to allow Americans to buy drugs directly from manufacturers, cutting out those middlemen. These so-called middlemen are PBMs or pharmacy benefit managers. They work with insurance providers to negotiate prices with drug companies in exchange for including those drugs in their coverage.
Now, critics have said that PBMs are not transparent and they don't actually have incentive to lower prices for Americans. The order also sets a 30-day deadline for HHS to work with these drug makers to lower prescription drug costs. If a deal is not reached in time, a new rule is going to kick in that will effectively make these drugs the same price as other nations are paying for them.
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