Home / Business and Economy / Trump's New Tariffs Target Pharma; Oil Prices Skyrocket
Trump's New Tariffs Target Pharma; Oil Prices Skyrocket
22 Jul
Summary
- US stock futures declined as oil prices surged and new tariffs were announced.
- Brent crude briefly surpassed $95 a barrel amid heightened US-Iran tensions.
- President Trump plans a 100% tariff on imported generic drugs starting August 2028.
US stock futures saw a decline on Wednesday, July 22, 2026, as rising oil prices and fresh tariff announcements created market uncertainty. Investors were also anticipating key earnings reports from technology companies Alphabet and Tesla, due after the market close. This cautious sentiment followed a positive trading session on Tuesday, with attention now focused on Big Tech's financial results for insights into artificial intelligence spending and overall corporate profitability.
Crude oil prices experienced a significant jump, with Brent crude futures climbing nearly 5% to around $94.93 a barrel and briefly exceeding $95 for the first time in over a month. West Texas Intermediate (WTI) crude also gained, trading near $88.12 a barrel. These gains were attributed to ongoing US-Iran tensions and subsequent strikes.
Adding to market pressures, President Donald Trump announced plans for new trade measures. This includes a 100% tariff on imported generic drugs, effective from August 2028, with a planned increase to 200% by August 2029. Trump stated this policy aims to bring generic pharmaceutical manufacturing back to the United States. A separate 25% tariff on imports from Brazil also commenced on Wednesday.
