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Pfizer exempt from Trump’s tariffs, agrees to lower drug prices. President Trump announced an arrangement with Pfizer yesterday in which the drugmaker will lower prices on some drugs in the US and invest $70 billion in domestic drug manufacturing. As part of the deal, Pfizer will earn a three-year reprieve from Trump’s tariffs on the pharmaceutical industry. The company will sell the discounted medications on a direct-to-consumer website called TrumpRx. The president posted on social media last week that he plans to impose a 100% tariff on pharma companies starting today, unless they build manufacturing plants in the US. Pfizer’s stock climbed ~7% after news of the deal.
The FTC sued to block the Zillow-Redfin partnership. The agency alleged that Redfin agreed to end contracts with existing advertising customers, stop competing in the ad market for multifamily properties for nine years, and exclusively syndicate Zillow’s listings in exchange for a $100 million payment from Zillow. “Paying off a competitor to stop competing against you is a violation of federal antitrust laws,” the FTC said in a statement. A Zillow spokesperson said the company remained confident in the partnership and argued it is “pro-competitive and pro-consumer by connecting property managers to more high-intent renters.”
Amazon refreshed its lineup of devices. At an event in New York yesterday, Amazon unveiled a slew of new hardware, including updated Kindles, Fire TV sticks, and the Ring home security camera. But the pièce de résistance was the new AI-enabled Echo smart speaker—well, four of them, actually. The company announced the Echo Dot Max ($100), Echo Studio ($220), and two versions of the Echo Show, which comes with a screen. The products, which integrate Amazon’s Alexa+ AI subscription service, are among the first under new devices chief Panos Panay, a former Microsoft exec “known for his premium design sensibility,” Bloomberg reported.—AE
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