Week in review: How Trump's policies moved stocks
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. PFIZER: After speaking with President Donald Trump, Pfizer (PFE) stated that it will roll back its July 1 price increases "to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients." This comes after Trump called out the company and other drugmakers for raising prices. In a tweet, the President previously said Pfizer and peers "should be ashamed that they have raised drug prices for no reason," accusing the company and industry of "merely taking advantage of the poor and others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe and elsewhere." The same day Pfizer announced the price rollback, the drugmaker said it will reorganize into three units, separating its consumer health-care business, which it has been trying to sell since last year, from its groups focused on "innovative" medicines" and "established" medicines. 2. TRADE WITH CHINA: On Tuesday, the Office of the U.S. Trade Representative released a list of $200B in Chinese goods on which it plans to enact 10% tariffs, escalating a growing trade war with Beijing. The tariffs, which will undergo a two-month review process, are roughly equal to China's exports to the U.S. and some of the products on the list are from sectors of Made in China 2025, a strategic plan to make China a leader in global industries like technology. The move comes after President Donald Trump threatened to implement tariffs on at least $500B on Chinese goods if China retaliated against the $34B in tariffs that went into effect recently. On Wednesday, China's commerce ministry said the proposed U.S. tariffs on the additional $200B of goods are "completely unacceptable" and Beijing will have to respond, Reuters reported. The ministry said the actions taken by the Trump administration hurt America's own interests, China and the rest of the world. Shares of U.S.-listed China technology stocks including Alibaba (BABA), Baidu (BIDU), JD.com (JD), iQIYI (IQ) and Vipshop (VIPS) were under pressure following the news. 3. NEW YORK TIMES: President Donald Trump tweeted on Monday that the "failing NY Times [NYT] Fake News story today about breast feeding must be called out. The U.S. strongly supports breast feeding but we don't believe women should be denied access to formula. Many women need this option because of malnutrition and poverty." 4. PLANET FITNESS: A special panel of the House of Representatives advanced a bipartisan bill on Thursday that would allow taxpayers to claim deductions for gym memberships, fitness classes and other workout expenses to promote a healthy lifestyle. "Americans should have the ability to save and spend their health care dollars the way they want and need," said House Ways and Means Chairman Kevin Brady, according to a report from the Washington Examiner. According to media reports, the legislation would give individuals a $500 allowance on gym memberships and other sports and fitness expenses. Shares of Planet Fitness (PLNT) were higher after the announcement. "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.