US Imposes 25% Tariffs on Japan and South Korea; Merck Acquires Verona Pharma for $10 Billion

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Key Takeaways

  • US imposes 25% tariffs on Japan and South Korea, effective August 1, 2025.
  • Merck acquires Verona Pharma for $10 billion, expanding its COPD treatment portfolio.
  • OpenAI buys Jony Ive's io Products for $6.5B to develop AI hardware devices.
  • PETA sues AKC, alleging breed standards cause health issues in bulldogs and pugs.
  • Trump's bill may strip health coverage from 1.5 million New Yorkers; $10B state cost.

Top Stories

Trump announces 25% tariffs on Japan and South Korea; Philippines and Singapore respond

Effective August 1, 2025, the US imposed 25% tariffs on imports from Japan and South Korea, impacting automotive and electronics sectors. The Philippines and Singapore are negotiating and launching grants to mitigate tariff effects amid broader US trade policy shifts.

Merck acquires Verona Pharma for $10 billion to expand COPD treatment portfolio

On July 10, 2025, Merck completed a $10 billion acquisition of Verona Pharma, enhancing its cardio-pulmonary pipeline with COPD drug Ohtuvayre. The deal represents a 23% premium and is Merck's largest respiratory segment investment in years.

OpenAI buys Jony Ive's io Products for $6.5B to develop AI hardware devices

In July 2025, OpenAI acquired io Products, led by Jony Ive, for $6.5 billion to create AI hardware, including a ChatGPT-based device expected by 2026-2027.

PETA sues AKC over breed standards causing health issues in popular dog breeds

On July 8, 2025, PETA sued the American Kennel Club in New York, alleging breed standards for bulldogs, pugs, and others prioritize appearance over health, causing suffering and premature death.

Trump's domestic policy bill could strip health coverage from 1.5 million New Yorkers

A 2025 US policy bill may reduce Medicaid funding, potentially causing 1.5 million New Yorkers to lose health insurance and costing the state $10 billion annually.

Business Today

Amazon Prime Day 2025 sees mixed Apple product deals and consumer caution on fake discounts

During July 8-11, 2025, Amazon Prime Day featured discounts on Apple products like iPads and Apple Watches amid a 41% sales drop from 2024. Consumer agencies warned buyers to beware of fake offers and verify sellers.

Citi projects Federal Reserve rate cuts from September amid economic outlook

Following June 2025 FOMC minutes, Citi analysts anticipate the Fed will begin cutting rates in September 2025 to address inflation and labor market concerns.

Economic Divide

Private equity fuels youth sports growth, exacerbating economic inequality

In 2025, private equity firms invested heavily in youth sports infrastructure, increasing access disparities as affluent families spend more, deepening economic divides.

Fact Check

Disinformation spreads false claim NATO chief called Ukraine US territory

In July 2025, a manipulated video falsely attributed a statement to NATO Secretary-General Mark Rutte claiming Ukraine is US territory; fact-checkers debunked this misinformation.

Global Watch

Russia launches extensive missile and drone strikes on Kyiv and Ukrainian military sites

On July 9-10, 2025, Russia launched over 400 drones and missiles targeting Kyiv and military airfields, causing at least two deaths and multiple injuries. The attacks damaged infrastructure and intensified the conflict, highlighting ongoing Russian aggression in Ukraine.

EU and G7 explore emergency funding and reconstruction support for Ukraine

In July 2025, the EU and G7 discussed using frozen Russian assets and loans to address Ukraine's fiscal shortfall and support reconstruction. Italy hosted a summit to mobilize international aid amid ongoing war challenges.

Malian ex-Finance Minister jailed 10 years for corruption in 2014 presidential plane deal

In July 2025, Mali sentenced former Finance Minister Bouaré Fily Sissoko to 10 years for corruption linked to a €34 million presidential plane purchase, causing IMF aid suspension.

Ukrainian magistrates join volunteer units to repel Russian kamikaze drones over Kyiv

On July 8-9, 2025, Kyiv magistrates swapped robes for military fatigues to defend against Russian drone attacks, exemplifying civilian involvement in Ukraine's defense.

European court confirms Russian violations in Ukraine and MH17 downing amid war escalation

On July 10, 2025, the European court ruled Russia committed violations in Ukraine and was responsible for downing Flight MH17, as conflict intensifies.

News Updates

Deutschlandfunk offers 24/7 news updates from Germany and worldwide

On July 10, 2025, Deutschlandfunk delivered continuous news coverage, providing timely updates on global and German events.

Reuters video highlights five key news stories including world and business updates

On July 9, 2025, Reuters released a video summarizing major news across categories such as world affairs, markets, and sustainability.

Political Pulse

Criticism and confusion over US military aid and policy towards Ukraine under Trump

In July 2025, experts criticized Trump's limited Patriot missile aid to Ukraine and the Pentagon's uncoordinated arms pause amid low stockpiles. European allies express distrust over US policy unpredictability affecting Ukraine's defense.

US Senate proposes 500% tariffs on countries importing Russian oil and gas

In July 2025, the US Senate considered a sanctions bill imposing 500% tariffs on countries purchasing Russian energy products, aiming to pressure Russia amid ongoing geopolitical tensions.

Trump reframes tariffs as central political tool in 2024 campaign

By mid-2025, Trump increasingly portrayed tariffs as a key political strategy rather than broad trade policy, reflecting challenges in implementation.

Tech Insights

Podcast analyzes Peter Thiel's impact on tech and politics including Trump support

A July 2025 Financial Times podcast discussed Peter Thiel's early tech investments, libertarian views, and political backing of Donald Trump.

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