Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

We've made it to the final Friday in the month of September. It's Friday, September 26th. Thanks for joining us today. I'm Julie Morgan.

Trump's tariffs are shaking up pharma and beyond. Government agencies brace for mass firings, and Wall

Street is watching for the Fed's inflation gauge. President Trump announced sweeping new tariffs,

including 100% on branded and patented pharmaceutical drugs to take effect on October 1st. A company is exempted

if it's actively building a new manufacturing facility in the U.S. Trump wrote in a truth

social post, his building will be defined as breaking ground and or under construction. He goes on to

say there will therefore be no tariff on these pharmaceutical

products if construction has started. Among other levies are 50% on cabinets for the kitchen and

vanities for the bathroom, 30% on upholstered furniture, and 25% on heavy trucks. The president wrote on Truth Social, we need our truckers to be

financially healthy and strong for many reasons, but above all else, for national security purposes.

The White House has directed federal agencies to prepare for mass firings if the government

shuts down on the 1st of October, targeting

programs whose funding will expire by the deadline and have no alternative funding source.

The Office of Management and Budget also instructed agencies to prepare reduction in force

notices for employees and programs that are not consistent with President

Trump's priorities. OMB wrote in a memo first reported by Politico that RIF notices will be in

addition to any furlough notices provided due to the lapse in appropriation. The memo went on to say

that once fiscal year 2026 appropriations are enacted,

agencies should revise their rifts as needed to retain the minimal number of employees necessary

to carry out statutory functions. OMB noted that if Congress successfully passes a clean,

continuing resolution to fund the government before the deadline, the steps in the memo won't be necessary.

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