What we covered here
• President Donald Trump mounted a sustained argument for his administration’s economic success, arguing that he’d made significant progress in easing prices despite widespread voter frustration with the cost of living.
• After opening his address with scathing and familiar criticism of Biden-era policies, Trump celebrated his tariff policy and his immigration crackdown while announcing a “warrior dividend” of $1,776 for military service members.
Our live coverage of the Trump administration has ended. Get the latest here.
White House highlights home heating savings but leaves out cost spikes for most Americans
As part of President Donald Trump’s speech on the economy Wednesday, the White House touted that Americans who heat their homes with propane or heating oil will pay less this winter than last year.
But the administration’s release left out the fact that those who heat with electricity or natural gas – the vast majority of households – will see cost increases of 3% and 5%, respectively, this season, according to the latest US Energy Information Administration outlook.
Though Trump didn’t mention home heating costs in his speech, the president pointed to the fact that he has declared a national energy emergency and that new electrical generating plants will open over the next year that will reduce electricity prices.
Trump touts his drug price deals and new TrumpRx site
President Donald Trump on Wednesday highlighted his agreements with pharmaceutical companies that he argues will reduce drug prices.
“Your drug costs will be plummeting downward, and I use the threat of tariffs to get foreign countries who would never have done it to pay the cost of this giant dollar reduction,” Trump said in his White House address.
The president has announced so-called “Most Favored Nation” pricing deals with five drug manufacturers aimed at reducing the price of drugs sold in the US to the lowest level available in peer countries. As part of these voluntary agreements, the companies have said they will sell drugs to Medicaid and set prices of new medications at “Most Favored Nation” levels.
Certain blockbuster weight loss drugs will be available for as little as $149 per month and more Medicare enrollees will have access to them under two of the agreements.
Also, the drugmakers have promised to participate in the new TrumpRx online platform, which will become operational in January. The website will direct visitors to drugmakers’ direct-to-consumer channels, where their products will be available at a discount to those paying cash and forgoing insurance.
But experts have questioned whether the deals will have a significant impact on drug prices. Medicaid already receives hefty discounts from drugmakers, and medications are often launched in the US, making price comparisons with other countries irrelevant. Also, many patients cannot afford to pay cash for their medications – though the weight loss drugs may be the exception.
