President Trump warns he could escalate pharmaceutical tariffs to as high as 250 per cent with extra levies on chips also on the table. Trump tells our colleagues Stateside, he wants to force producers to bring manufacturing home. In Europe, Novo Nordisk sees a Q2 surge driven by strong sales of its anti-obesity drug Wegovy just a week after a profit warning reduced the drug maker’s market cap by $70bn. And in banking news, Commerzbank cites restructuring costs behind its fall in Q2 net profit but the German lender is still upping key targets for the rest of the year.  

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