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US and UK Reach Agreement on Zero Tariffs for Medicines; UK Commits to Increased Spending on Healthcare | International Trade Update
The spending increase will stay in place for at least the next three years.
Published On 1 Dec 2025
The United States has announced a new trade deal with the United Kingdom that includes zero tariffs on pharmaceutical and medical products in exchange for the UK spending more on medicines, the first significant spending increase in more than 20 years, and overhauling how it values drugs.
As part of the deal announced on Monday, the state-run National Health Service (NHS) will spend 25 percent more on treatments for at least the next three years.
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“The United States and the United Kingdom announce this negotiated outcome pricing for innovative pharmaceuticals, which will help drive investment and innovation in both countries,” US Trade Representative Jamieson Greer said in a statement.
The USTR statement said the UK would increase the net price it pays for new medicines by 25 percent under the deal. In exchange, UK-made medicines, drug ingredients and medical technology would be exempted from so-called Section 232 sectoral tariffs and any future Section 301 country tariffs.
Two sources familiar with the deal said it involved a major change in the value appraisal framework at the National Institute for Health and Care Excellence (NICE), a UK government body that determines whether new drugs are cost-effective for the NHS, the sources said.
NICE’s “quality-adjusted life year” measures the cost of a treatment for each healthy year it enables for a patient, with the upper threshold being 30,000 pounds ($39,789) per year.
US President Donald Trump has pressed the UK and the rest of Europe to pay more for US medicines, part of his push for their costs to be brought more in line with those paid in other wealthy nations.
The pharmaceutical industry has criticised a tough operating environment in the UK, and some big firms have cancelled or paused investment in the UK, including AstraZeneca, the largest on the London Stock Exchange by market value.
One point of contention between the sector and the government has been the operation of a voluntary pricing scheme, which sees firms put a proportion of sales to the NHS back into the health service.
The office of the USTR said the UK had committed that the rebate rate would decrease to 15 percent in 2026.
‘Cutting-edge medicines’
British science and technology minister, Liz Kendall, said on Monday a new pharmaceutical deal with the US will encourage life sciences companies to continue investing and innovating in the UK.
“This vital deal will ensure UK patients get the cutting-edge medicines they need sooner, and our world-leading UK firms keep developing the treatments that can change lives,” Kendall said in a statement.
“It will also enable and incentivise life sciences companies to continue to invest and innovate right here in the UK,” Kendall added.
Among those companies is Bristol Myers Squibb. The pharmaceutical giant’s CEO said it will be able to invest more than $500m over the next five years because of the deal.
On Wall Street, the stock, which is traded under the ticker symbol BMY, is down by 0.1 percent. Other heavily affected pharmaceutical companies include AstraZeneca, which was down by about 1 percent, and GSK, down by 0.4 percent.
After securing a $1 trillion pay package, Elon Musk acknowledges the challenges of philanthropy
Musk says it’s because philanthropy is difficult.
“I agree with love of humanity, and I think we should try to do things that help our fellow human beings,” he told Nikhil Kamath for the WTF podcast in an episode published Sunday. “But it’s very hard.”
Musk, who is on the path to become a trillionaire thanks to the approval of an historic pay package, says it’s “very difficult to give away money well.”
“The biggest challenge I find with my foundation is trying to give money away in a way that is truly beneficial to people,” he added. “It’s very easy to give money away to get the appearance of goodness. It is very difficult to give money away for the reality of goodness. Very difficult.”
Although he claimed “I don’t want my name on anything,” his eponymous Musk Foundation was established in 2002. It largely supports many of Musk’s own personal interests, like renewable energy, human space exploration, pediatric research, and science and engineering education.
A 2024 investigation by The New York Times called Musk’s philanthropy “haphazard and largely self-serving,” making him eligible for tax breaks and helping his own businesses, like SpaceX.
The Times gave the example of a $20 million donation to Cameron County schools in Texas after a SpaceX ship had blown up there, as well as $10 million to the city of Brownsville for downtown revitalization. Between 2020 and 2024, Musk seeded the charity with tax-deductible stock donations worth more than $7 billion at the time, according to the report.
Representatives for Musk didn’t immediately respond to Fortune’s request for comment.
How Elon Musk’s giving style compares to other billionaires
Arguably the biggest name in philanthropy this year has been MacKenzie Scott, the billionaire novelist and ex-wife of Amazon founder Jeff Bezos. Scott, who’s worth about $34 billion, has donated more than $19.25 billion since 2020—although her net worth continues to grow thanks to the power of Amazon shares she received upon her divorce.
Scott has made several record-breaking donations this fall to HBCUs, disaster recovery organizations, and other education-related causes. Her philanthropic style is unique in that she typically makes unrestricted gifts, meaning recipients can use the funding however they choose without any strings attached.
Warren Buffett, the billionaire investor who is retiring as Berkshire Hathaway CEO at the end of this year, announced he made the choice to leave his three kids $500 million a year to give away to continue his legacy of giving. In total, Buffett’s giving has reached more than $60 billion, much of which has gone to the Gates Foundation run by Microsoft founder Bill Gates and his ex-wife Melinda French Gates. Buffett had also previously signed The Giving Pledge to give away the majority of his fortune—a promise many have made but few have followed through on.
“Early on, I contemplated various grand philanthropic plans. Though I was stubborn, these did not prove feasible,” he wrote in a letter to shareholders released last month. “During my many years, I’ve also watched ill-conceived wealth transfers by political hacks, dynastic choices and, yes, inept or quirky philanthropists.”
The Gates Foundation also told Fortune first this summer it would shut down in 2045, and Bill Gates would give away “virtually all my wealth” to the foundation, which amounts to about $100 billion. Today, he is worth about $119 billion. Once the richest man in the world, Gates’ net worth took a $52 billion hit this summer after his donation announcement.
“People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” he wrote in a May 8 note. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
More than 500 people killed in Indonesia floods
Flora Druryand
BBC Indonesian
The death toll in the floods which struck Indonesia last week has now climbed to more than 500, with rescue workers still battling to reach affected areas.
The floods, which were caused by a rare cyclone that had formed over the Malacca Strait, have hit three provinces and impacted some 1.4 million people, according to the government’s disaster agency.
Another 500 people remain missing, while thousands more have been injured.
Indonesia is just one part of Asia which has been hit with torrential rain and storms in recent days, with Thailand, Malaysia, and Sri Lanka all also reporting deaths.
In Indonesia, the provinces of Aceh, North Sumatra and West Sumatra have been hardest hit, with thousands still cut off and without critical supplies.
Arini Amalia, a resident from Aceh’s Pidie Jaya Regency, told the BBC the flood waters had been “like a tsunami”.
“According to my grandmother, this is the worst, the worst in her life,” Amalia said.
Aid workers have been trying to reach people on foot and by motorcycle, as many roads are impassable to larger vehicles.
Pictures from the region show bridges washed away, roads covered in mud and debris, and logs piled high.
At West Sumatra’s Twin Bridges landmark, where flood waters swept through and deposited enormous amounts of mud and debris, Mariana watched as excavators cleared the roads, hoping they would find her missing family members including her 15-year-old son.
“Watching the excavators, seeing how thick the mud is… I keep thinking, what condition will my child be in when they find him?” she said. ”Will he still be intact? My mother, my brother-in-law… Looking at how it is here, maybe their faces won’t even be recognisable any more.”
ReutersMany are still waiting for food aid, with some saying they have not eaten for two to three days.
Maysanti, who lives in Central Tapanuli which is one of the worst-hit areas in North Sumatra, told the BBC that aid workers were having trouble reaching her district.
“Everything is gone; our food supplies are running out. We can’t eat,” she said. “Even instant noodles are being fought over now. Our food is gone; we need food and rice. Access to us is completely cut off.”
She said she has to walk kilometres away from her house to get an internet connection and basic necessities, like clean water.
In Central Aceh where local authorities have provided Starlink devices, thousands were seen queuing outside the regency’s office on Sunday night hoping to contact their loved ones or charge their mobile phones.
“It’s been five days with no signal. We’ve been waiting since yesterday in case the network comes back. I’m planning to call my mother in Banda Aceh, but until now I still can’t reach her,” said one resident called Mar.
As rescue efforts continue, anger has started to grow towards the government’s disaster response.
Critics say that authorities were ill-prepared for the floods. Some have blamed bureaucratic red tape for slowing down the distribution of food aid.
On Monday, President Prabowo Subianto – who was visiting some of the flood affected areas in North Sumatra – acknowledged some roads were still cut off, but added “we’re doing everything we can to overcome difficulties”.
“We face this disaster with resilience and solidarity,” he continued. “Our nation is strong right now, able to overcome this.”
ReutersAcross South and South East Asia, about 1,100 people have been killed in the last week in flooding and landslides. In Sri Lanka, some 355 people died, while in Thailand the death toll has reached at least 176.
However, there is no single weather event that has caused the floods. Instead, a combination of weather features have been to blame.
According to BBC Weather, one element is the north-east monsoon, which affects East and South Asia from around November until March.
As the name suggests, it brings north-easterly winds, which deliver a lot of rain to coastal areas exposed to this monsoon flow as moisture is picked up from the ocean and deposited over land.
In Sri Lanka, the rainfall has been significantly enhanced by Cyclonic Storm Ditwah, which became very slow moving, delivering over half a metre of rain over a few days in some locations.
That storm has now weakened and moved away northwards to bring rain in south-east India, with the forecast for Sri Lanka looking much drier over the coming days.
In the Malay Peninsula, Sumatra and southern Thailand, Cyclonic Storm Senyar had a similar effect, enhancing the monsoon and delivering more than a metre of rain in some places. This was a particularly rare storm, forming unusually close to the equator where cyclones do not normally develop.
In Vietnam, the last few weeks have been exceptionally wet, with the monsoon rains having been enhanced by tropical cyclones. Now the remnants of ex-Typhoon Koto are drifting towards the Vietnamese coast, threatening more heavy downpours and further flooding.
It is likely that climate change has also had a part to play. While global warming is not expected to lead to more tropical storms and cyclones, those that do occur have the potential to be more intense – with heavier rainfall leading to more flooding.
WME appoints Rob Markus as Head of International Music Team
Talent agency WME has appointed Rob Markus as Head of International for its contemporary music division, expanding the responsibilities of a senior partner who has spent more than two decades at the agency.
Markus will oversee international touring strategy and operations across all markets. The appointment was announced by Lucy Dickins, Global Head of Contemporary Music and Touring, and Kirk Sommer, Global Co-Head of Contemporary Music and Touring, on Monday (December 1).
Markus will continue working from WME’s Beverly Hills office.
WME says Markus helped build WME’s Latin Music repertoire, which now represents artists including Danny Ocean, Gustavo Mioto, Humbe, J Balvin, Juanes, Maluma, Nathy Peluso, Paulo Londra, Pedro Sampaio and more.
Markus’ client list also includes A Perfect Circle, Avenged Sevenfold, Depeche Mode, Kygo, Måneskin, Nine Inch Nails, Paul Anka, The Flaming Lips, The Hives, Toto and Will Smith, among others.
WME also noted that Markus helped expand the Lollapalooza festival franchise into South America, with annual editions now operating in Argentina, Brazil and Chile.
“I am thrilled to have the opportunity to lead WME’s international music team and look forward to growing and guiding our global roster with the same team approach that has served me well throughout my career.”
Rob Markus, WME
Before joining WME, Markus worked in the recorded music industry in Eastern Europe. He ran EMI and Virgin Records operations in Hungary and established EMI Music Publishing‘s presence across Eastern Europe.
Dickins and Sommer said: “Rob understands the international touring business and its increasing complexities and importance to an artist’s career better than anyone.”
“Having lived and worked around the world, Rob possesses a deep knowledge of the nuances of the live music space in Europe, Asia, Latin America, and South America, as well as emerging tour markets like the Middle East, Africa, and India. This expansion of his role fortifies our global music presence and elevates the best-in-class services we offer our clients and partners.”
Commenting on his new role, Markus said: “I am thrilled to have the opportunity to lead WME’s international music team and look forward to growing and guiding our global roster with the same team approach that has served me well throughout my career.”
“This expansion of his role fortifies our global music presence and elevates the best-in-class services we offer our clients and partners.”
Lucy Dickins and Kirk Sommer, WME
WME operates offices in multiple locations globally including Australia, Chicago, China, London, Miami, Nashville and New York. Part of WME Group, the agency represents talent across various sectors, including fashion, film, sports, comedy, music and more. Last year, superstar Billie Eilish signed with WME.
Nearly two months ago, WME said it was opting all of its clients out of having their likeness used in the latest version of Sora, OpenAI’s video generation tool. Chris Jacquemin, WME’s Chief Digital Officer, said in a memo to agents: “Our position is that artists should have a choice in how they show up in the world and how their likeness is used and we have notified OpenAI that all WME clients be opted out of the latest Sora AI update.”
In September, WME Group led a $20 million Series B funding round for Palm Tree Crew, founded by Norwegian DJ and record producer Kygo and his manager Myles Shear.
Music Business Worldwide
Oleksandr Usyk names former heavyweight champion as top pick for next fight: “He’s my number one choice”
After months of speculation and rumour, Oleksandr Usyk has named the opponent he wants to face next.
The unified world heavyweight champion has ruled the division since his history-making win over Tyson Fury last year. That points victory made him the first undisputed heavyweight champion since Lennox Lewis in 1999. Usyk repeated the feat later that year, although only three of the four belts were at stake.
Usyk, 24-0 (15 KOs), regained undisputed status with an aggressive and dominant performance earlier this year in his rematch with then IBF champion Daniel Dubois — extending his unbeaten run against British fighters to eight.
The former cruiserweight king heads into 2026 with a long queue of contenders seeking a shot. Fabio Wardley now holds the WBO strap after Usyk vacated it, but the Brit is not in the Ukrainian’s immediate plans. Speaking to Boxing King Media, Usyk revealed who is — Deontay Wilder.
“I continue fight next year. I want fight with Deontay Wilder. I think it’s interesting.”
Wilder, 44-4-1 (43 KOs), is one of the heavyweight division’s most fearsome punchers and held the WBC title from 2015 to 2020. “The Bronze Bomber” tore through opponents with his atomic right hand, but was beaten by Tyson Fury in their rematch — after Fury had somehow risen from heavy knockdowns in rounds nine and 12 of their first bout.
The Wilder of old looked a distant memory after losing on points to Joseph Parker and then being stopped in five rounds by Zhilei Zhang last year. Usyk explained why he still wants the fight.
“This is world champion guy. This is very famous guy. This is strong guy. One of great heavyweights last 10 years. I speak with my team and I say this is first option.”
Wilder’s reputation soared during his trilogy with Fury, with their knockdown-filled third encounter widely considered one of the greatest heavyweight fights of the modern era.
Review of Thermal Master Thor 002: A Capable and Affordable Option
Thermal imaging has become wildly accessible, thanks to technological advancements that have made it more affordable than ever. Thermal Master’s Thor 002 sits squarely in that sweet spot. And it’s about a third of the price of its main competitors.
The Thor 002 aims to deliver enough resolution, ruggedness and polish to feel like a professional tool, while keeping the cost at a level that makes it accessible for home inspectors, HVAC techs, mechanics and curious individuals – like me – who want to see how the world looks in infrared. After spending time with it, I can say that this camera is very capable for its price tag – even if it has its limits.
New Atlas
This is very much a “real” thermal camera built for a work site or home DIY. The housing is a little clunky, but with its alloy base and lens shield it’s tough enough for some rough handling. And it’s not nearly as heavy as you’d expect it to be. It’s worth noting that it’s not a compact camera, so working in tight spaces may not be the easiest, but it’s surprisingly good at “point and shoot” in one hand, and the display is large and clear, with a built-in LED work light for operating in the dark.
The Thor 002 uses a 256 x 192 thermal sensor – its true resolution – and produces a digitally enhanced 512 x 384 image to make thermal maps crisper. Sure, this isn’t high-end imaging tech, which you’d be paying a whole lot more for, but it aims to fill the gap in the middle, and in doing so achieves more than entry-level devices while also being affordable. I was actually surprised at how defined and detailed heat images appeared – as tested on the resident kangaroos that visit my front yard at night.
New Atlas
Images can be stored on a microSD or transferred via USB-C, however there are no wireless capabilities to move captures off the Thor. The clearly labeled buttons are straightforward, and a big trigger lets you capture images one-handed, while a direction pad and dedicated keys to switch palettes and image modes make it easy to switch between settings without ending up stuck in some menu. I found it fairly idiot-proof – easy to get back to shoot mode when you’ve pressed all the wrong buttons because you didn’t read the instructions – and it’s as point-and-shoot as the tech gets.
The Thor 002 is able to display pure thermal, pure visual, picture-in-picture or a blended thermal/visual overlay, using its built-in 2-MP visible-light camera for context. In practice, the fusion mode is where it earns its keep, because it lets you see exactly which individual target corresponds to the hotspot on the screen. Temperature-wise it covers roughly –20 °C to 550 °C (–4 °F to 1,022 °F) with about ±2 °C or ±2% accuracy, and a noise-equivalent temperature difference (NETD) below 40 mK, which is perfectly adequate for building diagnostics, HVAC, electrical and general maintenance work. Center, max and min spots, as well as three custom measurement points, offer enough on-screen data for troubleshooting, too.
That said, Thor isn’t for every job. The fixed-focus lens means it isn’t ideal for small components that require more flexibility or macro heat captures (however, you can buy a macro accessory for it) and you don’t have the luxury of zoom or adjusting focus. The minimum focus is around 30 cm (1.8 in) from the target, and any closer the image may blur around the edges a little. This isn’t a flaw so much as a design decision – the Thor 002 is built for building-scale work and other types of fieldwork or job-site uses. And it’s a solid performer on that front.
New Atlas
Overall, it’s honestly a solid choice if you’re in need of a rugged, standalone thermal camera fit for a broad range of jobs – and, yes, even spotting wildlife – and that won’t cost you thousands for the privilege. You can pick up this handy tool today for US$323 with code THERMALBFRI, an additional discount from its $359 sale price for Cyber Monday, or for $399 from December 2, from the official store, with free postage. You can also find it through the Thermal Master home on Amazon.
Source: Thermal Master
New Atlas may receive a commission from purchases made via links; this does not influence our review. Our reviews are impartial and our opinions are our own.
Live updates: 4 casualties reported in Dnipro amid Russia-Ukraine conflict, Witkoff en route to Moscow
Russian attacks on Ukraine continue even as diplomatic efforts to end the war gain momentum.
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US lawmakers seek clarification on Hegseth Venezuela boat collision allegations
US lawmakers are pressing the Trump administration for answers about military strikes on suspected Venezuelan drug boats, after a report alleged that a follow-up strike was ordered to kill survivors of an initial attack.
Republican-led committees overseeing the Pentagon have vowed to conduct “vigorous oversight” into the US boat strikes in the Caribbean, following the report.
On Friday, The Washington Post reported that a US strike on a boat on 2 September left two survivors, but that a second attack was carried out to comply with Defence Secretary Pete Hegseth’s orders to “kill everybody” on board – raising fresh legality questions.
Hegseth decried the report as “fake news”.
On Sunday, US President Donald Trump said he believed his defence secretary “100%”.
In recent weeks, the US has expanded its military presence in the Caribbean and carried out a series of lethal strikes on suspected drug-smuggling boats in international waters off Venezuela and Colombia, as part of what it calls is an anti-narcotics operation.
More than 80 people have been killed since early September.
The Trump administration says it is acting in self-defence by destroying boats carrying illicit drugs to the US.
In its report on Friday, which has not been verified by the BBC, The Washington Post wrote that Secretary Hegseth “gave a spoken directive” to “kill everybody” on board one such vessel, and a Special Operations commander overseeing the operation “ordered a second strike to comply with Hegseth’s instructions”.
The Trump administration has sought to justify its operations in the Caribbean by saying it is in a non-international armed conflict with the alleged drug traffickers.
The rules of engagement in such armed conflicts – as set out in the Geneva Conventions – forbid the targeting of wounded participants, saying that those participants should instead by apprehended and cared for.
Republican and Democratic lawmakers appearing on US talk shows on Sunday said they supported congressional reviews of the boat strikes.
The leaders said they did not know whether The Washington Post’s report was true, but that attacking survivors of an initial missile strike presented major legal concerns.
“This rises to the level of a war crime if it’s true,” said Democrat Senator Tim Kaine on CBS Face the Nation.
Republican lawmaker Mike Turner acknowledged that Congress did not have information that the follow-up strike had happened.
“Obviously if that occurred, that would be very serious, and I agree that that would be an illegal act,” Turner, a former chairman of the Intelligence Committee, told CBS.
The comments follow the Republican-led Senate Armed Services Committee’s announcement on Friday that it planned to conduct “vigorous oversight” on the strikes.
“The Committee is aware of recent news reports – and the Department of Defense’s initial response – regarding alleged follow-on strikes on suspected narcotics vessels in the SOUTHCOM area of responsibility,” the committee’s Republican chair, Senator Roger Wicker, and his Democrat counterpart, Senator Jack Reed, said in a statement.
“The Committee has directed inquiries to the Department, and we will be conducting vigorous oversight to determine the facts related to these circumstances,” they said.
The House Armed Services Committee followed suit, saying it was “taking bipartisan action to gather a full accounting of the operation in question”.
In a post on X, Hegseth pushed back against accusations against him, calling them “fabricated, inflammatory, and derogatory”. He wrote that the series of strikes on boats were “lawful under both US and international law”.
“Every trafficker we kill is affiliated with a Designated Terrorist Organization,” he wrote.
On Sunday, talking to reporters aboard Air Force One, President Trump defended his defence secretary, saying: “He said he did not say that. And I believe him 100%.”
Trump said the administration “will look into” the matter and added “I wouldn’t have wanted that – not a second strike”.
On Sunday, Venezuela’s National Assembly condemned the boat strikes and vowed to carry out a “rigorous and thorough investigation” into the accusations of a second attack that allegedly killed two survivors.
The Venezuelan government has accused the US of stoking tensions in the region, with the aim of toppling the government.
In his comments on Sunday, Trump confirmed he had recently spoken to Venezuelan President Nicolás Maduro, but would not comment further other than to say: “I wouldn’t say it went well or badly. It was a phone call.”
The US is not a signatory to the United Nations Convention on the Law of the Sea, which is another relevant aspect of international law. However, the US military’s legal advisers have previously said that the US should “act in a manner consistent with its provisions”.
Under that convention, countries agree not to interfere with vessels operating in international waters. There are limited exceptions to this, which allow a state to seize a ship, such as a “hot pursuit” where a vessel is chased from a country’s waters into the high seas.
“Force can be used to stop a boat but generally this should be non-lethal measures,” Prof Luke Moffett of Queens University Belfast recently told BBC Verify.