David McWilliams

It's good.

But what is interesting about pharmaceuticals, right, is that pharmaceuticals are the one area that Trump...

appears to be, and rightly so, aggrieved.

He's the one who bangs on about it.

But the interesting thing is that there are many ways in which the Americans can introduce tariffs.

There's many various different acts that they use.

So the Supreme Court has just struck down one act, which is the Emergency Economic Powers Act, right?

And the Emergency Economic Powers Act says the president can, at a time of emergency, do whatever they want commercially.

But what the Supreme Court says, but you have to define the emergency.

And what they've looked at is there's no evidence that the United States is in an emergency.

So what they've said is that legalistically it can't be.

But there are many other acts.

So there is a section 232, John, of the Trade Expansion Act, which governs pharmaceuticals, which may well... Oh, specifically?

Yeah, which may well be...

the legislation that Trump or the American administration uses to target the activities of the pharmaceutical industry.

The reason I'll tell you, Trump remarked when Neil Martin went to the White House last year, Trump remarked, said, all of a sudden, Ireland has our pharmaceutical companies.

This beautiful island of 5 million people has got the entire US pharmaceutical industry in its grasp, right?

So he is looking at that, and this...

podcast today is going to be all about triggering donald trump okay and specifically a

Announcement last week by Eli Lilly, which is one of the biggest pharmaceutical companies in the United States.