July 21, 2026: US Renews Strikes on Iran, Trump Plans Tariffs on Generic Drugs, More
episodePreviously titled “US Renews Strikes on Iran, Trump Plans Tariffs on Generic Drugs, More” — renamed by the publisher on Aug 2, 2026
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The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg. The great wealth transfer includes $570 billion in classic cars.
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News when you want it with Bloomberg News Now. I'm Doug Krisner. The U.S. military says it has concluded its 11th night of strikes on Iran. On social media, Central Command said it targeted Iranian military operations centers as well as aircraft hangars along with drone storage facilities and military logistics infrastructure. CENTCOM says the aim was to continue degrading Iran's ability to threaten commercial shipping in the Strait of Hormuz. In Washington, Defense Secretary Pete Hegseth testified to the Senate Appropriations Committee regarding the White House request for $87 billion in supplemental funding. Hegseth said the war with Iran has already cost roughly $37.5 billion. Here's an exchange between Democrat Senator Dick Durbin of Illinois and Hegseth.
And it's a current activity which we've been told about the exchange of fire back and forth in Iran, an indication that that number is going to go up in the months ahead?
Some of that number captures additional O&M mill pay and other that would be anticipated through the fiscal year. So some of that anticipates what costs would be going out in the future as well.
So the new number you've given me is what? $37.5 billion. And that represents the cost of the war through what period of time?
through now for certain aspects of it, but also mil pay, O&M, other anticipated costs through September 30th, Senator.
Meantime, some American allies in the Gulf see their national security and economies being jeopardized. We are told some believe President Trump should escalate military operations and deploy ground troops in parts of Iran, perhaps even seizing its crucial export hub of Karg Island. They believe Iran will not back down and relinquish its grip over the Strait of Hormuz unless the U.S. takes more aggressive action. For the moment, President Trump downplayed prospects of immediate talks with Iran.
They want to meet desperately to try and end it because they're getting decimated.
What did CENTCOM say about the latest U.S. strikes on Iran and targets hit?
I will tell you, they want to desperately meet. And until they're ready to meet in a meaningful way, we have no interest.
And at the same time, Houthi militants in Yemen threatened shipping in the Red Sea. Trump vowed to respond if this Iran-backed group disrupted the waterway, but he didn't specify how. Israeli troops have withdrawn from parts of southern Lebanon under a U.S.-mediated ceasefire agreement. This move comes after Lebanese President Joseph Announ traveled to Washington for a meeting with President Trump, and Trump said he will now allow U.S. airlines to resume direct flights to Lebanon more than 40 years after the U.S. suspended that route. President Trump is aiming to reshore generic pharmaceutical production in the U.S. Tonight on social media, Trump said, as of August 1st, all generic drugs imported into the U.S.
will continue to have a tariff of 0% for two years. Afterward, the tariff will be raised to 100% for a one-year period and then 200% thereafter. Here is Bloomberg's Derek Wolbank.
Any time that I see Donald Trump doing something that has a very late start date, even as quick as one month from now, but this is really two years from now, you can think of it as an opening for negotiations. And so this is a threat, and then the negotiations sort of come after. It is really now in his second term, Donald Trump's classic art of the deal.
That is Bloomberg's Derek Walbank. It's primary night in Arizona, and the Associated Press says U.S. Representative Andy Biggs has won the Republican nomination for governor. He was endorsed by President Trump. And Biggs will now face Democratic Governor Katie Hobbs in the general election this November.
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