Weekly wrap: TikTok deal, pharma tariffs, crypto crash and Trump’s UN remarks

This week was marked by sweeping moves from the White House, sharp turbulence in cryptocurrency markets, and a controversial shift in US health policy.

Here’s a breakdown of the key events that transpired in the week.

Trump signs executive order on TikTok deal

President Donald Trump signed an executive order approving a restructuring of TikTok’s US operations, valuing the business at around $14 billion.

The deal satisfies national security requirements forcing ByteDance to divest its American unit or face a ban.

Under the agreement, Oracle, Silver Lake, and Abu Dhabi’s MGX fund will control about 45% of the new entity, while ByteDance retains under 20%.

Existing investors and new holders will account for another 35%. Oracle will manage security operations and continue cloud services.

Notably, no ByteDance representatives were present at the signing, and China has yet to formally approve the deal.

Analysts have previously estimated TikTok’s US arm could be worth $30–35 billion, highlighting a wide gap in valuations.

US tariffs on pharmaceuticals, furniture, and trucks

In a separate announcement, Trump unveiled sweeping tariffs effective October 1, 2025.

The most disruptive measure is a 100% tariff on branded and patented pharmaceutical imports, a move aimed at forcing drugmakers to build plants in the US.

The announcement triggered immediate selloffs in Asian and European pharma stocks, with India—responsible for about 40% of US pharma imports—seen as most exposed.

Analysts warn of potential supply chain disruptions and higher US drug costs.

Other industries were also targeted: 50% tariffs on kitchen cabinets and vanities, 30% on upholstered furniture, and 25% on heavy-duty trucks.

While intended to boost domestic manufacturing, the tariffs may raise consumer prices and pressure import-dependent sectors.

Trump’s Tylenol remarks

On Monday, Trump linked autism to childhood vaccines and the use of Tylenol during pregnancy—claims rejected by leading medical bodies.

The president, acknowledging he is not a doctor, advised pregnant women not to take Tylenol and parents to delay vaccinations.

The remarks immediately hit financial markets: shares of Kenvue, Johnson & Johnson’s consumer-health spinoff, fell 7.1% to a record low.

Medical societies continue to cite data showing acetaminophen is safe during pregnancy, underscoring the gap between administration rhetoric and scientific consensus.

Cryptocurrency market sees $1.5B liquidation

Crypto markets endured a severe downturn on Monday, with more than $1.5 billion in long positions liquidated in just 24 hours.

Ethereum plunged nearly 9% to $4,075 after close to half a billion dollars in leveraged bets were unwound.

Bitcoin dropped 3% to around $111,998, while altcoins like Solana and XRP saw steeper losses.

The mass liquidation dragged total crypto market capitalization below $4 trillion, erasing weeks of gains.

Analysts cited high leverage, regulatory scrutiny of ETFs and stablecoins, and global macro uncertainty as key drivers of the selloff.

On Saturday, the total crypto market capitalization was at $3.77 trillion.

Major cryptocurrencies also continued to weaken with Bitcoin trading at $109,294, down by over 5% in the last 7 days and Ethereum at $4011.8, trading in red by more than 10% from the previous week.

Trump attacks the UN in General Assembly speech

In his address to the United Nations, Trump accused the body of failing to support US foreign policy and wasting resources on migration.

He criticized the UN as offering “nothing but empty words” and claimed it was financing illegal migration rather than curbing it.

The president also stressed domestic achievements, citing lower inflation and wage growth, while framing his protectionist trade stance as essential to safeguarding US industry.

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