Each Monday, our Money team speaks to someone from a different profession to discover what it's really like.

• US President Donald Trump said he could impose 10% tariffs on Chinese goods from February 1.
• China's stock markets fell after Trump's comments, breaking several straight days of gains.
• Trump had said he could slap tariffs of 25% on Canada and Mexico from February 1.

On his first day in office, President Donald Trump signed a raft of executive orders and threatened Canada and Mexico with 25% tariffs that could come as soon as next month.

China got a pass on day one, but the break didn't last long.

On Tuesday, his second day in office, Trump said he could impose tariffs on China next month.

"We're talking about a tariff of 10% on China, based on the fact that they're sending fentanyl to Mexico and Canada," Trump said at a press conference.

"Probably February 1 is the date we're looking at," Trump said.

Trump previously threatened 60% tariffs on Chinese goods while on the campaign trail.

China is calling for better dialogue and cooperation for mutual benefit.

"Keeping business ties sound and stable serves the fundamental interests of both countries and both peoples, it is also conducive to global economic growth," China's Foreign Ministry spokesperson, Guo Jiakun, said at a scheduled press conference on Tuesday.

China's stock markets fell on Wednesday following Trump's comments, breaking several straight days of gains.

The CSI300 Index closed 0.9% lower. Hong Kong's Hang Seng Index closed 1.6% lower.

Trump's consistent threats of tariffs reflect his "American First" trade agenda, which he outlined in a presidential memo on Monday.

In the memo, Trump asked the US Trade Representative to assess China's compliance with a trade deal the two countries signed in early 2020 and recommend actions — including tariffs — as needed.

China did not meet the import requirements in the trade deal, economists from Nomura wrote in note on Tuesday.

"The concern here is that this gives the Trump administration another reason to impose additional stiff tariffs or trade demands on China to force compliance with the original trade deal," the economists wrote.

On Tuesday, Trump also took aim at the European Union.

"We have a $350 billion deficit with the European Union. They treat us very very badly, so they're going to be in for tariffs," Trump said.

• If you get knee pain or injuries in the gym, that could be from sitting all day.
• Exercises that strengthen and stretch the leg muscles effectively will help protect knees.
• For healthier joints, aim to move regularly and work on your balance and stability.

Simple exercises can help prevent knee pain from derailing your routine, according to a physical therapist.

Andrey Simeonovski, a physical therapy doctor, recently spent a week in Kathmandu as part of Operation Walk, helping rehabilitate patients who'd had knee replacement surgeries.

He said a major takeaway from the experience is that consistently putting your body through the same motions can cause problems, whether you're sitting all day or doing repetitive physical tasks.

"It's a variety of movements that are important for your health in your body," Simeonovski said.

Here are some exercises that offer your joints a range of motion to strengthen the surrounding muscles. As always, it's best to work with a qualified trainer, or talk to a doctor first if you have existing injuries.

Lateral "monster walks" can relieve knee and back pain

Resistance bands are a great tool for strengthening muscles that help stabilize the knee joint.

Simeonovski said a common exercise he uses for the knees, hips, and back is the "monster walk," taking steps from side to side with a band around the legs or feet.

The band provide tension to engage the glutes, which can be underdeveloped from sitting all day, so firing them up helps to stabilize the rest of the body.

"It reduces strain on the low back," Simeonovski said.

Quad stretches help take pressure off your knees

Knee pain can often result from tightness in the quads, which then pull on the knee and create problems, according to Simeonovski.

A couch stretch can help lengthen and loosen up the quads while opening up the hip flexors.

Simeonovski typically recommends an elevated version of the stretch, which is easier on the knee:

Rest one knee on a bench or box near the wall. Bend that knee while moving the shin and top of the foot to rest flat up against the wall.

If it's painful, ease up on the stretch, especially if you have an injury.

Simeonovski said the best way to avoid injury is pay attention — if something is painful enough that it's distracting, or if you stop the exercise and the pain persists, don't continue.

"Pain that lingers is a red flag," he said.

Hamstring curls can protect your knees from injury

Simeonovski said the hamstrings, the muscles on the back of the leg, are often overlooked. We tend to focus on the quads on the front of the leg. But that can increase the risk of damaging ligaments in the knee because the quads can put too much pressure on the ACL without the hamstrings to counteract them.

To strengthen the hamstrings, try Nordic hamstring curls.

Start in a kneeling position with your feet secured (you can use a special mat or bench, tuck them under a couch or other furniture, or have someone hold them). Keeping your torso, hips, and shoulders in a straight line, slowly lower yourself to the ground, landing on your hands as if in the bottom of push-up.

This exercise can be challenging. If you feel like you don't have control, use a resistance band secured behind you to help offset some of your body weight. That will make the movement easier.

Step-ups strengthen the knee and help fix imbalances

One of Simeonovski's go-to exercises for improving lower body strength and joint health is the step-up.

Stand in front of a stool, bench, box, or stairs, and place one foot on the elevated surface. Pressing through that foot, lift your body up onto the step, and then return to the starting position. Repeat, alternating the starting foot.

Step-ups are low-impact and work the glutes, hamstrings, and quads as well as the core muscles. Alternating sides can also help improve your balance.

Go slow and gradually increase weight, height, or intensity as you get comfortable with the exercise. Squats and lunges offer similar benefits, but may need modifications if you have an existing injury.

Simeonovski said he prefers these movements to exercises like knee extensions, which aren't necessarily bad for your joints, but don't offer as much stability.

Rotational exercise helps to offset damage from sitting

Tightness in one area can cause a chain reaction and create aches and issues elsewhere.

For instance, back problems can worsen strain and pressure on the knees.

That's why Simeonovski recommends the open book exercise for patients who have knee pain and spend lots of time sitting. It doesn't directly involve the knees but can improve overall mobility.

Lie on a mat or the floor with your knees and hips bent at 90 degrees and your arms extended in front of you. Slowly rotate the top arm up and across your body as far as you comfortably can, gently twisting your spine. Return to the starting position and repeat, being sure to perform the exercise on both sides.

You can also do a similar rotation from a half-kneeling position.

Take breaks for movement throughout the day

The key to strengthening and protecting your joints is consistency, especially if you sit all day, according to Simeonovski.

Find opportunities to get up and move around at regular intervals, setting an alarm if needed to remind yourself to take a stretch break, go for a short walk, or otherwise give your body a rest from repetition.

"Staying in one position is a problem long-term," he said.

A cold front is bringing freezing temperatures and hazardous conditions to millions across the country this month.

Swift was on hand at Arrowhead Stadium to watch the Kansas City Chiefs get one step closer to another Super Bowl.

Emily Farrell and her dad, Mark, have always shared a special bond

Josh Hart clarified his remarks about "egos" and "agendas" after Tuesday’s 99-95 win over the Nets, saying theyr were blown out of proportion.

Chae Kyoung-sun on what it is like to design a ‘killing machine’

© REUTERS

Alicia Ortstad was brushed off before finally discovering she had a rare form of bone cancer

© Collect/PA Real Life

China responds by saying there are ‘no winners in a trade war or a tariff war’

© EPA

Government ousts chair of regulator whose decision to initially block Microsoft-Activision deal sent unhelpful signals

President Trump's sweeping pardons for 1,500 Jan. 6 criminals and defendants were a last-minute, rip-the-bandage-off decision to try to move past the issue quickly, White House advisers familiar with the Trump team's discussions tell Axios.

Why it matters: Trump's move to "go big" on the pardons sheds light on his unpredictable decision-making process, and shows his determination to fulfill a campaign promise to his MAGA base — regardless of political fallout.

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How it happened: Eight days before the inauguration, Vice President-to-be JD Vance — channeling what he believed to be Trump's thinking — said on "Fox News Sunday" that Jan. 6 convicts who assaulted police ought not get clemency: "If you committed violence that day, obviously you shouldn't be pardoned."

• Trump vacillated during an internal debate over targeted clemency vs. a blanket decision according to two insiders.
• But as Trump's team wrestled with the issue, and planned a shock-and-awe batch of executive orders Day 1, "Trump just said: 'F -k it: Release 'em all,'" an adviser familiar with the discussions said.

Catch up quick: Trump's decision was a surprise to some Republicans in Congress, who grimaced at the appearance of the new president condoning violence against police officers.

• On Jan. 7, 2021, the day after his supporters rioted at the Capitol to protest the 2020 election, Trump decried those who "defiled" the building.

But as his own legal problems mounted during his campaign, Trump came to embrace the cause of those charged in the riot. On the campaign trail, he began playing a version of the National Anthem sung by jailed protestors who called themselves the "J6 Prison Choir."

• After he was elected, Trump told "Meet the Press" on Dec. 8 that he'd pardon Jan. 6 convicts and defendants on Day 1: "I'm going to be acting very quickly."
• He didn't rule out clemency for those accused or convicted of attacking police, but said: "We're going to look at individual cases."

Between the lines: Early in the internal discussions, Vance actually had advocated for a blanket pardon. But the Yale-trained lawyer figured Trump wouldn't want to take the hit for releasing notorious convicts.

• The case-by-case review was onerous. Trump staffers wondered whom to pardon and who might slip through the cracks.
• Time was running out heading into Inauguration Day. Trump wanted to pardon as many people as possible and get it over with, so he landed on clemency for everyone.

In the Trump team's view, "all the prosecutions are tainted," the adviser familiar with the discussions told Axios: "It's time to move on."

• Vance was "100% on board," said one Trump insider, pointing to a Vance post on X in which he noted that in 2021, "I donated to the J6 political prisoner fund and got ROASTED for it during my Senate race."
• Trump advisers say they aren't particularly worried about the political fallout from the pardons decision, despite bad poll numbers. They believe Jan. 6 was essentially litigated in the election Trump won, and that other issues matter more to voters.

The pardons episode provided a lesson for Vance and others in Trump's orbit: Categorical statements forecasting the mercurial president's actions are always a risk. It also happened to Vance during the campaign, when he said Trump would veto a national abortion ban.

• "The president didn't change his mind," the Trump adviser said. "He just made up his mind and Vance got a little over his skis on Fox, but it's no big deal."

The bottom line: "Never get ahead of the boss," a Trump transition source said, "because you just never know."

"Volatile" is the one word that describes the tech industry's new reality under the second Trump administration.

Why it matters: With AI booming, social media splintering and crypto inflating, the giant companies that drive today's economy face a huge spike in uncertainty.

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The big picture: Trump's track record of sudden policy about-faces and unpredictable lurches governed by whim and self-interest puts CEOs in a defensive crouch.

• Some, like Meta's Mark Zuckerberg, have enthusiastically moved into the MAGA tent, joining tech billionaires like Elon Musk and Marc Andreessen. Others are standing outside but paying ritual tribute.
• Silicon Valley leaders won't shed tears, for the most part, as Trump's team disassembles Washington's half-constructed regulatory regime for AI and backs off from the Biden administration's full-court press on monopoly and competition.
• But Trump's priority of shutting the U.S.'s immigration door will directly harm the tech work force. And the new president's vow to stifle trade with tariffs, if fulfilled, could disrupt tech's global supply chain in unpredictable ways.

Here are four trends that will shape tech's free-for-all world in the new Trump era.

1. Rail-free artificial intelligence

• Trump has already revoked Biden's AI executive order as part of his blizzard of day-one declarations.
• The incoming president has given no sign that he believes the government has an important role to play in regulating tech's new platform beyond assuring that conservative voices aren't limited.
• Elon Musk has long held the view that advanced AI could threaten humanity's future. But that fear does not appear to be front of mind as he tackles his mission of cutting the federal budget.

2. Unchained crypto

• Cryptocurrency investors and developers see Trump's return as the start of a new golden age: Regulators will get off their backs, and thousands of coins will bloom.
• There will likely be a burst of new experiments in blockchain-driven democracy, too.
• But the inauguration-eve floating of new meme coins for both the new president and First Lady Melania Trump made clear where the biggest action will be: lots of fast money new coin issues, many of which will be soak-the-suckers pump and dump schemes.
• Even some Trump-friendly crypto insiders were uncomfortable with the brazen profiteering of the Trump-coin schemes.
• Things will get progressively crazier until another big failure on the scale of FTX causes a new bust.

3. Deals dynamo

• With regulators sidelined and vast amounts of cash sloshing around the globe, expect deal-making in tech to accelerate, even if the Federal Reserve keeps trying to hit the brakes.
• The biggest companies still face ongoing antitrust investigations and lawsuits, but they're likely to be less cautious and more opportunistic.
• Any deal that holds the possibility of enriching the president, his family or his allies will have that much extra juice.

4. Social media's "big sort"

• American internet companies and users are rapidly segregating themselves into separate "red" and "blue" environments.
• Meta's move to embrace MAGA and X's harbor for extreme right-wing voices are speeding this process, driving opponents to new rival media platforms on the other side of the political fence.
• Online, at least, this process dooms the quest for common ground and assures further estrangement of America's two parties and cultures.

The bottom line: Volatility compounds across different domains.

• What happens when autonomous AI agents, steered by blockchain-based voting, start executing deals on tribalized social-media platforms?
• Cyberpunk authors dreamed such visions as dystopias, but team Trump sees them as blueprints.

Senate Democrats from Trump states are starting to vote in tandem, which could make Minority Leader Chuck Schumer's (D-N.Y.) life more complicated for the next two years.

Why it matters: Call it the buddy system for vulnerable Dems. If Senate GOP leader John Thune (R-S.D.) can flip a Democrat who's up for election in 2026, he increases his chance of picking up the other state's Dem senator.

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• That 2-for-1 math gives him massive incentive to push the limit on messaging bills ahead of 2026.
• It's a major headache for Schumer if Monday night becomes a trend.

You saw this on the Laken Riley Act vote, which passed with help from 12 Democrats.

• Sen. Raphael Warnock (D-Ga.) quietly changed his position by voting in favor of final passage. He was backing up Sen. Jon Ossoff (D-Ga.), who faces reelection in 2026. Warnock later blamed a process objection for his flip.
• Sen. Maggie Hassan (D-N.H.) voted with Sen. Jeanne Shaheen (D-N.H.), who's up in '26.
• So did new Sen. Elissa Slotkin (D-Mich.), whose fellow Democratic Michigander Sen. Gary Peters is up next year.

Zoom out: The Laken Riley Act is just the beginning of a barrage of GOP bills that Senate Democrats will have to find their footing on in the coming months.

• Thune is likely to try to pass an abortion-related bill later this week, which is unlikely to get much — if any — Democratic support, sources tell Axios.
• But other GOP legislation, particularly if it is related to the border and the economy, is an area ripe for some Democratic buy-in.

Editor's note: This article has been corrected to note that Sen. Shaheen (not Sen. Hassan) faces reelection in 2026.

Netflix is raising prices for some subscribers as it reported 18.9 million new customers in the last three months of 2024.

• Torrey Grant commutes eight hours each week for a teaching job at Syracuse University.
• That job is in addition to his account executive role at a PR agency where he works full time.
• The share of supercommutes in the 10 largest US cities has grown from four years ago.

Torrey Grant said his roughly eight-hour weekly commute for his part-time gig is worth the time because he enjoys the job and it supplements his income.

In June 2022, Grant and his wife moved from Syracuse, New York to New York City so they could be closer to her family. Grant landed a Manhattan-based account executive role at a public relations agency that specializes in the food, wine, and spirits industries. He was also able to retain his part-time gig of more than five years: teaching a wine and beer appreciation course at Syracuse University, his alma mater.

During typical weeks when school is in session, he wakes up at 4:30 a.m. on Tuesdays in his Manhattan residence, drives roughly four hours to Syracuse, and is at his desk by 9 a.m. During the day, he works remotely for his public relations job. He then teaches two courses in the evening, stays overnight at a hotel, works remotely for his PR job the next day, teaches two more classes in the evening, and then drives home Wednesday evening.

"It's well worth it to keep a great job and it keeps my wife and I close to her family," said Grant, 50, when referring to his teaching position.

Grant is among the supercommuters who are defined by traveling more than 75 miles to work. The share of supercommutes in the 10 largest US cities was 32% greater between November 2023 and February 2024 than between the same time period four years prior, per a study from Stanford University that was published in June.

The researchers said this increase was likely driven by the uptick in remote working arrangements. For example, some Americans who moved away from their offices — in part for lower housing costs — decided they could stomach a long commute when their employers rolled out return-to-office policies after the pandemic.

Driving several hours is worth it for the job and pay

Grant said he earns between $80,000 and $100,000 annually from teaching, depending on the number of courses he teaches — which can vary based on student interest, among other factors. Grant estimated that he dedicates about 30 hours a week to his teaching job, which includes 12 hours of lecturing and additional time spent in meetings, conducting office hours, preparing for classes, and grading.

Grant said that his round-trip commuting costs typically include between $40 and $50 for a full tank of gas, roughly $80 for one night at a hotel, about $25 in tolls, and $36 to park at the school — a total of about $200 per round-trip.

Before he committed to driving as his preferred mode of transportation, Grant said he tried taking the train and flying. However, he said the train can take up to six hours if there are delays, and that flying — which can also come with delays — typically doesn't save any time.

Looking ahead, Grant said he plans to keep supercommuting for the foreseeable future. He said the biggest downside of the commute is that he has to be away from his wife two days a week. However, he said he enjoys teaching and that working with students helps him stay up to date on what's popular with younger wine and beer consumers — which can also give him a leg up at his public relations job. He said he's considered looking for teaching jobs closer to home, but only a few schools offer similar courses.

Ultimately, he said the teaching job's pay — and the limited travel costs — are what's made his commute sustainable. In the future, he said the job could bring about another financial benefit: discounted college tuition for his children.

"Financially it still makes sense," he said of the commute. "I'd love to say I would do it even if it wasn't but that's not realistic."

Do you have a long commute to work? Are you willing to share your story with a reporter? Reach out to [email protected].

Jessica DeBenedetto has only been on compounded tirzepatide for a couple of weeks, but she already feels like it's a life-changer. Her doctor prescribed the cheaper, generic version of the weight-loss drug after her insurer refused to cover Zepbound, the brand-name version made by Eli Lilly. DeBenedetto, now 43, tells me she's been prediabetic since her 20s, and after going through hormone injections with IVF, she's put on a worrying amount of weight she just can't take off. As we talk, she marvels that she's had a box of chocolates on her desk all day that she still hasn't touched, which is probably the result of both the drug and a psychological shift, since she hasn't been taking the injections that long. Still, the optimism is palpable. Those chocolates would "normally be gone in an hour," she says.

DeBenedetto's excitement has been stunted, however, by recent developments that will make compounded tirzepatide no longer widely available. The FDA has removed the drug from its shortage list and set a timeline for pharmacies to stop making compounded versions of the drug — meaning the only version available will be the FDA-approved, pricier type. She feels like the rug has been pulled out from under her.

"I'm so devastated that this option is going away," she says.

For now, her doctor is going to switch her over to compounded semaglutide — the active pharmaceutical ingredient in Ozempic and Wegovy, made by Novo Nordisk. The problem is, that's a temporary fix, too. While semaglutide is still on the shortage list, the FDA is expected to eventually end that designation, and compounders will have to stop making it, too. Lots of people could be in DeBenedetto's situation: The perfect candidate for a miracle drug whose miracle will no longer be easily accessible.

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GLP-1 drugs such as semaglutide and tirzepatide are at the center of a weight-loss drug revolution. The biggest development in weight-loss medicine since bariatric surgery (not to mention less invasive), the medications, which were initially approved to treat type 2 diabetes, have exploded in popularity in recent years. People say the drugs help them drop pounds by cutting the "food noise" — making them feel fuller longer and quieting their appetites. Recent research suggests these drugs could help treat a variety of other conditions, from sleep apnea to heavy drinking.

The drugs became so popular so fast that manufacturers began running out, and patients scrambled to find Ozempic or Wegovy (the brand-name versions of semaglutide) and Monjauro or Zepbound (tirzepatide). There were other barriers to access: The brand-name versions of the drugs are expensive, in most cases costing thousands of dollars a year without insurance, and insurers have been hesitant to cover them. Moreover, not everyone who wants to lose weight has a clinical need to — a doctor saying no to a prescription doesn't always quell the desire to get one.

Some of these access issues were alleviated when the FDA put the drugs on its shortage list in 2022. This allowed compounding pharmacies to get into the GLP-1 game by creating their own versions of the injectible drugs using active ingredients obtained from chemical wholesalers and manufacturers that they could dispense when prescribed by a provider. Even though the FDA warned patients about the potential dangers of getting non-FDA-approved, compounded GLP-1s, the cat was out of the bag. Compounding pharmacies and telehealth companies saw an enormous opportunity to meet the demand for these copycat medications and offer them at a lower price point. Eli Lilly and Novo Nordisk, obviously, didn't love the setup, but there wasn't much they could do to stop it, given the shortages.

The thing about shortages is that they don't last forever. After some legal wrangling, the FDA pulled tirzepatide from its shortage list in December, giving compounders a short grace period to wrap things up. That means people taking the copycats will soon need to switch to the name-brand version, find another drug, or stop taking anything altogether. The party is over — or at least it's supposed to be.

"We all knew when semaglutide went into shortage and then when tirzepatide went into shortage that this was not a permanent status. Eventually, those drugs would be available in quantities sufficient enough to meet demand," said Scott Brunner, the CEO of the Alliance for Pharmacy Compounding, an industry group. Since October, when the FDA first determined the shortage was resolved, they've been warning members that "the end was near," he said.

Compounders aren't eager to pack it in. The Outsourcing Facilities Association, another industry group that represents compounders that produce large batches of medications, has sued to overturn the FDA's decision. Eli Lilly has since joined the FDA as a defendant to try to make sure the shortage stays resolved — it wants people taking and paying for its Monjauro and Zepbound, not cheaper copies.

You're going to have a lot of very disappointed people.

In a statement to Business Insider, an Eli Lilly spokesperson said the FDA has "correctly determined" that tirzepatide is not in shortage and that it was "clear that compounders must immediately begin transitioning patients taking compounded tirzepatide knockoffs to FDA-approved tirzepatide medicines," adding that the company will "vigorously defend" the FDA's decision. The spokesperson said the best way to ensure patients get tirzepatide is for "employers, insurers, and the government to recognize that obesity is a chronic disease and to increase coverage of medicines to treat it."

The OFA did not respond to a request for comment on this story. The APC has not joined the suit in defense of the compounders, but Brunner expressed concerns that Eli Lilly's brief had gone too far, and if the court agrees, it could end compounding by smaller pharmacies of common drugs, such as lidocaine or amoxicillin, if they were to happen to fall into a shortage for one reason or another.

The bigger picture is that there's a lot of money on the line when it comes to GLP-1s, and the parties involved know it. Compounders have found a big revenue stream they don't want to easily give up. At the same time, Eli Lilly and Novo Nordisk have market exclusivity — meaning no generics are allowed — for a limited amount of time and they want to make as much money as they can before it runs out.

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For patients, this all adds up to a lot of confusion, changes, and, potentially, interruptions in treatment. The transition period will not be seamless.

"You're going to have a lot of very disappointed people," said Melanie Jay, the director of the NYU Langone Comprehensive Program on Obesity.

Many providers have begun to switch patients from tirzepatide to semaglutide or, when they can afford it, to the brand-name drug. The telehealth company Ro, which in the past offered compounded tirzepatide, in December announced it would be offering single-dose vials of Zepbound to patients with obesity. (It comes at a lower price point than the medication when delivered in an injection pen.) "We'll follow the FDA's guidance on compounding, and we'll work to ensure our patients have the best treatment options available," a Ro spokesperson said in an email.

Some compounders and telehealth companies may try to find workarounds and loopholes, especially once semaglutide is no longer in shortage. John Hertig, an associate professor at Butler University's College of Pharmacy and Health Sciences, explained that much of this depends on what's determined to be "essentially" a copy of the GLP-1 in question, meaning it's too close to see it as anything other than a duplicate. Compounders can make patient-specific (and prescription-specific) versions of medications if, for example, a person is allergic to a dye in the FDA-approved version or has trouble swallowing something in pill form. But they're only allowed to make "essential" copies in very specific circumstances — say, a drug shortage.

"There is a space in this world where compounders are important when things go on shortage or if there's a supply chain issue or you need a patient-specific alteration of a medicine because of that patient's condition," Hertig said. The problem, he added, comes when compounders are "playing games" and "skirting that essential copy regulation" by adding a minor ingredient to make the drug technically different or changing its form of delivery.

The question now becomes what counts as too close a copy to be allowed and whether a small alteration is really different — some entities might try to add vitamin B12 to their drugs or deliver it in oral form and argue that it's OK. This could very well become battleground territory.

GLP-1s are a golden goose no one wants to give up, and investors know it. When the FDA took tirzepatide off of its shortage list in December, the stock price of Hims & Hers fell amid concerns about the telehealth company's GLP-1 business. In January, Citi downgraded its rating on the stock based on the assumption that semaglutide would be off the shortage list within the next year. Hims & Hers has not offered compounded tirzepatide in the past, a spokesperson for the company said, but it does offer compounded semaglutide.

The spokesperson said it's heard from patients who are "unable to access branded GLP-1 medications" and that over half of its customers couldn't access GLP-1s they were prescribed because of its price. They added that compounders serve a "critical purpose" and pointed to part of the Federal Food, Drug, and Cosmetic Act that "permits the compounding of medications to address patients' clinical needs irrespective of whether a particular drug is subject to a shortage." When I asked whether that meant they would keep compounding semaglutide, the response was vague. It indicated that, at the very least, they're going to keep trying but in a way that's "personalized" for patients, though it's unclear how they'll achieve that for thousands of individuals.

"Many patients benefit from the standardized dose of GLP-1s, and right now, in this current shortage, we are committed to unlocking access to these life-changing medications," the spokesperson said. "With that, many patients can benefit from something different than the standardized dose, they need something more personalized, and this is an option that we make available on our platform and plan to do that for the long term."

A spokesperson for the FDA said the agency recommends patients use FDA-approved drugs when available and that compounded drugs should "only be used to fulfill the needs of patients whose medical needs cannot be met by an FDA-approved drug." The agency also warned that compounded drugs pose a higher risk to patients.

To further complicate things, the new presidential administration means new leadership at the Department of Health and Human Services and the FDA, and Donald Trump has picked Ozempic-skeptic Robert F. Kennedy Jr. to head the health department. In January, Hims & Hers donated $1 million to Trump's inauguration fund.

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In the short term, this is going to be a mess. The spigot is turning off for patients on compounded tirzepatide, and compounded semaglutide's days are numbered, too. Some providers will try to find workarounds, but it's not clear how successful they'll be — or how successful regulators will be in stopping them. Patients can access the brand-name drugs, but insurance coverage and affordability remain problems. Once more reputable compounders leave the market, people might resort to sketchier operations, which could lead them to scammers, counterfeiters, and unsafe concoctions.

On the flip side, this could also be a moment for a reset. It could lead to the healthcare industry taking a better approach to GLP-1 access and care.

"Up to 70% of people with obesity who start these meds are not on it at one year anyway," Jay said. "There's a lot of reasons why people go off of it. Certainly insurance and costs, but also because I don't think people really know what they're getting into or don't have the support to really stay on them, or they think that somehow once they lose weight, they can go off of them, which is not true."

"The real thing is expensive" is not a valid reason for copying, as much as many patients wish that was the case.

"If you're Eli Lilly, you're also looking at, how do we work with patient access?" Hertig said. "How do we work with insurers? How do we manage the cost here where we're then incentivizing more patients to go to the manufacturer, which is FDA-approved? My hope would be that the manufacturers are also looking at that patient access."

Generic versions of Ozempic and Monjauro won't be available until their patents expire. What happens with compounding is unclear, but once these drugs are no longer in shortage, compounders are supposed to stop making them, except under very specific circumstances. Within that framework, "the real thing is expensive" is not a valid reason for copying, as much as many patients wish that was the case.

It's impossible to untangle exactly who's to blame here, to the extent any one party is at fault. It's the result of how the American health system is set up. Brand-name GLP-1s are much cheaper in many other parts of the world than in the US, and the drugmakers could slash their prices, but the profit motive dictates that if they don't have to, they won't. Compounding pharmacies have been filling in a legitimate gap, though some have overstepped — it's quite easy to get GLP-1s from many providers without much of an examination. Both the big guys and little guys are pushing these drugs onto consumers through ads on television and online. Of course, people are clamoring for drugs that will improve their health, help them lose weight, and reduce the stigma around their weight.

DeBenedetto said it's "ridiculous" that the government would take compounded tirzepatide away from her, even though the government is just doing what's outlined in the law. But like many other people, she didn't realize that. For the most part, the drug makers and marketers have papered over the fact that while the medications are ubiquitous, they're not widely available at a price point patients can easily afford.

"It's always about money," DeBenedetto said. "Everything's always about money, and it sucks."

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Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy.

• Trump's first day in office on January 20 included proposed tariffs on Canada and Mexico.
• Trump's tariff plans could raise the costs of some medications for Americans.
• Additionally, Trump said on the campaign trail he would impose a 60% tariff on Chinese imports.

Tariffs are already a central feature of President Donald Trump's second-term agenda — and those could have a significant impact on what Americans pay for some medications.

In his inauguration speeches and Day One executive orders, the president detailed his plans for imposing sweeping tariffs on foreign goods, including a 25% tariff on Mexico and Canada. Trump said the tariff policies could begin on February 1. It follows his tariff proposals from the campaign trail, including a 60% tariff on imports from China.

Some trade policy experts previously told Business Insider that broad tariffs on key trading partners like Mexico and Canada could increase the prices of goods imported from those countries. This could also stretch to key medical drugs like pain relievers, antibiotics, and cancer treatments, several of which are used in the US and manufactured abroad.

Countries like China, Canada, and Mexico not only make prescription and over-the-counter medicines, but they also supply drug ingredients. In many cases, foreign-manufactured medications are more affordable than those directly made in America — but prices and access could change with tariffs.

Trump has previously denied that his tariff policies will increase prices for Americans. Trump's press team did not immediately respond to a request for comment from BI.

What tariffs mean for your medicine costs

Under Trump's tariff plans, frequently used medications could become more expensive. Per the nonprofit organization KFF, importing some pharmaceutical drugs or ingredients from other countries has made some medicines more affordable in the US than if they were manufactured domestically due to lower production costs and cheaper labor.

In 2023, Mexico exported 165 of the 350 pharmaceutical products and drug ingredients designated as critical by the International Trade Administration. Although it was a small share of America's total pharmaceutical imports — about 1.5%, per the nonpartisan policy research firm Wilson Center — Mexico supplied key ingredients for medicines like pain relievers and antibiotics. Major pharmaceutical and vaccine companies like Pfizer and AstraZeneca also have operations in Mexico.

Canada, too, manufactures some generic forms of over-the-counter and prescription medications, like pain relievers. Per the Census Bureau, the US imported about $5.8 billion in pharmaceutical preparations in 2023.

Some states, like Florida, have previously proposed importing some prescriptions from Canada to increase affordability. The FDA signed off on imports from Canada to Florida on a range of drugs, including those used to treat HIV, AIDS, and diabetes, and other states are working to get approval to import drugs from Canada in bulk to lower high prices.

Trump proposed even steeper tariffs on China, which could affect drug prices. A 2023 report by the policy analysis firm Atlantic Council found that, between 2020 and 2022, US imports of Chinese pharmaceuticals grew by over $8 billion, and China remains one of America's major medical suppliers. China manufactures many healthcare products used by Americans like pain relievers, cardiovascular medicine, cancer treatments and immunosuppressives, cold and cough medicine, antibiotics, and bandages.

Tariffs and trade restrictions on foreign pharmaceuticals could also lead to higher prices and drug shortages if the US is unable to manufacture cheaper alternatives. Trump has suggested enforcing a "universal tariff" on all imported goods, which may impact other main suppliers of medicine, like Ireland, Germany, Switzerland, and India.

Details are unclear on how exactly Trump will impose these tariffs, and the legal authority he uses would likely determine how soon the US could see the prices of goods change. Still, tariffs are not the only avenue through which Americans' healthcare could be impacted. On Monday, Trump signed a range of executive orders — some related to healthcare — including plans to pursue actions that will "eliminate unnecessary administrative expenses and rent-seeking practices" that raise healthcare costs.

Are you changing how you approach healthcare costs with to the new Trump administration? If so, reach out to [email protected] and [email protected].

• Regeneration.VC is taking over the management of Sky Ocean Ventures' climate portfolio.
• The US-headquartered fund now counts nearly 50 companies in its global portfolio.
• Regeneration.VC is also expanding in Europe amid US policy shifts, adding a new partner.

Climate tech fund Regeneration.VC, which is backed by Leonardo DiCaprio as a limited partner, has taken over the management of Sky Ocean Ventures' climate portfolio.

Launched in 2022, Regeneration.VC bills itself as a consumer climate fund backing companies that are making industries such as food, apparel, and electronics more sustainable, partner Jamie Rowles told Business Insider in an interview.

Its portfolio includes the likes of recycling startup Greyparrot and textile dyeing company Colorifix.

Sky Ocean Ventures, the impact investing arm of British telecoms company Sky, had backed early-stage climate and cleantech startups working on everything from recycling technology to combatting the plastic pollution crisis. Regeneration.VC will take over the management of these companies, but Sky will still retain a financial stake in them.

Regeneration.VC now counts nearly 50 companies in its global portfolio.

"We are backing these consumer companies because those categories of climate have received less funding than energy and mobility," said Rowles. "And we're seeing a really exciting trend of some of the world's biggest corporates wanting to make changes in their value chains and their supply chains."

Trump 2.0 is spurring climate funds to invest in Europe

Along with the expansion of its portfolio, Regeneration.VC is adding a new partner to its European office. Narina Mnatsakanian, who was UBS' former head of impact investment, will also be the fund's new chief impact officer. In 2023, Regeneration's founding partner, Michael Smith, moved to the Netherlands.

Rowles also joined the firm in November 2024 in a bid to double down on its presence in the UK, and raise capital from limited partners for its second $150 million fund.

Europe is fast becoming an attractive hotspot for climate VCs amid a change in the US administration. Trump has been vocal in his support for oil and gas initiatives and has threatened to push back on the Inflation Reduction Act, which facilitated investment in clean energy. A potential shift in climate policy has encouraged some climate tech investors to look to Europe for more investment opportunities, Rowles said.

In the past year, US-based climate tech funds such as Voyager Ventures and Energy Impact Partners have also grown their European footprint with new appointments on the continent.

"The concept of sustainable and impact investment will have better tailwinds in Europe for the next few years," Rowles told BI. "Can sustainable investing survive Trump 2.0? For us, it's strategic to have a European presence, even though the DNA of the firm is the US. We have to be aligned with EU systems."

Regeneration.VC will still be investing in the US because of its "great pools of capital and risk appetite," — but Rowles emphasized that being aligned with the European Union on climate was a huge priority for the fund.

"We will see more climate tech funds with more of a presence in Europe," he said. "The reality is, you need to be in both markets to do the type of work we're doing. But in Europe, there's better regulation and better mechanisms to avoid greenwashing," he added.

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