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      Why Patients Are Being Forced to Switch to a 2nd-Choice Obesity Drug

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      CVS Caremark decided to stop offering Zepbound in favor of Wegovy for weight loss. It’s the latest example of limits imposed by insurance that disrupt treatments for patients.Tens of thousands of Americans will soon be forced by their health insurance to switch from one popular obesity drug to another that produces less weight loss.It is the latest example of the consequences of secret deals between drugmakers and middlemen, known as pharmacy benefit managers, that are hired by employers to oversee prescription coverage for Americans. Employers pay lower drug prices but their workers are blocked from getting competing treatments, a type of insurance denial that has grown much more common in the past decade.One of the largest benefit managers, CVS Health’s Caremark, made the decision to exclude Zepbound in spite of research that found that it resulted in more weight loss than Wegovy, which will continue to be covered.Those research findings, first announced in December, were confirmed in an article published on Sunday in The New England Journal of Medicine. The study involved a large clinical trial comparing the drugs that was funded by Eli Lilly, the maker of Zepbound. Earlier research not financed by Eli Lilly reached similar conclusions.Ellen Davis, 63, of Huntington, Mass., is one of the patients affected by Caremark’s decision. “It feels like the rug is getting pulled out from under my feet,” she said.After taking Zepbound for a year, she has lost 85 pounds and her health has improved, she said. She retired after working for 34 years at Verizon, which hired Caremark for her drug coverage.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Oil Prices Slide Further on Plans to Increase Supply

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      U.S. oil prices fell to around $56 a barrel after the OPEC Plus cartel said it would bring more oil to market.Oil prices resumed their downward slide after the OPEC Plus cartel of oil producers said over the weekend that it would pump more oil, despite concerns that President Trump’s trade war will curb demand.The U.S. benchmark oil price fell to around $56 a barrel, from $58 on Friday. For many companies, the steady decline means it will not be profitable to drill wells in the United States despite Mr. Trump’s calls for increased production.Prices were last around this level in early April, just before Mr. Trump said he would pause reciprocal tariffs on most countries for 90 days. That announcement led to rallies in both the stock market and the oil market, though oil prices have since waned.That is partly because OPEC Plus is raising output at the same time that economists are warning that higher tariffs on most American trading partners will slow global economic growth and potentially cause a recession in the United States.The eight countries that make up the OPEC Plus cartel said on Saturday that they would further ramp up production in June.Lower commodity prices are causing some companies to pull back. There are about 9 percent fewer rigs drilling wells in the Permian Basin, the top U.S. oil field, than there were this time last year, when oil was trading near $80 a barrel, according to Baker Hughes.On Friday, Exxon Mobil and Chevron, the two largest U.S. oil and gas companies, reported their lowest first-quarter earnings in years. Those financial results reflect the market before Mr. Trump further escalated tariffs on China in early April.“It is clear that this uncertainty is weighing on economic forecasts, causing significant volatility and raising the prospects of slower growth,” Darren Woods, Exxon’s chief executive, told analysts. More

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      They Help Companies Set Prices. Tariffs Are Making It Trickier.

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      Pricing strategists are navigating the possibility that input costs, the economy and consumer behavior may all shift drastically.As companies scramble to respond to President Trump’s ever-changing tariff policies, some of the pressure has fallen directly on a tiny corner of the consulting world.Known as pricing strategy, it uses tools like customer research, historical data, economic modeling and competitive analysis to recommend not only what price tag to put on items but how to structure prices to maximize revenue and profit.Often a pricing strategist’s work involves simulating how different pricing strategies and prices could affect sales. But brand rules and psychology can also come into play. It’s part art, part science.And lately, it’s been trickier.Nobody knows how Trump’s tariff policies will change, how those tariffs will affect the overall economy or how consumers will adjust their spending as a result — all of which can be key metrics when determining pricing.“It’s some of the highest levels of uncertainty that I’ve seen over my 25-year career,” Robert Haslehurst, who leads the global pricing practice at L.E.K. Consulting, told DealBook. Only the first weeks of Covid lockdowns and the start of the 2007-8 financial crisis came close.Times like these can be a “golden opportunity,” said William Humsi, a partner at the consumer strategy firm Simon-Kucher who mostly works with B2B companies. A brand that imports less from countries with high tariffs than its competitors may be able to defend its market share by keeping prices lower, or use other players’ need to raise prices as cover for its own price increases, known as “taking price” in industry parlance.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      GM Cuts Profit Forecast by 20% and Says Auto Tariffs Will Cost It Billions

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      General Motors now expects to earn a lot less than it did before President Trump imposed 25% tariffs on imported cars and auto parts.General Motors cut its profit forecast for 2025 on Thursday by more than 20 percent and said that the Trump administration’s tariffs would increase its costs by $4 billion to $5 billion this year.In a conference call with analysts, G.M. executives said the company now expects to make $8.2 billion to $10.1 billion this year, down from a previous forecast of $11.2 billion to $12.5 billion.“G.M.’s business is fundamentally strong as we adapt to the new trade policy environment,” the company’s chief executive, Mary T. Barra, said.In April, President Trump imposed tariffs of 25 percent on imported vehicles and will begin imposing the same duty on imported auto parts on Saturday. On Tuesday the president modified how the tariffs are applied to give automakers some relief, including partial reimbursement for tariffs on imported parts for two years.Ms. Barra said G.M. hopes to offset about 30 percent of the impact of the tariffs by increasing production in U.S. plants, cutting costs, and working with suppliers to raise their domestic production of parts and components.G.M. had previously said it was increasing pickup truck production at a plant near Fort Wayne, Ind., which will reduce the number of vehicles it imports from Canada and Mexico. Ms. Barra said output at the Fort Wayne factory would increase by about 50,000 trucks this year.She also said G.M. now plans to make more battery modules in its U.S. plants to raise the portion of domestic content in its electric vehicles.About $2 billion in tariff-related cost increases will come from vehicles that are made in Canada, Mexico and South Korea and sold in the United States.Analysts have predicted that the tariffs will add thousands of dollars to the cost of new cars and trucks, and some or all of that would be passed on to consumers. In the call, G.M.’s chief financial officer, Paul Jacobson, said the company now expects new vehicle prices to rise 0.5 percent to 1 percent this year, he added. Previously, the company had forecast that pricing would fall by 1 percent to 1.5 percent.Other automakers are also planning to produce more vehicles in the United States. Mercedes-Benz said Thursday that it would build a new vehicle at an Alabama factory as part of what the German carmaker called a “deepening commitment” to manufacturing in the United States.While the company did not mention tariffs, Mercedes and other carmakers have been at pains in recent weeks to emphasize how many cars they already build in the United States and their plans to make more. Mercedes did not provide details about the car, except to say that it would be a new design tailored to the U.S. market and begin production in 2027.The company’s factory near Tuscaloosa, Ala., primarily assembles luxury sport utility vehicles, including electric models, for sale in the United States and export to other markets.Jack Ewing More

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      A Tidal Wave of Change Is Headed for the U.S. Economy

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      When the Covid pandemic hit, factories in China shut down and global shipping traffic slowed. Within a matter of a few weeks, products began disappearing from U.S. store shelves and American firms that depend on foreign materials were going out of business.A similar trend is beginning to play out, but this time the catalyst is President Trump’s decision to raise tariffs on Chinese imports to a minimum of 145 percent, an amount so steep that much of the trade between the United States and China has ground to a halt. Fewer massive container ships have been plying the ocean between Chinese and American ports, and in the coming weeks, far fewer Chinese goods will arrive on American shores.While high tariffs on Chinese products have been in place since early April, the availability of Chinese products and the price that consumers pay for them has not changed that much. But some companies are now starting to raise their prices. And experts say that the effects will become more and more obvious in the coming weeks, as a tidal wave of change stemming from canceled orders in Chinese factories works its way around the world to the United States.The number of massive container ships carrying metal boxes of toys, furniture and other products departing China for the United States has plummeted by about a third this month.The reason consumers haven’t felt many of the effects yet is because it takes 20 to 40 days for a container ship to travel across the Pacific Ocean. It then takes another one to 10 days for Chinese goods to make their way by train or truck to various cities around the country, economists at Apollo Global Management wrote in a recent report. That means that the higher tariffs on China that went into effect at the beginning of April are just starting to result in a drop in the number of ships arriving at American ports, a trend that should intensify.By late May or early June, consumers could start to see some empty shelves, and layoffs could occur for retailers and logistics industries. The major effects on the U.S. economy of shutting down trade with China will start to become apparent in the summer of 2025, when the United States might slip into a recession, said Torsten Slok, an economist at Apollo.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Citing N.I.H. Cuts, a Top Science Journal Stops Accepting Submissions

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      With federal support, Environmental Health Perspectives has long published peer-reviewed studies without fees to readers or scientists.Environmental Health Perspectives, widely considered the premier environmental health journal, has announced that it would pause acceptance of new studies for publication, as federal cuts have left its future uncertain.For more than 50 years, the journal has received funding from the National Institutes of Health to review studies on the health effects of environmental toxins — from “forever chemicals” to air pollution — and publish the research free of charge.The editors made the decision to halt acceptance of studies because of a “lack of confidence” that contracts for critical expenses like copy-editing and editorial software would be renewed after their impending expiration dates, said Joel Kaufman, the journal’s top editor.He declined to comment on the publication’s future prospects. “If the journal is indeed lost, it is a huge loss,” said Jonathan Levy, chair of the department of environmental health at Boston University. “It’s reducing the ability for people to have good information that can be used to make good decisions.”The news comes weeks after a federal prosecutor in Washington sent letters to several scientific journals, including The New England Journal of Medicine, with questions that suggested that they were biased against certain views and influenced by external pressures.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      White House Assails Amazon, Citing Tariff Pricing Report

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      The White House press secretary, Karoline Leavitt, attacked the retail giant over a report that suggested Amazon would display the cost of tariff-related price increases. Amazon said it never considered doing so on its main website.There’s a fresh spat brewing between the White House and Amazon.Karoline Leavitt, the White House press secretary, on Tuesday accused the online retail giant of being “hostile and political,” citing a report — disputed by Amazon — from Punchbowl News saying that the company would start displaying the exact cost of tariff-related price increases alongside its products.Displaying the import fees would have made clear to American consumers that they are shouldering the cost of President Trump’s tariff policies rather than China, as he and his top officials have often claimed would be the case.An Amazon spokesman said the company had considered a similar idea on part of its site, Amazon Haul, which competes with Temu, a Chinese retailer. Temu primarily ships directly to consumers and has begun displaying “import charges” to reflect the end of a customs loophole that had exempted low-priced items from tariffs.“Teams discuss ideas all the time,” the spokesman, Ty Rogers, said in a statement. “This was never a consideration for the main Amazon site and nothing has been implemented on any Amazon properties.”Standing beside Treasury Secretary Scott Bessent during a briefing at the White House on Tuesday morning, Ms. Leavitt tore into the retailer. She said that she had just been on the phone with the president about the report, and she asked why Amazon hadn’t done such a thing when prices increased during the Biden administration because of inflation.Ms. Leavitt said it was “not a surprise” coming from Amazon, as she held up a copy of a 2021 article from Reuters with the headline, “Amazon partnered with China propaganda arm.” Mr. Trump’s aggressive tariffs on Chinese goods have touched off an escalating trade war, even as his administration has backed off its broader global levies amid what it said were negotiations with dozens of nations on new trade deals.Ms. Leavitt’s attack on Amazon was all the more noteworthy because the company’s founder, Jeff Bezos, has lately gone to great lengths to curry favor with this White House. Amazon donated $1 million to Mr. Trump’s inaugural fund, securing seats for Mr. Bezos and his bride-to-be in the Capitol Rotunda for the inauguration.In December, Mr. Bezos explained his Trump-ward turn while speaking at The New York Times DealBook conference. “What I’ve seen so far is he is calmer than he was the first time,” Mr. Bezos said of Mr. Trump, “more confident, more settled.”He added, “I’m very hopeful. He seems to have a lot of energy around reducing regulation.”Ms. Leavitt was asked whether the White House still considered Mr. Bezos to be a Trump supporter, given the latest report.“Look, I will not speak to the president’s relationships with Jeff Bezos,” Ms. Leavitt said, “but I will tell you that this is certainly a hostile and political action by Amazon.” More

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      Tesla’s Falling Profit May Pressure Elon Musk to Return to Day Job

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      The carmaker is expected to report a decline in quarterly earnings after Tesla’s brand suffered because of its chief executive’s role in the Trump administration.Tesla is expected to report on Tuesday that its profits fell in the first three months of the year, which could increase the pressure on Elon Musk, the automaker’s chief executive, to curtail his work for President Trump and spend more time managing the company.Wall Street analysts expect Tesla to say its net profit declined slightly from $1.1 billion in the first quarter of 2024.Tesla sales have been slumping because of intense competition from Chinese carmakers like BYD, a lack of new models and Mr. Musk’s support of far-right causes, which has turned away some liberals and centrists from buying Tesla vehicles.Tesla remains the most valuable automaker in the world as measured by its stock price, but its shares have lost about half their value since mid-December as investors have grown more pessimistic about the company’s prospects and concerned about Mr. Musk’s role in the Trump administration.Tesla has steadily lost market share to Chinese carmakers and more established automakers, like General Motors, Volkswagen and Hyundai, that have been offering a growing selection of electric vehicles.Mr. Musk’s company once hoped to sell 20 million vehicles a year by the end of the decade, twice as many as Toyota. But sales have been sliding after climbing to 1.8 million in 2023. Last year, the company sold 1.7 million cars, and its global sales fell 13 percent in the first quarter of 2025 from a year earlier.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More