politics
Get ready for 'Liberation Day'
President Trump is expected to unveil his massive tariff plan today, what he has called "Liberation Day." He recently said this plan for reciprocal tariffs will "start with all countries," not just the top 10 or 15 trading partners that have import duties on U.S. products.
Trump has also said he plans to announce tariffs on the pharma industry, but Reuters reported that Trump will not actually declare specific pharma tariffs today, citing sources.
Drugmakers expect that U.S. tariffs are inevitable, but they're lobbying the president to phase in the tariffs and hope to get an incremental ramp-up to the 25% tariff that Trump has threatened, rather than 25% from the jump, Reuters reports.
venture
Arie Belldegrun's Vida Ventures staffs up
Vida Ventures, the VC firm led by entrepreneur Arie Belldegrun, said this morning that it has brought in two new executives in advance of raising a new fund.
The company, which has been investing in the cell therapy field but also has expanded elsewhere, has hired longtime J.P. Morgan portfolio manager Matt Cohen and former MPM BioImpact partner Brian Goodman as managing directors, STAT's Allison DeAngelis reports. Cohen will steer public market investing — a first for Vida Ventures — while Goodman will work on creating and financing private startups.
In December, Vida cofounders Arjun Goyal and Stefan Vitorovic left the firm. Goyal and Vitorovic had been with the company since its founding in 2017, and have not yet announced their next steps.
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science
Trump cuts to federal grants hit Mass General
Deepening Trump administration budget cuts have hit Mass General Brigham, the nation's largest hospital recipient of research grants, and other Massachusetts universities and hospitals, canceling tens of millions in funding and shutting down medical research programs.
The latest cuts will affect research programs awarded at least $70 million at MGB hospitals' labs over multiple years, with most of that money already paid but at least $18 million still untapped, a federal document showed, The Boston Globe reports.
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