Morning Business Report: Prescription drug shipments face new customs requirements as used car prices fall
Millions of Americans who rely on prescription medications shipped from outside the United States could face higher costs beginning October 22 as new customs requirements take effect.
(LILAMAX)- Millions of Americans who rely on prescription medications shipped from outside the United States could face higher costs beginning October 22 as new customs requirements take effect.
According to USA TODAY, U.S. Customs and Border Protection plans to stop allowing prescription drug shipments to cross the border duty-free with little or no paperwork.
Instead, packages will be required to go through an automated process involving additional documentation, tariffs and product information required by the Food and Drug Administration.
The changes could make imported prescription medications less affordable for Americans who depend on them.
Meanwhile, used car prices declined this fall, according to Cox Automotive.
The company attributed the decrease to higher gasoline prices and tighter household budgets. The decline was relatively small, with prices falling less than 1%.
Demand for used hybrid vehicles remained strong.
On Wall Street, stocks closed well above their session lows as rising interest rates continued to concern investors.
American Airlines also announced plans to hire nearly 2,000 flight attendants in 2027 as part of its focus on expanding premium offerings.
The airline said it will also open its largest Admirals Club lounge at Charlotte Douglas International Airport.
And Texas Roadhouse shares experienced a six-week selloff following a viral social media hoax involving false allegations of discrimination.
The company’s shares fell approximately 20% amid baseless rumors that white servers were tampering with food served to Black customers.
Financial firm Evercore described Texas Roadhouse as a strong restaurant operator and suggested the rumor-driven decline could present a buying opportunity for investors.
