Wall Street Breakfast: Labor Rising

Unions are gaining momentum as workers across various industries threaten strikes and demand better compensation and conditions, with the potential for significant economic losses and impacts on industries such as autos and Hollywood. Meanwhile, U.S. Commerce Secretary Gina Raimondo visits China to discuss trade and investment, and 3M settles a lawsuit over defective combat earplugs for over $5.5 billion. Additionally, the Biden administration is expected to announce the first ten drugs subject to Medicare price negotiations.

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Relevant topic timeline:

8/25/2023

Biden administration expected to unveil Tuesday first drugs subject to Medicare negotiations

The Biden administration is set to reveal the first 10 drugs subject to negotiation in Medicare, despite facing multiple lawsuits from the drug industry declaring the program unconstitutional.

8/27/2023

3M May Settle Lawsuits Over Defective Military Earplugs For Over $5.5 Billion, Report Says

3M has reached a tentative agreement to pay over $5.5 billion to settle claims from military service members who suffered hearing loss or tinnitus due to defective earplugs sold to the U.S. military, potentially ending a years-long legal dispute.

8/29/2023

Biden administration names 10 prescription drugs for price negotiations

The Biden administration has identified 10 expensive prescription drugs, including blood thinners, diabetes treatments, and cancer drugs, for price negotiations with pharmaceutical manufacturers in an effort to reduce Medicare drug costs and ease the financial burden on beneficiaries, although the fate of the negotiation plan is uncertain due to ongoing lawsuits.