The revolutionary technology behind the Covid-19 vaccine is under threat from the Trump Administration.
MRNA vaccines, which use the body’s own machinery to produce disease-fighting antibodies, were developed and distributed at an unprecedented speed and helped save millions of lives during the pandemic. Such technology is now being used to fight cancer and bird flu. But as misinformation runs rampant, lawmakers in some states want to limit or ban the vaccines, and under the leadership of Robert F. Kennedy, Jr., the NIH has begun a review of its investments in related vaccine research.
That could not only hamper scientists’ efforts to prepare for the next pandemic, it also risks America’s biotech dominance in a market estimated to be worth almost $20 billion.
FIRST UP
President Donald Trump in the Oval Office of the White House on Friday March 28, 2025.
Demetrius Freeman/The Washington Post via Getty Images
President Donald Trump took a harsher tone with Russian President Vladimir Putin Sunday, telling NBC News he will impose tariffs on imports of Russian oil if the Kremlin does not reach a ceasefire deal in its war against Ukraine, and claiming he’s “pissed off” with the president as negotiations have dragged on. Trump also told Meet the Press Sunday he could levy tariffs on Iran or take military action if the Middle Eastern nation does not accept a deal over its nuclear program.
MORE: Global stock markets and U.S. futures tumbled on Monday as investors around the world braced for Trump’s plans to impose sweeping reciprocal tariffs against “all countries” starting April 2—a day he and his allies have dubbed “Liberation Day.” Speaking to reporters onboard Air Force One on Sunday, Trump suggested there will be no exceptions when it comes to his reciprocal tariffs.
The Federal Reserve’s preferred metric for inflation remained stubbornly high in February, driving major stock indices down Friday and adding to uncertainty over the impacts of tariffs. The sticky inflation could mean long-awaited interest rate cuts may be further down the road. “It looks like a ‘wait-and-see’ Fed still has more waiting to do,” wrote Morgan Stanley Wealth Management economic strategist Ellen Zentner.
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BUSINESS + FINANCE
ILLUSTRATION BY CECILIA RUNXI ZHANG FOR FORBES VIA GOOGLE GEMINI AI
For Visa, fighting an AI-fueled explosion of credit card fraud is both a big expense—and an opportunity for profit. Visa has invested $11 billion in anti-fraud technology in the past five years, and simultaneously is building a side business selling its fraud-fighting expertise. In fact, some $1.5 billion of Visa’s $35.9 billion in 2024 revenue came from its sale of risk and security services.
Disgraced entrepreneur Charlie Javice was found guilty Friday of defrauding JPMorgan Chase after it bought her financial aid startup Frank for $175 million in 2021 based on fraudulent customer numbers. The 32-year-old startup founder, who pleaded not guilty to her charges and denied the fraud allegations against her, faces a maximum of 30 years in prison, as well as an additional civil trial from JPMorgan.
Shares of Lululemon tanked 14% Friday as the company warned of tariff-related impacts to its business. Despite topping Wall Street’s estimates for last quarter’s earnings and revenue, the athletic wear company’s CEO Calvin McDonald noted consumers have been more cautious.
TECH + INNOVATION
This week, the White House is expected to announce a “high level” deal between TikTok’s Chinese parent company, ByteDance, and a group of U.S. investors to save the social media platform from being banned in the U.S. Technically, under binding U.S. law, TikTok should be banned right now—the only reason it isn’t is that President Donald Trump ordered his Department of Justice not to enforce the law until April 5.
MONEY + POLITICS
The Trump Administration asked the Supreme Court on Friday to allow it to resume deportations of Venezuelans without court hearings, requesting that the justices overturn district court Judge James Boasberg’s previous ruling that the administration must stop the deportations. The appeal to the Supreme Court came just days after a U.S. appeals court upheld Boasberg’s ruling.
SCIENCE + HEALTHCARE
Billionaire Sean Parker says that, with the Trump Administration’s recent cuts to medical research funding, philanthropies and the private sector will have to step in to fill some of the gap. He’s doing his part: Nearly a decade ago, the Napster cofounder started the Parker Institute for Cancer Immunotherapy with a $250 million grant that funds cancer research. And after pouring in another $125 million last year, he says he’s committed more funds towards the next round of grant funding.
TRENDS + EXPLAINERS
As companies continue to roll back DEI policies, consumer activists have launched rolling boycotts of Target, Amazon and other recognizable brands in recent weeks as a form of protest. Such consumer initiatives could signal the start of a “Great Rejection” of global brands, which has the potential to open up opportunities for small businesses to attract new customers.
DAILY COVER STORY
How Truth Social And Crypto Helped Trump Double His Fortune In Just One Year
Donald Trump, who has long measured himself against other rich people, jumped 738 spots on the World’s Billionaires list over the last year, landing at No. 700.
JAMEL TOPPIN FOR FORBES
Twelve months ago, Donald Trump’s political prospects were shaky, his financial future nightmarish. He had an estimated $413 million of cash on his balance sheet and a $454 million fraud judgment against him in New York State.
But since then, America’s 47th president has more than doubled his estimated fortune, from $2.3 billion to $5.1 billion. Admitting he could not afford to pay off the $454 million in cash, Trump’s legal team convinced an appeals court to reduce the bond amount to $175 million.
Then, he took his social media venture, Truth Social’s parent company, public, and Trump-loving investors bid up shares to unconscionable heights. The mania faded, but it never disappeared, leaving Trump with a $2.6 billion stake. That boosted his net worth, but it offered no liquidity. So he got to work hawking a bazaar of other items—Bibles, sneakers, guitars—and, eventually, crypto.
He started in October with a project named World Liberty Financial that targeted crypto newbies with tokens that cannot be resold and vague promises of a “financial revolution.” And after Trump won the presidential election a few weeks later, others piled in, ultimately sending an estimated $390 million, or roughly $245 million after tax, to Trump. Days before his inauguration, the president-elect unveiled $TRUMP, a digital token that did not even pretend to be an investment but offered gamblers another game to play. Plenty did, generating an estimated $350 million in trading fees and dollar-tied crypto for entities connected to him.
Trump’s exact take is murky, but it’s safe to assume the president walked away with at least $110 million after tax.
WHY IT MATTERS “Donald Trump has rewritten the rules of how politicians can convert power into profits,” says Forbes senior editor Dan Alexander. “Selling books and hawking merchandise seems quaint in the crypto era. With so much money to be made, don’t be surprised if future politicians follow in the president’s path by offering risky investments to their followers to enrich themselves.” rules of how politicians can convert power into profitsForbes
MORE Trump’s Crypto Assets Are Nonsense. The Cash They Throw Off Is Very Real
FACTS + COMMENTS
President Donald Trump’s 25% tariff on all cars and trucks imported into the U.S. is scheduled to take effect Wednesday. Such a tariff could cause the average price for new cars sold in the U.S. to rise, according to industry analysts:
Up to 20%: How much the average cost for new vehicles is expected to jump, according to analysts at Cox Automotive
$5,855: The expected average increase in price for new vehicles assembled in Canada or Mexico
15.6 million: Cox Automotive’s full-year forecast for new vehicle sales, a decrease from 16.3 million due to “economic uncertainty, affordability” and potential impacts from tariffs
STRATEGY + SUCCESS
In times of economic uncertainty—perhaps because of, say, anxiety over tariffs—it can be a good idea to invest in gold. There are a number of ways you can do it, including buying gold bars, coins or funds that hold the metal, such as SPDR Gold Shares. Just be sure to manage your expectations: That particular gold exchange-traded fund gained 9.4% annually over the last decade, while the S&P 500 saw 12.8% returns yearly in the same time.
VIDEO
QUIZ
Despite decades of backing from public health officials, there has been a recent wave of concern surrounding the use of fluoride in drinking water—fueled in part by Health and Human Services Secretary Robert F. Kennedy Jr.’s claims of its potential health risks. Which state’s governor signed a law to prohibit its use last week?
A. Texas
B. Florida
C. Utah
D. Montana
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
