TikTok’s 2024 revenues in the UK, Europe, and Latin America surged 38% to $6.3 billion, more than doubling 2022 levels, per filings cited by Forbes. The growth underscores TikTok’s strength outside the US, where a divest-or-ban standoff continues. Yet regulatory scrutiny in Europe looms large, with over $1 billion reserved for fines, ongoing probes across multiple countries, and potential penalties under the EU’s Digital Services Act. TikTok’s UK penetration tops 32%, with ad revenues projected to triple by 2027. Still, layoffs in trust and safety roles and a pivot to AI moderation could test regulators and user trust.

The news: The trade deal between the US and EU will include a 15% tariff on pharmaceuticals imported from Europe, the White House said. The final word: Pharma companies and industry trade groups had been holding out hope that their medicines imported to the US would be exempt from tariffs. Not getting that reprieve is a setback—but the 15% rate on its own could be seen as a decent outcome, particularly considering that 200% tariffs were threatened and the Section 232 investigation could lead to a higher levy in other countries.

The news: US pharma imports returned to normal in April after a March stockpiling of drugs and medical products spurred by tariff threats from the Trump administration. The takeaway: Fluctuating tariff threats from the Trump administration means ongoing uncertainty for drugmakers. If the indecision lags for more than a few months, expect some pharma product stockpiling to return.

A trade war between two of the world’s largest consumer markets would cause significant disruption for consumers, retailers, and brands in Europe.

Wayfair pivots from Germany to focus on physical retail: The country’s challenging economic climate is one reason the retailer is reallocating resources to areas with better long-term potential.