IKEA, the world’s largest furniture retailer, reported a 32% drop in annual profits on Friday, citing its strategy of lowering prices to drive sales and the impact of higher U.S. tariffs.

Shares of major European pharmaceutical firms declined on Friday after U.S. President Donald Trump sent letters to 17 global drugmakers demanding they align U.S. prices with those offered in other countries. The move follows a sweeping executive order signed earlier this year aimed at curbing high drug costs in the United States.

Tesla reported a significant decline in second-quarter profits on Tuesday, attributing the drop to recent price cuts and increased spending on autonomous driving and other technologies.