That’s a wrap – thank you for reading the Need to Know blog today. These were some of the main stories:

• Trump says Fed should cut rates as tariff push heats up: President Donald Trump said the Federal Reserve should cut interest rates, splitting with the US central bank as officials weigh the economic cost of his tariff push.

• Net overseas migration cools: Thursday’s figures from the Australian Bureau of Statistics show net overseas migration continues to cool.

• PM says Melbourne Airport line will be built: Prime Minister Anthony Albanese says the Melbourne Airport rail line will be built after the airport, state and federal governments signed an agreement on Thursday morning to proceed with the project.

• PM hits back at US drug companies, says PBS is ‘not for sale’: Anthony Albanese has hit back at lobbying by US drug companies for tariffs on Australia because of government subsidies provided through the $18 billion Pharmaceutical Benefits Scheme.

• Dutton promises to match Labor’s $25 prescription drugs pledge: Opposition Leader Peter Dutton has promised to match Labor’s pledge to lower the cost of subsidised medicines to no more than $25 per script as he seeks to go head-to-head with Anthony Albanese on election healthcare spending promises.