Alex Ossola
Appearances
WSJ Minute Briefing
Trump Pauses Intelligence Sharing With Ukraine
And UK antitrust officials said they wouldn't launch a formal investigation into whether Microsoft's partnership with OpenAI constituted a de facto merger that could have stifled competition. The decision marks another win for Microsoft. We'll have more coverage of the day's news on the WSJ Sweats News Podcast.
WSJ Minute Briefing
Trump Pauses Intelligence Sharing With Ukraine
You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
WSJ Minute Briefing
Trump Pauses Intelligence Sharing With Ukraine
Here's your midday brief for Wednesday, March 5th. I'm Alex Sosola for The Wall Street Journal. President Trump has ordered a pause to intelligence sharing with Ukraine. That's according to Central Intelligence Agency Director John Ratcliffe. The U.S. has shared intelligence with Kyiv since the early months of the war, allowing Ukrainian forces to more effectively target Russian forces.
WSJ Minute Briefing
Trump Pauses Intelligence Sharing With Ukraine
A White House official said that the U.S. had paused military aid to Ukraine until President Trump is satisfied that Zelensky is making a good faith effort to engage in negotiations to stop the war. Ratcliffe indicated that intelligence sharing could also resume. The U.S. Supreme Court lifted a pause on nearly $2 billion of foreign aid payouts.
WSJ Minute Briefing
Trump Pauses Intelligence Sharing With Ukraine
The order, which came in a 5-4 vote, rejected the Trump administration's bid to suspend a lower court directive to resume the funding. The court's majority, however, instructed a federal trial judge to give, quote, due regard to the feasibility of any compliance timelines, apparently in response to the government's argument that an earlier deadline was too difficult to meet. Hiring in the U.S.
WSJ Minute Briefing
Trump Pauses Intelligence Sharing With Ukraine
private sector slowed markedly in February amid growing economic uncertainty. That's according to a monthly ADP national employment report that showed private businesses added just 77,000 jobs in February, down from 186,000 in January. The monthly non-farm payrolls report is expected on Friday.
WSJ Minute Briefing
Trump Announces Another 10% Tariff on China
Symptoms include uncontrolled bleeding, vomiting and diarrhea. And the WHO said that nearly half of people die within 48 hours of showing symptoms. The WHO also said that as of February 23rd, the disease had infected 1096 people and killed 60. We'll have more coverage of the day's news on the WSJ's What's News Podcast.
WSJ Minute Briefing
Trump Announces Another 10% Tariff on China
You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
WSJ Minute Briefing
Trump Announces Another 10% Tariff on China
Here's your midday brief for Thursday, February 27th. I'm Alex Osola for The Wall Street Journal. President Trump has announced an additional 10% tariff on imports from China over its role in the fentanyl trade. The move doubles up on the previous 10% of additional tariffs the president placed on Chinese products earlier this month. The new tariffs are set to go into effect on Tuesday.
WSJ Minute Briefing
Trump Announces Another 10% Tariff on China
In a post today on his Truth Social platform, Trump also reinforced his threat to impose 25% tariffs on products from Canada and Mexico. Amazons Cloud Computing Business unveiled its first ever quantum computing chip today.
WSJ Minute Briefing
Trump Announces Another 10% Tariff on China
The company says that the chip, called Ocelot, can lower the costs of reducing quantum computing errors by up to 90%, and it marks an important step in the development of useful, reliable quantum computers. Amazon Web Services Announcement comes just a week after Microsoft claimed a quantum computing breakthrough by creating a new state of matter.
WSJ Minute Briefing
Trump Announces Another 10% Tariff on China
And Google in December said its new chip, called Willow, marks an advance in solving quantum's error correction issues. And the World Health Organization has said that a fast-spreading mystery illness is killing scores of people in the Democratic Republic of Congo. The disease is linked to bats, though experts are still figuring out how it's transmitted.
WSJ What’s News
U.S. Economy Shrank as Trade Turmoil Began to Hit
Right now, they're all fairly worried and uncertain about where the economy goes and what's ahead. And I think that's why you see so many CEOs of big companies either pulling their guidance or just saying that they feel really unclear right now. And it's a couple of things. One is the shape-shifting nature. of the Trump administration's tariff policies.
WSJ What’s News
U.S. Economy Shrank as Trade Turmoil Began to Hit
Many executives began this Trump administration feeling really optimistic. And right now, the overwhelming mood is that it's just uncertain, it's tough to navigate, and companies don't know where things are headed.
WSJ What’s News
U.S. Economy Shrank as Trade Turmoil Began to Hit
There's also this lingering fear that all of this noise is gonna lead consumers to pull back on demand. And so in this sort of environment, a number of executives just say, it doesn't make sense for us to give numbers because we just have no idea what scenario is gonna play out.
WSJ What’s News
U.S. Economy Shrank as Trade Turmoil Began to Hit
It's a real sign that we are in a different moment. So pooling guidance really frustrates investors because it can make it harder to evaluate companies. Certainly Wall Street wants these numbers to be able to set their own expectations. And all of this just shows the degree to which executives are really frustrated right now because they just don't know what's happening next.
WSJ What’s News
U.S. Economy Shrank as Trade Turmoil Began to Hit
The last time we saw companies really pool forecasts in a meaningful way was right at the start of the pandemic in 2020, where you just saw hundreds of companies withdraw their guidance. And so we're not exactly in that moment just yet, but there is certainly a feeling that it's just gotten harder and harder to predict what's ahead.
WSJ What’s News
U.S. Economy Shrank as Trade Turmoil Began to Hit
The example of United Airlines is a really good one where they've offered two different paths where they say, OK, if things go this way, here's our profit expectations. Here's our business expectations. If it goes another path, here's what we might expect. So you see this like A-B testing a forecast.
WSJ What’s News
U.S. Economy Shrank as Trade Turmoil Began to Hit
And Carol Tomei, the CEO of UPS, said this week that the only thing we're certain of is we don't know which, if any, of our scenarios will play out. That's a comment that resonates with lots of executives across different industries right now.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Well, foremost on this agenda is trade. He's kind of sought to reorder the global trading order, and he has accumulated a pile of unresolved issues with dozens of countries, including China, the big one, which is still hovering over his agenda. So trade is going to be very dominant in these next 100 days and beyond.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
It's going to really test the determination and the skill of his negotiating teams. It's a high priority for Trump, but it's also fraught with a lot of political complications and potential downsides.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Well, he's come in very hard, very aggressive on his agenda, and that has caused a lot of strain with some of our allies, especially in Europe, who are kind of looking at Trump's view towards Ukraine. He's famously squabbled with Zelenskyy and threatened to cut off aid.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
A lot of European leaders are not happy with that approach, so Trump's been very disruptive to their attempts to sort of corral Russia.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
he's also kind of picked some fights including with canada joking or not joking about trying to absorb that into becoming the 51st state that has engendered a lot of distrust and backlash in canada and he's also made moves on acquiring greenland or at least taking some control that's royal a lot of our traditional allies who were not keen to see such an aggressive move.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
He's proven himself to be divisive, but also very determined to achieve his goals. And so it's a very tumultuous time on the world stage. And that's going to just increase now as he's got to take on trade deals and deal with China. And also, let's not forget that he's also trying to work to find an end to the fighting in Gaza. That's another frustration of Trump's that that's lingered on.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
I mean, that's caused some pain on the world stage as well.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Yeah, Trump has put a lot of focus on immigration. It was one of the major issues of the campaign, and he's followed through with a very aggressive effort on the southern border. People crossing illegally into the country has really dried up. So that's a success for Trump and his administration. They're very proud of those numbers.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
However, internally, there's millions of people living in the country illegally, and those efforts have not been as robust for Trump. They've lacked some funding. And also it's politically treacherous at times to target people that have lived in the country for a long time.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
So part of the tax legislation that's moving its way through Congress would free up a lot of money for internal immigration control. They need a lot more money to fund the efforts to find and deport people currently living in the U.S. So that's a big thing for Trump if they can get that money that would speed up deportations.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Yeah, Trump came into office with pretty solid numbers. Obviously, Republicans were extremely excited to see him return. There were a lot of independents and others who supported Trump. And so he came in sort of feeling very bullish. He was promising a new golden age. In the 100 days since then, some of that shine has come off.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
As Trump contends with a stubborn economy, we've seen a lot of gyrations in the stock market over some of his trade policies. And then, of course, the immigration efforts and also Elon Musk and Doge have proven pretty controversial. A lot of Americans are just sort of whipsawed by the pace and the ferocity of Trump's agenda, and it has led to some weakening of his support in polls.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Now, core Republicans are very much aligned behind Trump, but independents and others who will be critical in midterm elections are starting to show some hesitation, if not regret, for backing the president. So that's a concern for Trump and Republicans as they head into the midterm season.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
But Trump so far is determined to plough ahead and do it in a noisy way that sometimes disregards the critics that want to see a more measured approach to government.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
In the Oval Office today, the President was asked about a new saying from Wall Street analysts that Trump always chickens out after he had imposed high duties.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Meanwhile, General Motors CEO Mary Barra voiced support for President Trump's tariffs, saying US automakers face unfair disadvantages in the global marketplace. In an interview with Wall Street Journal Editor-in-Chief Emma Tucker at the Future of Everything event, Barra said foreign government subsidies and taxes put American car brands at a disadvantage.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Problem gelöst.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
You can follow the WSJ Future of Everything event on our website. We'll leave a link in the show notes. At their meeting earlier this month, Federal Reserve officials signaled concern that large tariff hikes would push up prices and could risk stoking higher inflation.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
According to minutes from the May 6th and 7th meeting released today, policymakers largely agreed that heightened economic uncertainty and increased risks of both higher unemployment and inflation warranted no change in their wait-and-see policy. Einen Tag nach dem Aufbruch der großen drei US-Indexe, kürzten heute die Einkäufe niedrig.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Beide die DAO und die S&P 500 fielen um 0,6 Prozent und der Nasdaq schlug ungefähr 0,5 Prozent. Mit einem Lull in der Kriegswahl-News hat NVIDIA das Spotlight. Und ihr Geschäft ist immer noch wach, auch wenn die Firma effektiv aus einem der weltweit größten Märkte für advanced artificial intelligence Chips geschlossen ist.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Today, Nvidia reported about $44 billion in revenue for its fiscal first quarter, which accounted for the inability to ship $2.5 billion of chips to the Chinese market. The total revenue is up 69% from the same period last year and slightly ahead of Wall Street's expectations for the quarter that ended in April.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
More crucially, the company's data center business, which includes chips and other components used in AI computing systems, saw revenues surge 73% year over year to roughly $39 billion. Coming up, what a rollback of temporary legal protection of migrant workers could mean for U.S. businesses. That's after the break.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Elon Musk bezieht sich an die Kritiker von Präsident Trumps Tax- und Spendungsbill. Und was könnte der Verlust des legalen Stattes von Immigranten für ihre Arbeitnehmer bedeuten?
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
We've talked before on the show about the role that migrants play in the workforce, how companies could be affected if the Trump administration goes ahead with deporting them. One of the companies that would be affected is one of only two that are qualified to make troop parachutes for the U.S. military. WSJ Senior Special Writer Ruth Simon is here now with more.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
So Ruth, you went to North Carolina to visit Mills Manufacturing. How important are immigrant workers to their operations?
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Viele dieser legalen Verteidigungen sind von der Trump-Administration unter Feuer gekommen, was bedeutet, dass diese Arbeitnehmer sich vor dem Verlust ihres legalen Status und vor dem Verlust der Deportation verletzen. Was würde das für Unternehmen wie Mills bedeuten?
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
And what could that mean for their output, their business?
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
So given this prospect, what are companies, including Mills, doing to prepare?
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
That was WSJ Senior Special Writer Ruth Simon. Thank you, Ruth.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Macy's said today that its shoppers are buying more this month than they did in March and April to get ahead of the effect of tariffs. The department store chain is raising prices on some items, renegotiating vendor agreements and shifting its inventory sourcing to ease the brunt of global tariffs. The retailer said that as of February 1st, about a fifth of its products came from China.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
In its earnings report today, Macy's said that sales in the first quarter fell 5.1% to $4.6 billion, topping analysts' estimates. It also cut its full-year earnings guidance due to global tariffs and moderating consumer spending. And some 24 million Americans who live in rural places lack reliable broadband internet. Now, many of them may soon get another option, satellite internet.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Und NVIDIA-Sales wehren sich, als die Anforderungen auf AI-Chips steigen. It's Wednesday, May 28th. I'm Alex Zosola for The Wall Street Journal. This is the PM edition of What's News? The top headlines and business stories that move the world today. Elon Musk hat neue Kraft gegeben den Kritikern der Republikaner, die Multitrillionen-Dollar-Taxe und Spendenagenda.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Reporter Patience Hagen told our Tech News Briefing podcast how the Commerce Department plans to overhaul a Biden-era broadband access program to make it more tech-neutral, potentially increasing support for satellite internet.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
For more from patients, listen to tomorrow's episode of Tech News Briefing. And that's what's news for this Wednesday afternoon. Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Kosmetis. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
In Excerpten, die am Dienstagabend von einer Interview mit CBS am Sonntagabend veröffentlicht wurden, hat Musk gesagt, dass die Taxe-Bildung den föderalen Defizit nicht reduziert hat und die Kostenverkürzung, die er von seinem Departement für Gewerbeeffizienz gemacht hat, untergebracht hat.
WSJ What’s News
What Immigrant Workers’ Loss of Legal Status Mean for Their Employers
Die Bildung ist in der letzten Woche in der Hälfte des Hauses übernommen und geht jetzt in den Senat, wo einige Fiskal-Hawks tiefer Kutzen gefordert haben. Asked about Musk's criticism, Trump alluded to the thin Republican majority in the House and said negotiations were continuing. Separately, President Trump rejected claims that he's backing down on tariffs.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
The Dow fell about 0.3 percent, the S&P 500 dipped about 1.1 percent, and the Nasdaq ended the day down about 2 percent. The Atlantic magazine has released more texts from the Signal Group chat with Trump administration cabinet members in which editor-in-chief Jeffrey Goldberg was accidentally included.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
The texts show that Defense Secretary Pete Hegseth posted plans for the timing and weapons to be used in a military strike against Houthi militants at least two hours before the bombs were scheduled to drop. Testifying before Congress today, U.S. National Intelligence Director Tulsi Gabbard denied that the information shared in the chat was classified.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
For more on the texts and their implications, I'm joined by national security reporter Alex Ward. So Alex, what did we learn from these texts that were released today?
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
Oh, oh, so much. There were attack plans discussed in this chain. Defense Secretary Pete Hegseth basically said, look, guys, these fighter jets are leaving at this time. They might bomb at this specific time. And then National Security Advisor Mike Waltz, he said, hey, we've found out that actually one of these targets was successfully eliminated, a.k.a. killed.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
This is the kind of conversation you have in the secure rooms of the Pentagon. In the Situation Room of the White House. You do not have this on Signal, which is an unclassified venue and it's publicly available and it's on unclassified phones that. presumably people can hack and get access to.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
So let's talk about this designation of classified because there's already been quite a lot of debate about this. Tulsi Gabbard, as we just heard, as well as other members of the administration, have said the information shared in this Signal Group chat was not classified. Would information like this that was shared that we have screenshots for normally be classified?
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
Literally any former official who's dealt with this from any administration, Republican or Democrat, would tell you this is classified information. It strains credulity that this was at any point unclassified. There's also guidance from the Office of the Director of National Intelligence, the office that Tulsi Gabbard leads, from September of 2024.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
which basically provides guidance as to how one should classify information. And it could not be clearer that information about ongoing future current attacks need to be designated at least at the top secret level. So that is classified. The complication here is the secretary of defense does have the authority to declassify classified information.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
But it's very unlikely that Hegseth did that in order to post it in the signal chat. And when asked about it during his trip to the Indo-Pacific region, did not answer that question directly. He was given a chance to say, yes, I declassified it. And he did not say that. And so now the administration's argument is all about, well, the Atlantic reported it was war plans and these were attack plans.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
What we learned from the new Trump team's war chat text that The Atlantic has released. Plus, the president is set to announce his plans for tariffs on the automotive industry. And when confronted with Trump's tariffs, U.S. allies face a choice. Agree to his demands or fight back.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
Attack plans are arguably more sensitive because you're literally being specific down to the unit level. So when the administration says, well, actually, these weren't war plans. These were attack plans. What they're really saying is it's not bad. It's worse.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
What happens next?
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
Right now, there are calls for heads to roll here. You know, Mike Waltz has been in the crosshairs for being the one to start the group and put Jeffrey Goldberg into it. But now it seems like attention is turning toward Hegseth because he is the one that did put in the allegedly classified information.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
But Trump loves Hegseth and is seen by many as kind of one of the closest top aides that Trump has. And so it's hard to believe Trump would let him go. Also, that would necessitate another Senate confirmation fight to replace him. Whereas, say, if they were to fire Waltz, they would not need a Senate confirmation fight because that position is not Senate confirmable.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
That was national security reporter Alex Ward. And the journal has broken down the text between the White House officials. You can find an annotated analysis of the group chat text on WSJ.com. We'll leave a link in the show notes. Coming up, are countries fighting back against Trump's tariffs making more headway with the president than those that don't retaliate? That's after the break.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
It's Wednesday, March 26th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. President Trump is set to announce later today tariffs on automobiles.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
President Trump's trade war is forcing America's closest allies to choose between fighting back or acquiescing. The trouble is nobody's figured out which is the best way to get Trump to do what they want. The Trump administration plans to move forward with a list of what the president calls reciprocal tariffs on April 2nd, a date Trump has called Liberation Day. Should U.S.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
allies agree to Trump's demands or fight back? Vipal Munga is our Canada correspondent and joins me now from Toronto. Vipal, how are U.S. allies approaching this dilemma?
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
Okay, so that's the fight back approach. Let's talk about the softer approach.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
The UK has said that they're not going to retaliate in any way. They seem to be happy to mollify Trump, right?
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
What is the calculus that these leaders are making between the short-term approach and the longer-term impact of some of these tariffs?
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
The tariffs are expected to be narrower than the administration once envisioned and are expected to apply to finished vehicles coming into the U.S., but not automotive parts. Trump said for months that he would impose reciprocal tariffs on April 2nd that would equalize U.S. tariffs with those other countries' charge.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
That was WSJ reporter Vipal Manga. Thank you, Vipal.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
Each new car model Ford Motor designs is first sculpted out of clay before being passed on to engineers for testing. It's a useful but also time-consuming process. Brian Goodman, the company's director of artificial intelligence, is now pushing forward a number of use cases for artificial intelligence at the company in an effort to design and engineer new cars as quickly as Ford's competitors.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
Enterprise technology reporter Isabel Busquet told our Tech News Briefing podcast about how that's been working for the company.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
To hear more about Ford's AI strategy, listen to today's episode of Tech News Briefing. And finally, do you know women who are single and not looking? Turns out that's kind of a thing. More American women than ever are on their own and aren't looking to get married. On our Your Money Briefing podcast, economics reporter Rachel Wolf explained what's driving this shift.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
But he has suggested in recent days that some countries might not be subject to duties equal to what they charge. An administration official said the White House is considering a plan that would offer nations some lenience. Later in the show, we'll talk about the dilemma facing governments on the receiving end of U.S. tariffs. The news about the U.S.
WSJ What’s News
Surrender or Resist? The Dilemma Facing Allies Caught in Trump’s Trade War
automotive tariff plans weighed on stocks, with automaker shares coming under pressure. General Motors and Stellantis have been among the hardest hit, though Ford Motor has held up better. Meanwhile, new data out today showed that durable goods orders rose 0.9 percent in February, blowing past expectations for a 1 percent decline. That wasn't enough to keep major U.S. indexes afloat today.
WSJ What’s News
Trump Considers Slashing China Tariffs
Later in the day, Bloomberg News reported that Treasury Secretary Scott Besant said told reporters that Trump hasn't offered to take down U.S. tariffs on China on a unilateral basis. For more, I'm joined by WSJ chief China correspondent Lingling Wei. Lingling, you write that President Trump hasn't made up his mind fully about this yet, but what are some of the plans floating around?
WSJ What’s News
Trump Considers Slashing China Tariffs
What has China said about this? Are they open to these conversations?
WSJ What’s News
Trump Considers Slashing China Tariffs
Is there any indication that this could ease tensions or be the beginning of easing tensions beyond the tariff conversation?
WSJ What’s News
Trump Considers Slashing China Tariffs
That was WSJ chief China correspondent Lingling Wei. Thanks, Lingling.
WSJ What’s News
Trump Considers Slashing China Tariffs
A rally in U.S. stocks continued for a second day after the Trump administration addressed two of the market's biggest concerns by softening its tone on both China and the Federal Reserve. The Dow closed up more than 400 points, or roughly 1.1 percent. The S&P 500 rose about 1.7 percent, and the Nasdaq added 2.5 percent. Business's tariff problem is rapidly becoming consumers' problem.
WSJ What’s News
Trump Considers Slashing China Tariffs
Companies across a variety of industries say they're making plans to pass along at least some of the cost of tariffs to consumers. Natasha Khan, who covers business for The Journal, is here to discuss how businesses are going about this. Natasha, just broadly, how are companies thinking about raising prices across these different industries?
WSJ What’s News
Trump Considers Slashing China Tariffs
President Trump considers reducing the tariffs on Chinese goods in an effort to de-escalate the trade war.
WSJ What’s News
Trump Considers Slashing China Tariffs
Are there businesses that aren't looking to raise their prices?
WSJ What’s News
Trump Considers Slashing China Tariffs
That was WSJ business reporter Natasha Khan. Thank you, Natasha.
WSJ What’s News
Trump Considers Slashing China Tariffs
Coming up, why an apparent 180 on tariffs may still not be enough to reassure foreign investors in U.S. assets. That's after the break. Thank you.
WSJ What’s News
Trump Considers Slashing China Tariffs
Today, money came rushing back into equities, bonds, and the dollar, following news that Washington is considering slashing tariffs on Chinese imports. But concerns about erratic economic policy and the threat to the Federal Reserve's independence won't simply go away. That could make treasuries and equities more exposed to an exodus of foreign investors.
WSJ What’s News
Trump Considers Slashing China Tariffs
WSJ Heard on the Street columnist John Cendreu is here to talk about it. John, so far, concerns about capital flight have focused mainly on the government's debt. What makes investors uneasy about treasuries?
WSJ What’s News
Trump Considers Slashing China Tariffs
Right. So the stock market has, as you write, grown more dependent on foreign money, is more at risk here. What could potentially be done about this?
WSJ What’s News
Trump Considers Slashing China Tariffs
Plus, why even a trade war U-turn might not restore confidence in U.S. assets for foreign investors. And President Trump blames Ukrainian President Zelensky for failing to accept a U.S. peace plan. It's Wednesday, April 23rd. I'm Alex Osola for The Wall Street Journal. This is the p.m. edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Trump Considers Slashing China Tariffs
That was WSJ Heard on the Street columnist, John Cendreu. Thank you, John.
WSJ What’s News
Trump Considers Slashing China Tariffs
In other news, talks to end the war in Ukraine are stalled, leaving President Trump increasingly frustrated and blaming Ukrainian President Volodymyr Zelensky for failing to accept a U.S. peace plan. A meeting in London today that was billed as a make-or-break moment for talks fizzled after Secretary of State Marco Rubio and U.S. Special Envoy Steve Witkoff abruptly canceled plans to attend.
WSJ What’s News
Trump Considers Slashing China Tariffs
That followed Zelensky's pushback against a U.S. proposal for a peace deal, that Washington legally recognized Russia's sovereignty over the Crimean Peninsula, which Russia has occupied since 2014. In a social media post, Trump criticized Zelensky for his comments, adding that the Ukrainian leader had to choose peace now or risk losing his entire country in three years' time.
WSJ What’s News
Trump Considers Slashing China Tariffs
Scientists just took a quantum leap towards more secure communications. In a study published in the journal Nature out today, scientists say they send quantum information across a record-breaking 158 miles between two cities in Germany.
WSJ What’s News
Trump Considers Slashing China Tariffs
It's the first time coherent quantum communication, an ultra-secure means of transmitting data, has been achieved using existing telecommunications infrastructure without the expensive cryogenic cooling that's typically required. Reporter Ailyn Woodward told our Tech News Briefing podcast what makes quantum communication so much more secure.
WSJ What’s News
Trump Considers Slashing China Tariffs
For more from Eileen, listen to tomorrow's episode of Tech News Briefing. And that's what's news for this Wednesday afternoon. Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Trump Considers Slashing China Tariffs
We're exclusively reporting that the Trump administration is considering slashing its steep tariffs on Chinese imports in a bid to de-escalate tensions with Beijing. That's according to people familiar with the matter. A White House spokesman said that tariff decisions will come directly from the president and that anything else is speculation.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
So Sarah, some of the negative reaction to the DEI changes included a number of nationwide boycotts. How did the company talk about those during the earnings call?
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
So we've seen earnings come out this season from some other big retailers like Home Depot and Walmart. Are some of the issues that made Target sales fall also affecting these other places or is it really just unique to Target?
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
That was WSJ Reporter Sarah Nassauer. Thank you, Sarah. Thank you. And you can hear more about Target's rollback of DEI policies and the impact of consumers' boycotts on the company and the Black entrepreneurs with products on Target's shelves in our special two-episode series, Boycotting Target. We'll leave a link to the series in the show notes.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
Stocks finished lower today after a disappointing Treasury bond auction accelerated a sell-off in the debt market. The Nasdaq dipped about 1.4%, the S&P 500 dropped roughly 1.6%, and the Dow fell more than 800 points, or 1.9%.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
Top Republicans pushed for a quick vote on President Trump's multi-trillion dollar fiscal package today, as negotiators raced to find the right combination of tax breaks and spending cuts to please warring wings of the party. Passage would mean a major win for Trump, marking a step towards extending tax cuts and cementing other conservative priorities.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
A boycott over Target's diversity policy dents the retailers' first quarter sales. Plus, Boston Fed economists warn that the growth of private credit comes with risks.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
But the fate of the measure is still up in the air. This afternoon, some holdouts warned that the legislation was unlikely to cross the finish line by House leaders' target of later today. As House Speaker Mike Johnson was leaving for an afternoon meeting at the White House, he said that the bill was moving along on schedule and that he was optimistic.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
South African President Cyril Ramaphosa came to Washington seeking what he called a reset in relations with the U.S. But his meeting with President Trump in the Oval Office today devolved into a tense exchange over perceived threats to white farmers in South Africa.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
During a lengthy back and forth in front of television cameras, Trump repeatedly made unsubstantiated claims that white South Africans were the victims of genocide. And he alleged that the country's government wasn't doing enough to protect them. Ramaphosa pushed back against Trump's claims.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
Since returning to office in January, Trump has cut off foreign aid to South Africa and invited Afrikaners, descendants of Dutch, German and other settlers who speak the Afrikaans language, to immigrate to the US as refugees and become fast-track citizens. The first group of several dozen Afrikaners arrived for resettlement this month.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
The Pentagon said today that it had formally accepted a donated $400 million luxury airliner from Qatar that President Trump has said will serve as Air Force One. The decision to accept a donated commercial aircraft has raised security and ethics questions since Trump disclosed the offer last week during his trip to the Middle East.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
The administration has said the plane would go to the Trump Presidential Library at the end of his term. Coming up, why economists from the Boston Fed warn that private credit growth comes with risks to the financial system. That's after the break. As we've talked about before on the show, the private credit industry has expanded quickly.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
That's in part thanks to investment banks financing the private credit firms, who in turn make loans to riskier borrowers. Now, in a new report out today, economists at the Federal Reserve Bank of Boston have examined the potential risks of this non-bank lending. For more, I'm joined by platform editor Isaac Taylor.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
Isaac, break down for me the relationship between private credit firms and investment banks.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
And tensions flared between President Trump and the South African President over alleged claims of genocide of white South African farmers. It's Wednesday, May 21st. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Targets Troubles are mounting.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
So, so far, that hasn't really happened. But if there's a potential systemic risk from those loans, does the report offer any solutions to mitigate that?
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
And Johnny Ive, a chief architect of the iPhone, and his design firm are taking over creative and design control at OpenAI. According to people familiar with the matter, OpenAI CEOs Sam Altman and Ives' design firm, LoveFrom, have been working on a new device that will move consumers beyond screens.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
The people said that the former Apple employees' work at OpenAI will extend across the company's ventures, from future versions of ChatGPT to audio features, its app, and other products. Reporter Keech Hagee told our Tech News Briefing podcast what this move means for the future of OpenAI.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
And you can hear more from Keech on tomorrow's episode of Tech News Briefing. OpenAI has a content licensing deal with the Wall Street Journal's parent company, News Corp. And that's what's news for this Wednesday afternoon. Today's show was produced by Pierre Bien-Aimé with supervising producer Michael Kosmetis. I'm Alex Osola for the Wall Street Journal.
WSJ What’s News
Boycott Over Diversity Dents Target’s Sales
The retail giant reported tepid first quarter results this morning. In the three months ended May 3rd, comparable sales fell 3.8%, a steeper drop than analysts expected. The company lowered its forecast for the fiscal year. Sarah Nassauer covers large retailers for the Wall Street Journal. Sarah, what happened here? What is affecting Target sales?
WSJ What’s News
Why A Surge in Bond Yields Matters to Trump, Investors and You
Die Daten zeigen die Bedeutung dieser Gespräche zwischen all diesen Ländern, aber vor allem den großen Handelsnationen mit den USA, Korea und Japan. Wir sehen, dass die Ausgaben in den USA steigen. Und auf der Oberfläche der reziprokalen Tarife gibt es auch Automobiltarife. 25%, which is a huge deal.
WSJ What’s News
Why A Surge in Bond Yields Matters to Trump, Investors and You
They have big automotive sectors that are highly integrated with the U.S., not just exporting cars to the U.S., but also parts and companies like Hyundai and Toyota have big factories in the U.S. And so there's all sorts of things going back and forth.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
The Fed still expects two rate cuts in 2025, though Powell said that the bank is in no rush to cut interest rates as it waits for more certainty on the path of the economy. I'm joined now by WSJ chief economics commentator Greg Ip. So, Greg, what did we get out of Powell's comments?
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
I'm particularly interested in the quarterly projection that the Fed announced today. This was the first one for this year and the first one under President Trump. What does it show about what's to come?
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
That was WSJ Chief Economics Commentator Greg Ip. Thank you, Greg.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
The Fed's forecast for rate cuts wasn't as hawkish as many investors feared, which added fuel to today's stock market rally. Major U.S. indexes rose. The Dow went up about 0.9 percent, the S&P 500 ticked about 1.1 percent higher, and the Nasdaq advanced about 1.4 percent.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
Reporting its third quarter earnings today, General Mills updated its guidance for organic sales, saying it expects they'll fall by one and a half to two percent this fiscal year. The company, which makes snacks and other foods like Cheerios cereal and Pillsbury dough, said that results for its fiscal third quarter, which ended February 23rd, were below internal expectations.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
I'm joined now by Jesse Newman, who covers food for the journal. So, Jesse, what do General Mills earnings tell us about the dynamics at play in the U.S. market?
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
The Fed holds rates steady as it dims the economic outlook. Plus, Chinese leader Xi Jinping is angry about a deal for the control of two Panama Canal ports that Trump counts as a win.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
The company said that its forecast doesn't incorporate any new tariffs. What does that show about how economic uncertainty is affecting companies' ability to plan ahead?
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
That was WSJ reporter Jessi Newman. Thank you, Jessi.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
We're exclusively reporting that Columbia University is getting close to yielding to President Trump's demands in negotiations to restore $400 million in federal funding. That's according to people close to the discussions. The government canceled the grants and contracts over campus anti-Semitism allegations earlier this month.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
And Columbia University is getting close to yielding to President Trump's demands in an effort to regain its federal funding. It's Wednesday, March 19th. I'm Alex Zosula for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
It made nine far-reaching demands, which include banning masks, empowering campus police, and putting the school's Department of Middle East, South Asian, and African Studies under academic receivership, which means it would no longer be controlled by the faculty. Columbia has until tomorrow to respond to the administration.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
Agreeing to the demands doesn't guarantee the federal funds will come back. Discussions on the board of trustees are still fluid with sticking points and could turn in a different direction before tomorrow. Congress is working on a budget and cuts to Medicaid are on the table. The program is mainly for low-income Americans, but deep cuts could affect state budgets and health care more broadly.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
What questions do you have? Send a voice memo to WNPOD at WSJ.com or leave a voicemail with your name and location at 212-416-4328. We might use it on the show. Coming up, why China's leader Xi Jinping is unhappy with the Hong Kong company's plan to sell Panama Canal ports to a U.S.-led group. That's after the break. Earlier this month, U.S.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
investors struck a deal to buy ports on either side of the Panama Canal from Hong Kong-based C.K. Hutchison. Trump celebrated the deal as a victory over Chinese interests in America's backyard. One person who is not happy about it? Chinese leader Xi Jinping.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
According to people familiar with the matter, several Chinese authorities have been told to study the deal to see what Beijing can do to hinder it. For more, I'm joined by WSJ chief China correspondent Lingling Wei. So Lingling, Panama actually operates the canal. So why are these ports on either end of it such a big deal?
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
The Federal Reserve extended its wait-and-see posture on interest rates while marking up its forecast for inflation and revising down its outlook for growth this year. At its policy meeting today, the central bank held steady its benchmark federal funds rate at around 4.3 percent as the Fed assesses how policy changes by the Trump administration could reshape the economic outlook.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
So far, China has been pretty restrained in how it's retaliated against Trump's new tariffs on China. How does this new development potentially affect that?
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
That was Chief China Correspondent Lingling Wei. Thank you, Lingling.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
And if you want more background on the deal and the dilemma the U.S. faces in trying to respond to China's global campaign to gain influence through infrastructure, check out our special series, Building Influence. We've got a link to the full series in the show notes.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
In world news, during a phone call with President Trump today, Ukrainian President Volodymyr Zelensky agreed to a partial ceasefire deal with Russia that would protect energy infrastructure in both countries. Zelensky also agreed to try to broaden the deal in further talks in Saudi Arabia in the coming days. Trump promised to try to fulfill a request from Zelensky for more U.S.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
air defense systems to protect Ukrainian civilians and suggested that the U.S. acquire some of Ukraine's power plants, including nuclear, to run and protect Ukraine's energy infrastructure. And Turkish authorities have moved against the country's main opposition party.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
Istanbul Mayor Ekrem Imamoglu, who's widely viewed as the most likely person to have a chance of unseating Recep Tayyip Erdogan in a new election, was detained today along with dozens of other people. The detentions could have far-reaching implications for the future of democracy in the strategically located North Atlantic Treaty Organization member, where Erdogan has amassed enormous authority.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
And that's what's news for this Wednesday afternoon. Today's show is produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Kazimides. I'm Alex Zosola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Fed Holds Rates Steady, Dims Economic Outlook
In his comments after the meeting, Fed Chair Jerome Powell said that progress on inflation could be delayed this year.
WSJ What’s News
Fed Chair Warns of Difficult Choices as Trade War Rages
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WSJ What’s News
Fed Chair Warns of Difficult Choices as Trade War Rages
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WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
The criticisms coming from Democrats and Republicans are actually basically the same. They are ethical, political, legal, unethical. the ethics, you know, can a foreign government really provide a gift of that size, not only physically, but in terms of cost to Trump in a way that does smack of corruption or trying to influence him?
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
And then there's the foreign policy aspect, you know, is Qatar using this plane to really grant Trump's favor? And is Trump making a visit here in part because he's expecting such lovely gifts and investments from Qatar?
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
And then there's genuine national security concern, which I think is actually somewhat animated Republicans, which is when a president goes on Air Force One, that thing is basically a fortress in the sky. It's a White House in the sky.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
And the plane that the Qataris are going to give doesn't seem like it's going to be fitted with that kind of equipment and security measures, in which case the plane isn't that free. It's going to cost millions of taxpayer dollars to retrofit it for the president's purposes.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
That was economics reporter Justin Layhart. Thank you, Justin.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
Canada retaliated against the Trump administration's tariffs on steel and aluminum, saying it would impose an additional levy on more than $20.5 billion in goods imported from the U.S. Canada's finance minister, Dominic LeBlanc, said that the tariffs will target U.S. steel products worth about $9 billion, aluminum products worth $2 billion, and other U.S.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
imports, including computers and sports equipment. Meanwhile, as we mentioned in this morning's show, the European Union plans to impose retaliatory tariffs on a range of American goods. In the Oval Office earlier today, President Trump said that, quote, of course he would respond to the EU tariffs.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
The European tariffs, which include 50 percent levies on goods like American whiskey, motorcycles, and motorboats, are in response to U.S. steel and aluminum tariffs that took effect overnight. Our correspondent Kim McRaehl joins me now from Brussels. So, Kim, break it down for us. How exactly would these tariffs work?
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
I mentioned a couple of the goods that are up for discussion here, but are there any others that jumped out at you from the list?
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
That was reporter Kim McRaehl.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
U.S. stocks fluctuated wildly as investors weighed the latest trade skirmish with Canada and the European Union and the solid inflation report. Major U.S. indexes ended the day mixed. The S&P 500 was up about half a percent and the Nasdaq rose roughly 1.2 percent, while the Dow fell about 0.2 percent.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
U.S. inflation rose less than expected in February, but tariffs are still looming. Plus, Canada and the EU impose retaliatory tariffs, and some may hit the U.S. where it hurts. And Trump's economic messaging is spooking CEOs. But in public, they're keeping their opinions to themselves.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
European Central Bank President Christine Lagarde said earlier today that the bank is confronting new levels of uncertainty. In a speech made at an annual conference after the EU announced retaliatory tariffs, Lagarde made it clear that much of that new volatility was traceable to President Trump's administration, though she didn't name him directly.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
It's Wednesday, March 12th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. New data from the Labor Department show that consumer prices were up 2.8 percent in February versus a year earlier. That's lower than the January gain of 3 percent and slightly lower than economists' expectations.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
Coming up, why worried executives keep calling the White House. That's after the break. President Trump's stop-and-start trade policy has rattled some of his allies. It's also triggered a flood of calls from business executives pleading with advisers for clarity on the president's strategy. White House economic policy reporter Brian Schwartz joins me now with more. So, Brian, walk me through this.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
An executive is worried and calls a friend in the White House, like Chief of Staff Susie Wiles. What happens next?
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
Why are they not appealing directly to take off the tariffs?
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
Does this new approach work?
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
That was White House economic policy reporter Brian Schwartz. Thank you, Brian.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
OK, so as we just heard, CEOs are privately concerned about the administration's mixed messaging on tariffs and they're reaching out to White House officials. But why are business leaders not making their views more open? WSJ management reporter Chip Cutter joins us to talk about it.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
Chip, there seems to be kind of a disconnect between what CEOs are saying in public and what they're saying in private. Why are they not more vocal?
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
For more on these numbers, I'm joined by WSJ economics reporter Justin Lehart. OK, Justin, we've been hearing so much about the economic impact of Trump's tariffs. Are they affecting these numbers?
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
What is it that they're worried about exactly right now?
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
Do we have a sense of what it would take for these CEOs to become more vocal and speak out about what they think privately?
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
That was WSJ management reporter Chip Cutter. Thanks, Chip.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
Congress is working on a budget and cuts to Medicaid are on the table. The program is mainly for low-income Americans, but deep cuts could affect state budgets and health care more broadly. What questions do you have? Send a voice memo to WNPOD at WSJ.com or leave a voicemail with your name and location at 212-416-4328. We might use it on the show.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
And that's what's news for this Wednesday afternoon. Christine Lagarde's audio clip was courtesy of Reuters. Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?
Core inflation, which excludes food and energy prices, rose 3.1 percent in February. That's the lowest year-over-year reading since 2021. What does this mean for the Fed?
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
The president excluded China from the 90-day pause, saying in his post that the world's second largest economy had shown a lack of respect throughout the tariff skirmish and would now face even loftier levies. At a news conference after the announcement, Treasury Secretary Scott Besant was asked by reporters why President Trump chose to pause these tariffs now.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
Ryan Dezember, who covers markets for the journal, told me that while markets are celebrating, what it means in practice remains to be seen.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
U.S. markets rally after President Trump announces a 90-day pause on most retaliatory tariffs.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
U.S. stocks stage a historic rally after days of market turmoil, gaining roughly $5.1 trillion in market cap today, the largest one-day market cap gain on record. The Nasdaq roared ahead over 12 percent, the S&P 500 added nearly 10 percent, and the Dow moved about 8 percent higher, adding more than 2,900 points, its largest one-day point gain on record.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
I'm joined now by investing columnist Spencer Jacob. Well, Spencer today offered some good news on tariffs that investors seem to really be hankering for.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
So obviously everything is up, up, up today. How sustainable really is this, especially given this escalation of the trade war with China?
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
But Trump escalates the trade war with China, raising its tariff rate to 125%.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
That was WSJ investing columnist Spencer Jacob. Thanks so much, Spencer.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
President Trump's new batch of tariffs went into effect at midnight last night. Of course, the president's announcement of a 90-day pause on them this morning will change things for most nations. But already some governments had responded to the tariffs. This morning, China said it's raising its additional tariff on U.S.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
goods from 34 percent to 84 percent, matching what was at the time the latest level imposed by the White House. Beijing also issued warnings for citizens considering travel or studying in the U.S., a sign that China wants to put pressure on America's tourism and education sectors. And the European Union member states approved earlier today an initial list of U.S.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
goods that will be subject to tariffs to match the value of U.S. steel and aluminum tariffs that went into effect last month. Goods including soybeans and orange juice are in the EU's firing line, though American whiskey has been taken off the list. Coming up, changing tariff rates aside, how does the U.S. actually collect levies? That's after the break.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
Starting at 12.01 this morning, President Trump's retaliatory tariffs went into effect. Yes, he effectively dropped most of them to 10 percent this afternoon, though the tariffs on goods from China are even higher now than they were this morning. No matter whether they stay this way, more tariffs makes the actual process of calculating and paying for them much more complicated.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
Liz Young, who covers logistics and supply chains for the journal, joins us now. Liz, how will this all work?
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
And no matter what the rate is, new tariffs make the process of importing goods way more complicated. It's Wednesday, April 9th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
How are the new tariffs making the importing process more complicated?
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
How are companies contending with this?
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
That was WSJ reporter Liz Young. Thanks so much, Liz. Thank you. And that's what's news for this Wednesday afternoon. Today's show is produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
President Trump said this afternoon that he has authorized a 90-day pause on reciprocal tariffs for all trading partners except China, sparking a broad-based market rally due to the temporary reprieve from the trade war. On his Truth Social platform, the president said that reciprocal tariffs will also be lowered to 10 percent, effective immediately.
WSJ What’s News
U.S. Stocks Soar as President Trump Pauses Some Tariffs
That won't be the case for China, he said, which now faces a 125 percent tariff. Trump said his decision to pause the tariffs was based on the fact that more than 75 countries have engaged with representatives of his administration to open negotiations regarding trade, trade barriers, tariffs, currency manipulation and other matters.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
But no matter what happens with these tariffs, they've already changed how other countries perceive the U.S. WSJ Senior Markets Columnist James McIntosh is here to tell us about it. James, what did the tariffs change for U.S. allies?
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
Stocks climbed in response to the president's one-month tariff exemption for automakers. The Nasdaq was up roughly 1.5% and both the S&P 500 and the Dow ended the day about 1.1% higher. Carmaker stocks also rose, with Ford Motor up roughly 5.75%, General Motors rising about 7% and Stellantis was up more than 9%. President Trump has said that he wants to build a federal cryptocurrency reserve.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
He is expected to speak about crypto on Friday at a White House industry summit. But many details about how the reserve would work are still unclear. Amrith Ramkumar, who covers crypto and tech policy for the Journal, joins me now with more. Amrith, I want to start by talking about where the crypto for this reserve would come from. Would the government buy it or something else?
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
Präsident Trump gibt manchen Automotorhändlern eine Monatsabgabe an Tarifen. Aber ist der Schaden an der Reputation der USA bereits fertig?
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
Du hast die Kryptowährungen erwähnt, die ein Teil davon sein würden. Was sind diese?
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
Es klingt so, als ob es so viele Faktionen in der Krypto-Community gibt. Aber mehr breit gesagt, wie ist die Idee, eine Kryptowährung zu haben, übernommen?
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
Plus, how would the president's crypto reserve actually work? And why aren't mining companies all over Greenland extracting its mineral riches? It's Wednesday, March 5th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that moved the world today.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
Greenland is rich in mineral deposits. The sparsely populated Danish territory has some 43 of the 50 critical minerals that the U.S. considers vital to its national security. President Trump has said and reiterated in his address to Congress yesterday that he wants to own or buy Greenland in part to access these minerals, which include rare earth metals.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
But getting to those minerals is not so easy. Sune Rasmussen, die die europäische Sicherheit für die Wall Street Journal betreut, ging letztens nach Griechenland, um zu verstehen, wie viel es dauert, dort zu minieren. Okay, also Sune, was macht es so schwierig, in Griechenland zu minieren?
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
Warum sind Mineralien wichtig aus geopolitischer Sicht?
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
That was WSJ Reporter Sune Rasmussen. Thank you, Sune.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
In other news, we're exclusively reporting that the Trump administration has stopped using military aircraft to fly migrants who entered the U.S. illegally to Guantanamo Bay or other countries. Defense officials said that the last military deportation flight was March 1st, and yesterday noted that no such flights were scheduled for the next 48 hours.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
They added that a pause on such flights could be extended or made permanent. The Wall Street Journal has reported that using military aircraft has proved expensive and inefficient. The U.S. Supreme Court lifted a pause on foreign aid payouts, rejecting the Trump administration's emergency request to pause foreign aid funding.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
The Trump administration will now have to follow a lower court order to pay nearly $2 billion to contractors for work already performed. Und letztlich, was ist für dich die höchst ausgestellte Klasse in einer Hochschule? Computerscience? Biologie vielleicht? Na ja, bei einem wachsenden Niveau von Schulen ist die Antwort die Shop-Klasse.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
Während des 2022-2023-Schuljahres in Wisconsin haben 32.000 Hochschulstudenten in der Architektur und der Konstruktion eine 10%-Erhöhung über das Jahr vorher gemacht. 36.000 enrolled in manufacturing courses, a 13% increase over the same period. Schools around the U.S. are betting on the future of manual skills that have been overlooked in the digital age.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
First on today's show, the latest on President Trump's 25% tariffs on goods from Canada and Mexico. The White House Press Secretary Caroline Leavitt said the President is giving a one-month exemption to automakers who comply with the USMCA, a previous trade deal between the US, Canada and Mexico. Sie sagte, die Befehle kamen von den Händen von Ford, General Motors und Stellantis.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
WSJ-Reporter Teping Chen told our Your Money Briefing podcast what's driving that interest.
WSJ What’s News
U.S. Tariffs Test Allies’ Trust
Währenddessen sprachen Präsident Trump und Kanadischer Premierminister Justin Trudeau am Morgen über Tarife mit keinem offenen Ausbruch. In einem sozialen Medienpost am Nachmittag sagte Trump, er habe Trudeau gesagt, dass Kanadas Bemühungen, den Fluss von Fentanyl in die USA zu stoppen, nicht gut genug waren.
WSJ What’s News
Why Americans Are Turning to Discount Stores
Und der russische Präsident Wladimir Putin hat Präsident Trump gesagt, dass Russland zu der letzten Drohnen-Attack in der Ukraine reagieren wird.
WSJ What’s News
Why Americans Are Turning to Discount Stores
Well, consumers are under pressure, and even consumers that have a little more disposable income are trading down. One of the things that is looming over some of this is tariffs. What are Dollar General and Dollar Tree planning to do about that? Well, like other retailers, they're rejiggering their supply chains, they're moving production out of China as much as they possibly can.
WSJ What’s News
Why Americans Are Turning to Discount Stores
Dollar General, for instance, said that they've reduced their exposure to China and they are mitigating the impact by using many of the same tactics across the retail industry. Working with their vendors to reduce costs, looking for concessions from their suppliers. Even reengineering some products or finding substitute products with lower costs. So they're trying a variety of different things.
WSJ What’s News
Why Americans Are Turning to Discount Stores
This lower income customer has been under pressure for a long time. Ever since inflation started spiking up during the pandemic, these are the people that have been hit hardest, that have had to live paycheck to paycheck and have had to really watch their budgets. And this is a continuation of that trend for them. But we are starting to see it hit higher income buckets now.
WSJ What’s News
Why Americans Are Turning to Discount Stores
That was WSJ Reporter Suzanne Kappner. Thank you, Suzanne. Thanks for having me.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
This goes back to 2018. It was a very unusual regulation imposed on Wells Fargo for some very unusual behavior, which is that they were signing customers up to accounts and the customers didn't know that they were. And it caused a huge scandal. And the Fed imposed this cap on them. So basically, until you've put your house in order, we're not going to let you grow.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
This has been a very punishing regulation for a bank that for years before had been one of the most popular banks for investors. Warren Buffett was famously an investor for a long time. So the investment community is excited about this bank having a foundation now to grow and catch up.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Just look at the stock price of Wells Fargo since 2018 compared to its peers like JP Morgan, and it's just so far behind. And so maybe there's some catch up to do if it can take advantage of its newfound liberation.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
There's right now, by our estimate, $328 billion of clean energy projects under development. And so the issue is when you have tax policy to encourage U.S. companies to make investments, if you rip it up too fast, you just strand a lot of investment. You create a lot of chaos.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
So about three years ago, the Biden administration passed its own version of a big, beautiful bill. And one of the many things it did was try to really kind of accelerate the deployment of clean energy. It tried to do two things. It tried to increase the deployment of clean power, and we now saw that
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Last year, over 90% of all of the new electrons added to the grid were coming from these clean sources. And the other thing it tried to do was to really kind of supercharge American manufacturing so that we were making the components, the batteries, the solar panels, the wind turbines here in the U.S. And so the goal was just to kind of supercharge the clean energy system.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
We've done this with almost every aspect of energy in our economy has some different amount of public support. And no, those credits, those incentives are up for some significant change, which shouldn't surprise us, right? The bill under Biden was passed with just democratic control that makes these pieces of legislation vulnerable. There's been broad bipartisan support for clean energy.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Most of the investment, most of the energy production is happening in conservative parts of the country. But because the bill was adopted in this partisan way using the reconciliation process, we knew that when we had a unified flipping government, there was going to be an effort to unwind those credits.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
The question is how they make the changes and just how disruptive they are to existing investment.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Well, so the House bill is kind of a 2028 head fake. It says 2028, but what it really says is if you're not starting to build the project within 60 days of the bill passing, you don't get access to the credits. And if that were not modified in the Senate, You would just see a lot of chaos, right? You would see energy prices go up. Energy demand is really strong.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
And if we constrain supply, we will see some price spikes. But more than that, it would just be kind of commercial chaos. And if this actually goes forward, it's going to really chill investment for all energy infrastructure. Because who's going to invest tens of billions of dollars in the United States if the expectation is that the law is in kind of this like green light, red light, stop start.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
And so I think the industry is economically competitive. We are happy to have clean power compete in the marketplace with the cost of new natural gas. One of the things that people don't appreciate is how quickly you can build renewable projects. These projects can be up and running in 12 months.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
There's going to be more natural gas added to the system, but it's going to be very difficult to add any of that during the Trump administration. So we're not anxious about the ability to compete as long as the U.S. Congress doesn't intentionally harm U.S. companies.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Yeah, no, look, I think that is a fair assessment. Now, the question just is, who's going to wind up paying for these bills? No one in this industry ever wanted credits forever. The expectation was that you would have credits that they would kind of enable us to really increase the capacity to scale. And
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
That's essential because energy is expected to increase in a way that it hasn't in generation, right? We're anticipating a 50% increase in electricity demand in the next 15 years. We just need a predictable phase-out so that companies don't have to kind of tear up contracts and have half-built projects trying to figure out whether they're still economically viable, right?
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
People made financial commitments based on the law, and when Congress changes the law, they need to do that in a way that honors those commitments.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
It is certainly being received well by, you know, eight or 10 senators who we're talking to who agree that we have to deal with the deficit. The deficit is like an overweight plane. It's inefficient. It's hard to gain altitude. But you don't reduce weight on a plane by taking off the engines, right? The clean energy investment are engines that are driving economic growth.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
And I think members of the Senate appreciate that we need to land the plane, not crash the plane.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
is levying a 34 percent tariff. And for Europe, quote, we're going to charge them 20 percent and Japan 24 percent. The plan represents a fundamental rethinking of U.S. trade policy on a scale not seen since the post-World War II era, when the U.S. and other nations in 1947 signed the General Agreement on Tariffs and Trade, a treaty aimed at lowering tariffs and trade barriers between nations.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
Trump and his team have said that U.S. trading partners have taken advantage of that system, despite the U.S. 's leading role in establishing it, and that their actions seek to ensure fair treatment for American companies and goods. For continuing coverage and countries' reactions to tariffs, check out the live blog on WSJ.com. We'll leave a link in the show notes. U.S.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
markets closed before President Trump made his tariffs announcement, but major indexes ended the day higher. The Dow rose about 0.6 percent, the S&P 500 ticked up roughly 0.7 percent, and the Nasdaq ended the day about 0.9 percent higher. President Trump's biggest tariff blitz yet sends a clear message to companies. The era of globalization is over. It's pushing U.S.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
Plus, can tariffs actually push businesses to come back to the U.S.? And in a new global trade war, there's a country that may emerge as a winner. It's Wednesday, April 2nd. I'm Alex Osola for The Wall Street Journal. This is the p.m. edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
and foreign companies to bring business back to the U.S. But will it work? Tom Fairless covers the European economy for The Wall Street Journal. Tom, Trump has been talking about tariffs and bringing manufacturing back to the U.S. Has it worked so far?
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
So the president's strategy here with tariffs would reverse decades of globalization. Can it actually work?
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
President Trump imposes 10% across-the-board tariffs on all imports and higher rates for some nations.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
That was WSJ reporter Tom Fairless. Thank you, Tom.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
Coming up, how one country might benefit from U.S. tariffs by deepening its relationship with China. That's after the break. Today's tariffs continue the global trade war as U.S. allies and trade partners figure out what this means for them. But at least one country might be emerging as something of a winner, Brazil.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
In recent years, the country has expanded its trade relationship with China, and more U.S. tariffs could mean opportunities to boost exports to other countries that are being hit. WSJ reporter Samantha Pearson is based in Brazil and is here now with more. So, Samantha, break this down for me a little bit. How do greater U.S. tariffs actually benefit Brazil?
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
In a speech in the Rose Garden this afternoon, President Trump announced details of a sweeping tariff plan, declaring April 2nd Liberation Day for U.S. trade policy.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
What would deepening trade ties between Brazil and China mean for geopolitical concerns for the U.S.?
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
China has been quite a big investor in Brazil but the U.S. has been the largest foreign investor in the country for quite some time now. So how could this new reality affect U.S. investment in Brazil?
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
That was WSJ Brazil correspondent Samantha Pearson. In other news, Tesla's global vehicle deliveries fell 13% in the first quarter compared to a year ago, missing analyst expectations. It's further evidence that a growing consumer backlash against the brand and its CEO Elon Musk is hurting the automaker's business.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
Despite the decline, Tesla climbed back into third place by sales in the Chinese car market after dropping out of the top five in February. Tesla stock dipped on the news but eventually ended the day about 5% higher after Politico reported that the electric vehicle maker's CEO plans to step away from his government role in the coming weeks.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
The White House didn't immediately respond to a request for comment, while Press Secretary Caroline Leavitt dismissed the report, tweeting that Musk will depart from public service as a special government employee when his work at Doge is complete. A federal judge has dismissed the bribery case against New York City Mayor Eric Adams. U.S.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
District Judge Dale Ho issued the order with prejudice, meaning that prosecutors can't seek to renew the charges in the future. Adams said the decision allowed him to turn the page and focus on running the city. A Justice Department spokesman said the case was an example of political weaponization and a waste of resources.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
The pandemic-era relief on federal student loans is gone, and millions of people haven't yet resumed their payments. Now those borrowers are at risk of seeing their credit scores take a hit. Personal finance reporter Oyin Adedoyin told our Your Money Briefing podcast just how widespread this issue is.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
To hear more of this interview with Oyen, listen to today's episode of Your Money Briefing. And finally, well, tariffs have been in the news and on this podcast a lot lately. Turns out they're popular on TikTok, too. President Trump's tough rhetoric and quick policy shifts have turned tariff talk into a way for creators to find big audiences.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
Tariffs may never be as popular on the platform as, say, a viral dance or an elaborate prank. But still, a video by New York-based comedian Walter Masterson, which explains in detail how levies are paid by companies importing goods to the U.S., has garnered more than 28 million views on TikTok.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
The president said the U.S. will impose a 10 percent across-the-board tariff on all imports and even higher rates for other nations the White House considers bad actors on trade. The president called these reciprocal tariffs.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
That's good for them and all, but I'm sure you know where you can get your news about tariffs and the top stories that move the world today. And that's what's news for this Wednesday afternoon. Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Cosmitas. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
Thanks for listening.
WSJ What’s News
President Trump Announces 10% Across-the-Board Tariff on All Imports
Later, Trump held up a chart with a list of countries, saying it was too windy to put on an easel. He began to read off the list with the tariffs the countries impose on the United States and then the tariff he said the U.S. would levy in response. He said that the U.S. was going to be, quote, charging a discounted reciprocal tariff because the U.S. is kind. For China, the U.S.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
Earlier today, President Trump signaled his support for his National Security Advisor, saying Waltz has learned a lesson and he's a good man. Meanwhile, President Trump has started getting rid of the Education Department, and he isn't waiting for Congress's help.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
Our education reporter Matt Barnum says the administration started dismantling the department even before last week, when the president signed an executive order directing Education Secretary Linda McMahon to facilitate the closure of the Federal Department of Education. Matt joins me now with more. So, Matt, what exactly is the administration doing?
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
Is there enough support in Congress to abolish the Education Department?
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
That was WSJ Education reporter Matt Barnum. Thank you, Matt.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
And we're exclusively reporting that the Trump administration is moving to freeze tens of millions of dollars in federal family planning grants while it investigates whether the money was used for diversity efforts. That's according to people familiar with the matter.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
The groups that would be subject to the freeze, which include Planned Parenthood affiliates, were set to get about $120 million this year. A spokesman for the Department of Health and Human Services said it was reviewing grant recipients to make sure they comply with President Trump's executive orders.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
Alexis McGill-Johnson, the president and CEO of the Planned Parenthood Federation of America, said the administration wants to shut down Planned Parenthood health centers by any means necessary. In economic news, new data out today shows U.S. home prices accelerated at a slower pace in January.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
And why mall owners are looking forward to Forever 21 closing its doors. It's Tuesday, March 25th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
The S&P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the country, rose 4.1 percent in the first month of this year. And the conference board's key monthly consumer survey has shown that household sentiment fell in March to its lowest point in 12 years, at levels that often signal a recession.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
The Trump administration denies that a Signal chat shared classified details with a journalist. Plus, President Trump has been dismantling the Education Department well before he signed an executive order.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
Markets were seemingly unfazed by this latest report of consumer sentiment, as U.S. stocks held steady today. The S&P 500 rose about 0.2 percent, the Nasdaq ticked up about half a percent, and the Dow ended the day flat. The Trump administration said today that it had agreed to help Russia boost exports of its grain and fertilizer to global markets.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
The arrangement comes as the White House announced a U.S.-brokered deal between Russia and Ukraine to eliminate the use of force in the Black Sea. The Kremlin said that its compliance with the Black Sea agreement was conditional on the lifting of sanctions on major Russian banks involved in the food and fertilizer trade. Ukraine signaled that it wasn't on board with the weakening of sanctions.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
Coming up, why fewer CEOs are getting payouts that break the $100 million mark. That's after the break. The new boss at Starbucks came pretty close. So did the leaders of Apple and GE. But so far, no CEO has scored a $100 million pay package for 2024. If that holds, it'll be the first time in a decade that no CEO broke nine figures.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
And yet the average CEO pay was higher last year than the year before. Tao Francis covers executive compensation for The Wall Street Journal. Tao, how did we arrive at this $100 million mark?
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
So what are boards and executives thinking this year will bring in terms of CEO payouts?
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
The White House and two top intelligence officials have denied that classified materials about military strikes in Yemen were shared by officials on a group chat on the non-government signal. Democrats have denounced the security breach as reckless and dangerous.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
That was WSJ special writer, Tao Francis. Thank you, Tao.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
Fast fashion retailer Forever 21 has declared bankruptcy this month, and it's closing all of its 350 or so U.S. stores. One group that's looking forward to that? Mall owners. Real estate reporter Kate King joins us now. Kate, why are mall owners excited about Forever 21 stores closing?
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
This implies to me that malls are actually doing well now, which I find surprising given I feel like all I've been hearing for the past few years is like malls are dead, malls are dead, so they're not dead.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
Tulsi Gabbard, the director of National Intelligence, and John Ratcliffe, the director of the Central Intelligence Agency, told Congress today that the chat among senior officials over a pending military strike against Houthi militants didn't include classified information. The claim was challenged by several senators who said it wasn't plausible that the chat could be unclassified.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
That was WSJ real estate reporter Kate King. Thank you, Kate. Thank you. And finally, TikTok and Instagram aren't the only platforms where aspiring influencers can find a following. What about LinkedIn? The research firm eMarketer expects there to be about 23 million Gen Z monthly users on the site this year. And they're not just on there looking for jobs. They want to talk about it.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
The platform is seeing more punchy personal videos on how to make it in the professional world. But as Wall Street Journal reporter Anne-Marie Alcantara told our Your Money Briefing podcast, even non-influencers can benefit from posting insights on LinkedIn.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
You can hear more about what you can learn from LinkedIn influencers to boost your brand online in our Your Money Briefing podcast. We'll leave a link in the show notes. And that's what's news for this Tuesday afternoon. Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Cosmetis. I'm Alex Osola for The Wall Street Journal.
WSJ What’s News
Trump Administration Denies That Signal Chat Shared Classified Info
Kash Patel, the Federal Bureau of Investigation director, declined to say if his agency would investigate whether the signal chat violated security procedures. The disclosure that top administration officials had discussions about the military operation over Signal has also put a spotlight on National Security Advisor Mike Waltz, who organized the group thread.
WSJ What’s News
DOGE’s Next Target: Government Office Space
That was reporter Suzanne Kappner speaking with Pierre Bien-Aimé. Coming up, why Doja's effort to cut federal leases could be a hit to the office market from California to D.C. That's after the break. In Washington, 21 federal employees who had been working with Elon Musk's Department of Government Efficiency have resigned.
WSJ What’s News
DOGE’s Next Target: Government Office Space
And the pensions of thousands of employees on church retirement plans may be in trouble. It's Tuesday, February 25th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. First up, yet another sign that consumers are not feeling too chipper.
WSJ What’s News
DOGE’s Next Target: Government Office Space
In a letter, the ex-employees who didn't list their names criticized the Doge process and said that they wouldn't offer their expertise to overhaul the government if it meant undermining essential services.
WSJ What’s News
DOGE’s Next Target: Government Office Space
Meanwhile, Doge is targeting nearly 100 leases at government agency offices for termination or consolidation, on top of the Trump administration's effort to sell two-thirds of federally owned office buildings, which we've talked about before on the show. Abandoning so much office space could have a ripple effect on the office market in Washington and beyond.
WSJ What’s News
DOGE’s Next Target: Government Office Space
Peter Grant, a reporter for The Wall Street Journal, is here to tell us more. Peter, government-owned or operated space is a pretty small portion of the overall U.S. office market. So what impact might this have?
WSJ What’s News
DOGE’s Next Target: Government Office Space
Why buying stuff in person is so much less enjoyable than it used to be. Plus, Doja's next target? Government buildings. And D.C. 's entire office real estate market could feel the impact.
WSJ What’s News
DOGE’s Next Target: Government Office Space
Yeah, let's talk a little bit about DC specifically. So DC's office market was one of the hardest hit during the pandemic. It's just starting to recover. What could this sort of new glut of office space mean for that market?
WSJ What’s News
DOGE’s Next Target: Government Office Space
What are some other cities or markets that could feel this?
WSJ What’s News
DOGE’s Next Target: Government Office Space
Last month, the Trump administration ordered government workers back to the office full time. That's happening at the same time as the government is cutting back on its office footprint. How do those things fit together?
WSJ What’s News
DOGE’s Next Target: Government Office Space
That was WSJ reporter Peter Grant. Thank you, Peter.
WSJ What’s News
DOGE’s Next Target: Government Office Space
House Republicans' budget plan that would pave the way for President Trump's tax, border, and spending cut agenda could soon be put to a vote, but its passage is far from a sure thing. As of this morning, at least four Republican lawmakers said they opposed the plan, and others were still undecided.
WSJ What’s News
DOGE’s Next Target: Government Office Space
With a slim majority, House GOP leaders can afford just one defection if all Democrats are present and vote no. For now, the House leaders are saying that they are pressing ahead with a vote on the budget resolution as early as this evening, though that schedule could slip. What happens to your pension if your employer goes broke?
WSJ What’s News
DOGE’s Next Target: Government Office Space
Typically, a federal insurance program kicks in thanks to ERISA, the Employee Retirement Income Security Act of 1974. But churches and other religious organizations can opt out of the federal system. And that's left hundreds of thousands of workers vulnerable. Pierre Bien-Aimé spoke to Tao Francis, who covers business news for The Wall Street Journal, and asked him about what's going on.
WSJ What’s News
DOGE’s Next Target: Government Office Space
The conference board released its closely watched index of consumer sentiment for February. Consumer confidence fell for the third straight month, with the biggest month-on-month drop in the last three years. Also, for the first time since June 2024, consumer expectations crossed the threshold that usually signals a recession ahead. Economic worries and tariff fears dragged on U.S.
WSJ What’s News
DOGE’s Next Target: Government Office Space
That was WSJ reporter Tao Francis speaking to Pierre Bien-Aimé. And finally, what does a $25 Amazon gift card mean to you? Well, a small town in the Hamptons is convulsing over one. A missing gift card has prompted a police report, accusations of foul play and bullying, and a disciplinary trial that has generated more than 1,000 pages of testimony.
WSJ What’s News
DOGE’s Next Target: Government Office Space
The fees for the arbitrator overseeing the hearing are already close to $25,000 and are only going to go up from here. The details, honestly, are bonkers, and you're definitely going to want to sink your teeth into the whole story. So we got you. We'll leave you a link in the show notes. And that's what's news for this Tuesday afternoon.
WSJ What’s News
DOGE’s Next Target: Government Office Space
markets today, with tech stocks among the hardest hit after yesterday's sell-off. The Nasdaq fell about 1.3 percent, and the S&P 500 dropped roughly half a percent, while the Dow ticked up about 0.4 percent. The rise of online shopping has made it easy to buy pretty much anything at any time without ever leaving your couch.
WSJ What’s News
DOGE’s Next Target: Government Office Space
Unfortunately, it's also made the experience of shopping in person much, much worse. My colleague Pierre Bien-Aimé spoke with Suzanne Kappner, who writes about the retail industry for The Wall Street Journal, and asked her why the in-store experience has become worse for many customers.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
Northrop Grumman slashed its full-year profit outlook, while Lockheed Martin kept guidance steady. The Dow rose more than 1,000 points, or 2.7 percent. The S&P 500 was up 2.5 percent, and the Nasdaq closed 2.7 percent higher. Gold retreated after surging earlier today to a new record high, above $3,500 a troy ounce.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
And reporting after markets closed, Tesla saw its net income slide 71 percent in the first quarter as the company struggled to overcome competitive pressure overseas and a reputational hit from CEO Elon Musk's polarizing role in the Trump administration.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
Tesla revenue fell also in the first quarter following a steep decline in automotive sales, including double-digit percentage drops in key markets including the U.S., China, and Germany. Tesla reported about $19 billion in revenue for the quarter, down 9% compared to the same period last year. It's been a slow period for mergers and acquisitions.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
U.S. stocks bounce back, lifted by optimism from the White House on tariff negotiations. Plus, dealmakers struggle to make sense of Trump's antitrust policy. And the International Monetary Fund anticipates that global economic growth will slow, with the U.S. hit particularly hard.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
According to data from the London Stock Exchange Group, or LSEG, February marked the first time in 25 months that no deal valued over $10 billion was announced globally. And April's been quiet, too. Some of that reticence is due to economic uncertainty from President Trump's tariff war and his threats to fire Federal Reserve Chair Jerome Powell.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
But dealmakers say uncertainty about approvals will persist even if the market calms down, as they struggle to make sense of Trump's antitrust policy. Lead deals reporter Lauren Thomas joins me now. Lauren, what are some signs that are giving dealmakers some hope here?
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
You know, there haven't been as many big deals this year as you mentioned, but there have been a few. One of the big ones was Capital One acquiring Discover for $35 billion. That got the go-ahead from regulators. But there's one deal that's expected to provide a bit of a litmus test with regulators, right? And that's Google's acquisition of Wiz for $32 billion.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
So that happened in March, and it's still awaiting clearance from regulators. What are dealmakers looking to learn here?
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
That was Lead Deals reporter Lauren Thomas. Thanks so much, Lauren. Thank you. Coming up, the IMF forecasts a global economic slowdown, with the U.S. impacted significantly in the wake of President Trump's tariffs. That's after the break.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
The sharp rise in tariffs since the start of the year marks the onset of a new era that will see most economies grow more slowly than previously expected. In its quarterly outlook on the world economy out today, the International Monetary Fund projected the global economy to grow 2.8 percent this year, down from 3.3 percent. According to the IMF, the U.S.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
is forecast to suffer one of the largest hits to its prospects, with growth in 2025 now expected to be 1.8 percent, down from a January forecast of 2.7 percent, and with the inflation rate expected to be one percentage point higher than anticipated this year. These forecasts are based on tariffs announced through April 2nd, before the 90-day pause that President Trump announced.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
For more, I'm joined by economics editor Paul Hannon. Paul, why is the IMF expecting the U.S. to be hit particularly hard?
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
The Trump administration has said that higher tariffs will ultimately benefit the U.S. economy since they'll help bring back manufacturing. Does the IMF see globalization as an issue?
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
It's Tuesday, April 22nd. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. U.S. shares rebounded today, with big tech stocks regaining some of the ground they lost yesterday. Traders were cheered by optimism from the White House on tariff negotiations.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
What is the IMF's longer-term outlook beyond this year?
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
That was economics editor Paul Hannan. Thank you, Paul.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
For more from Anne-Marie, listen to tomorrow's episode of Your Money Briefing. When it comes to personal information, humans may forget, but the internet remembers. If you don't believe me, check out Google's updated Results About You tool.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
WSJ personal tech columnist Nicole Nguyen used it, and as she told our Tech News Briefing podcast, she was surprised to find a trove of her personal information on the internet, even when she'd already asked for it to be deleted.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
To hear more from Nicole and what you can do to remove that information about you, listen to today's episode of Tech News Briefing. And that's what's news for this Tuesday afternoon. Today's show is produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
According to people familiar with the matter, Treasury Secretary Scott Besant said at an investor summit that he expects the trade war with China to de-escalate and believes a deal can be reached. The bounce-back came despite fresh fallout from the Trump administration's tariffs.
WSJ What’s News
U.S. Stocks Bounce Back on Hopes of Trade War De-Escalation
Defense contractors were among the biggest losers in the S&P 500 today, after several of the industry's biggest names reported results. Aerospace and defense specialist RTX said it expects to take an $850 million hit to operating profit from tariffs this year, without factoring in the higher reciprocal tariffs that the Trump administration has put on pause.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
Elon Musk isn't the only Tesla executive rewriting the compensation playbook. The electric carmaker's finance chief, Vabhav Taneja, received a pay package of $139 million last year. That's more than most CEOs. And according to Equilar, the highest amount paid to a chief financial officer since modern reporting began in 2006. Tao Francis covers executive compensation for the journal.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
Tao, why is Taneja's pay so high?
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
Tesla and Tenacia didn't respond to requests for comment. But news of this pay package comes during a period of pretty mixed results for Tesla. Its stock is way up, but global vehicle deliveries fell for the first time in more than a decade recently. Does Tenacia's pay reflect this?
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
We'll be right back.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
That was WSJ reporter Tao Francis. Thank you, Tao.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
Separately, Elon Musk said today that he plans to cut back on political spending. Musk is the world's richest person and spent a considerable fortune helping to elect President Trump. In a video interview at the Qatar Economic Forum today, Musk indicated he still could increase spending again if conditions change.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
Musk played a polarizing role in the early weeks of the Trump administration, overseeing the Department of Government Efficiency as it slashed federal spending and jobs. In April, Musk said he was going to spend less time in Washington and more overseeing Tesla, his electric vehicle company, as investors had grown worried that he had taken his eye off the ball.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
Tesla sales and share price had dropped during his time in the White House. Asked today if he would still be chief executive of Tesla in five years, Musk said yes. He then added a caveat, saying, well, I might die. Thanks to Musk's comments, Tesla stock was up about half a percent. But U.S. stocks fell today as losses in big tech weighed on major indexes.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
The S&P 500 slipped about 0.4 percent, ending a six-day winning streak. The Nasdaq also dropped about 0.4 percent, while the Dow dipped roughly 0.3 percent. Home Depot said today that it plans to keep prices steady despite tariffs.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
The company's chief financial officer, Richard McPhail, said in an interview that the retailer has been pushing to source more of its supplies from outside of China and that it's working with suppliers to keep prices steady despite tariffs. Last week, Walmart announced that it would raise prices because of tariffs, prompting President Trump to criticize the company.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
Walmart and Home Depot kept their financial forecasts for fiscal 2025 unchanged, contrasting with a flurry of companies that have scaled back or suspended their forecasts in response to on-again, off-again tariffs. Coming up, why migrants are still going to work despite fears from an immigration crackdown. That's after the break.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
President Trump's mass deportation push has instilled widespread fear among migrants. What it hasn't done so far is stop many from showing up to work. Data covering immigrants lacking permanent legal status is fragmentary. But according to a monthly Census Bureau survey of households, as of April, the number of foreign-born workers with jobs rose 0.1 percent from January.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
The data doesn't distinguish between workers in the U.S. legally and those without legal status. For more, I'm joined now by Paul Kiernan, who covers the U.S. economy for The Wall Street Journal. Paul, migrants are worried, but they're still going to work. Why is that?
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
For industries that rely on migrant workers, what are they doing about this?
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
That was WSJ reporter Paul Kiernan. Thank you, Paul.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
President Trump turned the screws on holdout Republicans, warning they would pay a steep political price, including being knocked out of the party, if they stood in the way of his tax and spending agenda. In a closed-door meeting with the House GOP conference today, the president urged fiscal conservatives to give up efforts to expand Medicaid cuts.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
He also pushed a bloc of moderates to drop their drive for blue state tax relief, encouraging them to unite around his one big beautiful budget bill. That's according to people familiar with his comments. Trump's arm-twisting came at a high-stakes moment. House Speaker Mike Johnson has said he wants to vote on the package as soon as tomorrow.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
But holdout lawmakers said sticking points remained and could force changes to the bill or delays in voting despite Trump's exhortations. And the Trump administration released a more stringent set of guidelines for approving COVID-19 vaccines, requiring more evidence for new shots for healthy adults and children.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
Any new COVID vaccines for many children and adults will be required to undergo randomized controlled trials before receiving approval from the Food and Drug Administration, two agency leaders wrote today in the New England Journal of Medicine.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
The FDA expects that it'll be able to approve the shots for adults older than 64 and high-risk groups based on antibody testing, but will encourage drug makers to conduct more randomized trials for those shots, too. It's unclear whether COVID-19 vaccine manufacturers would be willing to invest in expensive new trials for future products. Vaccine maker Moderna declined to comment.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
It's Tuesday, May 20th. I'm Alex Ocelev for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Your Google searches are about to look different. Google is overhauling its iconic search engine.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
A spokesman for vaccine manufacturer Pfizer said they're evaluating the details and that discussions with the FDA are ongoing. We all like to think we're worth every penny in our paycheck. Heck, some of us could even use a raise. But some Americans who scored big pay bumps a few years ago are starting to realize that in today's cooling job market, they're actually overpaid.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
Now, many are unnerved by the thought of a pay cut or worry their salaries could put bullseyes on their back if their employers decide to cut costs. WSJ columnist Callum Borchers told our Your Money Briefing podcast that, somewhat surprisingly, many workers agree that they're overpaid.
WSJ What’s News
Google Adds AI to Its Search, Taking Aim at Chatbot Challengers
At its developers conference today, the company announced that it has started rolling out what it calls AI mode to its search page. It's being added as a tab within search for users in the U.S. Speaking with me from outside that Google developers conference, WSJ reporter Catherine Blunt said Alphabet is now taking aim at the AI companies challenging its search dominance.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
I'm curious what Ukraine makes of this.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
So what does this temporary ceasefire mean for the prospect of something more permanent and potentially even an end to the war?
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
That was WSJ reporter Alan Cullison. Thank you, Alan.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
In other international news, in a report outlining its security plans for the next four years, Taiwan's defense ministry said that U.S. support is essential to the security of the island. It's a signal to Washington about Taipei's desire for a stable relationship, as anxieties simmer about whether President Trump would send help to defend against a Chinese attack.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
Separately, in an exclusive interview with WSJ reporter Gavin Bade, the Taiwanese representative to the U.S., Alexander Yu, said that making advanced chips in the U.S. could help strengthen the island's security.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
For the whole interview, check out the video on WSJ.com. We'll leave a link in our show notes. NVIDIA CEO Jensen Wang sought to allay investor concerns about the AI boom. At an event he dubbed the Super Bowl of AI today, he said the world would need 100 times more computing power for advanced AI than it considered necessary a year ago.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
NVIDIA also announced a more powerful version of its Blackwell AI chips that are due to launch later this year. Blackwell chips have only recently started chipping in high volume. Investors didn't seem to be as optimistic as Wang. Nvidia stock fell sharply, dropping nearly 3.5%. U.S. indexes were also down.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
The Dow fell about 0.6%, the S&P 500 dipped a little over 1%, and the Nasdaq dropped about 1.7%. And speaking of Nasdaq, the stock exchange operator says that it will open its first regional headquarters in Dallas. Nasdaq has more than 200 listed companies based in Texas, where it has had a physical presence since 2013.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
And why people across the American heartland are struggling to afford home insurance. It's Tuesday, March 18th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. In a phone call with President Trump today, Russian President Vladimir Putin agreed to a limited ceasefire in Ukraine.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
In a call with President Trump, Russian President Vladimir Putin agrees to a limited ceasefire in Ukraine. Plus, how Morgan Stanley's efforts at inclusivity caused divisiveness instead.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
All over the country, corporate diversity initiatives are under pressure from outside forces like legal activists and the Trump administration. But at Morgan Stanley, the backlash came from within. The investment bank implemented a number of equity initiatives after George Floyd's murder in 2020.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
Now it's facing criticism from its own staff about these initiatives, as well as accusations of discrimination and even lawsuits. WSJ reporter Anna Maria Andriotis has been looking into this and is here to tell us more. So, Ina Maria, after 2020, Morgan Stanley did things like create an institute for inclusion and pledged to boost the share of racial minorities and executive ranks.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
How were these efforts received?
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
What has Morgan Stanley said about the tension that employees told you about?
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
So now we're in a very different political climate than in 2020, right? What is Morgan Stanley doing in terms of its inclusion initiatives?
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
That was Journal reporter Anna Maria Andriotis. Thank you, Anna Maria.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
And you can read more about how Morgan Stanley's efforts added to a divisive culture, as both Black and white employees say, on WSJ.com. We'll leave a link in the show notes. Chief Justice John Roberts has criticized President Trump and his supporters for calling to impeach judges who have ruled against administration policies.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
The agreement means that Russia will pause attacks against Ukraine's energy infrastructure for 30 days. The ceasefire is Trump's first tangible win from Russia in his effort to end the war. But a plan for longer-lasting peace is far from a sure thing. For more, I'm joined by WSJ reporter Alan Cullison. Alan, what is each side getting out of this?
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
In a statement today, Roberts said that the court system should be left to resolve legal disputes through the traditional system of litigation. The comments come after Trump posted on social media demanding the impeachment of a federal judge who is hearing a challenge to the removal of alleged Venezuelan gang members under a long-dormant 18th century law.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
Congress is working on a budget and cuts to Medicaid are on the table. The program is mainly for low-income Americans, but deep cuts could affect state budgets and health care more broadly. What questions do you have? Send a voice memo to WNPOD at WSJ.com or leave a voicemail with your name and location at 212-416-4328. We might use it on the show.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
Over the weekend, an intense storm caused damage across the central and southern U.S. Repairing storm-damaged houses across the American heartland has grown so expensive that insurers are increasing premiums and dropping vulnerable homes to protect profits. Take Oklahoma. A hailstorm in Oklahoma City last year was the worst in the country and rained golf-ball-size hail on 35,000 homes.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
According to comparison shopping website Insurify, Oklahoma now ranks second after Florida for states with the least affordable home insurance. WSJ reporter Heather Gillers is here to tell us more. Heather, what is driving up the cost of insurance?
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
So are regulators doing anything about this?
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
That was WSJ reporter Heather Gillers. Thank you, Heather. Thanks for having me. And that's what's news for this Tuesday afternoon. Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Cosmitas. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Why No One Is Happy About Morgan Stanley’s DEI Efforts
But is that the extent of the concessions from Russia so far?
WSJ What’s News
The Task Force Taking On American Universities
What are some companies that could stand to benefit?
WSJ What’s News
The Task Force Taking On American Universities
And what reasons could China have to potentially back down from this?
WSJ What’s News
The Task Force Taking On American Universities
That was WSJ Heard on the Street columnist, John Sandreou. Thank you, John.
WSJ What’s News
The Task Force Taking On American Universities
U.S. markets edged slightly lower today, erasing earlier gains and signaling that investors are still concerned about President Trump's trade policies. The Dow fell about 0.4 percent, the S&P 500 lost roughly 0.2 percent, and the Nasdaq stayed mostly flat. American consumers say they're getting worried about the economy and inflation. But so far, they're not acting like it.
WSJ What’s News
The Task Force Taking On American Universities
Beijing is going after Boeing, the U.S. 's biggest exporter. But China may have more to lose.
WSJ What’s News
The Task Force Taking On American Universities
Today, Bank of America and Citigroup said that consumer spending ticked higher in the first quarter when concerns about tariffs and the economy began to bubble up. Last week, JPMorgan Chase said that credit and debit card spending rose.
WSJ What’s News
The Task Force Taking On American Universities
Executives said that consumers continued to spend in the weeks after the quarter ended, even after President Trump's Liberation Day, when he sharply escalated his tariff threats. JPMorgan noted that some of that spending might have been people making purchases in advance of price increases from tariffs.
WSJ What’s News
The Task Force Taking On American Universities
For the first quarter, Bank of America and Citigroup joined other big banks in reporting higher profits today that topped analyst expectations. Both banks experienced a surge in trading revenue, with investors positioning for Trump's tariffs. Coming up, meet the task force targeting billions of dollars in federal funding to elite universities. That's after the break.
WSJ What’s News
The Task Force Taking On American Universities
As we mentioned in this morning's show, Harvard said it would resist the Trump administration's demands to change its governance structure over campus antisemitism concerns. Hours later, the government announced a freeze of more than $2 billion of Harvard's multi-year grants and contracts. In a post on social media this morning, President Trump has threatened to revoke Harvard's tax-exempt status.
WSJ What’s News
The Task Force Taking On American Universities
Last month, Columbia University ceded to administration demands in an attempt to restore $400 million in funding cuts, though conversations are ongoing and the return of the funds isn't assured. The actions the Trump administration has taken against elite American universities in recent weeks have shaken these institutions to their core.
WSJ What’s News
The Task Force Taking On American Universities
Behind it is a little-known government group called the Task Force to Combat Antisemitism. Sarah Randazzo, who covers higher education for the journal, is here to tell us more. Sarah, give us the lowdown on this task force. Who's in it and what is its goal?
WSJ What’s News
The Task Force Taking On American Universities
Plus, inside the little-known government task force taking on U.S. universities. And big bank earnings show American consumers remain resilient. It's Tuesday, April 15th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
The Task Force Taking On American Universities
So the stated goal, right, is to combat antisemitism, as is the name of the task force. But functionally, what is it doing?
WSJ What’s News
The Task Force Taking On American Universities
And for the schools that are on that list, are they pursuing legal action? What are they up to?
WSJ What’s News
The Task Force Taking On American Universities
That was WSJ reporter Sarah Randazzo. Thanks so much, Sarah.
WSJ What’s News
The Task Force Taking On American Universities
Many parents in the U.S. saved for years to help pay for their child's college education in tax-advantaged 529 investment accounts. But now years of gains on those accounts may have been wiped out. WSJ personal finance reporter Oyin Adedoyin told our Your Money Briefing podcast what financial professionals suggest those families do.
WSJ What’s News
The Task Force Taking On American Universities
And you can hear more from Oyin in today's Your Money Briefing podcast. Today's episode is part of a week-long series from Your Money Briefing about how market turmoil could hit your wallet. Investments, mortgages, taxes, and more. And that's what's news for this Tuesday afternoon. Today's show is produced by Pierre Bien-Aimé with supervising producer Michael Cosmitas.
WSJ What’s News
The Task Force Taking On American Universities
I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
The Task Force Taking On American Universities
The latest company to get caught up in the escalating trade war between the U.S. and China? Boeing, America's biggest exporter. Beijing has told Chinese airlines not to place new orders for Boeing jets and is requiring carriers to seek approval before taking delivery of aircraft they have already ordered. That's according to people with knowledge of the Chinese regulator's guidance.
WSJ What’s News
The Task Force Taking On American Universities
WSJ Heard on the Street columnist John Sindreu joins me now. John, Boeing is coming off a rough couple of years here. How big a hit is this to its business?
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
Chow, April was a particularly back and forth month for Trump's tariff policies. How much do these new inflation numbers reflect that?
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
As we've reported in the past, many businesses have tried to hold off so far on passing tariff costs along to customers. Does that mean we haven't felt the full impact yet of the tariffs?
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
That was WSJ economics reporter Chow Dang. Thank you, Chow. Thanks. U.S. markets closed mostly higher today after the good news on inflation. The S&P 500 added 0.7 percent and is now slightly positive on the year after spending the past two months in the red. The Nasdaq jumped 1.6 percent and the Dow slipped 0.6 percent in part due to a big sell-off in UnitedHealth that saw its CEO stepping down.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
More on that later. President Trump has decided to lift sanctions on Syria. He announced the change during a policy address in Saudi Arabia, his first stop on a four-day trip in the Middle East.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
The move gives the country a financial lifeline after a lightning campaign overthrew its decades-long dictator late last year. The announcement sets the table for Trump to speak with new Syrian President Ahmed al-Shara tomorrow in the Saudi capital. The White House has billed it as a quick meet-and-greet. Trump's remarks capped a busy first day of his visit to the Middle East.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
He signed $300 billion in investment deals with Saudi Arabia, with an eye towards doubling that total within four years. Trump also issued an ultimatum to Iran as he aims to prevent the country from obtaining a nuclear weapon. Coming up, why a free trade zone in Arizona is teeming with new business. More after the break.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
Given the Trump administration's ongoing tariffs, companies are racing to access foreign trade zones, refuges often referred to as FTZ. They can use these zones to defer tariff payments until products are sold. According to Commerce Department data, Arizona is the FTZ capital of America, its facilities employing more workers than those of any other state.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
U.S. inflation ticked up in April, showing an early hint of the impact of tariffs.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
Owen Tucker-Smith is a reporter at The Wall Street Journal. So, Owen, a company imports some goods, they go right from the port to these warehouses, and then what happens? When a sale has been agreed, what tariff do they actually apply to their goods?
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
What's making these warehouses so appealing for companies right now?
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
And what does this mean for Arizona, where, you know, many people are employed?
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
Plus, companies are rushing to access foreign trade zones as refuge from tariff volatility. And UnitedHealth places a new bet on its old CEO who made it a giant after its current chief executive steps down. It's Tuesday, May 13th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
That was reporter Owen Tucker-Smith. Thank you so much, Owen.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
For many young adults, the prospect of a slowing economy and higher prices is new and unsettling. WSJ platform editor Isaac Taylor told our Your Money Briefing podcast that economic anxiety is prompting some young adults, including his friends, to delay or even rethink their plans for the future.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
You can hear more from Isaac about how to deal with this economic anxiety in today's episode of Your Money Briefing. In other news, UnitedHealth Group said its chief executive, Andrew Witte, has stepped down for personal reasons.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
Witte has presided over a punishing period for the company, including a steep drop in its shares after its quarterly earnings last month fell significantly short of investors' expectations. Chairman Stephen Hemsley, who was UnitedHealth's CEO for more than a decade ending in 2017, will return to running the healthcare giant, effective immediately.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
UnitedHealth also said it was suspending the reduced 2025 earnings outlook it issued on April 17th. It added that it expects to return to growth in 2026. And ESPN said today that its highly anticipated streaming service, set to launch in the fall, will cost $29.99 a month, and it will be named simply ESPN. The new service will give sports fans all the content shown on ESPN's television channels.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
The company has the advantage of exclusive NFL, NBA, and college games, among other valuable sports rights. ESPN, which is owned by Disney, is counting on its new streaming service to attract cord cutters and those who have never paid for cable. But the new ESPN offering joins a crowded field of streaming services, all competing for customers' attention and budgets.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
And finally, how would soft pajamas, caviar service, and noise-canceling headphones improve your next flight experience? United Airlines plans to fly planes next year that feature Polaris Studio Suites, with more space and other perks, the latest sign that super-premium travel is surviving the current economic turbulence.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
United hasn't yet detailed the price tag, but this week the airline was offering tickets for its current Polaris business class at about $5,600 for a June flight from San Francisco to London. That's compared with $3,200 for premium economy and $1,500 for economy. And that's what's news for this Tuesday afternoon.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Companies Turn to Foreign-Trade Zones to Shelter From U.S. Tariffs
Monthly inflation in the U.S. picked up slightly in April. The Labor Department said today that the Consumer Price Index rose a seasonally adjusted 0.2 percent last month, matching economists' forecasts. Year-over-year inflation cooled to a 2.3 percent increase in April, below what economists had expected and below March's annual rate. For more, I'm joined by WSJ economics reporter Chow Dang.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
So far this morning, things have calmed down after yesterday's big surge in stocks and the dollar in reaction to the U.S.-China trade deal. One thing markets are definitely watching really closely today is April CPI numbers, which is our first look at the impact that the so-called Liberation Day tariffs had on the real economy in terms of prices.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
The tariff pause immediately spurred businesses yesterday to start scrambling to get orders from China. Before the 90 day pause expires, you could see this real kind of surge in imports and activity.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
Our reporters were talking to CEOs yesterday saying they had containers filled with their goods waiting for this pause, and they immediately called their partners in China and said, put it on the boat. So it'll be really interesting to see how this all plays out.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
Ontario Premier Doug Ford said he's suspending the province's 25% surtax on U.S.-bound electricity, hours after President Trump threatened the additional tariffs. Canada's Prime Minister-designate Mark Carney had called Trump's move to raise tariffs a direct attack on the country's households and businesses.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
Reports that Ontario was ready to roll back a surcharge on electricity delivered to the U.S. helped stocks recover from early session losses that began after President Trump said he would ramp up tariffs on steel and aluminum from Canada to 50 percent. Major U.S. indexes still ended the day lower. The Nasdaq fell about 0.2 percent. The S&P 500 dipped about three quarters of a percent.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
And the Dow dropped just over 1 percent. Speaking of markets, 25 years ago this week, the Nasdaq hit its dot-com era peak after soaring more than 500% in five years. The collapse that followed was quick and brutal. Today, some investors are worried that the same cycle might be playing out in artificial intelligence.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
WSJ reporter Rolf Winkler joined our tech news briefing podcast to talk about why people are comparing today's market to the dot-com collapse.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
And a growing number of migrants are being turned away from the U.S. border. We follow them on their long journey back home. It's Tuesday, March 11th. I'm Alex Osola for The Wall Street Journal. This is the p.m. edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
To hear more from Rolf, listen to tomorrow's episode of Tech News Briefing. As you may have heard in our What's News in Earnings last week, retailers are anticipating the impact of consumer spending pullback. Today, department store chain Kohl's said it predicts a larger-than-expected sales decline for this fiscal year.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
And Dick's Sporting Goods forecast earnings well below Wall Street's targets, citing economic uncertainty. In the past few years, American consumers have been able to spend through economic rough patches, putting purchases on their credit cards and keeping the economy afloat. But now, concerns about a recession are rekindling worries that Americans are too overloaded with debt.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
For more on this, I'm joined by Heard on the Street writer and co-host of WSJ's Take on the Week podcast, Telus Demos. Telus, consumer lending and credit card companies like Amex, Capital One, and Discover Financial were hit particularly hard in the stock market's recent plunge. So what exactly is investors' concern here?
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
The U.S. restores military support to Ukraine after Kyiv agrees to a ceasefire. Plus, do Americans have too much debt to keep the economy afloat?
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
I'm curious where employment fits into this because there's new data out today from the Labor Department that shows that the U.S. had 7.74 million job openings in January, which is higher than in December and slightly above expectations. So what does that mean?
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
The Trump administration has said it would immediately lift a pause on intelligence sharing and military support to Ukraine as Kiev agreed to implement a 30-day ceasefire. According to a U.S.-Ukraine joint statement, the ceasefire plan, which is contingent on Russian acceptance, envisions opening negotiations between Kiev and Moscow on halting the war.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
That was Heard on the Street writer and co-host of WSJ's Take on the Week podcast, Talis Demos. Thank you, Talis.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
And if you want to know what consumers are doing, especially in the face of tariffs, listen to tomorrow's Your Money Briefing podcast as our reporters visit grocery stores, Best Buy, and liquor stores to see what people are spending on. Coming up, the journey migrants take after they're turned away at the U.S. border. That's after the break. So
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
Migrants sometimes travel thousands of miles to reach the U.S. border. Increasingly, they're finding it effectively closed. There are new U.S. policies that make it nearly impossible for migrants to apply for asylum upon reaching the U.S. southern border. And for a growing number, that means having to turn around and travel back to where they came from.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
South America Bureau Chief Juan Ferrero recently traveled to the border between Colombia and Panama to get a better understanding of this story.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
One person you spoke to was a man named Hector Ferrer. He's 69 years old and used to be a vendor in Venezuela, but he left because, as he describes it, things had gotten pretty grim.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
You met him on his return journey, where he was jostling for a seat on a ferry across the waters that separate Colombia from Panama. He was one of a number of people you spoke with who were on their way back home. How were these people feeling?
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
You know, Juan, you've reported on this before, and I'm just curious, is this reverse migration new?
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
The agreement is the result of the first high-level talks between the U.S. and Ukrainian officials since a combative Oval Office encounter in which President Trump accused Ukrainian President Volodymyr Zelensky of being unwilling to negotiate a peace settlement with Moscow. President Trump said in an online post today that the U.S.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
Who's feeling the impact of this reverse flow of migrants?
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
That was WSJ South America Bureau Chief Juan Ferrero. Juan, thank you.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
Funding for the federal government expires this weekend. The House is expected to vote this afternoon on a bill that would avert a government shutdown and extend government funding through the end of September. Vice President J.D.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
Vance rallied House Republicans to back the party's proposal, part of a last-minute push to exert pressure on remaining GOP holdouts and pass the measure over Democratic opposition. Meanwhile, Congress is working on a budget and cuts to Medicaid are on the table. The program is mainly for low-income Americans, but deep cuts could affect state budgets and health care more broadly.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
What questions do you have? Send a voice memo to WNPOD at WSJ.com or leave a voicemail with your name and location at 212-416-4328. We might use it on the show. And that's what's news for this Tuesday afternoon. Today's show is produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
The Long Journey Home for Migrants Turned Away From the U.S.
will increase its planned 25 percent tariffs on Canadian steel and aluminum to 50 percent. That's in response to Ottawa's retaliation to U.S. tariffs. The administration is still expected to move ahead with 25 percent tariffs on steel and aluminum from all other trading partners tomorrow. Trump's team has said repeatedly that there would be no exceptions or exemptions.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
and have a kind of redux of the Trump 1.0, where you got tax cuts and the tariff stuff didn't turn out to be all that bad. But what they're coming to realize is that Trump is much more serious this time. His advisors around him are much more serious and perhaps a little bit more united in the idea that tariffs are a more permanent possibility.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
And they're worried that the disruptions to trade could really ding the economy. And in a way, not to be apocalyptic, but we saw after the financial crisis in 2008, 2009, was that trade stopped because finance stopped and people freaked out and that made the economy plunge. And so there's a little bit of that fear going through markets.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Yeah, I mean, so far, early in the morning, markets have stabilized a bit, and stock futures are pointing up a little bit. But it's certainly not a rebound, and it'll take time for markets to digest and absorb this change in sentiment. You have to remember that you had this huge run-up. going into the election, after the election, and now it's all erased.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
And we didn't have a lot of conversations when the stock market was going up a lot every day. You just sort of go with it, go with the flow. Oh, that looks good. But when it starts dropping 4%, as the NASDAQ did yesterday, people start to get really agitated and we're in that mode. But what's changed from November to now, economically, things look a little bit more dour. It's more uncertain.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
And so investors are trying to price in that change.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Well, it could be. We'll get inflation numbers and some indicators of the job market and consumer sentiment. Consumer sentiment is really important. But what we've seen lately is that it's the sentiment numbers that look bad, but the real economy data in terms of jobs... been holding up pretty well.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
And so I think what people are looking for is the first sign that the job market is cracking or that real activity is turning down. And then we'll have a better sense whether this is a growth scare or an actual heading towards a recession.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Yeah, and I think that's what has people concerned. The market was believing, you know, over the last month that a lot of the tariff talk was bluff, that it was a negotiating tactic, that there would be a quick deal with the different countries involved and we could go on our merry way, hopefully towards tax cuts, which investors love.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
How long can volatility stay high like this?
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
That was WSJ Markets reporter Jack Pitcher. Thanks so much, Jack.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
Meanwhile, White House Press Secretary Caroline Leavitt confirmed that President Trump's tariffs, including the steep duties set for Chinese imports, will go into effect just after midnight. Leavitt said China's retaliatory tariffs were a mistake, and in response, the administration would increase China's total tariff rate to 104 percent at midnight.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
Trump had already placed 20 percent tariffs on Chinese imports since taking office. He was set to increase the rate by 34 percent starting tomorrow, but said he would add an additional 50 percent because of China's retaliation. Levitt said the administration would prioritize allies as advisers consider deals to lower tariffs. Markets are particularly volatile at the moment.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
Recently, the Chicago Board Options Exchange's Volatility Index, or VIX, also known as Wall Street's fear gauge, hit its highest level since early 2020, though it's come down a bit since. For investors, this could be a moment of reckoning. But some feel prepared for a world run amok thanks to a surprising playbook, a 1997 book called The Fourth Turning, An American Prophecy.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
One of its authors, Neil Howe, is planning to launch a financial product this summer that would invest in assets he believes would do well during generational crises and extreme market turbulence. For more, I'm joined by Kevin Dugan, who covers business culture for the journal. Kevin, what are some of these assets that author Neil Howe considers relatively safe in such volatile circumstances?
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
U.S. stocks rally stalls ahead of 104% tariffs on China going into effect at midnight. Plus, how do you trade in turbulent times? Some investors are turning to a 1997 book for strategies.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
And how President Trump's tariff plan could send coastal commercial real estate into a tailspin. It's Tuesday, April 8th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. More volatility in the markets today.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
So why has this book resonated with investors so much in the past few years?
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
That was WSJ reporter Kevin Dugan. Thanks, Kevin.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
The Justice Department is scaling back prosecutors' ability to bring criminal charges against cryptocurrency firms. According to a memo issued yesterday by Deputy Attorney General Todd Blanch, the department will no longer bring charges against exchanges, dealers, mixing services, and wallet providers for the acts of their end users.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
The new policy underscores the Justice Department's move to align with President Trump's affinity for crypto products. And the Supreme Court has lifted a lower court order that directed the Trump administration to reinstate about 16,000 federal employees it fired.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
The justices said that environmental groups and other nonprofit organizations who say they were harmed by the reduction in public services caused by the layoffs didn't have legal standing to bring the suit. The groups bringing the lawsuit said they would try to fight for the affected workers through other means.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
The order marks the White House's third victory in a row as it seeks the justice's emergency action to stop district judges from slowing its policies. But it doesn't resolve broader legal disputes over the administration's mass layoffs of federal employees. Coming up, how Trump's tariffs could have an impact on entire port cities. That's after the break.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
During the era of globalization, investors poured billions of dollars into building warehouses and distribution centers near major U.S. ports. Now, as President Trump's tariff blitz threatens to upend global trade, the industry around those once coveted coastal industrial properties could be thrown into a tailspin. WSJ reporter Peter Grant tells us more. Peter, break this down for us.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
How do tariffs affect the coastal industrial property sector?
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
How are some of the big companies in this space responding to Trump's tariff announcement?
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
There was a big bounce-back rally in the morning stemming from comments from Treasury Secretary Scott Besant, who said that the Trump administration was open to negotiating to reduce tariffs. But by the afternoon, the enthusiasm had stalled out, as U.S. Trade Representative Jameson Greer said Trump won't provide tariff exemptions for individual products or companies. U.S.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
So you're talking about landlords and tenants, but really, this is a whole ecosystem, right? How are these port cities really going to be affected by this?
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
Could other industrial real estate benefit from new trade patterns?
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
That was WSJ reporter Peter Grant. Thanks so much, Peter.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
In other news, Panama's top auditor said Hong Kong-based C.K. Hutchison owes $300 million in unpaid fees and failed to get necessary clearances for two key Panama Canal ports. It's a blow to BlackRock's plans to buy the ports for about $23 billion. BlackRock and Hutchison didn't immediately respond to a request for comment.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
BlackRock's acquisition of the ports situated at either end of the Panama Canal, along with some 40 other ports around the world, has become a flashpoint between the U.S. and China as the two superpowers are squaring off in an escalating trade war.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
And Ukraine said today its military had captured two Chinese citizens fighting in the Russian army, raising questions about the extent of Beijing's involvement in the war.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
Ukrainian President Volodymyr Zelensky announced the capture of the men in eastern Ukraine on social media, saying there was evidence to suggest there were significantly more Chinese citizens fighting for Russia and calling it a clear signal that Russia sought to continue the war.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
China has professed itself neutral but supported Russia economically, while stopping short of providing military equipment or troops. And that's what's news for this Tuesday afternoon. Today's show is produced by Pierre Bien-Aimé and Anthony Bansi, with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
stocks capped off a volatile session in a downswing. The Dow rose more than 1,400 points early on, reflecting investors' faith that the administration may deliver on talks of potential trade deals, but ultimately closed down about 0.8 percent. The S&P 500 fell about 1.6 percent.
WSJ What’s News
U.S. Stocks Sink Ahead of Trump’s 104% Tariffs on China
And the Nasdaq, which had rallied more than 4 percent earlier, ended the day roughly 2.2 percent lower, blowing its biggest intraday gain since at least 1982. I'm joined now by WSJ Markets reporter Jack Pitcher. So, Jack, we saw a lot more volatility today. What is going on?
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
Now, what they did today was like minuscule, very tiny, but noteworthy enough and has people talking about whether China will continue with that path and maybe slowly or maybe quickly, we don't know, allow the yuan to weaken in the days, weeks, months ahead as its own countermeasure against the tariffs that Trump has imposed on China.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
In some ways, yes. For companies that are listed companies in China that do a lot of exports, a cheaper currency is certainly a good thing. But the government has done other things. It's encouraged some of its state-owned enterprises to go in and buy stocks today. And so we've seen the market go up a bit, especially after yesterday's absolute shellacking.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
And the Hong Kong market recovered a little bit. So the Chinese government is trying to support the economy, support the market as a show of force against what Trump has thrown at them.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
This is a standoff between markets and the White House. And markets are desperate for any sign that the White House is open to negotiate, to pausing the tariffs. And the White House is basically saying, don't even think about it.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
Well, we won't know if it's a floor for many days or weeks after the floor has been reached, so I will make no predictions. What we saw in Japan was a big snapback today because Treasury Secretary Besant basically said Japan is first in line for negotiations. Japan has already nominated one of its ministers to go and do those negotiations.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
They seem very eager to get something going so that their very export-oriented economy is not hit too hard by very, very high tariffs, which are meant to come into force tomorrow. Alex Frangos, thank you so much for stopping by. Thank you.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
Yeah, so the Chinese government every day sets a level for its currency. And this morning, they set the level weaker than it's been in a number of months. Now, that's what you would expect if a country imposes massive tariffs on you. You would expect your currency to weaken as a way to adjust to that condition and make your goods weaker. cheaper vis-a-vis the tariffs that were just imposed.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Imports of computer accessories, automobiles and car parts and engines also increased. Republican lawmakers are looking to make President Trump's campaign slogan of no tax on overtime a reality. Today, Kansas Senator Roger Marshall introduced a bill that could become part of Republicans' giant tax and spending bill supporting President Trump's agenda.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
But the overtime proposal would come with limits. Some top earners would be denied the deduction, and it would be capped at $10,000 for individuals and $20,000 for married couples. Marshall doesn't have an official revenue estimate yet for his proposal. The U.S.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Supreme Court has reinstated the Trump administration's ban on transgender individuals serving in the military, setting aside a federal judge's finding that the blanket exclusion violated the Constitution's equal protection guarantee.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
The court's order allows the administration to begin discharging transgender service members and to deny enlistment to new ones while litigation over the ban proceeds in lower courts. In business news, the food delivery company DoorDash posted a first-quarter profit of $193 million today, from a loss of $23 million a year earlier.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Separately, DoorDash struck a deal to acquire British food delivery company Deliveroo for roughly £3 billion, or nearly $3.9 billion. It's a move intended to help San Francisco-based DoorDash expand its global presence— as competitor Uber Eats has done in Europe. DoorDash already owns Bolt, its Finnish subsidiary.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Clément Genelot, an analyst at Brian Garnier, told me that the DoorDash-Deliveroo deal comes with very little antitrust risk because the two companies don't operate in the same countries.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
The transaction is subject to shareholder approval and is expected to go into effect during the fourth quarter. Major U.S. indexes declined today as market jitters over trade returned. The Dow fell almost 400 points, or about 1%. The Nasdaq dipped roughly 0.9%, and the S&P 500 slid about 0.8%.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Coming up, President Trump says he's reached a ceasefire with Yemen's Houthis and what it would take to fix U.S. air traffic control. That's after the break.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Last week, thousands of passengers flying into or out of Newark Liberty International Airport struggled to reach their destinations. Dozens of flights were delayed or diverted because of a tech outage. For air traffic controllers, the experience was frightening. They temporarily lost contact with pilots, radar screens went dark, and backup systems failed.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Fortunately, the outage didn't result in a crash, but it's the latest in a series of air traffic control issues making U.S. airspace more dangerous. And it comes after January's deadly collision between an Army helicopter and a jet in Washington, D.C. Andrew Tangle, who covers aviation safety for the journal, is here to tell us more.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
The U.S. trade deficit hit a record high in March. Plus, recent aviation mishaps show that U.S. air traffic control is in need of an overhaul.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Andrew, what are the issues air traffic controllers are dealing with?
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Sounds like not a great state of affairs for a network that's charged with keeping us safe in the air. What is the Trump administration doing about this?
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
I'm particularly curious about that because, of course, the Trump administration famously is cutting government spending or trying to and doesn't seem super keen on spending a lot of money on new government programs.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
That was WSJ reporter Andrew Tangle. Thank you, Andrew.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
In international news, speaking from the Oval Office today, President Trump said that the U.S. had reached a truce with the Houthis in Yemen and would suspend its airstrikes on the militant group. He claimed the Houthis would no longer target ships navigating Middle Eastern waters.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Oman said it helped the U.S. mediate a truce between Israel and the Houthis, in which the two sides agreed not to target each other. And the militant group said it would stop firing on shipping lanes in the Red Sea and the Gulf of Aden. The U.S. has struck more than 1,000 targets during Operation Rough Rider, which has lasted weeks.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Meanwhile, Israeli warplanes hit the main airport controlled by the Houthis today. It was Israel's second day of retaliatory strikes after the group struck Tel Aviv's Ben Gurion Airport. In a statement out today, the Houthi political bureau didn't mention a ceasefire with the U.S. and reiterated that its military moves against Israel would continue until the war in Gaza ends.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
And President Trump says he's reached a truce with Houthi militants in Yemen. It's Tuesday, May 6th. I'm Alex Sosola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. The U.S.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
In Germany, parliament voted to make Friedrich Merz the country's chancellor after a first vote failed. This was the first time in Germany's post-World War II history that a candidate needed a second attempt to secure parliament's endorsement.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Since the vote is secret and no dissenters have come forward, it isn't clear why a dozen members of Merz's proposed coalition didn't back him in the first vote. While plans for Merz's rise to power were only delayed for a few hours, analysts say he will start his term as a weakened figure. Texas has a new town that's a bit different from the rest.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
On Saturday, 218 people voted to incorporate a handful of SpaceX rocket facilities and housing near Brownsville, Texas, as a municipality called Starbase. Micah Maidenberg, who covers the business of space for the journal, told our Tech News Briefing podcast why the company's activities in the area are controversial.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
For more from Micah, listen to today's episode of Tech News Briefing. And even if you can't hop on a SpaceX rocket headed for Mars, you might need a little extra something just to fly within the United States. I'm talking about Real ID. Starting tomorrow, U.S. travelers over 18 will need to present the Security Enhanced ID to board a domestic flight or face additional screening.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
Allison Pohle, who covers travel for the journal, told our Your Money Briefing podcast about what to expect at the airport.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
And that's what's news for this Tuesday afternoon. Today's show was produced by Anthony Bansi. Our supervising producer was Pierre Bien-Aimé. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
What It Would Take to Fix U.S. Air-Traffic Control
trade deficit ballooned 14 percent to a record $140.5 billion in March as businesses stockpiled goods before President Trump's Liberation Day tariffs took effect. According to data from the Census Bureau, nearly all of the surge in imported consumer goods for the month were pharmaceutical products, which the Trump administration is currently considering hitting with tariffs.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
With more on the market reaction, I'm joined now by WSJ reporter David Uberti. David, this was quite a day. What was the sentiment in the markets?
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
As we mentioned, Canada, Mexico and China responded today to the U.S. tariffs. Canadian Prime Minister Justin Trudeau announced retaliatory 25% tariffs on nearly $100 billion of imported U.S. goods, such as alcohol, clothing and household appliances, in two waves. In an address, Trudeau said that Trump was acting in bad faith.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
and called the concerns about border security and fentanyl trafficking that Trump used to justify the new tariffs, quote, totally bogus. He said it'll be the American people who will be hit by the effect of the tariffs.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
Meanwhile, Mexican President Claudia Scheinbaum said she plans to announce retaliatory measures on Sunday. In her daily news conference, Scheinbaum said that there was no justification for the tariffs and pushed for cooperation. There is no motive, reason or justification for this decision that will affect our peoples and nations. We have said it in different ways.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
Cooperation and coordination, yes. Subordination, interventionism, no. Earlier, China said that it is imposing an additional 15% tariff on US chicken, wheat, corn and cotton products and an additional 10% tariff on other agricultural products, including soybeans, pork, fruit, vegetables and dairy. These would go into effect on March 10th.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
China's Commerce Ministry also said that it added more than two dozen American companies to export control and corporate blacklists. China added that it has also filed a lawsuit with the World Trade Organization against the US's new tariff increase. Joining me now is WSJ Economic Policy Reporter Gavin Bade, who is in the Senate Press Gallery.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
Markets were rattled after President Trump's tariffs went into effect. Plus, Canada, Mexico and China announced counter and retaliatory steps.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
So Gavin, how exposed are Mexico and Canada to these tariffs?
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
Hat die USA eine Antwort auf die anderen Länder, die zu den Tarifen antworten?
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
That was WSJ Economic Policy Reporter Gavin Bade. Thank you, Gavin.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
So, when will consumers feel the effects of tariffs? Not immediately, as Wall Street Journal Data News Editor Anthony DeBarros told our Your Money Briefing podcast.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
To hear more about how prices may change as a result of the tariffs, listen to tomorrow's episode of Your Money Briefing. Meanwhile, in their earnings reports, companies have already started talking about the effects of the tariffs. Electronics retailer Best Buy said today that U.S.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
consumers are likely to face higher prices as vendors throughout its supply chain react to the tariffs, a scenario that may crimp demand for electronics. And Target warned that its sales this year could be flat because of consumer uncertainty and tariffs. Coming up, five things to keep an eye on when President Trump speaks to Congress later this evening. That's after the break.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
And what to watch for when Trump addresses Congress tonight. It's Tuesday, March 4th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Präsident Trumps Tariffs, a 25% duty on goods from Canada and Mexico and an additional 10% tariffs on goods from China, went into effect at midnight.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
Ich werde ein paar Dinge hören. Das erste ist, dass der Präsident den Krieg in der Ukraine beenden will.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
In other news, President Trump wanted the US to retake the Panama Canal. A deal struck by BlackRock will give American investors control of ports on either end of the vital trade route, though not oversight of the canal itself. A group of investors led by BlackRock has agreed to buy majority stakes in ports on both sides of the Panama Canal for nearly $23 billion.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
The deal would bring the key ports under American corporate ownership. The previous owner was Hong Kong-based C.K. Hutchison. President Trump has said those foreign-owned ports, along with infrastructure around the country that China helped build through its Belt and Road Initiative, violate the canal's neutrality. The last episode of our Building Influence series gets into what the U.S.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
is doing to respond to Beijing's infrastructure program and the clout that comes with it. That episode will be out Sunday, but you can catch the first two episodes on what Beijing is getting out of its trillion-dollar campaign on the What's News feed now. Und Ukrainian President Volodymyr Zelenskyy said his heated meeting with President Trump last week was, quote, regrettable.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
On social media, he wrote that his country is ready to negotiate peace and to sign the mineral rights agreement with the U.S. Senior U.S. officials say it is unclear if Zelenskyy's statement will be enough to convince Trump to restart U.S. military aid to Ukraine, which the White House halted yesterday. And that's what's news for this Tuesday afternoon.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Kosmitis. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
The president has blamed Canada and Mexico for the flow of immigrants and illicit drugs like fentanyl into the U.S. and said that tariffs are on, quote, until the crisis is alleviated. Markets were rattled by the new levies and the countermeasures by Canada, Mexico and China.
WSJ What’s News
Markets Rattled as U.S. Tariffs Go Into Effect
Markets fell sharply earlier in the day, with the Nasdaq even flirting with correction territory, but then recovered somewhat to end the day lower. The Dow led the losses, closing down about 1.6%. The S&P 500 dropped roughly 1.2% and the Nasdaq ended the day about 0.4% lower. Wall Street's fear gauge also picked up after stocks slid today.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
So the big fear here is that you get more inflation, which is not what American consumers want, and you get a slowing economy, so something more along the lines of stagflation, which is everyone's least favorite situation.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
Not so much surprised, but stocks are down. Obviously, that happened late yesterday in the US and that's followed up in most parts of Asia and Europe. And investors are sheltering in the safety of government bonds because there's a great deal of uncertainty about how the economy is going to absorb the impact of these tariffs if they stay in place for a long time.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
Well, for right now, that's generally where investors turn in times like this, because a lot of people are fearing that the economy is going to slow down. And so that would end up with rate cuts eventually, although it's a really confusing mix because tariffs are also inflationary.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
So the big fear here is that you get more inflation, which is not what American consumers want, and you get a slowing economy. So something more along the lines of stagflation, which is everyone's least favorite situation.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
It's not hypothetical, but it's also not really certain exactly how it will play out. And, you know, there were tariffs in the first Trump term. That was at a different time. Inflation was very low at the time, and it didn't really cause any additional inflation or not any worrying amount of inflation.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
So the other thing that is very difficult to predict is how companies and consumers are going to respond to tariffs. It's not just as simple as, OK, well, we're just going to import the same things we were importing and pay a lot more tariff. They'll look for substitutions. They'll look for bringing things in from third countries to try to keep the prices low.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
Surprises there at all? It's not so much surprises, but I think there was some uncertainty about how countries should respond. Basically, how do you convince Trump to take away the tariffs? If you respond, does that just make him angrier? If you don't respond, do you look weak? So people are very attuned to how big are these tariffs? How strong are they? Are they really trying to hit back at
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
the places in the U.S. where there's a lot of Trump support. So that's what the Chinese did last time, going after especially agricultural areas that were very strong for Trump. So it's not a surprise, but also the details really matter.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
Yeah, I mean, all of them. There's the commodity complex of just stuff that American companies need to make things. So the U.S. counts on Canada, you know, second biggest country in the world with lots of forests, for a quarter of its lumber. So if you're a home builder or if you're just someone at home building your deck or something...
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
there's a pretty good chance that that lumber comes from Canada. And then there's the kind of the stock market, bond market, currency market impact, which we're starting to see in bigger moves in the last 24 hours as investors assess, is this really going to hit the economy?
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
It doesn't change the President's opinion. This is one big, beautiful bill and he's sticking to it. House Speaker Mike Johnson said Musk is terribly wrong. He said the bill is a very important first start in terms of cutting costs and the package will be jet fuel for the economy.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
Trump hosted Musk at a farewell news conference in the Oval Office last week, where the two men heaped praise on each other, aiming to counter the perceptions that their partnership had frayed. Meanwhile, as we said, the White House has sent to Congress a nearly $10 billion rescissions package intended to cut government spending. For more, I'm joined now by WSJ reporter Jasmine Lee.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
So, Jasmine, what is included in some of these cuts?
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
The Trump administration is also weighing using a separate controversial process called impoundment to clawback funds. What is this and how does it help the White House to do this?
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
The President's Tax and Spending Bill comes at a time when Wall Street has already been sounding the alarm on U.S. debt. Last week, JPMorgan Chase CEO Jamie Dimon warned of a possible crack in the bond market. Others say that deficit spending and debt levels are so high that they won't be sustainable for much longer. But is that really true? I'm joined now by WSJ-Investing-Colonist Spencer Jacob.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
Spencer, this is far from the first time that people have been worried about the U.S. debt. In your piece, you note that that's been in the national conversation for more than 50 years. So why should we be worried about this now?
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
Elon Musk nennt Trumps Big Beautiful Bill eine schreckliche Überraschung, als der Präsident für Doge-Cuts die Aufmerksamkeit des Kongresses sucht. Plus, why now is the time to listen to Wall Street's alarm over the US debt.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
Where does the big, beautiful tax and spending bill, which is estimated to add about $3 trillion to the national debt over the next decade, how does that fit into this?
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
Wie können wir sagen, wenn wir diesen Tipppunkt erreichen?
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
That was WSJ-Investing-Colonist Spencer Jacob. Thank you, Spencer. Thank you. Coming up, Meta is turning to nuclear power. That's after the break.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
To fuel its artificial intelligence ambitions, Meta Platforms is turning to nuclear power. The tech giant will buy the power generation of a nuclear plant in Illinois for 20 years under a deal with Constellation Energy.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
Financial arrangements weren't disclosed, but Constellation CEO Joe Dominguez said the Meta deal would help cover the costs of relicensing, upgrades and maintenance for the Clinton Clean Energy Center in Clinton, Illinois. It's the first deal of its kind in the U.S.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
with an operating nuclear plant, but it has parallels to one that Constellation and Microsoft struck last year around the Three Mile Island plant in Pennsylvania. And tariffs are good for business at Dollar General. The discount retailer today reported strong sales in the latest quarter and raised its outlook for the year.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
And Israeli troops fire at Palestinians heading to an aid distribution site in Gaza. It's Tuesday, June 3rd. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
It said it expects sales to rise 3.7% to 4.7% for the fiscal year ending January 30th. Dollar General said that tariff-related price increases could put pressure on consumer spending. And when consumers feel pressured, they go to discount chains. The tech-heavy Nasdaq led major U.S. indexes higher today, setting up stocks to continue a healthy start to June.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
The Nasdaq rose about 0.8%, the S&P 500 was up roughly 0.6%, and the Dow ended the day about 0.5% higher. In international news, Israeli troops shot at Palestinians making their way to an aid distribution site in southern Gaza. According to Palestinian rescue services and the Gaza health ministry, 27 Palestinians were killed and 90 injured at the Al-Alam roundabout in Rafah.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
This marks the second deadly shooting in the same area in a week, as thousands have flocked to aid distribution sites as part of an American-Israeli plan. The Israeli military said some people left the designated route, ignored warning shots and approached its troops roughly 500 yards from one of the distribution sites.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
And the Dutch governing coalition has collapsed after far-right politician Geert Wilders pulled out of the ruling bloc, accusing the other parties of not doing enough to curb immigration. Dutch Prime Minister Dick Schaaf said hours later that he would resign, setting the stage for a snap election that will test whether Wilders, one of Europe's most controversial politicians, can win power.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
And finally, for more than two years, GLP-1-Weight-Loss-Drugs like Ozempic and Wegovy were in short supply in the U.S. Now, those shortages seem to be over, but demand and prices for the drugs are still high. Without insurance, consumers can easily pay at least $1,000 every month for these drugs, though there are programs and potential alternatives that can reduce the cost.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
But if you're hoping for price drops on these drugs in the future, WSJ-Contributor Cheryl Winokur-Munk told our Your Money Briefing podcast that cheaper generics are still a ways off.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
For more on this, listen to tomorrow's episode of Your Money Briefing. And that's what's news for this Tuesday afternoon. Additional audio in this episode courtesy of Reuters. Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
Former White House cost-cutting czar Elon Musk called President Trump's big, beautiful tax and spending package a, quote, disgusting abomination. Posting on his ex-social media platform, Musk wrote, quote, shame on those who voted for it. You know you did wrong.
WSJ What’s News
Why Wall Street Is Raising the Alarm Over U.S. Debt
Musk's latest criticism of the bill comes as the Senate is trying to quickly pass the measure and as Trump is trying to codify some of the spending cuts rolled out by the Department of Government Efficiency, or DOJ. Asked about Musk's social media post, White House Press Secretary Caroline Leavitt told reporters, Look, the President already knows where Elon Musk stood on this bill.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
According to the OECD forecast, US inflation could reach close to 4% this year, part of a global trend that Corman said could keep interest rates elevated, leading to higher borrowing costs and dragging economic activity. Meanwhile, fresh manufacturing data out of China is showing the steepest drop-off in new orders in over two and a half years. The Journal's Rebecca Fung has more.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Despite those weak readings, business optimism improved last month compared to a low in April, with companies hopeful that the US-China trade conflict could subside in the near future. Well, for that to happen, the two sides will need to negotiate, especially after Treasury Secretary Scott Besant signaled last week that talks had effectively stalled.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
The Journal's chief China correspondent Lingling Wei has been looking into the trade team assembled by Xi Jinping for negotiations. And she joins me now to discuss what we can learn by studying it. Lingling, this is an angle on trade negotiations that we don't often dwell on. The who of talks as opposed to the what's and the when's.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
I'm curious, what's jumping out to you about what we're seeing from China here?
WSJ What’s News
OECD Slashes U.S. Growth Forecast
You mentioned the chief negotiator in all of this. Let's talk a bit more about him. This is He Lifeng. What should we know about him?
WSJ What’s News
OECD Slashes U.S. Growth Forecast
China's trade negotiating team for clues about the likely hardball talks to come.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Yeah, I'm glad you brought up his lack of interest, it seems, in reining in production. What other kinds of moves from Beijing might we be likely to see as these talks play out? Where do they see their leverage as being?
WSJ What’s News
OECD Slashes U.S. Growth Forecast
And as you report, if they are going to, let's say, dangle more purchases of American goods in the course of talks, they're going to do it in exchange for getting something very much in their core interests.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Lingling Wei ist The Wall Street Journal's Chief China Correspondent. Lingling, thank you so much as always. Thank you for having me. Coming up, South Koreans choose a new president as the country contends with US trade talks and tensions with Beijing. And record labels try to set the rules of the road for how artists are paid when AI remixes their music.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
We have got those stories and more after the break.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
South Koreans have been voting to select their next president today, following months of political uncertainty after the country's short-lived imposition of martial law late last year. Opinion polls show voters are set to punish the ruling conservatives. And as our Korea Bureau Chief Tim Martin explains, the winner of the snap election...
WSJ What’s News
OECD Slashes U.S. Growth Forecast
will determine how Seoul approaches key foreign policy issues.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Back in the US, federal emergency management agency officials are scrapping its new hurricane response plan just two days into the annual hurricane season. Instead, the agency is returning to last year's guidance, leaving some confused about how that would be possible, given sharp workforce cuts and the elimination of key programs.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Agency workers were left stunned after new FEMA leader David Richardson suggested he recently learned there was an annual hurricane season which lasts from June 1st through the end of November. A FEMA representative called it an attempt to, quote, falsely frame a joke as policy, end quote, and said there is no uncertainty about how the agency will handle hurricane season.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Lawyers from Meta-Plattforms are taking on the European Commission today, challenging the Blocks' crackdown on the company's social networking business. At issue are Facebook's Messenger and Marketplace features, which Meta argues shouldn't be classified as so-called core platform services that must obey the Blocks' antitrust rulebook, the Digital Markets Act.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Apple's iOS-Operating System and Safari Browser and Alphabet's Google Search Engine have also come under the scope of the law, which forces companies to make it easier for rivals to operate on their platforms or face fines of up to 10% of their annual sales.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Meta is one of three tech companies suing the commission over DMA enforcement, with Apple and ByteDance-owned TikTok filing legal challenges of their own. And three major players in the music industry are in talks with a pair of startups that could set a new precedent for how songs can be used and how artists are paid for remixes generated by AI.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Universal, Warner und Sony wollen von Start-Ups Suno und Udeo bezahlt werden, wenn Musik von Künstlern auf ihren Labels, wie Sony's Miley Cyrus, aufgetragen wird, um generative AI-Modelle zu trainieren und neue Musik zu produzieren.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Die Leute, die mit den Gesprächen kennengelernt sind, sagen, dass die Firmen die Start-ups für die Entwicklung von Fingerprinting- und Attributionstechnologien wie YouTube's Content ID entwickeln wollen, um zu prüfen, wann und wie ein Song benutzt wird, um zu beurteilen, wie viel die Künstler und Labels bezahlt werden sollen.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Jede Firma negotiiert mit den Start-ups individuell, und die Gespräche werden an verschiedenen Phasen der Progression gesetzt, obwohl wir gelernt haben, dass die Verträge mit den KI-Firmen die Labels betreiben könnten. And that's it for What's News for this Tuesday morning. Today's show was produced by Daniel Bach and Kate Boulevent. Our supervising producer is Sandra Kilhoff.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.
WSJ What’s News
OECD Slashes U.S. Growth Forecast
Global Growth is set to slow this year and next, as US tariffs introduce widespread economic uncertainty and risk leading to higher for longer inflation. That's according to the Organization for Economic Cooperation and Development, or OECD, which projected the US could be among the worst-hit economies, with 2025 growth of just 1.6%, a sharp deceleration from a 3.3% forecast last year,
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
should the country be targeted under President Trump's latest batch of tariffs coming tomorrow. At an election campaign stop in Winnipeg today, Carney acknowledged there were limits on what duties Canada can impose, given that the country is about one-tenth the size of the U.S.,
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
Meanwhile, European Commission President Ursula von der Leyen says the European Union has a plan to counteract the swath of tariffs President Trump is planning to impose on foreign goods. Von der Leyen told EU lawmakers today that the bloc is waiting for announcements on U.S. tariffs tomorrow and that policymakers will assess them carefully to calibrate a response.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
And we'll have more on Trump's liberation day tomorrow morning. What's News will look at what the new tariffs mean for investors, markets and central bankers trying to gauge the economic impact. That's with Neuberger-Berman CIO Maya Bandari on tomorrow morning's What's News. Investors were in a wait-and-see mode ahead of President Trump's tariff announcement tomorrow. Major U.S.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
indexes ended the day mixed. The Dow was mostly flat, while the S&P 500 rose about 0.4 percent and the Nasdaq ticked up about 0.9 percent. automakers are seeing what might be described as a Trump bump. Today, manufacturers such as General Motors, Hyundai, and Ford reported double-digit percentage increases in U.S. sales in March or the first quarter.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
I'm joined now by Deputy Bureau Chief for Autos, Mike Kolias. So, Mike, how much of this increase is tariff-related?
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
So given that these car makers had a pretty good March, what are they expecting in the quarter ahead?
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
That was WSJ Deputy Bureau Chief for Autos, Mike Kolias. Thank you, Mike.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
President Trump puts the final touches on the tariffs he's set to announce tomorrow as Canada and the European Union plan for retaliation. Plus, U.S. auto sales ticked up in anticipation of tariffs. But can the good times last?
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
New data from the Labor Department showed that hiring and layoffs mostly held steady in February. In the first full month of the Trump administration, an equilibrium of fewer opportunities but also few big staff reductions continued. And the Institute for Supply Management said that U.S.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
factory activity retreated in March, reflecting renewed concerns about cost pressures and demand in light of the uncertainty surrounding the Trump administration's trade policy. The Institute's index of manufacturing activity dropped to 49, indicating contraction. Coming up, they may not be blockbuster mergers, but these small M&A deals are still a very big deal. That's after the break.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
And Wall Street is experiencing a mergers and acquisitions boom, just not where you'd expect it. It's Tuesday, April 1st. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
Some on Wall Street may have hoped that a Trump presidency would mean a bonanza for flashy mega mergers. Well, so far, that hasn't happened. Deals valued at $10 billion or more were down 28% by value globally through the first quarter, excluding Elon Musk's unorthodox deal announced Friday that his AI startup acquired his ex-social media platform.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
But relatively smaller deals are up and are having the best start to their year since the 2021 pandemic-era M&A boom. According to the London Stock Exchange Group, total deal value for transactions in the $1 billion to $10 billion range is up 42% in the first quarter. Ben Glickman covers mergers and acquisitions for the journal and joins me now. So, Ben, why are smaller M&A deals doing so well?
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
According to LSEG, dealmaking seems to have shifted to Europe and Asia, rising 12% and 59% from last year, respectively. What's driving this?
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
That was WSJ reporter Ben Glickman. Thank you, Ben.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
The Trump administration began drastic staff cuts at the Health and Human Services Department. Emails notifying employees of cuts and reassignments to new agencies flooded inboxes last night and this morning. Some workers were locked out of federal buildings.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
The cuts extended far and wide, from the Food and Drug Administration and the National Institutes of Health to the Centers for Disease Control and Prevention. And Attorney General Pam Bondi has directed federal prosecutors to seek the death penalty against Luigi Mangione, the man accused of killing a UnitedHealth executive.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
A lawyer for Mangione accused the Justice Department of being motivated by politics. A spokesman for the U.S. Attorney's Office for the Southern District of New York, which brought the federal charges, declined to comment. Voters in Wisconsin and Florida are going to the polls today. Republicans are likely to win the elections in Florida, but the Wisconsin race is expected to be much closer.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
Both races will offer Donald Trump's first electoral test of his second presidency and also assess whether Elon Musk is a political asset or liability. National political reporter John McCormick is here to tell us more. John, I want to talk about Wisconsin first. Elon Musk has taken a particular interest in this race for an open seat on the Wisconsin Supreme Court.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
The White House said today that President Trump is putting the finishing touches on his tariff plans, which he will announce tomorrow at 4 p.m. Eastern. White House Press Secretary Caroline Leavitt said the president met with advisers this morning to iron out the final details.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
According to the most recent disclosure records, Musk and groups tied with him spent at least $20 million on ads and get-out-the-vote activities. Why has he taken such an interest in this election? What is at stake here?
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
Democrats in the state have painted Musk in a negative light and use that as a tactic to push voters away from voting for the conservative candidate in this election. Do we have any indication whether that's working?
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
That was WSJ national political reporter John McCormick. Thank you, John.
WSJ What’s News
White House Says Trump Tariffs Tomorrow Will Take Effect ‘Immediately’
Levitt said the president had already decided on his overall approach to the tariffs, but declined to provide additional details. She also played down concerns about how Wall Street would fare under the new levies. Canadian Prime Minister Mark Carney reiterated his intention to slap retaliatory tariffs against the U.S.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
For more on what the court ruling could mean for Trump's trade agenda, I'm joined by trade and economic policy reporter Gavin Bade. So Gavin, which tariffs are affected by the Court of International Trade's ruling and which ones aren't?
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
And what are the tariffs that aren't affected by this?
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
An appeals court temporarily allows President Trump's tariffs to remain in place. Plus, what yesterday's ruling that voided the tariffs could mean for Trump's trade agenda.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
Of course, trade negotiations are still going on, right? So Canada and China have welcomed the court's ruling. The UK, which was the first country to strike a deal with the U.S., has had a more sort of wait and see approach. Why would any country negotiate with the U.S. right now?
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
So if the trade court ruling is upheld, would that then be the end of Trump's trade agenda? Could he use other legal ways to keep tariffs in place?
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
That was Wall Street Journal reporter Gavin Bade. Thank you, Gavin.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
We heard how the administration plans to oppose the trade court's ruling all the way to the Supreme Court. WSJ's Jess Braven explains what a potential Supreme Court ruling would mean.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
And President Trump tells Fed Chair Jerome Powell he's making a mistake by not lowering interest rates. It's Thursday, May 29th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. President Trump's tariffs are to stay in place for now. In a brief order this afternoon, the U.S.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
Wall Street took the latest tariff news with a grain of salt. Investors were initially enthusiastic after the trade court struck down President Trump's most sweeping tariffs. But by this afternoon, stocks had paired gains. In the end, major U.S. indexes closed higher for the day. The Dow was up about 0.3 percent, and the S&P 500 and the Nasdaq both rose roughly 0.4 percent.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
New data from the Labor Department showed that more people newly filed for unemployment claims last week, a larger uptick than economists expected, but one that still kept the claims tally within its recent range. And revised data from the Commerce Department indicated that underlying demand in the U.S. economy grew 2.5 percent in the first quarter, less than previously thought.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
Inflationary pressures were also firm. The PCE, or Personal Consumption Expenditures Price Index, rose at an unrevised 3.6% annual rate, up from 2.4% in the previous quarter. Coming up, we've got the rest of the day's news, including how Meta is getting into the defense business. That's after the break.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
In a meeting at the White House today, President Trump told Federal Reserve Chair Jerome Powell that he's making a mistake by not lowering interest rates. The Fed said Powell met with Trump at the president's invitation. It was their first meeting in Trump's second term. The Fed said that Powell didn't discuss his specific expectations for monetary policy.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
He did stress that policy decisions, such as the path of interest rates, would depend on economic data. And Tim Leisner, a disgraced former Goldman Sachs banker turned government cooperator, has been sentenced to two years in prison for his role in the looting of billions of dollars from a Malaysian sovereign wealth fund.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
The Wall Street Journal recently reported that, according to a person familiar with the matter, Malaysia is seeking to extradite Leisner and has since engaged with the Justice Department about its request. Meta Platforms and Andril Industries, the defense company headed by Palmer Luckey, are teaming up to build high-tech headsets for the U.S. Army.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
The line of helmets, glasses, and other wearables will carry sensors that enhance soldiers' hearing and vision, helping them detect drones flying miles away or sighting hidden targets, for instance. Meta and Andril have jointly bid on an Army contract for VR hardware devices worth up to about $100 million.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
Heather Somerville, who covers technology and national security for The Wall Street Journal, says that for Facebook and Instagram parent Meta, this could be a big move for its business.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
Court of Appeals for the Federal Circuit said it was pausing yesterday's decision from the Court of International Trade, which, as you heard in this morning's show, ruled that President Trump didn't have the authority to impose sweeping tariffs on virtually every nation until it could hear further legal arguments.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
And that's what's news for this Thursday afternoon. Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
U.S. Tariffs Stay in Place as Appeals Court Puts On Hold Earlier Ruling
The pause comes as the Trump administration scrambled in search of a stay on the ruling, saying it would take the matter to the Supreme Court before the end of the week if necessary. In a briefing at the White House this afternoon, Press Secretary Caroline Leavitt said the trade court's ruling was part of a, quote, dangerous trend of judges interfering with the president's decisions.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
New data out today from the National Association of Realtors shows that the number of homes going under contract in the U.S. rose 2% in February, a little faster than economists expected, but still lagging behind last year's levels. And the U.S. Commerce Department revised its fourth quarter GDP growth figure to 2.4%, up from a previous estimate of 2.3%.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
The first official estimate of first quarter GDP growth, which most economists expect to come in below 2%, comes April 30th. U.S. markets are still reacting to President Trump's announcement yesterday that he would impose 25 percent tariffs on automotive imports to the U.S. Foreign trading partners hit back.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
The European Union vowed a robust response, while Mexico's president said discussion, collaboration and negotiation were still possible. Last night, the U.S. president threatened even more tariffs. In a social media post, he warned that if the European Union and Canada work together to harm the U.S. economically, they would face levies that were, quote, far larger than currently planned.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
Shares in carmakers such as General Motors, Ford, and Stellantis sank, alongside international rivals like BMW, Toyota, and Hyundai. Major U.S. indexes ended the day slightly lower. The S&P 500 fell about 0.3 percent, the Dow dipped roughly 0.4 percent, and the Nasdaq dropped about half a percent. The White House is pulling the nomination of Representative Elise Stefanik for U.S.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
And U.S. stocks end lower as President Trump's planned tariffs rattle the auto industry. It's Thursday, March 27th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Robert F. Kennedy Jr. said he will cut 10,000 jobs from the Health and Human Services Department that he leads.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
Ambassador to the United Nations. In a post on Truth Social, President Trump said he asked Stefanik to stay in Congress to help pass his agenda. If she left the House, it would trigger a special election in the New York district she represents, which would put Republicans' tight majority at risk.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
Robert F. Kennedy Jr. announces 10,000 job cuts and a major restructuring of the Department of Health and Human Services. Plus, U.S. economic growth now depends on electricity.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
Britain and France are faltering in their campaign to persuade other European allies to send troops into Ukraine to secure a peace deal, as doubts grow about the U.S. 's willingness to guarantee their security. French President Emmanuel Macron convened dozens of leaders today in a bid to hammer out an agreement for a European deployment of land, air, and maritime forces that could go into Ukraine.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
But he emerged from hours of negotiations without a public commitment from other European countries to send troops. Coming up, move aside, oil. The future of the U.S. 's energy security is all about electricity. That's after the break. For a long time in the U.S., energy security meant shoring up our supply of oil.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
The country wanted as much stability as possible because an interruption to supply from wars, disasters or political convulsions could cause chaos. But as WSJ chief economics commentator Greg Ips says, the future of energy security means electricity.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
That will be especially true as the demand for electricity grows from things like data centers, new factories, and the gradual electrification of everything from cars to home heating. Greg is here to tell us more. So, Greg, where does most of this electricity come from in the U.S. ?
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
Given that most of the sources are domestic now, what does energy security look like for electricity?
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
What are electricity providers in particular doing to secure the supply?
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
What does this mean for economic growth?
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
It's a move that will reshape the nation's health agencies and close regional offices. These worker cuts, in addition to the roughly 10,000 voluntary departures since President Trump took office, mean that the department will shed about one quarter of its workforce. For more, health reporter Liz Esley White joins me now from Washington. Liz, who will be affected by these cuts?
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
That was WSJ Chief Economics Commentator Greg Ip. Thanks, Greg.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
Their parents, financial coaches, and tax advisors are all telling them to do it. So they're doing it. Young people are flocking to Roth IRAs. According to the latest data from the Center for Retirement Research at Boston College, of those who contribute to an IRA or a Roth IRA, 41% were under 40 in 2022, up from 28% in 2016.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
By getting the money in early, the thinking goes, young savers are giving it time to grow tax-free. Personal finance reporter Ashley Ebling told our Your Money Briefing podcast how people can get started with Roth IRAs.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
To hear more on this story, listen to tomorrow's episode of Your Money Briefing. And finally, are you not trying to reinvent the ocean? Or maybe you're dancing on thin ice. These are just a few of the verbal flubs collected by Mike O'Brien, a longtime sales executive at Ford Motor who retired last month.
WSJ What’s News
How RFK Jr. Is Reshaping the U.S. Health Agencies
For more than a decade, he kept a running list of mixed metaphors and malaprops his colleagues uttered in meetings. All in all, he collected more than 2,200 linguistic breaches, which became known as the board words. The story has lots more examples that you'll want to check out. We'll leave you a link in our show notes. But honestly, I'm living for the comment section.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
Asked whether he believed Russian President Vladimir Putin would negotiate in good faith, Trump said that he has confidence that if there is a deal, it's going to hold. The remarks, made while sitting next to British Prime Minister Keir Starmer in the Oval Office, showcase the president's confidence in his own deal-making skills.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
At a press conference after the meeting with Starmer, Trump said he's working for a ceasefire in Ukraine.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
U.S. officials have said it is premature to decide on the American role in any peacekeeping force until an agreement to stop the fighting is reached. For people with federal student loans, the payment clock is ticking again. In October, pandemic-era relief on federal student loans ended, kicking off the 90-day window people have to make payments before their credit scores tick a hit.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
And it seems that many of them haven't. According to credit score provider VantageScore, about 43 percent of borrowers who owe payments haven't resumed making them. To talk more about the impact, I'm joined now by personal finance reporter Oyin Adedoyin. Oyin, why is this happening? Did millions of people just, like, forget that payments have restarted?
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
What is the impact if you happen to be one of those among the 43% who has not made your payment yet?
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
And for some U.S. companies, a strong dollar is kind of a nuisance. It's Thursday, February 27th. I'm Alex Ocelot for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. President Trump has announced an additional 10% tariff on imports from China over its role in the fentanyl trade.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
This is a generation for whom things like home buying kind of feels off limits. Is merely forgetting an individual payment going to have really that big an impact on some of those big economic items for them?
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
President Trump plans another 10% tariff on products from China. Plus, Americans have to pay their federal student loans again. Not doing it comes with consequences.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
That was WSJ personal finance reporter Oyin Adedoyin. Thank you so much, Oyin.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
Coming up, why, for some U.S. companies, a strong dollar can be a big pain. That's after the break. For Americans traveling abroad, a strong dollar is often a good thing. But for U.S. companies with global operations, a strong dollar can actually be a bit of a headache. And right now, the dollar is really strong.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
The WSJ dollar index, which tracks the dollar against a bunch of other currencies, rose 6% during the fourth quarter of 2024. And though that's down a bit from its latest peak, as of yesterday, the dollar is up 2.4% from a year earlier. Kristen Broughton, who covers corporate finance for The Journal, is here to tell us more. So, Kristen, break this down a bit for me.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
Why can a strong dollar make life difficult for some U.S. companies, even if they're posting strong sales abroad?
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
What are some of the companies that are affected by this?
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
So these companies are dealing with this issue primarily when they're reporting earnings. What are they doing about this?
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
What is driving the strength of the dollar and what is the kind of outlook here?
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
That was WSJ reporter Kristen Brodden. Thank you so much, Kristen.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
Over the past eight years, Oracle co-founder Larry Ellison has poured half a billion dollars into an agriculture startup called Sensei Ag. Ellison and his Sensei Ag co-founder, celebrity doctor David Agus, envision the farm as an ambitious tech venture that would use new techniques to grow tastier, nutrient-rich crops. So far, though, it's mostly been a bust.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
The move doubles up on the previous 10% of additional tariffs the president placed on Chinese products earlier this month. The new tariffs are set to go into effect on Tuesday. In a post today on his Truth Social platform, Trump also reinforced his threat to impose 25% tariffs on products from Canada and Mexico, a day after hinting that they could be delayed again.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
The company is using little of the revolutionary technology, and its crop yields have been far lower than promised. WSJ reporter Tom Dauton told our Tech News Briefing podcast about where the company might go from here.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
To hear more from Tom, check out today's episode of our Tech News Briefing podcast. And finally, close your eyes and come with me on a little journey. You're out at a nice restaurant for dinner. You choose something delicious off the menu, the day's special, full of fresh ingredients. Yum.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
You ask the sommelier for a recommendation for a wine with delicate notes that would pair perfectly with your meal. Okay, now, would you ask for a similar recommendation for a beer? Turns out there is such a thing as a beer sommelier, and there are only 28 of them in the world. Like in wine, a master Cicerone studies for years to take a certification exam.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
The test for the highest level involves 16 essays, 8 blind beer tasting panels, and 12 oral exams over two days. And after all that, they can expect to get a job not in a restaurant, but running beer education events and developing new brews at a beer company. Cheers! Cheers! And that's what's news for this Thursday afternoon.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
Today's show is produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
A spokesman at the Chinese embassy in Washington defended China's record in fighting drug trafficking. In U.S. markets today, stocks slipped after President Trump made fresh tariff threats, and investors remained unimpressed by NVIDIA's forecast beating results after yesterday's close.
WSJ What’s News
Student-Loan Borrowers Hit by Steep Drop in Credit Scores
The Dow fell about half a percent, the S&P 500 dipped roughly 1.6 percent, and the Nasdaq dropped about 2.8 percent. President Trump said today that he expected any Ukraine-Russia peace deal would hold, but that his approach toward talks involving the Kremlin will be, quote, trust and verify.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
To read Jason's full story, check out the link in the show notes. Since starting his second term in January, President Trump has toppled federal agencies, consolidated executive power, challenged global alliances, and reconfigured America's economic relationships around the globe. His moves have been met with protests, court challenges, dipping poll numbers, and political opposition.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
But faced with market turmoil, the president seems ready to soften his stances on the economy and trade. For more, I'm joined by White House reporter Meredith McGraw. Meredith, is Wall Street the only force that has reliably pushed the president to back down?
WSJ What’s News
China Bets Trump Will Cave on Tariffs
Trump wants to drive market gains, but he also wants to reshore American manufacturing through these steep tariffs. Can he do both?
WSJ What’s News
China Bets Trump Will Cave on Tariffs
That was White House reporter Meredith McGraw. Thank you, Meredith. Thanks, Alex. U.S. stocks rallied again today, despite few concrete developments on the trade war front. Investors expect volatility is here to stay, but for now, they're clinging to optimism. Major indexes rose. The Nasdaq led the gains, adding about 2.75% for the day.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
The S&P 500 gained roughly 2%, and the Dow notched up about 1.2%. The National Association of Realtors said today that U.S. existing home sales fell 5.9 percent in March from the prior month. That's the biggest monthly decline since November 2022 and was much worse than the 3.1 percent drop that economists expected. Meanwhile, mortgage rates have stayed high.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
U.S. home sales fell last month, boating ill for the crucial spring selling season. Plus, China dismisses suggestions it's in negotiations about tariffs with the U.S.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
According to Freddie Mac, mortgage rates have held between 6.5 and 7 percent for most of 2025. Though today, the 30-year fixed-rate mortgage averaged 6.81 percent, down slightly from 6.83 percent last week. Nicole Friedman, who covers the housing market for The Journal, joins me now. Nicole, what's behind this drop in home sales?
WSJ What’s News
China Bets Trump Will Cave on Tariffs
There were hopes that this spring would offer signs of a turnaround for the industry. There's more inventory. Does that turnaround seem likely now?
WSJ What’s News
China Bets Trump Will Cave on Tariffs
That was WSJ reporter Nicole Friedman. Thanks, Nicole.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
Coming up, why Florida's governor wants more teen workers. That's after the break.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
A number of U.S. states are looking to get the most out of teenage workers. The latest, Florida. The office of Governor Ron DeSantis has drafted and pitched bill language for the current legislative session that would cut restrictions on the hours that minors can work. The proposals have the support of small business groups and opposition from unions and advocates for the poor.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
And Florida's solution to a labor shortage? Teenage workers. It's Thursday, April 24th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
For more on the move, I'm joined by reporter Tali Arbell. Tali, why is Florida looking to lean more on teenage workers?
WSJ What’s News
China Bets Trump Will Cave on Tariffs
And critics, what do they say? Why are they opposed to it?
WSJ What’s News
China Bets Trump Will Cave on Tariffs
In business news, PepsiCo said today that it expects flat earnings this year, reversing earlier forecasts of growth. The company relies on concentrate from Ireland to make its U.S. drinks, which is now subject to a 10% tariff. Rival Coca-Cola doesn't have this problem, but both companies could be hurt by a 25% tariff on aluminum imports, which they use for cans.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
Pepsi executives said they plan to take action to mitigate the impact of tariffs on the company's supply chain costs, but declined to provide details on their plan. Intel said today that it will streamline its business by cutting management positions, a move the chipmaker said will allow it to increase focus on engineering new products.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
The company didn't say how many jobs it would cut or detail the charges it expects to incur as a result of the restructuring. Intel's streamlining plan came as the company logged a wider loss and lower sales in the first quarter. And Alphabet posted higher profit and revenue in the first quarter, driven by growth in its advertising, services, and cloud divisions.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
Google's parent company posted a profit of more than $34 billion for the first quarter, while revenue rose 12% to about $90 billion. Both profit and revenue beat analyst expectations. Revenue increased 10% across Google services, which includes advertising, and 28% in its cloud unit, which includes its artificial intelligence business. And that's what's news for this Thursday afternoon.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
President Trump's apparent softening on tariffs against China in recent days has buoyed markets and raised hopes for a de-escalation between the world's two largest economies. For Chinese leaders, it only strengthens their resolve that Trump will eventually cave if they wait him out. President Trump said today his team was actively talking to Beijing about trade.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
Today's show is produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
China Bets Trump Will Cave on Tariffs
Beijing played down hopes for an imminent rapprochement, saying it hasn't held negotiations with the U.S., quote, let alone reached an agreement, and described reports of U.S.-China talks as fake news. WSJ Asia Economic Reporter Jason Douglas.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
Let's talk about what happens next. Are we expecting any sort of meaningful resistance to the bill and its passage in the Senate?
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
That was WSJ reporter Richard Rubin. Thank you, Richard.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
The bond market showed signs of stabilizing today after the House passed President Trump's tax bill. U.S. markets ended the day mixed. The Nasdaq rose about 0.3 percent, while the S&P 500 and the Dow edged lower. U.S. existing home sales fell by 0.5% in April from the prior month to a seasonally adjusted annual rate of $4 million.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
According to the National Association of Realtors, that's the slowest sales pace for any April since 2009. Meanwhile, mortgage rates climbed to the highest level in three months, approaching 7%. According to a survey of lenders by Freddie Mac, the average rate on the standard 30-year fixed mortgage is now 6.86%.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
WSJ reporter Nicole Friedman told our Your Money Briefing podcast that these recent sales numbers are spoiling hopes that the housing market can break out of a rut in these spring months, which are critical for the real estate industry.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
For more on the latest housing market data, check out tomorrow's episode of Your Money Briefing. The Trump administration is withdrawing Harvard University's authorization to enroll foreign students. It's a major escalation and financial blow in the government's pressure campaign against the nation's most prominent university.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
What's in President Trump's tax and spending bill that's headed to the Senate? Plus, the Trump administration blocks Harvard from enrolling foreign students. And antitrust enforcers raise concerns about how institutional investors wield ownership of shares in rival companies.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
A Harvard spokesman called the government's move unlawful and said the school is committed to maintaining its ability to host international students. Harvard enrolls about 7,000 international students and, like many U.S. universities, it relies on their tuition payments, which are often full freight.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
The administration has already pulled billions of dollars in federal research funding from the school and threatened to revoke its tax-exempt status, citing concerns about anti-Semitism and DEI. A federal judge has blocked the Trump administration's wide-scale efforts to dismantle the Education Department. A U.S.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
district judge in Boston said the Education Department's cuts have effectively gutted the agency without Congress's consent. It's the latest legal setback for the administration, which said it will appeal the ruling. And the U.S. Supreme Court rejected a plea to require state charter school programs to fund religious schools.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
The court divided four to four on the case, as Justice Amy Coney Barrett recused herself. The tie affirms an Oklahoma Supreme Court decision that found it unconstitutional to require the state to fund religious education through its public charter program. It's an unexpected setback for social conservatives, who had won a string of cases expanding sectarian involvement in public education.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
The GOP-led Senate voted today to take away California's ability to set its own tailpipe emissions standards, effectively killing the country's biggest driver of EV investment. The vote was 51 to 44. The move nullifies California's 2022 measure banning the sale of new gasoline-powered cars by 2035.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
Since the House had already passed the same resolution, it now heads to President Trump for his signature. Coming up, what an antitrust case in Texas could mean for big institutional investors. That's after the break.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
For the first time, U.S. antitrust enforcers are arguing that large institutional investors who own shares in rival companies may be violating antitrust laws if they use their influence to affect how those firms compete.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
The Justice Department and Federal Trade Commission made those views public today as part of a brief in a case filed last year by Texas Attorney General Ken Paxton and other Republicans against BlackRock, State Street, and Vanguard Group.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
The federal government's filing, known as a statement of interest, says the asset manager's holdings of multiple companies in the coal industry, known as common ownership, could violate competition laws. For more, I'm joined by Dave Michaels, who covers corporate law enforcement for The Wall Street Journal. Dave, why are antitrust enforcers taking this stance now? Why the change of heart?
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
What are asset managers saying about this?
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
Dave, I understand that we're a bit ways away from having an actual outcome or decision on this case, but what could the outcome mean for institutional investors?
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
It's Thursday, May 22nd. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Early this morning, the Republican-led House passed President Trump's sprawling tax and spending bill after party leaders made a series of last-minute changes that united their warring wings.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
That was WSJ reporter Dave Michaels. Thank you, Dave.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
The streaming revolution has entered its next era. It comes with abundant choices for consumers and green shoots of profitability for entertainment companies. Recently, several of them have swung into profitability. That includes Disney, home to the Disney Plus and Hulu streaming services. Warner Bros. Discovery has also seen significant gains. and more streaming services are coming soon.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
Isabella Simonetti covers media for The Wall Street Journal. She told our Tech News Briefing podcast what's making streamers profitable and what it means for consumers.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
To hear more from Isabella, listen to tomorrow's episode of Tech News Briefing. And finally, it's been a long time coming, but the U.S. government is phasing out the penny. The Treasury Department said in a statement today that it'll stop putting new pennies into circulation by early next year.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
Businesses will need to start rounding up or down to the nearest five cents as pennies fade from circulation. So dig between those couch cushions because, who knows, those pennies might someday be collector's items. And that's what's news for this Thursday afternoon. Today's show was produced by Pierre Bien-Aimé with supervising producer Michael Kosmides.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
What’s in President Trump’s Tax Bill as it Heads to the Senate
The vote was 215 to 214, with one lawmaker voting present. Richard Rubin, who covers tax policy for the journal, joins me now. Okay, Richard, what was actually in this final bill that did eventually pass?
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
Well, yesterday's post-Fed rally in the markets seems to have sputtered, as U.S. indexes ended the day in the red. The Nasdaq fell about 0.3 percent, the S&P 500 dipped about 0.2 percent, and the Dow fell less than a tenth of a percent. With the markets wavering and the threat of a slowing economy, some investors are turning to a potentially safer option, dividend stocks.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
These are shares in companies that offer relatively hefty cash payouts. And so far this year, they're beating the broader market. Hannah Aaron Lang, who covers markets for The Journal, told our Your Money Briefing podcast why dividend stocks are so appealing right now.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
To hear more from Hannah, listen to tomorrow's episode of Your Money Briefing. Coming up, why U.S. border agents are taking a more aggressive approach towards visa holders. That's after the break. Immigration officers are employing more aggressive tactics with immigrants and tourists trying to enter the United States.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
For more on this approach and its impact, I'm joined by WSJ White House reporter Tarini Partee. Tarini, what's new about the way border agents are approaching travelers?
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
And home sales were up last month. What's behind the rise? It's Thursday, March 20th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. New data out today from the National Association of Realtors shows that U.S. existing home sales rose 4.2 percent in February from the prior month.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
I'm curious why this is happening now.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
President Trump signs an executive order seeking to abolish the education department. Plus, why Florida lawmakers are considering getting rid of property taxes.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
Did you get any response from any of the other departments working on this?
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
That was WSJ White House reporter Tarini Partee. Thank you, Tarini.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
In other news, President Trump has signed a much-anticipated executive order that would begin dismantling the Federal Department of Education. The order directs Education Secretary Linda McMahon to facilitate the closure of the agency to the maximum extent possible and permitted by the law.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
McMahon will face a number of complications in closing the department, a task she has called its final mission. Existing law doesn't allow the president to unilaterally close a department, such as education, that has been established by Congress.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
If you're wondering about the implications and possible challenges to the president's moves to abolish the Education Department, listen to our recent episode of What's New Sunday. Trump wants to abolish the Education Department. What comes next? We'll put a link to that episode in our show notes. The Taliban has released American George Glesman, ending his two-year detainment.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
It's a diplomatic victory for President Trump that could reshape U.S. relations with Afghanistan. U.S. officials said the Taliban agreed to send Glezman back to the U.S. in exchange for improved relations with Washington, forgoing its previous demand that America hand over imprisoned Taliban members.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
Glezman, a mechanic for Delta Airlines, was touring Afghanistan when the Taliban seized him in December 2022. Tesla is recalling most Cybertrucks, more than 46,000 vehicles. The National Highway Traffic Safety Administration said a cosmetic part over the left and right windows can detach from the vehicle, which the agency said could create a road hazard for motorists.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
The agency said Tesla isn't aware of any collisions, fatalities, or injuries related to the issue and that Tesla will replace the parts free of charge. This is the eighth recall issued on the Cybertruck, which Tesla first released in 2023. In Florida, it's becoming very, very expensive to own a home. With home prices rising and property taxes soaring, homeowners are feeling the strain.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
Florida's leaders are considering a far-reaching remedy for that, ditching property taxes. A full repeal is unlikely to happen soon, but the idea is gaining political traction. WSJ economics reporter Arianne Campo-Flores is here to tell us more. Arianne, I mentioned the financial strain that homeowners are under in Florida. Why are lawmakers now looking to get rid of property taxes?
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
Who's feeling that strain most?
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
So you write that a full repeal of property taxes is unlikely. Why is that?
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
That was far better than economists expected and was the first month-over-month increase in two months. Nicole Friedman, who covers the U.S. housing market for the journal, explains the rise, despite the fact that mortgage rates haven't changed much.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
That was WSJ economics reporter Arian Campo Flores. Thank you, Arian.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
And finally, are you into basketball? Celtics fan, maybe? Well, your favorite team and, some might argue, the most storied franchise in the history of professional basketball is about to change hands.
WSJ What’s News
Why Florida Is Considering Getting Rid of Property Tax
Today, a group led by Wick Grosbeck, the Celtics' current owner, announced an agreement to sell the team to a group led by William Chisholm, co-founder of the private equity firm Symphony Technology Group. The deal values the Celtics at $6.1 billion, the highest price paid for a team in the history of American sports.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
The reporter noted that Powell says he won't leave even if Trump asks him to.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
So can Trump do this? I'm joined now by WSJ chief economics commentator Greg Ip. OK, Greg, give it to me straight. Can the president fire the Fed chair?
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
Earlier this year, Trump fired two federal officials who later sued, arguing that the firings were illegal. Now the Supreme Court is considering the dispute. While the case is not directly about the Federal Reserve, it could determine whether President Trump can fire the Fed chair. So what would a ruling in the administration's favor mean for the president?
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
That was WSJ Chief Economics Commentator Greg Ip. Thank you, Greg.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
Tensions between the White House and the Fed could unnerve investors who see the bank's independence as a foundational appeal of U.S. markets. Major U.S. indexes ended the day mixed. The Dow fell 1.3 percent, dragged lower by UnitedHealth Group.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
Its stock fell more than 20 percent after the health care company reported earnings that fell short of Wall Street's expectations, and it substantially downgraded its projected results for 2025. The Nasdaq slipped about 0.1%, while the S&P 500 rose about 0.1%.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
A federal judge ruled today that Alphabet's Google created an illegal monopoly that allowed it to control parts of the online advertising industry. The ruling marked the second time in eight months that a U.S. judge labeled Google an illegal monopolist and could lead the Justice Department to seek a forced sale of some of the company's advertising products.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
The Justice Department didn't win on all of its legal claims. The judge rejected the government's position that Google unlawfully monopolized a third market within the ad tech industry, the market for networks that help advertisers buy display ads across the open web. A Google vice president said that the company would appeal the parts of the decision that it lost.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
WSJ business legal affairs correspondent Jan Wolf told our tech news briefing podcast what the decision could mean for Google.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
President Trump hints at dismissing Fed Chair Jerome Powell. But can he do that?
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
To hear more from Jan, listen to tomorrow's episode of Tech News Briefing. Higher-than-expected subscription and ad revenue helped Netflix beat its forecast for core metrics in the first three months of the year. The company reported $10.5 billion in revenue in the first quarter, up 12.5 percent year over year.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
Net income rose about 24 percent to almost $3 billion, beating its forecast of $2.44 billion. The streamer said it expects even stronger revenue growth in the second quarter, as it anticipates recent price increases, continued membership growth, and fresh advertising revenue.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
New Census Bureau data out today shows that housing starts, a measure of home construction, dropped 11.4 percent in March from February. That marked the steepest plunge in a year. Stubbornly high home prices and mortgage rates have kept home buyers on the sidelines for months. Muted demand has discouraged builders from putting more shovels in the ground.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
And a survey from Pew Research Center out today showed that Americans view economic ties with Beijing as less beneficial to the U.S. than to China. But they're also skeptical about addressing the relationship with tariffs, saying that increased tariffs on China would be bad for the U.S. and for them personally.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
The survey was conducted in the final full week of March, after President Trump slapped the first new tariffs of his second term on China, but before a back-and-forth between the two countries propelled tariff rates into the triple digits. Coming up, why Wall Street's private equity fee machine is grinding to a halt. That's after the break.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
Plus, a federal judge rules that Google operates in a legal monopoly of online advertising. And private equity, one of Wall Street's most consistent profit engines, is close to breaking down. It's Thursday, April 17th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
Private equity is one of Wall Street's most consistent fee generators. But that moneymaker now looks close to breaking down. For more, I'm joined by Miriam Gottfried, who covers private equity. Miriam, shares of fund managers like Apollo Global Management, Blackstone, and KKR are down 20% or more this year. And that's way more than the broader market. What's going on here?
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
That was WSJ reporter Miriam Gottfried. Thank you, Miriam. Thanks. The Trump administration has threatened to stop international students from attending Harvard University.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
A letter from Homeland Security Secretary Kristi Noem said that hosting international students was a privilege, not a guarantee, and that because Harvard had, quote, created a hostile learning environment for Jewish students, the administration was requesting information about visa holders by April 30th.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
Harvard President Alan Garber has called the demands an illegal attack on the school's independence. And the European Central Bank cut interest rates today to offset the economic blow of tariffs. The ECB lowered its key interest rate to 2.25% from 2.5%, its seventh cut in eight meetings, taking borrowing costs to their lowest level since early 2023.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
And that's what's news for this Thursday afternoon. Today's show is produced by Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
Today, President Trump has taken aim at Fed Chair Jerome Powell. Yesterday, Powell had warned that the Fed could face a difficult tradeoff as tariffs raise prices and weaken the economy.
WSJ What’s News
Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?
This morning, Trump posted on Truth Social that, quote, Powell's termination cannot come fast enough, adding that the Fed chair, quote, is always too late and wrong and that he should be cutting interest rates as other central banks have done. Later this afternoon, in a press conference in the Oval Office with Italian Prime Minister Giorgio Maloney, Trump was asked again about Powell.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
The tit-for-tat over alcoholic beverages, which push down shares in European drinks companies, could target more than $10 billion worth of European exports to the U.S., depending on how broadly Trump imposes tariffs. Meanwhile, Labor Department data out today showed that wholesale prices held steady last month.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
But the department said that a data revision meant that prices charged by producers rose by more than initially estimated in January. The January increase was 0.6 percent, not the 0.4 percent previously estimated.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
The prices charged for eggs, however, jumped by more than 53 percent in February, fueling a 0.3 percent increase in prices charged for goods overall, balanced by a 0.2 percent decline in prices charged for services.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
To investors, the producer price figures are most important as data that feed into the Federal Reserve's preferred gauge of inflation, the Personal Consumption Expenditures Price Index. U.S. stocks slid today as investors remained on edge over new tariff threats and mixed signals on inflation.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
The S&P 500 fell about 1.4 percent, entering correction territory as it fell more than 10 percent from its record high on February 19th. It's the index's first correction since October 2023. The Dow and the Nasdaq also closed lower, falling about 1.3 percent and 2 percent, respectively.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
Between a looming trade war, stubborn inflation, and recession fears, American consumers have had a lot to worry about this year. And it's affecting their spending, no matter their income level, and across necessities and luxuries all at once. Take low-income consumers.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
Recent comments from executives at Walmart, McDonald's, and Dollar General indicate that they're being careful about what they're spending, especially on things beyond essentials. Meanwhile, higher income shoppers have less discretionary spending to use at retailers like Kohl's. Macy's CEO said that affluent customers are just as uncertain and confused by what's happening.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
And Costco, where customers pay a membership fee, said last week that demand has shifted towards lower cost proteins such as ground beef and poultry. Another place where budget tightening is playing out? Convenience stores, where consumers often pick up snack foods and cigarettes. According to market research firm Cercana, U.S.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
convenience store sales volume fell by more than 4 percent in the year ended February 23rd. And that could have an impact on snack companies' bottom line. Jesse Newman covers food and agriculture for the journal. So, Jesse, spell it out for us. Why exactly are consumers spending less on snacks?
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
It's Thursday, March 13th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Russian President Vladimir Putin said today that Russia wouldn't agree to an immediate end to the fighting in Ukraine as Moscow's army made rapid gains towards expelling Ukraine's forces from its Kursk region.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
How important are these convenience store purchases for the snack companies?
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
Vladimir Putin rejects a proposal for immediate ceasefire in Ukraine. Plus, a federal judge says the Trump administration must reinstate thousands of federal workers. And possible cuts to Medicaid put startups and their backers at a crossroads.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
So what are they doing about this?
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
That was WSJ reporter Jesse Newman. Thank you, Jesse. Thanks so much. Coming up, what could possible cuts to Medicaid mean for startups? That's after the break. We might use it on the show. Those potential cuts to Medicaid could have an impact on the millions of Americans that rely on it, but also on the dozens of venture-backed startups created to improve care for those patients.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
Now, those startups are at a crossroads, putting them in a position to benefit or potentially suffer from the shift in funding. Brian Gormley covers venture capital and health care for The Wall Street Journal. Brian, you write that this could be a big moment for these health care startups. How could they potentially benefit?
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
So those are the companies that could stand to benefit from this shift. What about the companies that could potentially suffer?
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
Would you expect a lot more capital to be poured into certain kinds of companies?
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
He said that any pause in fighting at this point would be in Ukraine's interest and added that Russia wanted a truce that led, quote, to a lasting peace and the elimination of the root causes of the war, which he described as a crisis. Putin's comments were Moscow's first official response to a U.S.-backed proposal, which Ukraine agreed to this week, that would pause the war for 30 days.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
That was WSJ reporter Brian Gormley. Thank you, Brian.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
The White House has withdrawn President Trump's nominee to lead the Centers for Disease Control and Prevention. A Republican familiar with the discussions said that senators told the Trump administration that Dr. Dave Weldon didn't have the votes to be confirmed. It was a rare change in the president's plans to fill top roles with candidates who have mostly won approval.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
And in another blow to the Trump administration's efforts to rapidly scale back the size of the federal workforce, a federal judge has ordered six federal agencies to reinstate thousands of probationary employees who were fired last month. A U.S.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
district judge in California said today that probationary workers from the Departments of Agriculture, Energy, Interior, Treasury, Defense, and Veterans Affairs had been unlawfully fired. The order didn't extend to other agencies affected by the firings, though the judge didn't rule out potentially expanding that in the future.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
The Justice Department said that the decision to terminate the workers had been lawfully made by each agency's leaders. Current and former U.S. officials said that Elon Musk visited the National Security Agency yesterday.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
The discussion with the NSA, Musk's first known visit to an intelligence agency, centered on staff reductions and operations, officials said, with one describing it as a, quote, positive conversation. WSJ columnist Tim Higgins is looking at Musk's first 100 days in the Trump White House and spoke to our Tech News Briefing podcast about how Musk and Trump are getting along.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
To hear more from Tim, listen to tomorrow's episode of our Tech News Briefing podcast. And finally, can your eye shadow or foundation signal your personal values? On social media, apparently the answer is yes. And even Congress isn't immune. Both Republican Representative Nancy Mace and Democratic Representative Rosa DeLauro recently came under fire for their physical appearance.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
On the one side, there is, quote, Republican makeup characterized by heavy foundation and overfilled eyebrows. And on the other, conservatives say liberals are applying clumsy, clownish makeup and are mocking bright hair dye, piercings and neon lipstick. Honestly, to me, a woman being criticized online for her appearance, that's nothing new.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
But really, are eyeliner and contouring a new political battleground? Online, maybe. But several professional makeup artists say they think liberal and conservative women did their makeup pretty much the same way. And that's what's news for this Thursday afternoon. Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Cosmitas.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
The comments came as, according to U.S. officials, President Trump's special envoy Steve Witkoff was headed to Moscow to discuss the ceasefire proposal. President Trump announced another salvo in a fast-escalating trade war with the European Union, saying he would impose a 200% tariff on U.S. imports of wine, champagne, and other alcoholic beverages from the 27-nation bloc.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Consumers Pull Back Spending, From Luxury Goods to Convenience Stores
In a post on his Truth Social platform today, Trump said the tariff threat came in response to the EU's decision to impose a 50% levy on American whiskey, itself a response to 25% steel and aluminum tariffs that Trump imposed this week.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
The Nasdaq, which posted its biggest gain in more than two decades yesterday, led the losses, ending more than 4% lower. The Dow dropped about 1,000 points, or 2.5%. And the S&P 500 lost about 3.5%. New data from the Labor Department out today showed that inflation cooled unexpectedly last month.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
Consumer prices were up 2.4 percent in March from a year earlier, lower than February's gain of 2.8 percent and well below the 2.6 percent rise that economists expected. Prices excluding food and energy categories, the core measure which economists watch in an effort to better capture inflation's underlying trend, rose 2.8 percent, again below forecasts for a 3 percent increase.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
That was the smallest increase in the core measure since March 2021. For more behind the numbers, I'm joined by WSJ economics correspondent Harriet Torrey. So, Harriet, these numbers don't take into account much of Trump's tariff policies because his liberation day wasn't until April. But normally a slowdown in inflation would be welcome news. Is it this time?
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
U.S. stocks fell sharply as investors reckoned with an uncertain economic outlook. Plus, how President Trump's tariffs threaten a major U.S. export, services.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
There were a couple of things that did show pretty significant price drops like hotel prices and gasoline prices that fell last month. How worrying are these as signs of weakening domestic demand?
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
That was WSJ economics correspondent Harriet Torrey. Thank you, Harriet. Thanks. Inflation may have cooled off for many goods last month, but for eggs, it heated up. The same Labor Department data showed that the average price of a dozen large Grade A eggs more than doubled in March from the year before, climbing above $6 for the first time. Still, relief could be on the horizon.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
The price hike from the prior month was less dramatic than increases in January and February. Wholesale prices declined and demand for eggs usually falls after the winter holidays, helping to relieve some price pressure. And the avian flu outbreaks that have squeezed egg supplies are starting to ease as farmers rebuild stocks.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
House Republicans have narrowly approved the budget blueprint for President Trump's one big beautiful bill. The vote marks a major step forward for Trump's legislative agenda, and it notches a much-needed win for the White House after President Trump put some of his tariffs on hold yesterday. The budget approved today will provide only a minimal guide for the work ahead.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
It contains a House plan and a Senate plan that don't match each other. The House plan requires at least $1.5 trillion in spending cuts over a decade and allows $4 trillion in tax cuts. If spending cuts go up, the tax cuts can increase. The Senate plan, meanwhile, locks in just $4 billion in spending cuts and allows more than $5 trillion in tax cuts.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
WSJ tax policy reporter Richard Rubin tells us that, in many ways, for Republicans, getting the bill through the House was the easy part.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
— Coming up, you can't put a tariff on services. But this major U.S. export is now being pulled into Trump's trade wars. That's after the break. —
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
President Trump has said that tariffs can help close the massive U.S. trade deficit in goods, which he sees as a sign of economic weakness. But that's only part of the trade story. Though the U.S. imports more goods than it exports, the country exports a lot of services, a category that includes things like travel, credit services, and computer software.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
And the House has narrowly passed the budget blueprint for Trump's one big beautiful bill. But that may have been the easy part. It's Thursday, April 10th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. If yesterday's stock market rally was a party, today investors were feeling the hangover. U.S.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
Trump didn't take services into account in his tariff math, but they're still being affected by his trade wars. WSJ economics reporter Conrad Puzier is here to tell us more. Conrad, how important are services to the U.S. economy?
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
So countries can't put tariffs on other country's services. That seems kind of obvious. But there are things they can do to chip away at them, right? What are some of those things?
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
So then how could Trump's tariffs affect the U.S. services industry?
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
That was economics reporter Conrad Puzier. Thank you, Conrad.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
As President Trump's policy changes with on-again, off-again tariffs, consumers are grappling with uncertainty about whether goods will be available in the future and whether they'll be able to afford them. For some who remember the early days of COVID all too well, the instinct is to stock up on everyday goods and accelerate bigger purchases. WSJ economics reporter Rachel Ensign joins me now.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
Rachel, what are the kinds of things that people are stocking up on?
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
different is this disruption from that during COVID?
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
That was WSJ economics reporter Rachel Ensign. Thanks, Rachel. Thanks for having me. Most working-age Americans say they expect to retire at 65. But in reality, it doesn't always work that way. According to the Employee Benefit Research Institute, about one in five retirees reported leaving a career at age 55 or younger. There are advantages to retiring earlier than the national median age of 62.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
stocks declined sharply as investors sorted through a global economic outlook that remains uncertain despite drastic improvements over the past 24 hours. A softer-than-expected inflation report today did little to console investors. The market declines accelerated after the White House said the tariffs the U.S.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
like enjoying more free time and good health. But there can be some downsides, especially where money is concerned. Anne Turgason, who covers retirement and personal finance for the journal, told our Your Money Briefing podcast why retiring early can be financially tricky.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
To hear more from Anne, listen to today's episode of Your Money Briefing. And that's what's news for this Thursday afternoon. Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
U.S. Stocks Fall Sharply as Global Economic Outlook Remains Uncertain
now imposes on China added up to 145 percent, not the 125 percent it previously indicated. Stocks then paired those losses in afternoon trading. Bank stocks and tech shares were hit hard, retracing some of yesterday's epic gains. And Wall Street's fear gauge, the SIBO volatility index, was rising, though far below levels of earlier this week. The three major U.S. indexes fell sharply today.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
Instead, today's market performance is a continuation of the recent dip, which shows that investors are more anxious. WSJ Markets reporter Sam Goldfarb is here to tell us more. Sam, what is underpinning investors' anxiety?
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
So investors have all this anxiety. What are they doing as a result?
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
You know, you write that so far the worst economic reports have been confined to soft data like confidence surveys. How significant is that? What does that mean for the prospect of a recession or a slowdown in growth?
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
And what can the U.S. do with its nuclear waste? It's Thursday, March 6th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. We start our show with the latest developments on President Trump's tariffs. The White House said today that the U.S.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
That was markets reporter Sam Goldfarb. Thank you, Sam.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
The U.S. trade deficit surged in January as imports grew much more than exports. According to Commerce Department data out today, imports rose 10 percent to about $401 billion, while exports climbed by 1.2 percent to roughly $270 billion. That resulted in a deficit of about $131 billion, which was 34 percent greater than the deficit in December.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
I'm joined now by Matt Grossman, who covers economics for the journal. Okay, Matt, break it down for us. What is driving this growth and the deficit?
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
So where do we go from here? Was this just potentially a one-off?
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
The U.S. grants tariff exemptions for certain goods from Canada and Mexico. Plus, stocks sink as trade policy changes make investors anxious.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
That was WSJ reporter Matt Grossman. Thank you, Matt.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
And in companies reporting today, Macy's said it expects sales to decline again this year, as even affluent customers wait to see how swirling tariffs and inflationary pressures hit the economy. Speaking of retailers, we've got another bonus episode for you today.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
In What's News and Earnings, we take a look at American retailers and how the industry is grappling with a growing list of issues, including tariffs, cautious consumers, and still high inflation. You can find it in the What's News feed just before this episode. Coming up, what should U.S. nuclear power plants do with their waste? That's after the break.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
Demand for nuclear energy is growing, driven in part by power-hungry AI data centers. And that's revived a thorny problem. What's to be done with the radioactive waste nuclear power plants produce? Yesterday, the Supreme Court heard arguments in a case over whether private companies can temporarily store spent fuel at facilities in Texas and New Mexico.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
But this kind of temporary storage is especially costly for taxpayers, and efforts at permanent disposal often run into dead ends. My colleague Pierre Bien-Aimé spoke with Wall Street Journal science reporter Eric Nehler and asked about the size of this radioactive mess.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
will pause tariffs on goods from Mexico and Canada that comply with the North American Free Trade Pact until April 2nd. that have disrupted markets and strained relations with close allies. A White House official said the exemption will cover about half the imports from Mexico and more than a third of imports from Canada. Any tariffs already paid since Tuesday will not be refunded to companies.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
That was Wall Street Journal science reporter Eric Kneeler speaking with Pierre Bien-Aimé. When a splashy new nonfiction book comes out, thrifty readers may figure, I'll buy it when it's cheaper in paperback. These days, they may just have to keep waiting. Publishers are increasingly reducing their orders of nonfiction paperbacks or dropping them altogether.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
According to bibliographic database Bowker Books and Print, adult nonfiction paperback titles dropped by 42% between 2019 and 2024, while the number of adult hardcover nonfiction titles fell by just 9% in that same period. Jeffrey Trachtenberg covers the book industry for the journal and is here to tell us more. So Jeffrey, why are publishers choosing to print fewer nonfiction paperbacks?
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
What does this mean for authors? I mean, don't they earn more from a hardcover book?
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
Where does this tell us about where nonfiction publishing might be headed?
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
That was WSJ reporter Jeffrey Trachtenberg. Thanks, Jeffrey.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
In a later address from the Oval Office, Trump said that his decision to roll back some tariffs on Mexico and Canada was unrelated to the volatility they caused in US markets. The day-to-day changes in the White House's tariffs policy did spook the markets. The tech-heavy Nasdaq closed in correction territory, falling by about 2.6 percent.
WSJ What’s News
U.S. Stocks Tumble as Trump Delays Tariffs on Canada, Mexico
The S&P 500 tumbled roughly 1.8 percent, and the Dow dropped about 1 percent. The reaction in the markets is a sign that 2025 isn't going as some investors had hoped. At the start of the year, they were optimistic. The economy was strong and a market-friendly administration seemed poised to roll back regulations.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
I mean, there's so much that happened and so many things were affected, but I'm curious what stood out to you.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
Okay, lots of pain for investors today. Is it over now? What happens next?
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
That was WSJ reporter Hannah Aaron Lang. Hannah, thank you for being here.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
Amid today's broader sell-off, some stocks fared better than others. I'm joined now by WSJ reporter Stephen Wilmott. Stephen, what kinds of companies saw their stock price rise today?
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
It's Thursday, April 3rd. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News? The top headlines and business stories that move the world today. U.S. stocks have suffered their biggest single-day wipeout in market value since the COVID route in March 2020. Dozens of household name stocks posted double-digit declines, including HP, Nike, and Target. The U.S.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
U.S. stocks plunge, losing more than $3 trillion in market value. Plus, why amid a market sell-off, investors are turning to consumer staple stocks. And what a weaker dollar means for the U.S. 's economic future.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
I'm also seeing the share price go up for companies like Philip Morris, Nestle, InBev. What do they have in common?
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
Some of the companies that started the day down quite a bit, including Nike, now they're starting to perhaps not look quite so much like anomalies, right?
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
That was WSJ reporter Stephen Wilmot. Thank you, Stephen.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
Canadian Prime Minister Mark Carney said today that his country would match President Trump's auto tariffs with 25 percent tariffs of its own. The levy would be on U.S. vehicles that are not compliant with the U.S.-Mexico-Canada trade pact. He said the counter tariff would apply only to finished vehicles and wouldn't affect vehicle content from Mexico.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
Carney said the tariff could raise up to the equivalent of about 5.6 billion U.S. dollars, which would be used to help workers and companies affected by the Trump tariffs. The Canadian prime minister also told reporters at a press conference that President Trump's tariff order will rupture the global economy and increase the risk that the U.S. will fall into a recession.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
That, he said, would make it very difficult for Canada to avoid something similar. Coming up, Trump's tariffs were supposed to boost the dollar. Why is it falling instead? That's after the break. Today's market sell-off was no surprise to analysts. But one thing they hadn't expected? A falling U.S. dollar.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
The dollar slipped to its lowest level of the year, sinking more than 2% against the euro, Japanese yen, and Swiss franc. I'm joined now by WSJ Heard on the Street columnist John Cendreau to discuss. Okay, John, what's going on here? Trump's tariffs were supposed to boost the dollar. Why is it falling?
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
dollar sank, oil and gold both fell, and investors dashed for the safety of treasuries. The decline sets up financial markets for one of their most precarious periods in recent years, as the tariffs and the international reaction test the faith investors used to stick with stocks. The Dow fell more than 1,600 points, or about 4%. The S&P 500 slid about 5%.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
So why did this catch analysts by surprise?
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
So just looking at where the dollar is right now, what does it tell us about the long term prospects for the U.S. economy?
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
That was WSJ Heard on the Street columnist John Sandreou. Thank you, John.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
In other news, several National Security Council staffers were fired this week after right-wing conspiracy theorist Laura Loomer alleged to President Trump that some members of his administration weren't aligned with his priorities. That's according to people familiar with the matter. The people said that four NSC aides were fired overnight and that two other NSC aides were let go on Sunday.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
The exact reasons for the staffer's ouster couldn't immediately be determined. NSC spokesman Brian Hughes declined to comment. In a statement, Loomer declined to discuss her meeting with the president. And finally, President Trump's tariffs are truly global.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
Towards the bottom of the list of tariffs the White House released yesterday is an entry titled Herd and McDonald Islands, against which the U.S. plans to levy a 10 percent tariff. Except the Herd and McDonald Islands don't have any people living there. Instead, the remote Australian territory, located about a thousand miles north of Antarctica, is home to a large colony of penguins.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
As Australian Prime Minister Anthony Albanese said, nowhere on earth is exempt from this. And that's what's news for this Thursday afternoon. Today's show is produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Kazimides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
U.S. Stocks Fall, Wiping Out More Than $3 Trillion in Market Value
And the Nasdaq was down more than 1,000 points, ending the day roughly 6% lower. All in all, U.S. stocks have lost roughly $3.1 trillion in market value. For more, I'm joined by WSJ Markets reporter Hannah Aaron Lang. Well, Hannah, what a day it's been for the markets. What happened here today?
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
Hey, What's News listeners. It's Sunday, March 30th. I'm Alex Osola for The Wall Street Journal. This is What's News Sunday, the show where we tackle the big questions about the biggest stories in the news by reaching out to our colleagues across the newsroom to help explain what's happening in our world. This week, we're talking tariffs.
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
We're just a few days away from April 2nd, or Liberation Day, as President Trump has called it, when he plans to lay out a slate of reciprocal tariffs. Today, we're digging into how tariffs have been used in the past and whether they achieved their goals. It's no secret that President Trump loves tariffs.
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
If we look at the automobile example, right, the automobiles get a 10% tariff in Europe. What is the stated purpose of that tariff?
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
Trump has said he's looking to create fairness in tariffs. What is his goal with reciprocal tariffs?
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
You mentioned increasing exports. One of the reasons President Trump has given for imposing tariffs is to reduce the trade deficit. How would that work?
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
All right. When we come back, we get into another of Trump's reasons for tariffs to increase domestic manufacturing. And Mary tells us what signals she'll be keeping an eye on to see if tariffs are achieving Trump's goals. That's after the break.
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
Trump's reasons for imposing tariffs go beyond pure emotion. He considers them to be fair, arguing that the U.S. needs tariffs to match the duties and trade barriers that other countries impose on American products. The president has said that he wants tariffs in order to reduce the trade deficit, that is, to close the gap between how much the U.S. imports and exports.
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
Mary, let's talk about this idea of using tariffs to boost domestic manufacturing, that tariffs could move manufacturing jobs from abroad back to the U.S. Have tariffs been used to do this in the past?
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
We've walked through a bunch of the reasons that President Trump has given for his tariffs. Do you see any other motivation?
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
According to the most recent data available, in January, the U.S. reached a new record for importing more goods than it exports. And he has said that tariffs will boost domestic manufacturing, bringing jobs producing commodities like steel and goods like cell phones back to the U.S. But is that how tariffs have worked in the past?
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
So you're saying that who will be funding this will essentially shift, right?
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
So looking forward, what kind of indicators will you be looking at to see if Trump's tariffs are having the effect that he intends or really just what impact they're having overall?
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
Mary E. Lovely is a senior fellow of the Peterson Institute for International Economics. Mary, thank you for being here.
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
And that's what's news for Sunday, March 30th. Today's show was produced by Charlotte Gartenberg with supervising producer Michael Kazmitas. We got help from deputy editors Scott Salloway and Chris Zinsley, as well as WSJ's head of news audio, Falana Patterson. I'm Alex Osola. We'll be back on Monday morning with a new show. Thanks for listening.
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
Mary E. Lovely, a senior fellow at nonprofit nonpartisan think tank the Peterson Institute for International Economics, joins me now to discuss. Mary, I want to start with this idea of reciprocal tariffs. Trump has said that his tariff plans are responding to those placed on the U.S. by other countries.
WSJ What’s News
Understanding Trump’s Tariff Strategies as ‘Liberation Day’ Approaches
What are some of the tariffs or other protective measures that already existed even before Trump came into office?
WSJ What’s News
Trump Moves Could Force Universities to Recalculate Their Bottom Lines
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WSJ What’s News
Trump Moves Could Force Universities to Recalculate Their Bottom Lines
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WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Customers offended by these products knocked down displays, threatened store employees, and put posts on social media with video from inside stores.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Pulling back meant removing some items from stores and moving merchandise from the front to the back. Target leadership said that they made those decisions out of concerns for the safety of its staff.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
At the time, the company said that it was making the moves with the goal of driving growth and staying in step with the evolving external landscape. As a result of Target dropping its DEI goals, a number of customers have said they are no longer shopping there. It was all over TikTok.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Target was under pressure. In its effort to appease conservative shoppers offended by the collection, it created distrust among LGBT customers. Here's marketing professor Americus Reid again.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
John Zelitis, an analyst and president and founder of investment advisory firm Quo Vadis Capital, follows the discount retail space. He says that investors felt the impact in the short term.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
But Michael Baker, managing director and head of consumer research at investment firm D.A. Davidson, says that in the long term, the episode around the Pride merchandise didn't change much for investors.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Fast forward to January 2025, when Target's DEI efforts were put to another test. Anti-DEI activist Robbie Starbuck had made the company a focus in the months before. The day Donald Trump was sworn in as president, he signed an executive order ending government DEI programs. A few days later, on January 24th, Target announced a, quote, "...evolution of its inclusivity strategy."
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Target said that throughout 2025, it would be ending its workforce diversity programs, it's stopping its supplier diversity programs, and it's concluding its racial equity action and change initiatives. Here's WSJ reporter Sarah Nassauer again.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
At the time, the company said that it was on track to meet the goals set out in the 2020 pledge and that some of its diversity initiatives had already been scheduled to conclude this year. It also said that it will complete its $2 billion commitment to invest in Black-owned brands and businesses in 2025 as planned. But to some consumers, it felt like a betrayal.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Here's marketing professor Americus Reid.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
And boycott they did. Less than a week after Target's announcement, activists in Minneapolis, where Target is based, announced a national boycott. At the same time, Nina Turner, a former Ohio State Senator and founder of the pro-labor nonprofit We Are Somebody, also called for shoppers to boycott Target.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Then, towards the end of February, a pastor outside Atlanta announced a Target boycott during Lent, the Christian time of repentance.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
So Target spent decades showing its diverse customer base that it gets them. Then, according to some, rolling back DEI showed that it really didn't. Stick around for the next episode, where we'll dive further into the boycotts, the Black-owned businesses affected by them, and how all of this might be having an impact on Target's business, now and potentially into the future.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Episode 2 is in your feed now.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
It's not just individuals either. A civil rights lawyer out of Minneapolis launched a nationwide boycott right outside Target's main offices. A Baptist pastor at a predominantly Black church near Atlanta says that by Easter, he got 200,000 people to commit to stop shopping at Target. And Nina Turner, a former state senator from Ohio, organized a boycott, too.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
So what's got them so upset? After all, Target was one of many companies that changed its policies and language around DEI in the past year under pressure from conservative activists and later perceived legal threats from the Trump administration. Last July, farm equipment seller Deere said it would remove socially motivated messages from company training materials and policies.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
It's Sunday, May 18th. I'm Alex Osola for The Wall Street Journal. This is a special episode of What's New Sunday. On a recent Sunday afternoon, I, along with producer Jess Jupiter, visited a Target store in Brooklyn.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
I reached out to Deere for comment but didn't hear back. In November, Walmart announced that it was winding down its nonprofit center for racial equity. A Walmart spokesman told me that the company's five-year commitment made in 2020 will be fulfilled.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
But for years, Target had made inclusivity a key part of its story, how it communicated to customers and how it differentiated itself from competitors. Sarah Nassauer covers Target for The Journal.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
And so while many other companies have retreated from their DEI commitments in recent months, Target's customers say this DEI rollback felt personal.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Customers from different races all over the country say they felt this deeply.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
We reached out to Target for a comment and they responded with a written statement.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
On this two-episode series, we're zooming in on Target. With the company due to report its first-quarter earnings this week, we dive into what impact the ongoing boycotts could have on its bottom line. At a moment when so much of corporate America is drawing back from DEI, why does there seem to be a bullseye on Target?
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
How is this affecting the company's business and the Black entrepreneurs relying on sales from Target's shelves? And for the customers who have been put off by Target's shift, what can the company do to win them back? More after the break.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Before we get into the boycott, let's talk about how we got here.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Target was founded in 1962, an offshoot of Dayton's, a Minneapolis-based department store. Target's positioning in the market was for discount goods. Even now, with almost 2,000 U.S. stores and more than 400,000 employees, it still shares some of that early DNA. Joe Feldman is a senior managing director at brokerage firm Telsey Advisory Group, where he analyzes big box retailers.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
We took a walk around the store to get a sense of what was going on. People were waiting to try on clothes and grabbing seasonal items for Easter. Near the registers, we did my favorite thing, looking into people's carts to check out their haul. Organization, cleaning.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Target also distinguished itself from other discount retailers by focusing on inclusivity. In 1977, when the company's mission statement was first published, respecting the people who shop at Target stores and being a good neighbor were some of the values it listed.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Starting in 2020, Target put even more emphasis on inclusivity. And if you look at the makeup of their customers, it makes sense. A profile of Target shoppers by consumer insight company Numerator shows that people who shop at Target are 1% more likely to be Black, 11% more likely to be Hispanic, and 15% more likely to be Asian than the general US population.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Its staff, too, is more diverse than the country as a whole. Target's 2023 diversity report showed that 56% of its workers are people of color, with 15% of its staff identifying as Black. The company said it wanted to boost representation of people of color among both its customers and its staff. Implementing new policies around diversity, equity, and inclusion, or DEI, was one way to go about it.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
The term DEI gained national attention after the protests following George Floyd's murder pushed institutions to reckon publicly with racial inequality.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
WSJ reporter Sarah Nassauer recalls that Target in particular got extra attention during this time.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
We talked to a few customers outside the store.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Analyst Joe Feldman said he wasn't surprised that Target made this DEI push.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
For years, organizations including governments, universities, and companies have been looking to increase the participation and representation of people in minority groups. There was affirmative action, equal opportunities, and pushes for race blindness. DEI was intended to build on those racial equity efforts.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
But more recently, the Trump administration has described DEI initiatives as discriminatory and a waste of money. The Wall Street Journal previously reported that Target linked its business to inclusion efforts in part because themed merchandise collections for events such as Pride or Black History Month sold well.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
In an earnings call on August 19, 2020, Target CEO Brian Cornell spoke about how the company was rising to the moment.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Target also committed to taking steps to be more inclusive. One early promise? Creating a task force focused on racial equity.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
I just needed a really cheap, like, hamburger. I just want a chocolate. I just want it. I just need it. But we weren't really there to shop. We were there to see how many other people were there to shop. See, a few days into the Trump administration, Target dropped some of its goals for diversity, equity, and inclusion and ended its program to boost Black suppliers.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Some of Target's other promises included dedicating millions of dollars towards national social justice initiatives, launching an accelerator program for Black entrepreneurs, increasing representation of Black employees by 20%, and investing more than $2 billion in Black-owned businesses by the end of 2025.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Target's competitors also made commitments to racial justice in the aftermath of George Floyd's killing. Walmart pledged $100 million to create a center for racial equity to, quote, address the root causes of gaps in outcomes experienced by Black people. And in a message to employees, Costco's CEO at the time said the company remained committed to building a diverse workforce.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
The company also committed $25 million to an investment fund designed to improve economic opportunity for Black Americans. According to several analysts I spoke with, Target's investment in DEI didn't change much for investors at the time. They thought it was on brand for the company or didn't stand out against the broader landscape of other companies making such commitments.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Financially, committing to underrepresented groups didn't seem like it would make a big difference to the company's bottom line. Until it did. Americus Reid is a professor of marketing at the Wharton School and also counsels companies on the benefits and risks of putting forth an ideology.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
So Target, like many other companies, set new goals to increase diversity. But that didn't go as smoothly as the company had hoped. More after the break.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
So in 2020, Target had made public promises to boost inclusivity. By the summer of 2023, that commitment got put to the test. Here's WSJ's Sarah Nassauer again.
WSJ What’s News
Boycotting Target, Part 1: How It Doubled Down on DEI, Then Backed Off
Starting in May of that year, Target released a variety of Pride-themed merchandise, as it had for a number of years before. One product in particular, a transgender-friendly swimsuit, sparked criticism among social media commenters who thought it was for children. Target said the swimsuit was only available in adult sizes.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
But boycotts aren't the only challenges to Target's business right now. More on those after the break.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
It's not just the boycotts. Target's business is facing a number of challenges. Here's Joe Feldman from Telsey Advisory Group.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Analyst Bill Kirk ranked his concerns for Target's business.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Tariffs are highest on his list because Target is more exposed to their impact than some of its competitors.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Also, Target carries more things that people want and don't necessarily need, which puts the company at risk when shoppers' budgets get tight.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Another potential risk for Target? Backlash from shoppers opposed to DEI. Activist investor Robbie Starbuck uses social media to stoke outrage about companies' DEI policies and pushes for companies to change them.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Walmart, Tractor Supply, Deere, and Harley-Davidson are just some of the companies that were targeted by Starbuck and later changed their policies, though many cited other reasons for the rollback. In November, when Walmart announced changes to its DEI policies, Starbuck indicated that he was setting his sights on Target.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
When Target announced its DEI changes, Starbuck published a video taking credit.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Target declined to comment. In February, a number of Target shareholders sued the company, claiming that Target had not disclosed the risk of boycotts around its DEI and environmental, social, and governance policies, and that Target, quote, downplayed the scope of consumer boycotts after they began.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
The company's regulatory filings show that, starting in 2021, the retailer warned that its position on DEI and ESG could harm its reputation and result in boycotts. We reached out to Target about this and they declined to comment. Americus Reed, a professor of marketing at the Wharton School, says that no matter what Target did, it wasn't going to please everyone.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
The boycotts have likely had an impact on Target's business. How big an impact isn't totally clear yet, but there's one group that's really feeling the effects of the boycotts. Black business owners with products carried by Target now worry that they might be at risk of losing some business over DEI. Take Houston White. As a child in Minneapolis, White grew up shopping at Target with his mom.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
That's Jamal Bryant. He's the senior pastor at New Birth Missionary Baptist Church, a predominantly Black congregation of 10,000 in Stonecrest, Georgia.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
In 2019, he said that he met some Target executives when they started coming into his barber shop.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Soon, White was selling some of the items that he had on sale in his barbershop just in the local Minneapolis Target store. Those sold well, and after a year and a half of development in collaboration with Target, he brought his apparel collection to Target stores nationwide and online in 2022.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
He also now sells coffee and personal care products with his brands The Get Down Coffee Company and Fresh by Houston White with Target. White says that when he learned about Target's changes to its DEI policy, he was disappointed, but trusted that Target was doing what it needed to do to stay in business.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Though he says his bottom line has suffered, White says his collaboration with Target is still strong and he's optimistic for the future.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Beautiful Curly Me is another company that's been feeling the impact. The company sells black and brown dolls with curly hair and braids. Its CEO is 13-year-old Zoe Oli, and Ivana Oli is its COO and mom-in-chief.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Beautiful Curly Me started selling its dolls in Target stores last year. Oli said that's become a six-figure revenue stream for the company.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Despite this, Oli says they have a good relationship with their Target rep and even hope to expand their partnership in the future.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
So the boycotts have definitely affected some Black entrepreneurs. But even so, some business owners see it as an opportunity to find a new way to connect with customers.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Kim Roxy is the founder of Lameek Beauty, a vegan makeup company. Target started carrying her products on its website almost two years ago.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
The boycott, dubbed Target Fast, came with four demands. In addition to honoring its previous pledge of committing $2 billion to Black-owned businesses and restoring its previous DEI commitments, the boycotters asked that Target deposit $250 million into Black-owned banks and that it create community retail centers at 10 historically Black colleges and universities.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
I was speaking to her at the Bullseye Black Market, a marketplace of Black entrepreneurs put together by the organizers of the Target Fast boycott. Roxy had flown from Tulsa, Oklahoma to Atlanta to try to reach more customers directly. And though she was a little worried for the next phase of her business, she was upbeat.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Some Black small business owners who don't have their products carried by Target say that, given the opportunity, they would still work with a retailer. Malik Salim, who runs a plant-based laundry detergent company called True, is one of them.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
So what does Target's future look like? Despite the damage the boycotts have done to Target's reputation, most of the analysts I spoke with said they're generally optimistic about Target's future. And according to FactSet, as of May 16th, 13 ratings firms said Target stock was worth buying, 23 thought it was worth holding onto, and one recommended selling.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Last week, equity research firm Bernstein pointed to the DEI strike as one of the reasons Target's business has suffered and said that these boycotts seem to be having a more negative impact on the company than the 2023 Pride boycotts. A Target spokesman declined to comment on the impact of this boycott compared to the 2023 boycott. As for the boycotters, they're still not shopping at Target.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
They say they won't end the boycott until the company meets their demands. Here's Target Fast organizer Jamal Bryant speaking at the Easter Sunday service.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Target is expected to report its quarterly earnings on May 21st. Ahead of those earnings, on the week of May 4th, Target CEO Brian Cornell sent an email to staff reiterating the company's core values.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Analysts anticipate that the company, like many others, will lower its outlook for 2025. How big a role the boycotts play in that and how the company talks about them is still anyone's guess. And that's it for What's New Sunday for May 18th. This series was produced by me, Alex Osola, with supervising producer Michael Cosmedes.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Additional support from Falana Patterson, Chris Zinsley, and Anthony Bansi. Michael LaValle and Jessica Fenton are our sound designers and wrote our theme music. Aisha Al-Muslim is our development producer. Scott Salloway and Chris Zinsley are our deputy editors. And Falana Patterson is The Wall Street Journal's head of news audio.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
I'm Alex Osola, and we'll be back tomorrow morning with a brand new show. Until then, thanks for listening.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
The boycott kicked off on March 5th and was scheduled to end on April 20th, Easter Sunday. Producer Jess Jupiter and I were at New Birth's Easter Sunday service to learn where the boycott stood.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Earlier that week, Bryant had met with civil rights leader Reverend Al Sharpton and Target CEO Brian Cornell in New York City. To Bryant, even just having the meeting and its location was a sign that the boycott was successful.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
At the church service, Bryant said that Target told him that the company would complete its pledge of $2 billion for Black businesses. But Bryant said that they had not agreed to all four demands. A Target spokesman confirmed that the meeting happened, but wouldn't discuss any details.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Bryant and his team are still figuring out the details for the next phase of the boycott. But what started as an initiative with a clear end date now could go on for the foreseeable future. Bryant told me that getting to this point hasn't been easy.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
For Bryant, ending the boycott will be Target's job, not his.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
I'm Alex Osola. This is What's News Sunday, and this is part two of our special series about Target and the boycotts against its business. In our last episode, we talked about how the company got here, about how Target made inclusivity an important part of its brand, and why some shoppers felt upset when the company seemed to go back on that.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
The organizers behind Target Fast have partnered with other Black activists who created boycotts against Target over its DEI pullback, such as Nina Turner, a former state senator from Ohio and the founder of the pro-labor nonprofit We Are Somebody.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
There are other boycotts going on, too, like one organized by civil rights lawyer Nakima Levy Armstrong out of Minneapolis. She announced a national boycott on January 30th in front of Target's headquarters there.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
It's hard to know how many people across the U.S. are participating in one of these organized boycotts. Jamal Bryant said at the church service that by Easter, 200,000 people had signed up on Target Fast's website. Meanwhile, other shoppers have independently decided to take a break from Target because of its change in DEI policies.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Lawrence Carter is a Black 29-year-old living in Dallas. Right after Target's announcement, he said he stopped shopping there, even though there's a store right around the corner from his home. He says he wants to show the company that it does need diversity.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
46-year-old Terry Cripps, a white woman who lives in Jacksonville, Florida, is also boycotting Target indefinitely. Not only did she say she spent a few thousand dollars a month at Target, but she used to work there when she was younger. And so that made the DEI rollback feel personal.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Of course, not all Target shoppers feel this way. Producer Jess Jupiter and I spoke to two friends, Marissa and Shannon, outside the Brooklyn Target. They had both heard about the boycott, but only Shannon had changed her shopping habits because of it. Curious if you heard about that at all. Has it affected your shopping?
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
I have not. For Marissa, who was still shopping at Target, she said it was primarily because of the convenience and the price that Target offers.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
In this episode, we dig deeper into the boycotts against Target. We look into whether they may have an impact on the company's bottom line, and we talk to Black entrepreneurs who sell their goods at Target and tell us how they fared. So, when Target changed its diversity, equity, and inclusion policies in January, it made some shoppers unhappy.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Some people have cut back on their spending at Target. Others haven't. So are the boycotts actually affecting Target's bottom line? More on that after the break.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
It's been about four months since Target made changes to its DEI policy. How has its business been affected since then? When asked by reporters, Target has not given details. Here's reporter Sarah Nassauer, who covers Target for The Wall Street Journal.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
For this series, we also asked Target whether the boycotts are affecting its business, and they didn't answer the question. The effect on Target's business is something that financial analysts are also wondering about.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
There's another boycott fresh on their minds, the 2023 boycotts over Pride merchandise, during which customers offended by a transgender-friendly swimsuit knocked down displays, threatened store employees, and put posts on social media with video from inside stores. They also stopped shopping at Target, which had an impact on the company's quarterly and annual revenue.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Now, with these latest boycotts around DEI, analysts are looking for signs that history could be repeating itself.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
That's Bill Kirk, a managing director at investment bank Roth Capital Partners, where he covers, among other things, retail. He's recalling that for its second quarter in 2023, Target's sales declined about 5%.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Kirk is one of the many analysts who are watching to see if that risk does get bigger. One place he's looking is online sentiment.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Altindex is a website that provides alternative data for investing. It calculates investor sentiment by scanning online investor forums and then feeding that into an artificial intelligence model to assess whether the post is positive or negative.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
According to Altindex's data, investor sentiment around Target between January 1st and April 30th of this year remained positive, though it fell about 12%. In the same timeframe, Walmart's fell 19% and Costco's rose about 16%. And what about Target's stock price? As of May 16th, it has fallen about 27% so far this year.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
We reached out to Target for a comment on this series, and they responded with the following written statement.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
In comparison to the broader market, as measured by the S&P 500, that was up 0.7% in the same period. Last month, Target's stock hit its lowest price in more than five years and recorded its worst performance to start a year through May 16th since 1973. But Michael Baker, managing director and head of consumer research at investment firm D.A. Davidson, isn't put off by that.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
He has a buy rating on Target's stock because he thinks its price will go up in the future.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
One way to get a sense of how Target's business is doing is with traffic data. How many people are actually in stores? Now, this data isn't always accurate, but it can give us a sense of the trend. Also, the boycotts may not be the only reason for Target's presumed traffic decline. We'll get into that a little later.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Still, traffic data is something that Joe Feldman, senior managing director at consulting brokerage firm Telsey Advisory Group, monitors closely.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Location analytics company Placer AI uses tens of millions of devices, like cell phones, to track people's locations as they shop. In the month of March, data from Placer AI showed that foot traffic in Target stores was down 6.5% from the year before. Walmart's foot traffic during that same time frame fell 3.8%, and Costco's was up 7.5%.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
Traffic isn't the only kind of data that can give us a sense of how Target is doing. Another type to consider is consumer spending. A company called Numerator collects consumer spending data and has assembled a panel of 150,000 people that it says are balanced to be representative of the entire U.S. population.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
According to numerator's data, in the four weeks ending February 9th, when some of the earliest boycotts had started, Black shoppers spent 27% less at Target than they had in the same four-week period a year earlier. But they spent 55% more at Costco and 38% more at Walmart. And it's not just analysts looking at this data.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
The boycotters are presenting it as a way to show their efforts have been successful. Here's Nina Turner, one of the organizers.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
But measuring the success of a boycott isn't always straightforward. Braden King, a professor at the Kellogg School of Management, has spent his career thinking about this. He told me that, yes, boycotts do work, just not in the way that most people think.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
In the weeks following Target's DEI rollback, several organizers from around the U.S. announced boycotts against Target. One came from a church outside Atlanta.
WSJ What’s News
Boycotting Target, Part 2: Is Its Business Paying a Price?
When faced with a boycott like the one against Target, King says companies have a few ways to approach it.
WSJ What’s News
Palmer Luckey's 'I Told You So' Tour: AI Weapons and Vindication
Hey, What's News listeners. It's Sunday, March 16th. I'm Alex Osola for The Wall Street Journal. This is What's News Sunday, the show where we tackle the big questions about the biggest stories in the news by reaching out to our colleagues across the newsroom to help explain what's happening in our world.
WSJ What’s News
Palmer Luckey's 'I Told You So' Tour: AI Weapons and Vindication
This week, we're bringing you an episode of our sister podcast, Bold Names, featuring Palmer Luckey, veteran entrepreneur and founder of weapons manufacturer Andrill. During President Trump's first run for the White House, Luckey was part of a minority in the tech sector that supported him. Now he's wielding his influence to remake the government's approach to national security.
WSJ What’s News
Palmer Luckey's 'I Told You So' Tour: AI Weapons and Vindication
On Bold Names, hosts Tim Higgins and Christopher Mims speak to CEOs and business leaders to take you inside the decisions being made in C-suite and beyond. Tim is here with me now. Tim, what makes Luckey such a unique voice in this moment?
WSJ What’s News
Palmer Luckey's 'I Told You So' Tour: AI Weapons and Vindication
Thanks, Tim. Now let's hear what Lucky had to say in her interview for Bold Names.
WSJ What’s News
What to Watch for This Earnings Season as Trump’s Tariffs Come Into Play
This week, we're bringing you an episode of our sister podcast, WSJ's Take on the Week, where co-hosts and WSJ reporters Telus Demos and Miriam Gottfried look at the role of the latest tariffs in the coming earnings season. There was only one word that seemed to matter to the markets this week. Tariffs.
WSJ What’s News
What to Watch for This Earnings Season as Trump’s Tariffs Come Into Play
Hey, What's News listeners. It's Sunday, April 6th. I'm Alex Osola for The Wall Street Journal. This is What's News Sunday, the show where we tackle the big questions about the biggest stories in the news by reaching out to our colleagues across the newsroom to help explain what's happening in our world.
WSJ What’s News
What to Watch for This Earnings Season as Trump’s Tariffs Come Into Play
But how much will President Trump's new tariffs impact corporate earnings, and how are companies planning their futures around them? WSJ's Take on the Week podcast spoke with Christine Short, head of research of Wall Street Horizon, which is part of the financial services company TMX Group. They discuss what tariffs will mean for companies and consumers.
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
And with tensions rising between the US and China, the two countries' output is coming into focus as a front line in any conflict. Now, that's not to say that an armed conflict between the US and China is imminent, though people are keeping an eye on what's going on in Taiwan. But it's also relevant for each country's economy, the sectors that power them, and how they're poised to compete.
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
WSJ-Senior Reporter John Emond joins me now to discuss. So John, what does China's economy mean for its ability to compete in modern warfare?
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
Aber China bildet bereits diese Schiffe, richtig?
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
So China is building up all these different sectors. Is the goal here to be self-sufficient? Is that ever even possible?
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
Hey What's News Listeners, it's Sunday, June 1st. I'm Alex Osola for The Wall Street Journal. This is What's News Sunday, the show where we tackle the big questions about the biggest stories in the news by reaching out to our colleagues across the newsroom to help explain what's happening in our world.
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
We've been talking about just how much money China is pouring into some of these sectors and towards building them up. I'm curious whether all this investment could potentially backfire. Could that happen and what would it look like?
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
Coming up, how the US' industry stacks up to China's when it comes to products that would be vital in wartime. Stay with us.
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
Willkommen zurück. Wie wir schon diskutiert haben, ist moderne Kriegskraft ein Wettbewerb für die Stärkung der Produktion. Was sieht also die industrielle Kapazität der USA aus? Besonders im Vergleich zu dem Powerhouse, das China ist. Hier ist Senior Reporter John Emond. John, was sind einige der Bereiche, in denen die USA hinter China geflogen sind?
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
Auf dem heutigen Show über die letzten Jahrzehnte oder so hat China seine Investitionen in einige strategische Industrien aufgeräumt. Das Land ist gekommen, um die Verarbeitung von Produkten aus grundlegenden Chemikalien bis hin zu erheblichen Maschinen zu dominieren. Die meisten davon wären in der Kriegszeit wichtig.
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
Du hast schon das Schiffenbau erwähnt, aber was sind einige der anderen Bereiche?
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
Heute sprechen wir darüber, wie die Wirtschaft von China dieses Wachstum gefuehlt hat und wie die Verarbeitung in den USA den Wettkampf gegen die Produktion verliert. Modern Warfare is, in a sense, a contest of industrial might. After all, that's how the US won World War II, by making more of everything, from bullets to food, than its enemies.
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
I'm curious what role President Trump's trade policies play in bringing the US into a better military position compared to China.
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
John Emond is a senior reporter based in Singapore. Thanks, John.
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
And that's it for What's News Sunday for June 1st. Today's show was produced by Charlotte Gartenberg with supervising producer Michael Kosmides and deputy editor Chris Zinsley. I'm Alex Osola and we'll be back tomorrow morning with a brand new show. Until then, thanks for listening.
WSJ What’s News
The Military-Industrial Battle Between the U.S. and China
But today, the US lacks that kind of manufacturing heft. China, on the other hand, has got it in droves. For years, China's leader, Xi Jinping, poured money into developing strategic sectors, from shipbuilding to mining and processing critical minerals. Faced with a war, China would be well positioned.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
And of course, we're at the end of March. So how are markets ending this turbulent first quarter?
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
That was WSJ reporter Hannah Aaron Lang. As the U.S.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
prepares to unleash new levies on a range of trade partners and they in turn look to respond with their own tariffs, What's News will be speaking to a top EU lawmaker in charge of trade, the economist inspiring much of Trump's trade policy, and a former Treasury official who can explain why Trump's 25% car tariffs won't tip China from the top auto spot.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
That's in the morning edition of What's News this week, starting tomorrow. President Trump is leaving open the possibility of running for a third term, a move that's prohibited by the U.S. Constitution. Speaking to reporters aboard Air Force One yesterday, Trump said people had been asking him about it, even though he says he's not focused on it at the moment.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
The 22nd Amendment of the Constitution bars presidents from serving more than two terms. It states, no person shall be elected to the office of the president more than twice. In an interview with NBC yesterday, Trump said there are methods that would allow him to run for a third term and added that he was, quote, not joking about the possibility.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
A French court has convicted far-right leader Marine Le Pen of misusing almost $5 million in European Union funds, banning her from the next presidential election where she was expected to be a frontrunner. As part of her sentence, Le Pen received a four-year prison term, half of which was suspended, and she was barred from seeking public office for the next five years.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
A turbulent quarter for U.S. markets ends with a turbulent day as stocks recover after sliding on tariff concerns. Plus, screws are a staple of manufacturing and tariffs just made them a whole lot more expensive.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
And President Trump says he's considering running for a third term. It's Monday, March 31st. I'm Alex Sosola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. U.S. stocks were mixed today, ahead of an eventful week for markets.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
That rules her out of the 2027 presidential race unless she can win a swift appeal. In a TV interview today, Le Pen said that she was scandalized by the judge's decision and planned to file an appeal. The court's ruling triggered a political earthquake in France and beyond.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
A State Department spokeswoman said, "...the exclusion of people from the political process is particularly concerning given the aggressive and corrupt lawfare waged against President Trump here in the United States." Coming up, now that tariffs against steel and aluminum are in place, one little product is having a big impact across industries. That's after the break.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
President Trump's recently implemented tariffs on steel and aluminum imports have scrambled supply chains, affecting everything from car parts to lawnmowers. One import really feeling the impact? Screws. And the rising costs for screws are rippling through the manufacturing supply chains. Bob Tita, who covers manufacturing and metals for the journal, is here now with more.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
So, Bob, in 2018, President Trump put a similar tariff into place on steel and aluminum. Why is this one different?
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
OK, so what is the industry doing about this then?
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
That was WSJ reporter Bob Tita. Thanks, Bob.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
It's getting easier to invest in high-risk, high-reward private companies. Until recently, investing in private companies was the domain of institutional investors or the very, very rich. Now, though, as we're exclusively reporting, two new marketplaces are lowering the minimum investment required from tens of thousands of dollars to $5,000.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
Personal economics reporter Imani Moiz told our Your Money Briefing podcast what makes private companies interesting to individual investors.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
You can hear more from the conversation with Imani on today's Your Money Briefing podcast. Something strange is happening to the American diet. People just aren't snacking like they used to. It's not clear yet whether this shift is permanent, but for the $180 billion snack industry, fewer snacks is more than just peanuts. It's putting a real dent in the company's bottom line.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
President Trump is set to announce his next round of tariffs on Wednesday, and the latest jobs report is expected for Friday. Major U.S. indexes bounced back after starting the day sharply lower. The S&P 500 ended the day about 0.6% higher and the Nasdaq fell about 0.1%. Both indexes recorded their biggest quarterly losses since 2022. The Dow was up 1%.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
WSJ Heard on the Street columnist David Wehner is here to tell us more. David, what's behind this slowdown in snack foods? What do companies make of this?
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
Okay, so less money to go around, less money to spend on a little impulse snack purchase. What are companies doing about this?
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
What kinds of broader concerns do these companies have, especially because there's a new administration in town that might be affecting some of their business?
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
That was WSJ Heard on the Street columnist David Wainer. Thank you, David.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
And that's what's news for this Monday afternoon. Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Kazimides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
S&P, Nasdaq Post Worst Quarter Since 2022
Hannah Aaron Lang covers markets for The Wall Street Journal. Hannah, U.S. markets opened significantly lower today, but then they rallied this afternoon. What caused them to dip and then what brought them back up?
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
So why are these universities doing this? What is their goal here?
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
Is it that the universities are trying to avoid the fate of some top law firms where one deal led to the others following suit?
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
Can they succeed in resisting the Trump administration this way, or is there something that could undermine their efforts?
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
That was WSJ reporter Doug Belkin. Thank you, Doug.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
U.S. stocks wobbled throughout the day and major indexes ended the day mixed. The Dow rose about 0.3 percent, the S&P 500 was up about 0.1 percent, and the Nasdaq fell 0.1 percent. In times of economic turmoil, many investors turn to hard assets like gold and silver. This current moment is no exception.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
Gold is up around 41% over the past 12 months, and last week it reached a record high in dollar terms before pulling back. And silver has risen around 23% over the past year, lower than gold but still beating the S&P 500's 6% return over that period.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
Deputy editor of Heard on the Street, Aaron Back, told our Your Money Briefing podcast what makes commodities like gold and silver so appealing to investors trying to hedge against financial chaos.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
How to negotiate with President Trump over tariffs? Countries seek Goldman Sachs advice.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
To hear more from Aaron, listen to tomorrow's episode of Your Money Briefing. Coming up, why countries trying to figure out how to respond to President Trump's tariffs are turning to Goldman Sachs for advice. That's after the break.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
As President Trump's tariffs have gone into effect and then gone on pause, countries around the world have struggled with how to address them. And as we're exclusively reporting, some countries are turning to Goldman Sachs for advice. WSJ reporter Anna Maria Andriotis has the story.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
So, Anna Maria, you report that South Africa, France, Saudi Arabia and Japan are some of the countries that have sought guidance from Goldman. Why from Goldman in particular?
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
Plus, Trump escalates his battle against Democratic-led states and cities that don't fully cooperate with immigration authorities. And elite universities are banding together to resist the Trump administration. It's Monday, April 28th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
And how are these countries responding to this advice?
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
That was WSJ reporter Anna Maria Andriotis. Thank you, Anna Maria. Great to be speaking with you. President Trump plans to sign an executive order today escalating his battle against Democratic-led states and cities that don't fully cooperate with federal immigration authorities, a key barrier to the mass deportations he's promised.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
The order, which was viewed by The Wall Street Journal, directs the attorney general and the secretary of Homeland Security to identify within a month cities and states that aren't complying with federal immigration laws, designating them as sanctuary jurisdictions.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
The cities and states on the list could face a cutoff in federal funding and possible criminal and civil suits if they refuse to change their laws or practices. Trump will also direct the Justice Department to pursue civil rights cases against cities or states that, in its view, favor immigrants and the country illegally over U.S. citizens.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
The directive comes as the administration is facing legal challenges against actions it has already taken against sanctuary cities. And power has begun to return to parts of Spain and Portugal after a major electrical outage caused widespread disruption to the Iberian Peninsula.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
Spain's grid operator said that more than 20 percent of the power capacity on the peninsula had been restored by mid-evening. And the prime minister of Portugal said work is underway to restore full power to the nation. The European Union Agency for Cybersecurity said initial investigations pointed to a technical or cable issue, adding that it was monitoring the situation closely.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
The president of the European Council said there are no indications of any cyber attack at this point. And that's what's news for this Monday afternoon. Today's show is produced by Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
Over the past few months, the Trump administration has taken aim at universities like Harvard and Columbia because it says the universities have not done enough to protect Jewish students from anti-Semitism. Now, we're exclusively reporting that universities are banding together to resist the Trump administration's actions.
WSJ What’s News
Countries Negotiating With Trump Over Tariffs Turn to Goldman Sachs
A White House spokesperson said that the Trump administration is committed to reforming higher education and combating anti-Semitism. WSJ higher education reporter Doug Belkin is here now to discuss. Doug, how many universities are part of this collective?
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
What kinds of small businesses are feeling the squeeze?
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
And why some investors have soured on Tesla. It's Monday, March 24th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. First, the latest on President Trump's tariffs. Trump told reporters in the Oval Office today that he might soften reciprocal tariffs on some U.S.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
What can they actually do about any of this?
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
That was WSJ Senior Special Writer Ruth Simon. Thank you, Ruth.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
Coming up, President Trump is taking on the legal industry. And big law is split on what to do about it. That's after the break. In legal news, the Justice Department is asking the Supreme Court to block a judge's order that required it to reinstate more than 16,000 fired federal employees.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
Markets welcome President Trump's plan to limit his new tariffs. But the back and forth is making life harder for small businesses.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
Administration officials are seeking the justices' intervention to clear away lower court rulings that have slowed President Trump's policies. Meanwhile, Trump has set his sights on law firms, and he's escalating his attacks on the industry.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
On Friday, he sent out a presidential memorandum broadly accusing law firms of abusing the legal system to challenge his policies, stymie immigration enforcement, and pursue partisan causes. Now, firms are scrambling to stay out of the crosshairs. WSJ National Legal Affairs reporter Erin Mulvaney joins me now with more. Erin, I want to talk about what happened before Friday's memo.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
Earlier this month, the president signed executive orders targeting several law firms, including Paul Weiss, which challenged a number of Trump's policies during his first administration. So in these most recent executive orders, what is the president accusing these firms of?
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
So Paul Weiss was sort of confronted with this situation from the president. What did the firm do about it?
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
All right. So firms are confronted with a situation that could turn into something similar to Paul Weiss. What are they doing about it?
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
trading partners while others might be exempt. Earlier at a cabinet meeting, Trump said the U.S. will announce tariffs on automobiles soon and pharmaceuticals at some point without offering further details. His comments came a few hours after Trump said the U.S. would impose a 25 percent tariff on any country that buys oil or gas from Venezuela, sending oil futures higher. U.S.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
But not everyone is adopting that approach, right? What is Perkins Coie doing?
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
That was National Legal Affairs reporter Erin Mulvaney. Thank you, Erin. Thank you. Now over to the auto sector. South Korea's Hyundai is planning to invest $20 billion in U.S. manufacturing. The company plans to open an additional auto plant in Georgia, as well as a $5 billion steel plant in Louisiana.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
President Trump announced the plans from the White House this afternoon with Louisiana Governor Jeff Landry. Chinese automaker BYD has hit $100 billion in sales, racing past rival Tesla. BYD says revenue last year grew to the equivalent of $107 billion, beating Tesla's revenue of $97.7 billion for the year. BYD isn't as profitable as Tesla, but it's catching up fast.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
And speaking of Tesla, for years, investors have flocked to the electric vehicle company, many driven by confidence in CEO Elon Musk and his techno-utopian vision for the EV maker. As recently as a few months ago, investors were betting that a second Trump administration would be great for the company. Instead, shares have fallen more than 30% this year as of today's close.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
So why are investors jumping ship? Some tell us it's because of Musk's behavior as part of the Trump administration. But as reporter Hannah Aaron Lang told our Tech News Briefing podcast, broader economic uncertainty is also a big factor.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
You can hear more from Hannah in today's episode of Tech News Briefing. In other news, German business software group SAP is now Europe's largest company by market value. Its ascent comes as the company moves away from sales of software licenses in favor of subscription-based cloud services.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
SAP took the crown from Danish pharmaceutical giant Novo Nordisk, the maker of blockbuster drugs Wegovi and Ozempic. Separately, Novo Nordisk has agreed to pay up to $2 billion for the rights to a developmental drug from a Chinese pharmaceutical company. The drug, called UBT251, targets three different hormones to treat obesity, type 2 diabetes, and other diseases.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
stocks were up today as investors welcomed Trump's latest pivot on tariffs. Major U.S. indexes all ended the day higher. The Dow rose about 1.4 percent, the S&P 500 was up roughly 1.8 percent, and the Nasdaq climbed about 2.3 percent. Well, the market may be into Trump's latest lighter-touch approach to tariffs, but the back-and-forth is tough on small businesses.
WSJ What’s News
Big Law Is Split on Trump’s Attacks: Push Back or Lay Low?
According to a survey conducted by Vistage Worldwide, nearly two-thirds of small business owners said tariffs would hurt their business, while 8% said they'd benefit from them. Joining me now to talk about how the changing U.S. trade policy is affecting small businesses is our senior special writer Ruth Simon. Ruth, why are small businesses affected more than large ones by these trade policies?
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Hackers with ties to the Chinese government breached internal communications at the Republican National Committee and had access to their internal emails for months. That's according to people familiar with the matter. The previously unreported breach is revealed in a forthcoming book by reporter Alex Eisenstadt.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
The Wall Street Journal viewed an excerpt of the book, which will be published next month, and verified the hack. The RNC declined to comment. A spokesman for the Chinese embassy in Washington said that Beijing opposes and combats cyber attacks. Meanwhile, in other China-related news, the Trump administration is escalating its trade war with China with a plan to impose new shipping fees.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
The proposal, which was unveiled Friday by the Office of the U.S. Trade Representative, would impose millions of dollars in new fees each time one of these vessels enters a U.S. port. The plan is in response to a U.S. probe that began under President Joe Biden in 2024.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
The proposal is open to public comments until a March 24th hearing, when the Trump administration will decide whether to impose the new fees. For more on this, I'm joined now by Costas Paris, who covers shipping for the journal. Costas, tell me, just how big a deal is this?
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Would $50 to $100 on top be a real big hit to these companies?
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
And in terms of the companies that are likely to be affected by this, which ones are kind of first up?
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
So what's the administration looking to accomplish with this proposal?
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
President Trump says he's working on an economic development deal with Russia. Plus, the U.S. is proposing huge port fees on Chinese shipping companies and Chinese-built vessels. And the American economy depends more than ever on rich people.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
That was WSJ senior reporter Costas Peres. Thank you, Costas.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Major U.S. indexes were mixed today as many technology stocks remained in a slump. Individual stocks that led declines included Palantir, Constellation Energy, and China's PDD. The Nasdaq fell about 1.2 percent, and the S&P 500 dipped half a percent, while the Dow rose less than a tenth of a percent.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
It's Monday, February 24th. I'm Alex Osola for The Wall Street Journal. This is the p.m. edition of What's News, the top headlines and business stories that move the world today. President Trump has said he was in talks with Russian President Vladimir Putin about an economic development deal. It's the latest sign of thawing of relations between the two countries.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
In other news, Elizabeth Holmes, the founder of defunct blood testing company Theranos, lost her bid to overturn her conviction. Holmes had been convicted of four counts of defrauding investors in early 2022. She's currently serving an 11-year sentence at a federal prison camp in Bryan, Texas. Her loss today narrows her legal options.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Starbucks said it would lay off more than 1,000 corporate employees and not fill hundreds of open roles. CEO Brian Nicol said in a message that the cuts would remove corporate layers and would help the coffee company become more focused. Starbucks has been struggling with a string of quarterly sales declines as customers have sought out cheaper coffee or balked at long lines.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
The layoffs are among the largest rounds of cuts in Starbucks' history. And Apple said today it plans to spend more than $500 billion over the next four years in a mixture of new and existing initiatives that it said will expand its manufacturing footprint in the US.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
The company's announcement included increased spending on chips manufactured in the US by Apple's partners and a new factory in Houston that would produce servers supporting Apple Intelligence, the company's generative AI system. The announcement also said that Apple plans to hire around 20,000 people over the next four years.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Coming up, why it matters that the economy these days is even more dependent on the wealthy. That's after the break. While lower and middle income families in the U.S. are cutting back on their spending because of things like inflation, the top 10 percent of earners, households making about $250,000 a year or more, are splurging.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
According to Moody's Analytics, those consumers now account for nearly half of all spending, a record in data going all the way back to 1989. Here to tell us more is Rachel Ensign, who covers wealth for The Wall Street Journal. So Rachel, what is going on with that top 10th of earners that they're able to spend so much? Where's that money coming from?
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Okay, so they have all this extra money. What are the kinds of things they're spending it on?
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
It sounds like inflation isn't really hitting this group much at all.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Okay, so that purchasing power, as we discussed, comes from the stock market and housing. But of course, those things could change at any time. So if that happened, what would be the impact on economic growth?
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
After Russia invaded Ukraine in February 2022, the U.S. has sought to isolate Moscow through sanctions and other measures. An economic deal with Moscow would mark a significant reversal of that policy. The White House didn't immediately respond to a request for comment about Trump's plans.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
And finally, here's something to spice up your fantasy football group chat if it's gotten a little quiet in the offseason. Thursday kicks off the NFL Scouting Combine, the showcase for new talent. It's a hopeful time as teams begin to build up their roster for the season ahead. But some of that hope might already be starting to dim.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
This year, an unusually high number of NFL teams need a new quarterback. And it also just so happens that this is a year when there are simply not as many of them to be had.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Teams desperate for a QB upgrade will have to sift through a draft class that's considered one of the weakest in years and consider free agents who are mostly guys who flopped on other teams or are old enough that they're merely Band-Aids. For football fans, that's something to keep an eye on ahead of the draft in April. And that's what's news for this Monday afternoon.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
Following a meeting today at the White House with French President Emmanuel Macron, Trump said that his administration is making a decisive break with Biden's approach and is on the verge of inking an agreement with Ukraine that would provide the U.S. with access to that country's natural resources. Key to the deal, Trump said, is that U.S.
WSJ What’s News
U.S. Economic Growth Relies on Rich Americans More Than Ever
taxpayers can quote-unquote recoup some of the billions spent defending the Eastern European nation. He also welcomed European involvement in securing a peace deal.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
Where does it stand now?
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
Let's say the bill passes this vote in the House. What happens next?
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
The way the bill currently stands, it would add trillions of dollars to the deficit. That was one thing that was pretty worrisome for markets this morning. What are Republicans planning to do about that?
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
That was WSJ reporter Siobhan Hughes. Thank you, Siobhan. Thanks. Good to be here. Despite the tax bill and a downgrade of the U.S. by Moody's ratings last Friday, U.S. stocks finished the day slightly higher. The Dow rose about 0.3 percent, and the S&P 500 and the Nasdaq edged ahead less than 0.1 percent.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
The United Kingdom and the European Union have taken a big step to improve their relationship by signing a deal to ease trade and bolster security cooperation. WSJ-UK correspondent Max Colchester is here to tell us more. Max, what are some of the practical implications of this deal?
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
Max, as you mentioned, the UK could potentially have access now to a big European defence fund. What does this mean for British arms makers in particular?
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
House Republicans' tax and spending bill overcomes a key hurdle, but faces a difficult path to get past by Memorial Day.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
What are some of the factors pushing the UK and EU to sort of bury the hatchet now?
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
That was U.K. correspondent Max Colchester. Thank you, Max.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
Coming up, what U.S. manufacturers are doing to attract more workers. That's after the break.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
President Trump envisions that bringing manufacturing jobs back to the U.S. will make it the manufacturing powerhouse it once was. But according to the Labor Department, the U.S. already has nearly half a million unfilled manufacturing jobs. Chow Dang covers the economy for The Wall Street Journal. OK, Chow, I hear this stat and my biggest question is why?
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
Why are these manufacturing jobs so hard to fill?
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
So President Trump wants to bring more manufacturing jobs back to the U.S. Given these factors, can this actually happen?
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
That was WSJ reporter Chow Dang. Thank you, Chow. Thanks so much. President Trump said he had a, quote, excellent two-hour phone call today with Russian President Vladimir Putin, though the two failed to agree on an immediate ceasefire in Ukraine that the Trump administration and European allies had been pushing for.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
Plus, why hundreds of thousands of US manufacturing jobs are unfilled. And President Trump and Russian President Vladimir Putin failed to agree on an immediate ceasefire in Ukraine. It's Monday, May 19th. I'm Alex Oseleff for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that moved the world today.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
After their call, Trump said that Ukraine and Russia will continue their conversations towards the ceasefire and that the Vatican has offered to host negotiations. It's unclear if the U.S. will remain as a broker in the peace process.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
Moments earlier, according to Russia's state-run TASS news agency, Putin thanked Trump for his peacemaking efforts and said that a ceasefire for a certain period of time was possible under certain conditions. After the call with Putin, Trump spoke with Ukrainian President Volodymyr Zelensky, along with several European leaders. And the U.S.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
Supreme Court has allowed the Trump administration to strip temporary legal protections from thousands of Venezuelans living in the U.S., a win for the Trump administration and its mass deportation efforts. The Supreme Court's short, unsigned order noted that legal questions remain on whether the migrants who lost their protected status would still be authorized to work in the U.S.,
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
According to the group of migrants that had brought a challenge against the Department of Homeland Security, stripping the protection would mean nearly 350,000 people would immediately lose the right to live and work in the U.S. Meta Platforms, the parent company of Facebook and Instagram, is increasingly a cornerstone of the internet fraud economy.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
That's according to regulators, banks, and internal documents reviewed by the Wall Street Journal. WSJ Tech reporter Jeff Horwitz, who dug into the story, told our Tech News Briefing podcast what Meta says it's doing to deal with this.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
And you can hear more about this in today's tech news briefing. And that's what's news for this Monday afternoon. Today's show was produced by Pierre Bien-Aimé with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
House Republicans Face Difficult Trade-Offs to Pass Tax Bill
House Republicans have set a deadline of Memorial Day, May 26th, to pass President Trump's big, beautiful tax and spending bill. And though the bill passed the critical committee phase in the House last night, there are big parts of it that lawmakers are still hammering out. Siobhan Hughes covers Congress for The Wall Street Journal. Siobhan, like I mentioned, the bill passed a key hurdle.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
The Nasdaq rose about 0.3 percent, the S&P 500 ticked up roughly 0.6 percent, and the Dow ended the day about 0.9 percent higher. So today, markets may be up, but as we've been reporting, they've been volatile recently. Last week's market whipsaw, during which recession fears grew and traders were confused about the market's direction, was an especially wild ride for hedge funds.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
They floundered like everyone else and even helped drive stocks further down. According to Goldman Sachs, last Monday's market drop witnessed one of the largest reductions in risk by hedge funds in the past 15 years. WSJ special writer Greg Zuckerman joins me now. So Greg, when hedge funds undo bets en masse like this, what kind of impact does it have on the broader market?
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
So what does all this movement in the past week signal about whether or not a recession might be coming?
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
Plus, why last week's market volatility made even the hedge funds flounder. And President Trump lays the groundwork to investigate people pardoned by Biden. It's Monday, March 17th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
So what are some of the factors that hedge funds are going to be paying attention to in the coming weeks and months?
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
That was WSJ special writer Greg Zuckerman. Thank you, Greg.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
Coming up, a secret mortgage blacklist is leaving a growing number of homeowners with unsellable condos. More after the break. Condo owners across the U.S. are being faced with a nightmare scenario. They're about to sell their property, only to learn that their buyer is falling through because the property is on a mostly secret mortgage blacklist maintained by Fannie Mae.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
A spokeswoman for Fannie disagreed with characterizing Fannie's database of projects, which includes properties that both do and don't meet its lending criteria, as a blacklist.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
According to condo lawyer Stephen Marcus, who, along with other industry legal and finance players, has access to the rapidly growing list, the number of properties that fail to meet Fannie Mae's standards increased from a few hundred developments in 2021 to more than 5,000 this month. I'm joined now by WSJ insurance reporter Jean Eaglesham. Jean, what could get a property put on this list?
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
How a secret mortgage blacklist leaves homeowners stuck with condos they can't sell.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
We should note that a Freddie spokesman said that the company doesn't maintain a list of condo developments that don't meet its criteria. So who's actually being affected by this?
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
What exactly has changed here? Is it that the insurance policies themselves are changing? Is it Fannie and Freddie are changing how they're approaching it?
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
Retail sales rose modestly in February, offering reassurances that while consumer spending has slowed this year, it hasn't stopped completely. Sales edged up a seasonally adjusted 0.2% from the prior month, missing economists' expectations. The slimmer gain in February was concentrated in sales at automobile and auto part dealers. The details of the report were mixed.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
That was WSJ insurance reporter Jean Eaglesham. Thank you, Jean.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
President Trump has questioned the validity of pardons granted by President Joe Biden before he left office, laying the groundwork for investigating the people that Biden had granted legal immunity. Any move to investigate or prosecute the individuals pardoned by Biden would mark a significant escalation of Trump's defiance of longstanding legal norms.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
It comes after the Trump administration said over the weekend that it had deported alleged Venezuelan gang members under a centuries-old wartime law, despite a court order that temporarily blocked it from doing so. In a social media post this morning, Trump asserted that Biden's pardons were, quote, void, vacant and of no further force of effect because they were signed with an auto pen.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
Without citing evidence, the president said that the documents weren't properly explained to Biden and that the staff who used the auto pen, quote, may have committed a crime. Former Biden aides didn't immediately comment. Autopens are robotic machines that imitate signatures and are used frequently by presidents and other officials to sign documents.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
The use of Autopen has drawn scrutiny in the past, though previous administrations have said that documents signed by Autopen are legally valid. Trump told reporters yesterday that he only uses the Autopen for niceties like signing correspondence and said it's, quote, disgraceful to use the machine for more substantive matters. Harvard University is significantly expanding its financial aid.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
It's making undergraduate admission tuition-free for families making up to $200,000 and completely free for families making up to $100,000. Families making more than $200,000 can also qualify for aid, depending on circumstances, such as the number of children in college and amount of debt they carry.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
Harvard estimates that 86% of US families could be eligible for financial help under the new system. WSJ education reporter Sarah Randazzo explains why Harvard is making the change.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
And finally, do you know what a company called Lumen does? If you're watching the Apple TV Plus show Severance, this is one of those big looming questions, though the general consensus is that it's nothing good. In real life, companies named Lumen do things like make retractable glazing, manufacture metabolic measurement devices, or give you a root canal.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
Sales rose at grocery stores and non-store retailers, a category that's dominated by online retailers, while they fell at electronics and appliance retailers, department stores, and restaurants and bars. Those are a sign that Americans are scaling back on nice-to-haves. Meanwhile, the Organization for Economic Cooperation and Development, OECD, said that higher U.S.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
As Severance has become more popular, these companies have seen their social media profiles flooded with fans of the show. And they've had to decide how to address the new echo that their company name evokes. Some have gone to pains to establish how their company culture is different from the fictional one. Others see it as a potential publicity windfall.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
Praise Keir, as workers at Severance's Lumen would say, referencing the fictional company's elusive, cult-like founder. And that's what's news for this Monday afternoon. Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Cosmitas. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
How a Secret Mortgage Blacklist Is Making It Hard for Condo Owners to Sell
tariffs on imports are set to slow economic growth and push inflation higher around the world. In its quarterly report published today, the OECD said that the U.S. economy will now likely grow by 2.2 percent this year and 1.6 percent next, less than previously forecast. Despite the weaker-than-expected retail sales data, U.S. markets were up today, building on Friday's gains.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
The dollar jumped, bond yields rose, and investors scaled back bets on Federal Reserve rate cuts. In the end, major U.S. indexes closed higher. The tech-heavy Nasdaq climbed 4.3 percent. It entered a new bull market by closing more than 20 percent above its April low. The S&P 500 rose 3.25 percent. And the Dow ended the day 2.8 percent higher. So what did the U.S.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
and China agree to that made investors happy? As we mentioned in our morning show, the U.S. will lower tariffs of 145 percent on Chinese goods to 30 percent. Within that framework, Washington will cut its 125 percent reciprocal tariff on Chinese goods to 10 percent. A 20 percent tariff tied to the fentanyl crisis will remain. China will cut its retaliatory levy on U.S.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
goods to 10 percent from 125 percent. Treasury Secretary Scott Besant said today that the agreement doesn't include any sector-specific tariffs that have been put across all trading partners. He also said there were no discussions on currencies.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
The truce, which is a bigger U-turn than many market watchers were expecting, lasts 90 days, but it could take longer than that for the countries to reach a full trade agreement. Some economists anticipate that the U.S. trade deficit with China could widen as businesses restock inventories to take advantage of the lower tariff rates.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
That temporary agreement may be good news for markets, but not everyone is optimistic. With so much instability around tariffs and trade, analysts offering their expectations are now flying pretty much blind.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
They're taking their cues from the same corporate executives who are now issuing meaningless forecasts as a number of companies have scrapped their guidance for 2025 or have offered one scenario for a stable environment and another for a recession. WSJ Heard on the Street columnist John Cendreu told our Your Money Briefing podcast what the temporary trade war truce between the U.S.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
and China means for companies.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
And you can listen to John's interview on Your Money Briefing later this week. President Trump has signed an executive order aimed at lowering the cost of prescription drugs. Speaking from the Roosevelt Room of the White House this morning, Trump said the order is intended to tie U.S. drug prices to what other countries pay.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
The Nasdaq enters a new bull market and U.S. stocks soar after a major thaw in U.S.-China trade relations. Plus, President Trump signs an executive order aimed at lowering drug prices.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
For more on the executive order, I'm joined by WSJ White House correspondent Natalie Andrews. So, Natalie, what are the details of this plan? What do we know about it?
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
So what does this change or put into place here?
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
What does the pharma industry say about this?
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
That was White House correspondent Natalie Andrews. Thank you, Natalie.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
House Republicans have unveiled a tax plan that raises the state and local tax deduction and some taxes on tipped income and overtime pay and extends President Trump's expiring 2017 tax cuts, partially paid for with a rollback of clean energy tax breaks. High on their list of targets?
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
University and foundation endowments, remittances to foreign countries, and tax credits for electric vehicles and renewable energy projects. The House Ways and Means Committee will meet tomorrow to consider the plan, which is expected to advance easily and get folded into Trump's one big beautiful bill. Coming up, why the post-pandemic retail property surge seems to be sputtering.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
That's after the break.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
For the past few years, the retail property market has been on a post-COVID rebound. Now, that rebound is starting to fizzle. According to real estate firm Cushman & Wakefield, retailers vacated nearly 6 million more square feet than they occupied during the first three months of the year. That marked the weakest quarter for shopping center leasing since the onset of the pandemic in 2020.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
Real estate reporter Kate King joins me now with more. Kate, the big question I have here about all of this is why? What is happening?
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
And why the retail property market isn't looking great for the rest of 2025. It's Monday, May 12th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News? The top headlines and business stories that move the world today. The Treasury said the U.S. collected over $16 billion in customs duties in April.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
That was WSJ real estate reporter Kate King. Thank you, Kate. Thanks, Alex. In other news, Hamas has released the last remaining living American hostage in Gaza, marking a diplomatic win for the Trump administration that has brought mixed reactions in Israel.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
Idan Alexander, a 21-year-old American-Israeli soldier who was captured while serving near the border with Gaza, was released as part of a deal between the U.S. and Hamas. President Trump announced the agreement a few hours before Alexander's release.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
Hamas still holds the bodies of four slain American Israelis taken during its assault on southern Israel on October 7th, 2023. The U.S. is also working on their release. And Fox Corp said it would launch its direct-to-consumer streaming service that will include Fox News, Fox Sports, and other entertainment offerings before the start of the NFL season in September.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
On an investor call this morning, Fox CEO Lachlan Murdoch said the new platform will be called Fox One. Murdoch didn't disclose pricing details for the new product, but said it won't undercut deals Fox has with cable and satellite television distributors. Fox and The Wall Street Journal's parent company, News Corp., share common ownership. And that's what's news for this Monday afternoon.
WSJ What’s News
Nasdaq Enters Bull Market After U.S.-China Temporarily Slash Tariffs
That's $7.6 billion more than in the previous month, as revenue from tariffs accelerated sharply. U.S. stocks rallied after the U.S. and China announced that they have agreed to temporarily slash tariffs on each other's goods. Shares of companies that had been punished by the trade war, such as Amazon, Apple, and Tesla, advanced.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
For more, I'm joined now by Hannah Aaron Lang, who covers markets for The Journal. Hannah, is all this just about the president's comments or are there deeper worries here?
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
— Markets slide as concerns about a recession in the U.S. grow. Plus, President Trump's policy on Ukraine is worrying European buyers of American weapons.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
That was WSJ reporter Hannah Aaron Lang. Thank you, Hannah.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
Lumber producers have migrated from Canada to the American South. Now, lumber's futures trading is moving south too. The exchange operator CME Group has said it would launch trading in southern yellow pine futures on March 31st. Ryan Dezember, who covers commodities for the journal, joins me now. Okay, Ryan, why is this happening?
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
And why states want to remove fluoride in public water. It's Monday, March 10th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Stocks slid today as concerns about the U.S. economy tipping into a recession grew.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
What will this mean for U.S. producers?
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
That was WSJ reporter Ryan Dezember. Ryan, thank you.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
Utah is set to become the first state to ban fluoride in the public water supply after Governor Spencer Cox said he would sign a bill to do so. The Utah law is set to take effect in early May. That's just one state considering rolling back efforts to add fluoride to water. In 2022, about 63% of Americans had tap water with fluoride in it. But now that number is shrinking.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
In Florida, at least 23 cities and counties have removed fluoride since September. And eight of 12 states mandating fluoridation face bills ending those requirements. For more, I'm joined by WSJ National Affairs reporter Chris Marr. Chris, what is at issue here exactly?
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
And what is the Trump administration saying about this?
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
That was WSJ reporter Chris Maher. Thank you, Chris.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
Coming up, could Europe wean itself off American defense companies? That's after the break. American defense companies are dominating the global arms trade. According to the think tank Stockholm International Peace Research Institute, the U.S. accounted for 43 percent of global weapons exports over the past five years, up from 35 percent in the previous five-year period.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
Europe has been one of the biggest buyers. As European defense budgets have risen in the wake of Russia's invasion of Ukraine, the U.S. arms industry has been the key beneficiary. Now, though, that could change. Alistair McDonald covers Ukraine and the defense industry for The Wall Street Journal and is here to tell us more. So, Alistair, how are U.S.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
arms sales expected to be affected after last week's news, which is the Trump administration cutting off deliveries of U.S. weapons, spare parts and intelligence to Ukraine?
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
As we mentioned in this morning's show, during an interview on Fox News' Sunday Morning Futures, President Trump refused to rule out the U.S. entering a recession this year. In contrast, Commerce Secretary Howard Lutnick told NBC News, quote, there's going to be no recession in America. All major U.S. indexes ended the day lower. The Dow dropped by nearly 900 points, closing down about 2 percent.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
We've been hearing a lot about NATO and how President Trump is pushing member nations to increase their military spending. Where would that money go?
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
That was WSJ reporter Alistair MacDonald. Thank you, Alistair.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
In other news, President Trump said immigration officials will be pursuing other student organizers like Mahmoud Khalil, a Columbia University student who helped lead last year's pro-Palestinian demonstrations. According to his lawyer, Khalil was detained Saturday night by Department of Homeland Security agents who said they were acting on orders from the State Department to revoke his green card.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
And finally, cars have gotten a lot more high-tech, but not everyone is into it, and many drivers actually say it's too much. Personal finance reporter Joe Pinsker talked to our tech news briefing podcast about what exactly people are complaining about.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
To hear more from Joe, check out today's episode of Tech News Briefing. And that's what's news for this Monday afternoon. Today's show was produced by Anthony Bansi with supervising producer Michael Cosmitas. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Markets Plummet as Concerns Around U.S. Recession Grow
The S&P 500 fell 2.7 percent. And the Nasdaq plunged by 4 percent as big tech companies extended their sell-off, its largest one-day percentage decline since 2022. Tesla's stock lost about 15 percent, its worst day since 2020. Shares of the other Magnificent Seven stocks — Apple, Microsoft, Alphabet, Amazon, Nvidia, and Meta — fell between 2 and 5 percent.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
He said that there can be both permanent tariffs and also negotiations. A wild stock market swing based on that false information about a possible tariff pause added $2.4 trillion in value and erased it almost as quickly this morning. The episode played out in just over a half an hour.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
In the end, the Dow fell 0.9 percent, the S&P 500 was down 0.2 percent, and the Nasdaq finished 0.1 percent higher. For more on the market moves, I'm joined by WSJ reporter Hannah Aron-Lang. So, Hannah, it's been a pretty wild ride.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
That was WSJ reporter Hannah Aaron Lang. Thanks so much, Hannah. Thank you for having me. Speaking after meeting President Trump in Washington, Israeli Prime Minister Benjamin Netanyahu said today that he wants to completely erase the trade deficit between the U.S. and Israel, opening up negotiations on tariffs that the U.S. imposed last week.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
Meanwhile, the European Union is preparing its first round of retaliatory tariffs. EU Commissioner Marš Šefčević said that these won't target the same value of goods as the U.S. steel and aluminum tariffs, though he didn't specify the value of goods they will cover. Šefčević said that the bloc continues to be open to negotiations with the U.S.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
President Trump threatens China with an additional 50% levy if Beijing doesn't withdraw its retaliatory tariff by tomorrow. Plus, it was a rollercoaster day for markets after a false tariff headline sent stocks on a $2 trillion ride. And what Trump's tariffs mean for the other policy items on his agenda.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
The commissioner added that the EU would not wait forever. EU member states are expected to vote this week on a final list of U.S. goods that will be subject to the EU's retaliation for U.S. metal tariffs. If the list is approved, some of those tariffs will start to take effect on April 15th.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
European officials are also weighing further measures to respond to President Trump's automotive tariffs and so-called reciprocal tariffs. Coming up, how are Trump's tariffs affecting other items on the president's agenda? That's after the break. Over the past week or so, President Trump's tariffs have dominated the national conversation.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
And though tariffs are just one of the president's agenda items, they could have ripple effects across a number of other policy issues. Amrith Ramkumar, who covers tech policy for The Journal, is here to tell us more. Amrith, you write that Trump's tariffs risk undercutting his goals of curbing inflation, reducing drug prices, supporting U.S.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
It's Monday, April 7th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
manufacturing, and boosting the build-out of AI data centers. What do these things have in common that they're so negatively affected by the tariffs?
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
What does this tell us about the president's priorities, tariffs versus everything else on his agenda?
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
That was WSJ reporter Amrit Ramkumar. Thank you, Amrit.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
We know that the new tariffs President Trump imposed last week will make it more expensive for companies to import goods to the U.S. But U.S. exporters could also suffer from the trade war. Conrad Putzier covers the economy for The Wall Street Journal, and he joins me now. OK, so, Conrad, tariffs affect goods brought into the U.S. We know this. Why could this affect exporters, too?
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
it was a volatile day in the markets first they rallied in the morning in response to erroneous headlines that president trump would delay the implementation of tariffs by 90 days the administration clarified that there will be no delay in implementing new levies leading to stocks dropping
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
You know, Conrad, this isn't our first time with tariffs in recent history. In Trump's first term, of course, he also implemented tariffs against some of the same countries. I'm curious, though, if things are expected to be or already proving to be different this time around.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
That was WSJ reporter Conrad Putz here. Thank you, Conrad.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
And that's what's news for this Monday afternoon. Additional audio in today's episode, courtesy of Reuters. Today's show is produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Cosmitas. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
Later in the morning, President Trump said he plans to increase tariffs on China by 50 percent starting Wednesday if the country doesn't withdraw its retaliatory tariff increase on the U.S. by tomorrow. China said last week it would hit all U.S. goods with an additional 34 percent levy starting Thursday.
WSJ What’s News
The Impact of Trump’s Tariffs on the Rest of His Agenda
In a social media post today, Trump added that talks with China to arrange meetings would be terminated. Stocks dropped again in response. In the afternoon, speaking from the Oval Office, Trump confirmed that he's not considering a broad pause on tariffs. But he opened the door for individual countries to negotiate tariff rates.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
This person said that the president and his advisors are feeling somewhat more confident about the economy amid some signs of resiliency, including a streak of stock market gains and a better-than-anticipated jobs report on Friday. Many economists still expect a trade-induced slowdown later this year. Employers, too, are worried.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
T. Rowe Price, JetBlue, and Polaris are just some of the companies whose leadership in recent earnings calls say they're slowing or pausing hiring due to economic uncertainty. Employment reporter Lauren Weber explains why companies are in this wait-and-see mode.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
And you can hear more about how consumers are feeling about the U.S. economy and what it means for food and beverage companies in a bonus episode we released earlier today. You'll find What's News and Earnings just an episode earlier in this podcast feed. The big stock rebound showed some signs of exhaustion today.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
President Trump's planned 100% tariff on films produced overseas weighed on entertainment company stocks early in the day. Shares in Netflix, Warner Bros. Discovery, and Paramount fell 2% or more in morning trading before recovering slightly. Details are scant on how the administration intends to implement the policy.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
Berkshire Hathaway, whose CEO Warren Buffett announced over the weekend that he would be stepping down at the end of the year, saw its shares fall about 5%. More on that later in the show. Major U.S. indexes fell. The Dow dropped about a quarter of a percent, and the S&P 500 dipped roughly 0.6% as both indexes broke nine-day winning streaks. The Nasdaq fell about three-quarters of a percent.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
OpenAI has called off a controversial effort to change which entity controls its artificial intelligence business. The maker of ChatGPT will remain under the control of a nonprofit organization, the one that briefly ousted CEO Sam Altman in 2023. OpenAI said today it will transform its for-profit subsidiary into a public benefit corporation that is controlled by the nonprofit parent.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
And Skechers is going private. The footwear company's founder and chief executive has agreed to sell Skechers to the private equity firm 3G Capital in a deal worth about $9.4 billion. The deal offers shareholders $63 in cash for each share they hold. Recently, Skechers shares had tumbled from around $75 in January to below $50. Today, shares in the company surged nearly 25% to over $61 apiece.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
About a decade ago, Beijing rolled out its Made in China 2025 plan, which unleashed enormous state subsidies for Chinese companies in order to make them more competitive. A study out today commissioned by the U.S. Chamber of Commerce finds that the plan worked, narrowing China's technological gap with the West. For more, WSJ chief China correspondent Lingling Wei joins me now.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
Lingling, what were some of the big takeaways from this study about the Made in China 2025 plan?
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
Beijing's Made in China plan has helped it close the technology gap with the West. Plus, what will Berkshire Hathaway look like without Warren Buffett at the helm?
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
What does this mean for Washington, particularly in terms of tariff negotiations?
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
That was WSJ chief China correspondent Lingling Wei. Thank you, Lingling. Thank you for having me. Coming up, what Warren Buffett's upcoming exit means for the multi-billion dollar company he built. That's after the break.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
As we mentioned in this morning's show, the legendary CEO of conglomerate Berkshire Hathaway, Warren Buffett, plans to step down at the end of the year. That will mark the end of his 60-year stint leading the company. To discuss how its new leadership will navigate this moment of reckoning, I'm joined by our Deputy Markets Editor, Justin Baer.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
Justin, Buffett is maybe the world's most famous investor. How did he get that sort of title?
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
Right. Not to say that he won't still be involved because he announced that he's going to continue to be chairman of the board. But this weekend, he did name Greg Abel as his successor to take over as CEO starting January 1st. What do we know about Abel and how he's likely to run the company?
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
And the Trump administration plans to offer $1,000 payments to migrants who leave the country. It's Monday, May 5th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. We kick off today with the U.S. economy. President Trump is downplaying concerns over further economic turmoil.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
So Berkshire Hathaway, as you mentioned, one of the most valuable companies in the world. This is really a watershed moment, right, with this longtime CEO leaving. Do we expect the company to remain as valuable as it has been?
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
That was WSJ Deputy Markets Editor Justin Baer. Thank you, Justin.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
In other news, the Trump administration is starting to put millions of defaulted student loan borrowers into collections today and threatening to confiscate their wages, tax refunds, and federal benefits. There are some 5 million borrowers whose loans are in default, many of whom haven't made regular payments since the pandemic.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
And if too many former students have lapsed on payments, the White House could shut off the federal student loan spigot for certain schools. That's according to a notice the Education Department is expected to send out today, seen by the Wall Street Journal. The government has long had the power to restrict federal student aid if too many students don't pay it back.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
The Department of Homeland Security said today that the Trump administration plans to pay immigrants illegally in the U.S. $1,000 to self-deport. The administration has set up a mobile app that provides migrants with assistance in booking flights, which the government would also pay for.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
DHS said migrants would receive their payments once they confirm they've arrived in their home country, adding that one migrant has already received payment after leaving Chicago for Honduras. But it isn't clear whether offering migrants a relatively small sum will be enough to convince more people to leave voluntarily.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
And Israel's security cabinet has approved a new ground operation to occupy territory in the Gaza Strip. Israel also plans to take control of aid distribution in the enclave, a move rejected by international humanitarian groups. An Israeli official didn't clarify whether the occupation would include all of the Gaza Strip or just key areas, or how long Israeli troops would remain.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
The new plan represents a shift in strategy for Israel since the collapse of a temporary ceasefire in March. Instead of invading and retreating from Gaza, Israel now plans to hold on to territory to ensure Hamas can't rebuild. And that's what's news for this Monday afternoon. Today's show was produced by Anthony Bansi. Our supervising producer was Pierre Bien-Aimé.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Warren Buffett Is Stepping Down. What’s Next for Berkshire Hathaway?
He's stepping up pressure on Congress to pass a tax and spending bill which would extend cuts made during the first Trump administration. And according to a senior administration official, the White House aims to announce at least one deal with a country seeking to escape higher tariffs in the coming week.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
That was our reporter, Vipal Manga, speaking with Anthony Bansi. To see just how integrated the automotive supply chain is, along with graphics, you can check out Vipal's story on our site. We'll leave a link in the show notes. U.S. stocks tumbled after President Trump confirmed he would impose 25% tariffs on Canadian and Mexican goods. The tech-heavy Nasdaq led the declines, dropping about 2.6%.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
The S&P 500 fell roughly 1.8%, and the Dow lost about 1.5%. The threat of new tariffs slowed an expansion in U.S. manufacturing. The Purchasing Managers Index, a closely watched survey from the Institute for Supply Management, ticked down to 50.3 in February from 50.9 the previous month, below economists' expectations but still above the 50 mark that separates growth from contraction.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
Timothy Fiore, who chairs the ISM's Manufacturing Business Survey Committee, said respondents were experiencing, quote, the first operational shock of the new administration's tariff policy. In other news, chipmaker Taiwan Semiconductor Manufacturing Company intends to invest $100 billion in manufacturing plants in the U.S. over the next several years.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
The company and President Trump announced the plan at the White House. TSMC, which is the world's largest contract chipmaker, plans to use the funds to add to its chip manufacturing facilities in Arizona. Such an expansion would advance a long-pursued U.S. goal to regrow the domestic semiconductor industry.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
Trump called building up the industry a matter of economic and national security, as well as evidence that his tariff threats were working. And Kroger CEO Rodney McMullin has resigned following an investigation into his personal conduct, ending a more than four-decade career at the grocery chain. Kroger, the biggest U.S.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
And properties damaged by the recent fires in Los Angeles are in demand. It's Monday, March 3rd. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. President Trump's 25 percent tariffs on goods from Canada and Mexico are set to go into effect tonight at midnight.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
supermarket chain by sales, said that while the conduct was unrelated to the company's business and didn't involve any Kroger associates, it was inconsistent with its ethics policy. McMullin couldn't be reached for comment. Coming up, why investors are excited again about asset backed securities. That's after the break. Asset-backed securities. Does that sound familiar?
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
Asset-backed securities crashed the economy in 2008. Now they're back. Plus, President Trump's tariffs against Canada and Mexico are expected to go into effect tonight. That's not good news for the auto industry.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
They're the bonds backed by income-producing assets, and a flavor of them were what crashed the U.S. economy in 2008. Now they're back. New U.S. issuance of some of the most popular flavors of structured credit, including asset-backed securities, hit record levels in 2024. And according to S&P Global, they're expected to surpass that tally this year.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
Wall Street Journal Deputy Margus Editor Justin Baer is here with more. Justin, these are the instruments that contributed to the 2008 financial crisis. Why are people coming back to these?
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
You know, when I hear about ABS and I hear that it was so involved in the 2008 crisis, I think, wow, it's got to be really risky, right? I mean, what makes these appealing for investors?
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
That was WSJ Deputy Markets Editor Justin Baer. Thank you, Justin. Sure, thank you. Home selling season is underway in Los Angeles. And if you were expecting that the recent fires would put a damper on buyers' enthusiasm, think again. Land parcels where homes once stood are commanding selling prices above early expectations.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
And sellers are asking for roughly the same value or even above their land's estimated pre-fire valuation. In Altadena, for example, the first four lot sales have closed at an average of $69 a square foot, well above the $22 average from 2023 to 2024. One local real estate agent said she was about to close on a burned piece of land that was selling for about $99 a square foot.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
And property values are expected to rebound even more once the neighborhoods are fully reconstructed and fireproofed. I'm joined now by Rebecca Picciotto, who covers residential real estate for The Journal. Rebecca, tell me, what's driving this?
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
Trump said today that his administration will go ahead with them, saying there is, quote, no room left for negotiations with the U.S. 's continental neighbors. One industry that would be hit particularly hard by these tariffs? The auto industry.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
Who is buying up these properties?
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
How is this turnover affecting the demographics of who is living in these neighborhoods? And I'm thinking specifically of Altadena, which we've covered a bit on the show and had a high proportion of Black homeowners living there. Is that going to change?
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
My colleague Anthony Bansi spoke with WSJ reporter Vipal Manga about how the tariffs would add cost to the deeply integrated North American automotive supply chain.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
That was WSJ reporter Rebecca Picciotto. Thank you so much, Rebecca.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
And finally, what do you think is the biggest fast food chain in the world? I mean, by number of locations. I assumed it was McDonald's, which I've eaten at in many different countries. Or maybe Starbucks, where here in New York, two locations can be sometimes just a block apart. But the truth is, it's a Chinese chain called Mishui.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
It sells $1 ice cream and bubble tea in more than 45,000 stores across Asia and Australia. Those cheap snacks can really add up. In its initial public offering in Hong Kong today, the company raised more than $400 million. Its stock closed at 43% above its IPO price, giving Mishui a valuation of more than $10 billion. The pace of Mishui's growth has been blistering.
WSJ What’s News
Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says
as it more than doubled its locations in three years and it isn't done expanding. Maybe get ready for a Michway near you? And that's what's news for this Monday afternoon. Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Cosmitas. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
Salomon said he had planned the attack for a year and was waiting until after his daughter graduated to strike. The police said that all eight victims of the attack are alive and remain in the hospital.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
President Trump expressed condolences for the victims on Truth Social, saying the incident, "...is yet another example of why we must keep our borders secure and deport illegal, anti-American radicals from our homeland." US-Manufacturing Activity sank a little deeper into contraction in May, reflecting persistent worries over the impact of the Trump administration's whipsawing trade policy.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
The Institute for Supply Management said today that its Purchasing Managers Index of Manufacturing Activity fell to 48.5 in May from 48.7 in April, matching economists' predictions. That brought the index to its lowest level since November, as activity fell further below the 50 mark that divides growth and contraction. U.S.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
stocks rebounded from early losses to end higher, despite a new trade flare-up between the U.S. and China that we mentioned in this morning's show. The Nasdaq led the gains, rising about 0.7%. The S&P 500 rose about 0.4%, and the Dow was up roughly 0.1%. Even after the latest bout of tariff turmoil, stocks have mostly recovered their April losses.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
So you might be wondering, do I have too much money in one investment? Is it a bad idea to have 85% of my portfolio in Nvidia? Should I own some other stocks besides Apple? Jason Zweig writes the Intelligent Investor column for the Wall Street Journal and says that for something like 99.95% of people, the answer is yes, you do have too much money in that one hot stock.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
He told our Your Money Briefing podcast that, chances are, no matter your estimation of your own skills in picking stocks, you're no Warren Buffett.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
For more from Jason, check out tomorrow's episode of Your Money Briefing. Coming up, how should Tesla pay the world's richest man? That's after the break.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
Wer ist der höchste bezahlte CEO in der S&P 500? Vielleicht jemand in der Finanzierung oder ein Silicon Valley-Juggernaut. In Wahrheit ist es Rick Smith, der Chef von Axon Enterprise, der Produktionenfirma, die Tasers produziert. Er hat in 2024 ca. 165 Millionen Dollar gespeichert. Währenddessen war Tesla-Chef Elon Musk der niedrigste bezahlte CEO einer S&P 500-Familie letztes Jahr.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
The suspect in the Colorado flamethrower attack is charged with a federal hate crime. Plus, how Elon Musk's pay at Tesla stacks up against that of other CEOs.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
Er hat 0 Dollar gekostet, als sein letzter Pay-Package der Fall war. Für mehr, bin ich mit Teo Francis, der die Exekutive-Kompensation für den Journal besucht. Okay, Teo, wie haben die Exekutive dieses Jahr breit gesagt?
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
You mentioned Elon Musk. So he's back in the business world, fresh off his detour through US politics. So now Tesla's board is faced with this question. How do you pay the world's richest man? Now, the company didn't respond to requests for comment, but what are some of the options they might be considering, especially after his 2018 pay package was thrown out by a court twice?
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
Das war WSJ-Spezialredakteur Teo Francis. Danke, Teo.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
Und als Musk seine Zeit im Staat endet und seine Aufmerksamkeit an seine Firmen, insbesondere Tesla, zurückbringt, ist es nicht nur das Board, das für Ergebnisse suchen wird. WSJ-Reporter Becky Peterson hat uns in unserem Tech-News-Briefing-Podcast erzählt, dass Investoren und Mitarbeiter alike einen Auge auf Musks Erfolg halten werden.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
To hear more from Becky and WSJ columnist Tim Higgins about Musk's record in Washington and the challenges he faces as he returns to the business world, listen to today's episode of Tech News Briefing. Though President Trump has pledged to bring business back to the U.S., his own company has been doing more business overseas than ever before.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
Since the election in November, the Trump Organization, the family's flagship real estate firm, and its partners have publicly announced 12 international projects, far outpacing the two overseas deals announced during his first administration. Reporter Brenna Smith joins me now with more.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
Brenna, what are some of the kinds of projects the Trump Organization is planning to build and where will they be located?
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
In January the Trump Organization released an ethics agreement barring the company from doing business directly with foreign governments. And yet several of these deals involve foreign governments. So is there a conflict here?
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
And how the Trump Organization has expanded globally since the 2024 election. It's Monday, June 2nd. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
Und Ghotam Adani, Asias zweiter reichster Mann, versucht, die Trump-Administration gegen ihn auszulösen. Stattdessen befindet er sich in einer neuen Front in seinem Kampf mit den Verwaltungen. Ein Probe, ob seine Firmen iranische petrochemische Produkte kaufen.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
US-Verwaltungen untersuchen, ob Adanis Firmen iranische liquefierte Petroleumgas, oder LPG, in Indien durch die Firma Mundra Port importiert haben. A Wall Street Journal investigation into tankers that regularly traveled between Mundra and the Persian Gulf found their behavior often exhibited traits seen by ships seeking to evade sanctions.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
In a statement, a company spokesman said Adani categorically denied any deliberate engagement in sanctions evasion or trade involving Iranian origin LPG and said they were not aware of any U.S. investigations on the subject. Bevor wir losgehen, Heads Up! Wir haben heute eine Bonus-Episode des Podcasts gedreht.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
In der letzten Episode von What's News in Earnings schauen wir, wie US-Vertreter wie Macy's, Target und Best Buy die Tarife von Präsident Trump negotieren und was ihre Earnings-Reporte uns über die Resilienz amerikanischer Konsumenten erzählen. You'll find it in your feed just before this episode. And that's what's news for this Monday afternoon.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
Today's show was produced by Anthony Bansi with supervising producer Michael Kosmides. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ What’s News
Elon Musk Returns to Business. How Much Should Tesla Pay Him?
The man accused of using a flamethrower in an attack on a group in Boulder, Colorado, supporting hostages being held by Hamas, has been charged with a federal hate crime. The Department of Homeland Security said the suspect, Mohammed Sabri Salomon, was in the U.S. on an expired visa and had filed for asylum in September 2022.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
Meanwhile, consumers took a gloomier view of the economy in March. According to the University of Michigan's monthly survey of consumer sentiment, the headline index came in at 57 this month. That's the lowest level since 2022 and a decline from 64.7 in February. Two-thirds of consumers said that they expect higher unemployment in the next year, the highest reading since 2009.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
The numbers are the latest sign that consumers are feeling less optimistic about the economy. But does that translate into actual changes in consumer behavior? Here to tell us more about what this means is economics reporter Justin Layhart. Justin, what are some of the factors that are making consumers feel more negative about the economy?
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
What kind of indicators do we look at to see if the sentiment turns into actual behavior?
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
That was WSJ economics reporter Justin Layhart. Thanks, Justin.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
It was supposed to be one of the splashiest IPOs of the year. Now, CoreWeave's stock market debut is turning into a high-profile stumble. The startup that rents out access to NVIDIA chips priced its initial public offering below expectations late yesterday and opened even lower today. In the end, its shares closed flat. Cori Dreebush, who covers finance for the journal, is here now to discuss.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
Cori, what went wrong for CoreWeave?
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
U.S. stocks sell off after consumer sentiment sours in March. But will consumer behavior change? Plus, CoreWeave's stock market debut turns into a high-profile stumble for both the AI industry and new public listings. And President Trump is following through on his pledge of sweeping deregulation.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
Markets are down today. Is this just bad luck for the company? Or does it say something broader about how other AI companies could potentially perform in the market?
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
Just thinking more broadly about IPOs, I mean, this is not the first IPO this year that has not lived up to expectations. What does CoreWeave's IPO tell us about listings this year?
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
It's Friday, March 28th. I'm Alex Osola for The Wall Street Journal. This is the p.m. edition of What's News, the top headlines and business stories that move the world today. U.S. stocks sold off today after reports of lower consumer sentiment, hotter-than-expected inflation, and anticipation of Trump's announcement of further tariffs next week. Major U.S. indexes ended the day lower.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
That was WSJ Finance reporter Cori Dreebush. Thank you, Cori. Thanks. And more on that series of powerful earthquakes that rocked Myanmar and Thailand that we told you about in this morning's show. Myanmar authorities said that as of Friday evening, 144 people were confirmed dead, more than 700 were injured, and that the toll was expected to rise.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
Thai authorities said that at least three people were killed in Bangkok, and dozens were injured when a high-rise building collapsed at a construction site. Coming up, what investors make of President Trump's efforts at deregulation. That's after the break. As he promised, President Trump is ushering in one of the most sweeping deregulatory drives in modern U.S. history.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
Take the Environmental Protection Agency, which has so far seen the most aggressive plans for red tape rollback. In a single day, the EPA announced 31 actions to deregulate U.S. environmental policies, including rules for power plants, the oil and gas industry. electric vehicles, and wastewater. Scott Patterson, who covers the Trump administration for the journal, joins me now.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
Scott, what are some of the industries affected by the president's deregulation efforts?
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
The Trump administration seems to be sending mixed signals here. On the one hand, this deregulation effort, which is welcomed by businesses, and on the other, introducing tariffs, which they're not so happy about. How are investors approaching this?
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
That was WSJ reporter Scott Patterson. Scott, thanks for being here.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
President Trump has pardoned Nikola founder Trevor Milton, who has been convicted of fraud in federal court for what prosecutors said were his lies to investors about his zero-emission trucks. If you want to hear more about Trevor Milton and Nikola's downfall, we did an entire season about it on our Bad Bets podcast. We'll leave a link in the show notes.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
And law firms Jenner & Block and WilmerHale filed separate lawsuits in a Washington, D.C. federal court today. They're an effort to block White House executive orders that targeted them for their ties to lawyers involved in an investigation into Russian interference in the 2016 election.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
The suits allege that the administration engaged in unconstitutional retaliation that violates the First Amendment. Meanwhile, another law firm, Skadden, cut a deal to avoid being targeted by the Trump administration. And that's What's News for this week. Tomorrow, you can look out for our weekly markets wrap-up, What's News in Markets.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
Then on Sunday, as President Trump's Liberation Day approaches on April 2nd, when the newest slate of tariffs kicks in, we're looking into the effectiveness of tariffs in the past and how this could help us understand the administration's strategies. That's in What's News Sunday. And we'll be back with our regular show on Monday morning.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
The Dow fell more than 700 points, or about 1.7%. The S&P 500 dropped about 2%, down for the week for the fifth time in the last six weeks. The Nasdaq tumbled 2.7%. New data from the Commerce Department show that U.S. personal income and consumption both rose in February.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Cosmitas. Michael LaValle wrote our theme music. Aisha Al-Muslim is our development producer. Scott Salloway and Chris Zinsley are our deputy editors. And Falana Patterson is The Wall Street Journal's head of news audio. I'm Alex Osola. Thanks for listening.
WSJ What’s News
U.S. Stocks Fall Sharply as Consumer Sentiment Sours in March
The personal consumption expenditures price index, which the Fed uses to track inflation, rose 0.3 percent over the previous month and has climbed by 2.5 percent over the past 12 months, still above the Fed's 2 percent target. The core version of PCE inflation, excluding food and fuel, is up 2.8 percent over the past 12 months. That's an increase from January.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
Shortly after the exchange, the visit ended without the scheduled press conference or the signing of a mineral rights deal. I'm joined now by WSJ national security correspondent Michael Gordon. Michael, let's talk about what we just heard. Where does that leave us?
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
Plus, English is expected to become the official language of the U.S. And how the new focus for the Defense Department may be creating an opening for military tech startups. It's Friday, February 28th. I'm Alex Sosola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
Where does this leave Ukraine?
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
A meeting between President Trump and Ukrainian President Volodymyr Zelensky turns contentious.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
That was WSJ national security correspondent Michael Gordon. Meanwhile, we exclusively report that President Trump is planning to sign an executive order that would make English the official language of the U.S. That's according to White House officials. It would be the first time in its nearly 250 year history that the U.S. would have a national language.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
Meredith McGraw, who covers the White House for WSJ, told me what this would mean on a practical level.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
Coming up, why defense startups see opportunity in Trump's Pentagon. That's after the break. Silicon Valley linked defense companies are seizing on their newfound influence in the Trump administration to address the Pentagon's shifting focus.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
My colleague Anthony Bansi asked telecom reporter Drew Fitzgerald how venture-backed companies see an opening to take business from traditional defense contractors.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
A meeting between President Trump and Ukrainian President Volodymyr Zelensky was cut short today after the two leaders got into a combative exchange. The session occurred shortly after Zelensky arrived at the White House, and Trump brought reporters into the Oval Office for what is typically a brief greeting.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
That was WSJ reporter Drew Fitzgerald speaking with Anthony Bansi. U.S. stocks seesawed today after the testy White House meeting between President Trump and Ukrainian President Volodymyr Zelensky. In the end, major indexes closed higher. The Dow was up roughly 1.4 percent and the Nasdaq and the S&P 500 were both up about 1.6 percent. Still, all three indexes notched losses for the month.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
Earlier, the personal consumption expenditures price index, the Federal Reserve's preferred gauge of inflation, showed prices rising 2.6 percent in the 12 months through January, excluding volatile food and energy costs. For some Americans, spring break is no longer in the budget.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
According to the conference board's Consumer Confidence Index released this week, people signaling plans to go on vacation dropped to the lowest level since 2021. WSJ travel reporter Allison Pohle told our Your Money Briefing podcast what's behind that.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
But after a half hour of generally polite discussion, the tone of the session grew contentious.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
To hear more from Allison, check out our Your Money Briefing podcast next week. And finally, some mornings when I'm half awake after my baby woke me up far too early, I dread the 10 minutes or so that it takes for my drip coffee maker to do its thing. I've often found myself wishing that I could have coffee that's just as tasty, but without the weight. But what's the alternative?
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
Turn to instant coffee? Actually, yeah. Turns out that a number of brands are now using innovative techniques like flash freezing and nitrogen flushes to avoid oxidation. The result is a new generation of instant coffee. And our reporter who did a blind taste test between her favorite beans and an instant version of the same said she could only detect a subtle difference.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
Coffee of last resort, this is not. To find out more, follow the link we left in the show notes. And that's What's News for this week. Tomorrow, you can look out for our weekly markets wrap-up, What's News in Markets. Then on What's News Sunday, we'll have the next installment of our series, Building Influence, on China's trillion-dollar global infrastructure initiative.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
This one's about how Beijing found itself in a financial hole and how it's reworking the program to keep building up global influence. And we'll be back with our regular show on Monday morning. Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Cosmitas. Michael LaValle wrote our theme music. Aisha Al-Muslim is our development producer.
WSJ What’s News
Future Uncertain for Ukraine After Trump-Zelensky Meeting Implodes
Scott Salloway and Chris Inslee are our deputy editors. And Falana Patterson is The Wall Street Journal's head of news audio. I'm Alex Osola. Thanks for listening.
WSJ What’s News
Trump Targets Democratic Fundraising
They're basically saying they don't know what to do. We don't know what the tariffs really are going to be. So it's very difficult to plan. It's very difficult to tell your customers or your partners what's going to happen.
WSJ What’s News
Trump Targets Democratic Fundraising
So we've had CEO of United Airlines put out two sets of guidance to their investors saying, here's what will happen if we're in a recession and here's what would happen if we don't. I mean, it's just like basically saying we have no idea. And we had the CEO of Goldman Sachs this week, David Solomon, say this pause on the reciprocal tariffs that President Trump put in
WSJ What’s News
Trump Targets Democratic Fundraising
actually creates even more uncertainty because nobody knows what the heck's going to happen. So it's very difficult for companies to adjust.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
Has the EU responded to any of this?
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
Let's shift now to talk a bit about Apple. So Trump was threatening a tariff of at least 25 percent on iPhones made overseas. During his comments in the Oval Office this afternoon, he said that could be expanded to other phone makers like Samsung. But what is going on here with Apple and Trump?
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
Plus, what's behind the recent turmoil around U.S. bonds? And a federal judge halts the government's move to prevent Harvard from enrolling international students. It's Friday, May 23rd. I'm Alex Ozola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. President Trump fired new salvos in the global trade war today.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
That was WSJ reporter Gavin Bade. Thank you, Gavin. Thanks, Alex. President Trump's threats against the EU and Apple sent U.S. stocks lower, with the iPhone maker's stock ending the day down 3%. Major indexes closed lower today. The Dow dipped about 0.6%, the S&P 500 dropped roughly 0.7%, and the Nasdaq fell 1%.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
We're exclusively reporting that Apple has recently stepped up efforts to fight Texas legislation that would require the iPhone maker to verify the ages of device users. Apple CEO Tim Cook called Texas Governor Greg Abbott last week to ask for changes to the legislation, or failing that for a veto. That's according to people familiar with the call.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
Abbott has yet to say whether he will sign the bill, though it passed the Texas legislature with veto-proof majorities. An Apple spokesman said that the company wants to strengthen online safety for children, but that the Texas bill threatens user privacy. Ahead of NVIDIA's earnings next week, the chipmaker and its competitors have been striking deals with sovereign nations.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
For example, Saudi Arabia recently agreed to buy large amounts of NVIDIA's AI chips for local infrastructure projects. And NVIDIA has described India as a major customer. But though it can be very lucrative to cut deals like these, they can also be polarizing.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
WSJ Heard on the Street columnist Dan Gallagher told our Tech News Briefing podcast about the challenges that these kinds of deals can present.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
President Trump threatens 50% tariffs on the European Union.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
For more on this, listen to Tech News Briefing next week. Coming up, what the recent upheaval with bonds says about long term bets on the U.S. government. That's after the break. A weak auction for 20-year bonds on Wednesday exacerbated worries about rising deficits in Washington and drove sharp declines for stocks and bonds.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
The 30-year Treasury bond yield reached its highest level since 2023, though it's come down a bit since. For more on what the recent bond turmoil means for the broader market, I'm joined by WSJ's chief economics commentator, Greg Ip. So, Greg, it doesn't seem like this upheaval of bonds is a sign of widespread panic per se, but what does it mean?
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
He threatened a 50 percent tariff on imported goods from the European Union, as well as new duties on iPhones made overseas. In comments at the Oval Office this afternoon, the president said he's not looking for a tariff deal with the EU.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
Where does inflation fit in with this? You did talk about the Fed, but are there concerns about inflation baked into this?
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
Right now, the dollar is the preferred currency for central banks around the world to hold. Is there a threat here to the dollar's reserve currency status?
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
That was WSJ Chief Economics Commentator Greg Ip. Thank you, Greg.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
And finally, a federal judge has temporarily blocked the government's bid to prevent Harvard University from enrolling international students. The judge granted the university a temporary restraining order, giving it a reprieve from the Trump administration's revocation of its ability to enroll foreign students.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
The ruling doesn't permanently resolve the matter, but allows Harvard to continue enrolling foreign students for now. A White House spokesperson objected to the judge's blocking the government's revocation. Earlier today, Harvard sued the Trump administration over its move to block international student enrollment. And that's What's News for this week.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
I'm joined now by Gavin Bade, who covers trade for The Journal. Gavin, where are the president's comments about the EU coming from? Are they out of the blue here?
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
Tomorrow, you can look out for our weekly markets wrap-up, What's News in Markets. We'll take the rest of the weekend off from Memorial Day in the U.S., and we'll be back to our normal schedule Tuesday morning. Today's show was produced by Pierre Bien-Aimé with supervising producer Michael Cosmedes. Michael LaValle wrote our theme music. Aisha Al-Muslim is our development producer.
WSJ What’s News
President Trump Threatens New Tariffs on the EU and Smartphones
Scott Salloway and Chris Zinsley are our deputy editors. And Falana Patterson is The Wall Street Journal's head of news audio. I'm Alex Osola. Thanks for listening.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
Elon Musk, the billionaire and Trump ally, has publicly campaigned against manned aircraft, which he had said were, quote, obsolete in the age of drones. Germany's parliament has authorized a massive spending package that includes as much as 1 trillion euros, or just over a trillion dollars, in civilian and defense investments to build up its infrastructure and reduce military reliance on the U.S.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
The journal's Germany bureau chief Bertrand Benoit is here to tell us more. So how would this work on a practical level? The incoming coalition government seems to be split on a number of issues, right?
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
Yeah, let's talk a little bit more about this money used for defense. Are any American defense companies expected to benefit from this?
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
That was WSJ Germany Bureau Chief Bertrand Benoit. Thank you, Bertrand.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
It was a week of big swings for U.S. markets, with the impact of the Fed's decision to hold rates steady and concerns over the effects of President Trump's trade policies continue to loom. Today, though, major U.S. indexes ended the day slightly higher. The Dow and the S&P 500 both rose about 0.1 percent, and the Nasdaq was up about half a percent.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
And investors poured billions into leveraged ETFs. Now their value is plunging. It's Friday, March 21st. I'm Alex Zosula for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
With the news about the new fighter jet, Boeing ended the day up just over 3 percent, while rival Lockheed Martin was down a little less than 6 percent. You heard in this morning's show about the severe disruption at London's Heathrow Airport. Well, the effects have cascaded to airline stocks.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
European carriers like IAG, the parent of British Airways, Ryanair, Air France, KLM, and Lufthansa all saw their shares go down. Heathrow, one of the busiest airports in the world for international traffic, said that some flights have resumed, but it expects significant disruptions for days to come. Coming up, Wall Street's newest rollercoaster trade, the leveraged single-stock ETF, is plunging.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
Boeing wins a contract to make what might be the most expensive fighter jet in history. Plus, the oil and gas industry was excited about a Trump presidency. Now it's feeling less certain.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
That's after the break. The recent market dip has been bad news for many investors, but few more than those invested in leveraged exchange-traded funds, or ETFs. These are funds that use borrowed money to amplify their bets on one or more assets. And that's meant that record highs in stocks have meant big money.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
According to Morningstar, in the 12 months ending January 31st, assets under management in leveraged ETFs jumped by 51%. to $134 billion. But now several of the most popular leveraged ETFs have erased most of their value in a matter of weeks. Jack Pitcher, who covers markets for the journal, joins me for more. So, Jack, people have been really into these leveraged ETFs since last year.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
They've been riding the roller coaster of the market, taking bigger risks. Now they're losing a lot of money, right? Why is this happening now?
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
So have these big losses deterred investors or scared them off of using these leveraged ETFs?
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
What's the longer term picture here?
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
Boeing has been selected to build what may turn out to be the most expensive fighter in history, a sophisticated jet the Air Force believes is vital to deter China's military in the decades ahead. President Trump announced the new program at the White House today.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
That was WSJ Markets reporter Jack Pitcher. Thanks, Jack.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
When Donald Trump won the election, the oil and gas industry popped the champagne. Now it's debating whether the glass is half full or half empty. Colin Eaton covers oil companies for The Wall Street Journal. Colin, what is making oil and gas companies wary now?
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
So what would people in the industry like to see?
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
That was WSJ reporter Colin Eaton. Thank you, Colin.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
And we exclusively report that Columbia University will agree to President Trump's far reaching demands in negotiations over 400 million dollars in federal funding he revoked this month. That's according to a memo from the school to the administration. Columbia has agreed to ban masks.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
empower 36 campus police officers with new powers to arrest students, and appoint a senior vice provost with broad authority to oversee the Department of Middle East, South Asian, and African Studies, as well as the Center for Palestine Studies.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
The agreement follows a tense week of meetings between the government's recently created Task Force on Antisemitism and the university's Board of Trustees and president. Schools nationwide are watching Columbia with alarm, and many fear a demand for similar concessions. And that's What's News for this week. Tomorrow, you can look out for our weekly markets wrap-up, What's News in Markets.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
Then on Sunday, we'll be answering your questions about how the U.S. healthcare landscape may change and what that may mean for you as Medicaid cuts are being debated on Capitol Hill. That's in What's News Sunday. And we'll be back with our regular show on Monday morning. Today's show is produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Cosmitas.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
Michael LaValle wrote our theme music. Aisha Al-Muslim is our development producer. Scott Salloway and Chris Zinsley are our deputy editors. And Falana Patterson is The Wall Street Journal's head of news audio. I'm Alex Osola. Thanks for listening.
WSJ What’s News
Boeing Wins Contract For Next-Generation Jet Fighter
The Pentagon hasn't released cost estimates for the program, but experts say the total research, development, and acquisition costs could top $50 billion. Lockheed Martin had been vying with Boeing for the contract. The fighter's future had been in doubt after the Biden administration opted to leave the final decision on how to proceed to the incoming Trump administration.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
It's very important because it shows sort of a shift in Trump's thinking. He has, of course, roiled a lot of relationships around the world. particularly with European leaders that have traditionally been the top allies of Washington. Trump is looking for kind of more cordial relations, and he is drawn to the wealth and the glitz.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
And he was treated at every step of this four-day trip with lavish ceremonies, and that feeds into Trump's sense of purpose. We kind of call it bromance diplomacy, and it was on full display. He told Saudi Crown Prince Mohammed bin Salman, I like you too much at the airport when Trump was leaving. both sort of tapped their fists on their hearts and pointed at each other.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Last night, he told the president of the UAE, you're a magnificent man. He repeatedly referred to his counterpart's strength and their attractiveness, their toughness. So Trump really likes the optics of these leaders that he met and how they present themselves.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Absolutely. So this flattery is designed to get Trump's not just his attention, but his loyalty and his validation on the world stage as the Gulf becomes more increasingly powerful and wealthy. And it's looking to transform itself from not just oil rich, but also into technology and AI. And so having Trump's attention and focus on this region is a huge win for them.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Yeah, absolutely. That's been a sort of a backdrop of this entire trip. And the plane news has not been well-timed. That story broke just as Trump was headed over. And so it's been really a dominant story back in the U.S. Trump and his team are just trying to plow through it. And they're hopeful that the headlines they're getting from massive investment deals like such as the one that
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
with Boeing, that that'll kind of overshadow that. And I know from talking to several of Trump's aides that Trump is personally really annoyed by the coverage that he feels like it's detracting from his otherwise successful trip here in the Middle East.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Right. Yeah. So some major issues still outstanding and some really important ones, too. No real progress on Gaza, for example, and also the war in Ukraine. Initially, this visit was going to be sort of seen as a victory lap that Trump was going to be here, Putin and Zelenskyy potentially and work out a peace deal that faded away.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
And Trump has been asked repeatedly about, you know, what's going on with that and the potential meeting in Turkey on Thursday that kind of fell apart, something that Trump is not eager to address. He's been annoyed. I was on Air Force One yesterday traveling to the UAE, and a reporter asked Trump about whether he was disappointed with the delegation that Russia was sending to Turkey.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
And Trump sort of snapped a little bit at the question and, you know, quickly referred back to the trillions of dollars he says he's obtaining for the U.S. here in the East Gulf states.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
Despite consumer sentiment with a threat of a government shutdown receding, stocks wrapped up a tough week with a rally. The Dow rose about 1.7 percent, the S&P 500 added about 2 percent, and the Nasdaq led the way with a 2.6 percent gain. As we've talked about before on the show, President Trump's rapidly changing trade policy is affecting goods from cars to champagne.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
One place Americans might start feeling it? The grocery store produce aisle. Patrick Thomas covers agriculture for The Journal and breaks it down for us. Patrick, what is the produce most affected by Trump's new tariffs?
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
So what do tariffs mean for grocers?
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
And universities are scrambling to avoid becoming President Trump's next target. It's Friday, March 14th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Consumer sentiment sank this month.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
If consumers are getting sticker shock from particular goods that are going to be impacted by the tariffs, what options do they have? Can they look for a different supplier?
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
That was WSJ reporter Patrick Thomas. Thank you, Patrick.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
President Trump and Russian President Vladimir Putin painted a rosy picture of discussions to bring an end to the war in Ukraine. Trump described the talks as productive, while the Kremlin said that there were reasons to be cautiously optimistic. Meanwhile, Ukrainian President Volodymyr Zelensky called on the U.S.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
to press Russia to do more to end the three years of grueling fighting, as he appeared to acknowledge that Ukraine's incursion into the Kursk region was coming to an end. Coming up, what universities are doing to avoid becoming President Trump's next target. That's after the break. President Trump has been pushing for changes at universities.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
U.S. consumer sentiment hits its lowest level since 2022. Plus, grocers try to hold prices steady as tariffs come for the produce aisle.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
Last week, the Trump administration canceled roughly $400 million in federal grants and contracts to Columbia University over anti-Semitism allegations. Now, some universities are making tangible changes in response to government spending cuts and the Trump administration's DEI guidance as they're trying to avoid becoming President Trump's next target.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
Education reporter Sarah Randazzo is here now with more. Sarah, what exactly are universities worried about here?
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
The University of Michigan's Closely Watched Index fell 11 percent to 57.9 in mid-March from 64.7 last month. That's the lowest level since November 2022 and was much weaker than economists expected. Compared with a year earlier, consumer sentiment is down 27 percent.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
How central exactly could these changes be to a university's identity, the education it offers, the research it does?
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
That was WSJ Education reporter Sarah Randazzo. Thank you, Sarah.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
The Senate is set to vote today on a Republican measure that would fund the government through September. As we mentioned on this morning's show, Senate Minority Leader Chuck Schumer said that he would vote in favor of the bill to avoid a government shutdown. But members of his own party are begging him to reconsider his decision.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
Congress is also working on a budget and cuts to Medicaid are on the table. The program is mainly for low-income Americans, but deep cuts could affect state budgets and health care more broadly. What questions do you have? Send a voice memo to WNPOD at WSJ.com or leave a voicemail with your name and location at 212-416-4328. We might use it on the show.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
Lip Bhutan is set to start as Intel's new CEO next week. WSJ Heard on the Street columnist Dan Gallagher told our Tech News Briefing podcast about what Thanh is expected to do once he's in the top job.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
For more from Dan, listen to today's episode of Tech News Briefing. And finally, what lengths would a team go to to win? In the case of the University of Oregon's basketball team, I mean literal lengths. This year, the Ducks joined the Big Ten Conference, and since their season began in November, they've spent more time in the air than actually playing basketball.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
WSJ economics reporter Justin Lehart says that particularly worrisome was also a decline in the expectations component of the sentiment index, which fell 15 percent.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
The total distance they've traveled this season is 26,700 miles, the equivalent of traveling the entire circumference of planet Earth plus a few thousand more miles. Fortunately for Oregon, it hasn't stopped them from attaining the best record of any of the Big Ten's newcomers. And that's What's News for this week. Tomorrow, you can look out for our weekly markets wrap-up, What's News in Markets.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
Then on Sunday, we'll be bringing you an episode of the WSJ's Bold Names podcast. It features an interview with Palmer Luckey, who founded the weapons manufacturer Andril, talking about how he's trying to remake the government's approach to national security. That's in What's News Sunday. And we'll be back with our regular show on Monday morning.
WSJ What’s News
Grocers Try to Hold Prices Steady as Tariffs Threaten Produce
Today's show was produced by Pierre Bien-Aimé and Anthony Bansi with supervising producer Michael Kosmides. Michael LaValle wrote our theme music. Aisha Al-Muslim is our development producer. Scott Salloway and Chris Zinsley are our deputy editors. And Falana Patterson is The Wall Street Journal's head of news audio. I'm Alex Osola. Thanks for listening.
WSJ What’s News
Does Europe Have What it Would Take to Fight Russia?
One is there's a lot of uncertainty in the world and gold is, you know, a millennia old safe haven for investors. There's concern about the economy going into a recession, interest rates falling. And when interest rates are going down, that makes gold more attractive. The last thing is gold is a speculative asset.
WSJ What’s News
Does Europe Have What it Would Take to Fight Russia?
It is used for certain things like jewelry and microchips, but most demand for gold is people thinking that gold is going to be worth more tomorrow than it is today. And when that frenzy starts, it takes on a life of its own.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
And what are these banks expecting for their own finances in the next quarter?
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
JP Morgan and Morgan Stanley said they boosted provisions for possible credit losses as consumers and businesses may be unable to pay their loans. How significant is that?
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
All right. I guess we'll have to wait and see then. That was Heard on the Street columnist Jonathan Weil. Thank you, Jonathan.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
Despite that cloudy future outlook, the volatility wasn't all bad for Wall Street. Big banks reported a pretty good first quarter today. Trading desks racked up revenue as clients looked to exit or buy new investments during earlier market swings, gains that likely got even bigger in the past week for the banks. In the first quarter of the year, J.P.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
Morgan brought in a record $3.8 billion in equities trading revenue. At Morgan Stanley, equities revenue was up 45% to more than $4 billion. Recession warnings didn't stop U.S. stocks from ending one of their most tumultuous weeks in years on an upswing. The Dow rose about 1.6 percent, the S&P 500 notched gains of roughly 1.8 percent, and the Nasdaq closed about 2 percent higher.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
For a better understanding of what tariffs mean for the stock and bond markets, you can listen to a bonus episode of WSJ's Take on the Week coming out today. And the regular episode of Take on the Week will be out on Sunday. Chris Krause, a managing director and portfolio manager at PIMCO, one of the world's largest bond managers, will join the podcast with a pulse check of consumer health.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
It's Friday, April 11th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. The U.S. economy showed fresh signs of strain today. Consumer sentiment plunged further this month as recession fears built.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
Coming up, small companies account for one-third of U.S. imports. What happens if they can't absorb the higher costs from Trump's tariffs? That's after the break. Businesses of all sizes are struggling with President Trump's new tariff regime. But small U.S. businesses are looking to be the biggest losers.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
U.S. consumer sentiment tanks and inflation expectations rise to their highest in more than 40 years. Plus, Wall Street sounds the alarm for economic volatility ahead because of President Trump's tariff policy. And small businesses might end up as the biggest losers of Trump's trade war.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
According to the Census Bureau, small and mid-sized companies account for $868 billion, or roughly one-third, of annual U.S. imports. And though they're much smaller than global giants like Apple and Nike, these businesses also rely on overseas factories and goods that now carry steep tariffs, which threaten their bottom line. WSJ Senior Special Writer Ruth Simon joins me now with more.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
Ruth, why do tariffs affect small businesses more than larger businesses?
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
That was WSJ Senior Special Writer Ruth Simon. Thank you, Ruth. It's a pleasure. President Trump has promised that tariffs would lead to a renaissance in American manufacturing, that they'll bring good-paying jobs to U.S. communities. I'm joined now by Lauren Weber, who covers workplace issues and employment for the journal. Lauren, do tariffs actually do that?
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
Are there certain sectors that are potentially more likely to move their operations to the U.S. ?
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
The University of Michigan survey, a closely watched index of consumer sentiment, nosedived to 50.8 in April from 57 last month. That was much lower than economists expected and is one of the weakest readings in the past decade. The share of Americans expecting unemployment to rise in the year ahead increased to the highest since 2009 —
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
Like you mentioned, a number of companies have already committed to building new factories in the U.S. Does the U.S. have enough workers and workers with the right skills to staff those factories?
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
So what can companies do about this then?
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
That was WSJ reporter Lauren Weber. Thank you, Lauren.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
After a stint as Trump's first buddy, Elon Musk seems to be developing a rift with the president. In recent days, Musk has made veiled criticisms of Trump's trade agenda and called Peter Navarro, the president's top trade advisor, a moron.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
A Wall Street Journal analysis found that despite Musk's cost-cutting efforts as the head of the Department of Government Efficiency, the federal government is spending more under President Trump so far than it did in the same period under Joe Biden. Trump has said that Musk will leave the administration, quote, in a couple of months.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
And as journal columnist Tim Higgins told our Tech News Briefing podcast, Musk's departure would be welcome news to investors in Musk's companies.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
For more from Tim, listen to today's episode of Tech News Briefing. And we'll leave a link in the show notes for that article about government spending and Doge's efforts. Before we go, heads up. We made a correction to this morning's edition of the show. It originally made a reference to 150% tariffs on China. But as of this morning, U.S. tariffs on China stood at 145%.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
and inflation expectations in the year ahead hit their highest rate since 1981. That uncertainty is hitting Wall Street, too. In earnings calls today, executives warned that President Trump's tariffs were sending the U.S. economy into the unknown and that the uncertainty was already hurting consumers and companies alike.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
And that's What's News for this week. Tomorrow, you can look out for our weekly markets wrap-up, What's News in Markets. Then on Sunday, we'll be looking at America's nuclear umbrella, how countries in Europe and elsewhere aren't sure if the U.S. will offer enough protection, and how they might develop their own nuclear deterrence. That's in What's New Sunday.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
And we'll be back with our regular show on Monday morning. Today's show was produced by Pierre Bien-Aimé and Anthony Banzi, with supervising producer Michael Kosmides. Michael LaValle wrote our theme music. Aisha Al-Muslim is our development producer. Scott Salloway and Chris Zinsley are our deputy editors. And Falana Patterson is The Wall Street Journal's head of news audio. I'm Alex Osola.
WSJ What’s News
Banks Warn of Risk to U.S. Economy Because of Tariffs
For more on how banks are gauging what's ahead, I'm joined now by Heard on the Street columnist Jonathan Weil. Jonathan, what kinds of information are banks going to be keeping an eye on to get a sense of where things are headed?
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
And of course, the big question every time we get a Dodge report, does this change anything for the Fed?
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
That was WSJ economics reporter Justin Lehart. Speaking at a conference in New York today, Fed Chair Jerome Powell said the central bank is comfortable with its wait-and-see approach to rate cuts as it digests the effects of changing policy.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
The Fed chair said that despite uncertainty, the U.S. economy continues to be in a good place. U.S. stocks turned higher today following Jerome Powell's remarks, but remained lower on the week after an onslaught of tariff-related news. The Dow rose about half a percent, the S&P 500 went up around 0.6 percent, and the Nasdaq closed 0.7 percent higher.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
Previously on the show, we've talked about how a new guard of defense startups are trying to secure contracts from Trump's Pentagon. Andril is one such company, and its founder, tech veteran Palmer Luckey, was part of a minority in the tech sector that supported Trump during his first run for the White House.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
This week, Luckey joined our sister podcast Bold Names to talk about how he's trying to remake the government's approach to national security.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
To hear more of the conversation with Lucky, check out the link to the Bold Names podcast in our show notes. Coming up, what goods are actually affected by Trump's tariff pause? That's after the break. Yesterday, President Trump suspended tariffs on Mexican and Canadian products for one month. But there's a catch.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
The deal only applies to goods that had been traded duty-free under an existing trade agreement called the U.S.-Mexico-Canada Agreement, or USMCA. Putting that into practice is actually less straightforward than it might seem. WSJ economics reporter Chao Dang breaks it down for us. OK, Chao, what kinds of goods are covered by the USMCA?
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
Uncertainty around trade policy keeps the Fed in a holding pattern on rates. Plus, which goods from Canada and Mexico are still exposed to U.S. tariffs? The answer is less straightforward than it might seem.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
And are egg producers engaged in foul play in setting prices? The Justice Department wants to find out. It's Friday, March 7th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. New data out from the Labor Department today shows that the U.S. added 151,000 jobs in February.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
And what proportion of goods coming into the U.S. from Canada and Mexico qualify for the USMCA?
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
How easy is it for companies in Canada and Mexico who want to export to the U.S. to be compliant with USMCA?
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
How about on the U.S. side? Is it equally complicated?
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
That was Journal Economics reporter Chow Dang. Thanks, Chow.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
In other news, the Justice Department has opened an investigation into the cause of soaring egg prices including whether large producers have conspired to raise prices or hold back supply. That's according to people familiar with the matter. Egg prices have doubled over the past year and eggs are sometimes entirely absent from grocery store shelves.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
The department's investigation is in its early stages and might not lead to any formal action. A Justice Department spokeswoman declined to comment. The United Egg Producers, a trade group for the industry, said egg farmers are, quote, doing everything they can to fight back against this deadly bird flu outbreak.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
And the Trump administration said it's canceling roughly $400 million in federal grants and contracts to Columbia University. The Ivy League school has come under scrutiny by the Trump administration for an alleged failure to protect Jewish students. A Columbia spokesperson said the school is reviewing the agency's moves and promised to work with the government to restore its funding.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
A person with knowledge of the discussions said the university will have a 30-day review period to address the government's concerns and potentially reinstate the contracts. And finally, were you someone who went to math camp? Maybe your parents signed you up for an extra computer course? It was probably because they saw science and tech as a good, solid career path.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
That's slightly below the gain of 170,000 jobs economists expected to see, but better than the 125,000 jobs added in January. The unemployment rate, which is based on a separate survey from the jobs figures, rose to 4.1 percent from 4 percent. To give us some insight behind the numbers, I'm joined now by WSJ economics reporter Justin Lehart. OK, Justin, what stood out to you in this jobs report?
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
Now, though, parents are taking a different approach and pushing their kids towards the arts instead. WSJ columnist Callum Borchers told our Tech News Briefing podcast why parents are rethinking careers in tech for the next generation.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
To hear more from Callum, check out today's episode of Tech News Briefing. And that's What's News for this week. Tomorrow, you can look out for our weekly markets wrap-up, What's News in Markets. Then on Sunday, we'll have the final installment of our special series, Building Influence, about China's trillion-dollar global infrastructure program.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
This time, we look at how the West has responded so far and how President Trump is taking a very different approach. That's on What's News Sunday. And we'll be back with our regular show on Monday morning. Today's show was produced by Anthony Bansi with supervising producer Michael Cosmitas. Michael LaValle wrote our theme music. Aisha Al-Muslim is our development producer.
WSJ What’s News
Goods From Canada, Mexico Still Exposed to U.S. Tariffs, Despite Pause
Scott Salloway and Chris Zinsley are our deputy editors. And Falana Patterson is The Wall Street Journal's head of news audio. I'm Alex Osola. Thanks for listening.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
That's a new record, beating even the $4.4 trillion shed in March 2020. I'm joined now by Crystal Herr, who covers markets for The Journal. Well, Crystal, another day, another mess in the markets. What happened today?
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
Yesterday, we saw the Magnificent Seven really take a hit. How'd they fare today?
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
So this has been two pretty rough days for the markets. What can we expect on Monday?
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
That was WSJ reporter Crystal Herr. Thank you, Crystal. Thanks. Federal Reserve Chair Jerome Powell warned of higher prices and weaker growth after President Trump's tariff hikes.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
In remarks in Virginia, Powell indicated that the central bank was still comfortable with its wait-and-see stance. While he acknowledged that risks of weaker growth had increased, he said it was too soon to say how the Fed would adjust interest rates to cushion the economy from the blow of weaker global trade.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
Ahead of Powell's remarks, President Trump posted on Truth Social, saying he hoped the Fed would cut interest rates. There was a glimmer of hope that initial public offerings in the U.S. were about to return. Now that hope is gone, as multiple companies are scuttling their plans to go public as the tariff turmoil freezes the IPO market.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
People familiar with the matter say that ticketing marketplace StubHub and buy-now-pay-later company Klarna are postponing their IPO roadshows, which were set to kick off next week. Some of those people also said that another fintech company, Chime, is pushing off filing its financials publicly with regulators and is delaying its IPO.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
And they said that virtual physical therapy company Hinge Health is watching the market before its anticipated late April offering. Meanwhile, crypto company Circle had been nearing its next steps in going public. But some of the people said the company is now watching anxiously before deciding what to do. Employers added jobs in March at a much stronger pace than expected.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
U.S. stocks plunge as China hits back with 34 percent tariffs, while oil prices tumble. Plus, Fed Chair Jerome Powell warns of weaker economic growth after the tariff hikes. And a new Wall Street Journal poll finds that voters soured on Trump's economic plans even before Wednesday's raft of new tariffs.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
It's Friday, April 4th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. A sharp rise in trade war intensity sent Wall Street spiraling today. China's decision to apply a 34% levy to all imported goods from the U.S.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
The Labor Department said today that the U.S. added 228,000 jobs last month, well above the gain of 140,000 jobs that economists expected. Meanwhile, the unemployment rate, which is based on a separate survey from the jobs figures, ticked up to 4.2 percent as more people entered the labor force. For more on what these numbers mean, I'm joined by WSJ economics correspondent Harriet Torrey.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
Harriet, the labor market in March seems to have remained strong despite economic uncertainty, government layoffs, market turbulence. How? How has it stayed this strong?
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
Of course, the mood about the economy is in a little bit of a different place now because of tariffs. Is the strength that we see in the labor market expected to continue?
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
That was WSJ economics correspondent Harriet Torrey. Thank you, Harriet. Thanks. Coming up, a majority of U.S. voters oppose Trump's levies, but the people who voted for him still support him. More after the break. Americans elected Donald Trump with a favorable opinion of his economic plans. Now, though, his expansive push for tariffs is making voters skeptical.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
A new Wall Street Journal poll found that 54 percent of voters oppose Trump's levies on imported goods, while 42 percent support his plans. Seventy-five percent of voters said that tariffs will raise prices on the things they buy, up from 68 percent who said so in January.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
The journal survey was conducted from March 27 through April 1, a time when Trump had imposed new tariffs on China and certain goods from Canada, Mexico and elsewhere, but before his Wednesday announcement of sweeping levies on nearly all U.S. trading partners and the subsequent market sell-off. Here to tell us more about what these results mean is WSJ reporter and editor Aaron Zittner.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
Aaron, this is a shift from the past. Past journal polls before Trump took office found voters mildly supportive of tariffs in general. What's changed since then?
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
What does more voter skepticism mean for Trump?
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
rattled markets, in part because it further deflated hopes that a global settlement could be reached soon. Investors rushed into treasuries, pushing 10-year yields well below 4% before they drifted back up later. Oil prices slid further, with benchmark U.S. crude falling to about $62 a barrel. All major U.S. indexes dropped today, ending a brutal week.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
That was WSJ reporter and editor Aaron Zittner. Thank you, Aaron.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
To see more about this poll, check out our story on WSJ.com. We'll leave a link in the show notes. In other news, President Trump signed an executive order today that grants a 75-day extension to reach a deal to operate TikTok in the U.S. He had faced a Saturday deadline to act, having previously suspended enforcement of a 2024 law calling for TikTok to be sold or shut down in the U.S.,
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
On Wednesday, Trump reviewed a proposal in which roughly a dozen potential investors, including cloud computing company Oracle, private equity firms Blackstone and Silverlake, and venture capital firm Andreessen Horowitz, could take an ownership stake in an American-operated TikTok. It wasn't immediately clear which investors had emerged as part of the deal.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
Amazon also made an 11th hour bid, as did mobile technology company AppLevin. And finally, if you want to get an indication about how the economy is doing, just look around your office. Is the fridge a little more crowded than usual? Does a line form in front of the microwave at lunchtime? That may be because more employees are eating lunches brought from home than they have in years.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
According to consumer analytics firm Cercana, the number of lunches bought from restaurants and other establishments nationwide fell 3% in 2024 from the year before. That's fewer than were purchased even in the height of the pandemic work-from-home era in 2020. That's bad news for the delis and cafes catering to office workers that had barely survived the pandemic lockdowns.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
But it's also a bad sign for the economy that many workers are finding the prospect of picking up lunch too rich for their wallet. Interested in seeing what our lunchboxes say about the economy? We'll leave a link to our story on WSJ.com in the show notes. And that's What's News for this week. Tomorrow, you can look out for our weekly markets wrap-up, What's News in Markets.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
Then on Sunday, we're bringing you an episode of our sister podcast, WSJ's Take on the Week, looking at how the new tariffs may impact corporate earnings and what companies are doing to plan around them. That's in What's News Sunday. And we'll be back with our regular show on Monday morning. Today's show was produced by Anthony Bansi and Pierre Bien-Aimé with supervising producer Michael Cosmitas.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
Michael LaValle wrote our theme music. Aisha Al-Muslim is our development producer. Scott Salloway and Chris Zinsley are our deputy editors. And Falana Patterson is The Wall Street Journal's head of news audio. I'm Alex Osola. Thanks for listening.
WSJ What’s News
Most Voters Oppose Trump’s Tariffs, But His Supporters Are Still Behind Him
The Dow fell more than 2,200 points, closing down 5.5% lower today. It's down about 15% from its recent high, putting it in correction territory. The Nasdaq dropped 5.8%, pushing it into a bear market, which denotes a 20% decline from its peak. And the S&P 500 slid nearly 6%. The stock market has shed $6.6 trillion in the past two sessions.