Luke Vargas
Appearances
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Jason, these are readings that seem to validate reports from the U.S. West Coast that shipments from China have sharply dropped off, which is, I imagine, what President Trump wants to see, a weakening of the flow of Chinese goods to the U.S. But where does all of this leave China?
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
That was reporter Jason Douglas in Tokyo. And whether the trade war is also hurting the U.S. economy will come to the fore later today with a first quarter GDP reading set for release at 8.30 a.m. Eastern. While also on investors' radar today, word from Washington on further progress in trade negotiations.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
The S&P 500 staged an afternoon rally yesterday following comments that one such trade deal had been reached with an unnamed country, closing out President Trump's first 100 days in office on a high note. Though, as Journal Markets editor Katie Barnado told me, progress has been uneven across U.S. equities as stocks try and regain ground they'd lost in recent months.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Well, as Katie alluded to, it's shaping up to be another bumper earnings day with big tech front and center as Microsoft and Meta release their quarterly results after the market close. Just this morning, South Korean tech giant Samsung said profit in the first quarter was stronger than expected thanks to solid smartphone sales. That offset weak semiconductor earnings, which are being hit by U.S.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
restrictions on advanced chip exports to China. and increased competition in supplying high bandwidth memory products for AI applications. And we are exclusively reporting that Starbucks is using new technology to help fix one of its customers' biggest gripes, waiting too long for their coffee. A technology pilot at dozens of U.S.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
locations has shaved two minutes off the average time to make a drink ordered inside cafes. Starbucks now plans to expand the pilot, which involved a proprietary order scheduling algorithm developed in-house, to hundreds more locations across the U.S. in the hopes that will boost sales following five consecutive quarterly declines.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Warning signs for China's economy as trade war damage begins hitting home. Plus, President Trump talks up his tariffs even as voters' economic concerns mount.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Coming up, as President Trump celebrates his early accomplishments, we'll hear why voters are now less confident in his ability to deliver on his agenda. We've got that story and more after the break.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
To mark his 100th day in office, President Trump returned to the rally stage in Michigan last night, shifting into campaign mode to tout his accomplishments.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
Journal-White House reporter Alex Leary told our Kate Bullivant that although voters are showing mixed confidence in Trump's handling of domestic priorities like inflation and immigration, the president is plowing ahead and shifting his focus abroad.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
And Starbucks turns to tech to tackle unpopular in-store wait times. It's Wednesday, April 30th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. The proof of the trade war is in the numbers.
WSJ What’s News
Chinese Manufacturing Tumbles as Tariffs Bite
My pleasure. And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. 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
Chinese Manufacturing Tumbles as Tariffs Bite
Beijing released fresh data on export orders and factory production for April overnight, with neither indicator able to hide the damage that tariffs are causing to the engine of China's economy. Journal reporter Jason Douglas joins me now from Tokyo. Jason, these readings don't seem all that hard to parse, frankly. Things are not going well.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
Die Bewegung kommt während einer mühsamen Saison für internationale Studenten, die in die USA kommen wollen, die generell von amerikanischen Universitäten in den Frühjahren akzeptiert werden und Visas erhalten müssen, bevor das neue Schuljahr im Sommer beginnt.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
Letzte Woche hat die Regierung Harvard Universität die Fähigkeit gejagt, fremde Studenten einzuführen, die etwa eine Viertel ihres Studentenbildes erzeugen. Präsident Trump sagt, dass er die Realität-TV-Stars Todd und Julie Chrisley verurteilen wird, die von Verbrechen und Ausgleichsverletzungen verurteilt wurden, die sie als harsche Betreuung verursacht haben.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
Ein Anwalt für das Paar hat gesagt, dass sie von ihren konservativen Werten getarget worden seien. Der Weg kommt, nachdem Trump am Montag verurteilt hat, dass er den ehemaligen Virginia-Sheriff Scott Jenkins verurteilen würde, der von korruptionsrelevanten Anforderungen verurteilt wurde, um Verbrechungsbewerber mit Badgenoten und Kredenzen zu erzeugen, obwohl sie nicht trainiert haben.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
Jenkins ist ein vokaler Unterstützer der Präsidenten-Anti-Immigration- und Gun-Reihts-Agenda. Trump-Loyalist Ed Martin, der Justiz-Departement's new pardon attorney, hat dem Journal gesagt, dass er Jenkins' Fall fast-tracked hat, beschreiben ihn als, quote, »on the right side of a lot of issues«.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
In just over a week on the job, Martin has begun turning the office into a pipeline for political allies to get cases before Trump and said he had been flooded with requests from lawyers and lobbyists seeking pardons for their clients.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
The Supreme Court has cleared a major hurdle for a giant copper project in Arizona that's currently being developed by Rio Tinto and BHP Group, rejecting an appeal brought by a local Apache group to block a federal land transfer needed for the project to advance.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
The Resolution Copper Project has been under development by the world's two most valuable mining companies for roughly two decades, who say it could supply as much as a quarter of current U.S. demand for the critical mineral. Here's Journal reporter Rhiannon Hoyle.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
SpaceX verlor die Kontrolle seines Starship-Vehicles gestern in einer noch einmal kräftigen Testfliege für Elon Musks 400 Meter große Rokette und Flugzeug. Es war die neunte Testfliege für Starship, mit SpaceX auf der Suche nach einer vollen Mission, als in zwei vorherigen Flugzeuge dieses Jahr, die beide in Explosionen beendet haben, die breitfristig Flugzeuge in Teilen des Karibikens auslösen.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
The craft did fly much farther in Tuesday's mission and was able to make it into space before SpaceX said it lost control of the vehicle before it could conduct planned tests during reentry. US-Stockfutures are edging lower today after yesterday's rally.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
With Wall Street seeming to bet that the worst of President Trump's trade war is over, the Journal's Katie Barnato told me investors are now looking ahead to what could be the next big test for markets.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
In another blow to universities, the Trump administration suspends visa interviews as it prepares to ramp up screenings of foreign students. Plus a major US copper project gets a boost from the Supreme Court and from cash bonuses to a TikTok campaign. Ukraine goes all out to recruit young soldiers.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
Salesforce wird auch nach der geschlossenen Glocke Erneuerungen beurteilen. Resultate, die einen Tag nach der Verkaufsgröße der Firma, die sich aufgelöst hat, eine große KI-Akquisition erzielt haben. And in addition to broadly lifting markets yesterday, easing trade tensions between the US and EU could offer some much-needed relief to the bloc's luxury goods sector.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
While high margins have long helped to insulate luxury brands from economic storms, Trump's trade war has raised alarm in towns like Ubrique, Spain, famous for its leather workshops, and where a quarter of the population are employed making goods for the likes of Chanel and Louis Vuitton.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
The EU now has until July 9th to reach an agreement with Washington to avoid a 50% tariff on its exports, as President Trump pushes companies to shift more production to the US. Journal reporter Nick Kostov says that some luxury brands have done just that in recent years, but worry a Made in America tag won't carry the same cachet with consumers.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
Coming up after previously trying to keep its young people away from the front lines, Ukraine is now offering money and perks to Gen Z to join the fight. We've got that story after the break.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
Wir machen eine kulinarische Reise.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
With its armed forces badly depleted and Russian assaults showing no sign of letting up, Ukraine is hoping that cash can boost military enlistment among young adults, a demographic they had previously sought to spare from the front lines. Journal-Korrespondent Matthew Luxmore sprach zu unserer Kate Bullivant über den Effort, der als Kontrakt 18-24 genannt wird.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
It's Wednesday, May 28th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News? The top headlines and business stories moving your world today.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
The Trump administration has hit pause on new interviews for student visas, according to a State Department cable signed by Secretary of State Marco Rubio, potentially disrupting operations at universities that argue foreign students help to subsidize tuition for others.
WSJ What’s News
U.S. Pauses Visa Interviews for Foreign Students
The cable orders embassies and consulates not to schedule any new interviews as officials prepare for tougher vetting of applicants' social media activity.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
And Caitlin says the report forecasts ways that policy changes out of Washington could complicate the situation further.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
The federal judge overseeing the criminal case against Boeing has ordered a trial over two deadly crashes of 737 MAX jets. Yesterday, we reported the aerospace giant had been seeking to withdraw an earlier agreement to plead guilty for deceiving regulators before the crashes, which killed 346 people.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
Boeing and the Justice Department were expected to propose changes to the settlement by April 11th, but a judge has now scrapped that deadline and ordered the sides to prepare for a trial in June, increasing the odds that Boeing will have to plead guilty or defend against a charge it already said it committed.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
Boeing said in a written statement that it continues good-faith discussions with the Justice Department, while a spokeswoman for the department declined to comment. Vice President J.D. Vance is joining his wife, Second Lady Usha Vance, on her upcoming trip to Greenland, testing already strained relations between the U.S.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
and European allies as President Trump doubles down on his wish to own the self-governing Danish territory.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
Vance made that statement in a video on his ex-account. Greenland has denounced the visit, which the White House said would include National Security Advisor Michael Waltz and Secretary of Energy Chris Wright as, quote, highly aggressive. The U.S. has now shifted the visit's focus from a celebration of Greenlandic culture to one of national security.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
It's Wednesday, March 26th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. The Trump administration is further limiting China's access to American technology, expanding a crackdown that began during Joe Biden's term.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
And according to White House officials, the Vances will be visiting American soldiers at a U.S. military base.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
Moody's raises red flags over ballooning U.S. debt and the negative effects of tariffs. Plus, anger and confusion in Greenland as Vice President Vance joins a planned visit to the island this week. And China's space ambitions take flight.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
Danish Prime Minister Meta Fredriksen dialed up the rhetoric against Washington yesterday, saying that the scheduled visit puts completely unacceptable pressure on both Greenland and Denmark. Trump on Monday rejected the notion that the upcoming visit was a provocation. Despite the lack of an official invitation, he claimed that the delegation has been invited by people in Greenland.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
Back in Washington, President Trump signed a raft of executive orders yesterday, including one that could overhaul how American elections are carried out, marking a major push in executive branch influence over voting processes typically administered by states.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
The order creates new proof of citizenship requirements for those registering to vote through federal forms, enlists the DOJ and the Commissioner of Social Security to find ineligible voters, and directs federal election funding to be withheld from states that count mail-in or absentee ballots received after Election Day.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
The directive is likely to be challenged in court, and some left-leaning advocacy groups said the president lacked the authority to issue it in the first place. And in a separate order yesterday, Trump widened his retribution campaign against law firms that he perceives as enemies, stripping security clearances from lawyers at Jenner and Block and restricting them from access to federal buildings.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
The firm recently backed lawsuits challenging the administration's policies on behalf of transgender individuals and asylum seekers and has ties to Andrew Weissman. a top member of the special counsel investigation into Russian interference in the 2016 election.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
The order follows moves punishing other major law firms, including Covington & Burling, Perkins Coie, and Paul Weiss, though the order against Paul Weiss was rescinded after it cut a deal with the White House to provide pro bono services to support the administration's initiatives. Coming up, we'll go inside China's efforts to challenge SpaceX as Beijing gives a boost to private rocket companies.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
That story after the break. The competition in space is heating up once more, with China's commercial space industry racing to catch up with Elon Musk's SpaceX. This year alone, at least six Chinese rockets, designed with reusability in mind, are planned to have their maiden flights.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
Journal reporter Clarence Lung told our Kate Bullivant how Beijing is injecting billions of dollars into private sector companies as it aims to create a domestic space industry that isn't dependent on Western technology.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
Eighty companies and institutes have been added to the export control list, including a U.S. affiliate of China's Inspur Group that is a large buyer of NVIDIA chips. China tech reporter Lisa Lin says the move closes loopholes that had left room for blacklisted companies to still buy U.S. technology.
WSJ What’s News
Growing Debt, Tariffs Weigh on U.S. Outlook
Thank you. And that's it for What's News for this Wednesday morning. Additional sound in this episode was from Reuters. Today's show was produced by Kate Boulivant and Daniel Bach with supervising producer Sandra Kilhoff. 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
Growing Debt, Tariffs Weigh on U.S. Outlook
A spokesman for China's foreign ministry called the U.S. action, quote, typical hegemonic behavior that severely violates international law. Ratings company Moody's is warning that America's fiscal strength is in for a multi-year decline amid the widening U.S. budget deficit and falling debt affordability. Journal reporter Caitlin McCabe has more.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Given that, Ian, I would imagine it would be extra important for Ukrainian officials for this deal to become commercially viable. Analysts, you report, estimate the potential value of those minerals could amount to trillions of dollars. But what is the outlook for those critical minerals actually entering the US supply chain eventually?
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
House Republicans squeezed through a budget blueprint late last night, with all but one GOP lawmaker backing the framework for President Trump's tax, border and spending cut agenda.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
The plan, which likely won't accommodate all of the tax reductions Trump wants, calls for at least $1.5 trillion in spending cuts over a decade and will require significant cuts to Medicaid, an issue that's left House Republicans deeply divided.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
While party leaders say the blueprint doesn't specifically mention Medicaid, more than half of the cuts it targets will come from the Energy and Commerce Committee, which has jurisdiction over the program. Though its passage is a sign Republicans can deliver major legislation despite holding slim majorities in Congress, the budget plan faces a complicated path ahead.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
The Senate, which favors larger tax cuts, plans to alter the House blueprint rather than accept it. In a shake-up of American visa programs, President Trump plans to roll out a $5 million gold card visa that would allow wealthy people to buy permanent residency and potentially provide a pathway to full citizenship. Trump says the U.S.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
could sell a million gold cards and that they would enable companies like Apple to pay to get approval for highly skilled workers to live in the U.S.,
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
The new visas would replace the existing EB-5 visa that offers green cards to people who invest in the U.S., a program that has been plagued by cases of fraud, but which Journal-White House reporter Tarini Party said also enjoys strong bipartisan support in states that have benefited from it.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Ukraine agrees to a mineral rights deal with the U.S. We'll get the latest from Kyiv. Plus, House Republicans pass a budget plan overcoming disagreements on the size of proposed spending cuts. And President Trump floats a $5 million gold visa for wealthy individuals.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Währenddessen hat die Trump-Administration eine Registrierung geschaffen, in der Immigranten in den USA illegal ihre persönliche Informationen oder Fälle in der Gefängniszeit anbieten müssen. Laut Dokumenten, die im Journal gesehen wurden, würden die Immigranten, insbesondere 14 und älteren Kinder, ihre Fingerprinten und Heimatadressen anbieten müssen.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Those who fail to do so could be fined up to $5,000 and sentenced to up to six months in prison. Previously, immigrants in the country illegally were committing a civil offense and could be detained and deported, but weren't considered to have committed a crime. Coming up, investing columnist Spencer Jacobs stops by to discuss the widening gap between the expected returns for large U.S.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
growth stocks and cheaper alternatives abroad. That and other news moving markets after the break. Amerikas biggest growth stocks have a big expensive problem, so writes the Journal's investing columnist Spencer Jacob, who's been tracking data that compares the expected returns of those stocks against cheaper alternatives. And he's here to share what that data has been turning up.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Spencer, the premise of your latest column is that there's been a bit of unusual activity in the relationship between the performance of the S&P 500 and the MSCI IFA, IFA standing for Europe, Australasia and the Far East. So broadly here, US stocks versus non-US developed market stocks. And namely, it's that this relationship lately has been trending way outside of historic norms.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Und wie Sie messen, wie teuer sie sind, hat viel zu tun mit ihren erwarteten Einkommen. Sie haben sich mit Forschungs-Affiliaten befasst, um ihre 10-Jahre-Vorgaben für ein paar verschiedene Kategorien zu schauen. Was haben Sie gefunden?
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
And Spencer, lest someone be very tempted right now to put the podcast down and go and trade on the basis of some of the analysis you've just given us. Of course, it's not always that easy and there could be factors that conspire to make this not be the winning bet over the coming decade, I'm sure.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
It's Wednesday, February 26th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News. The top headlines and business stories moving your world today. The US and Ukraine have agreed to the terms of a mineral rights deal that could be signed by President Trump and President Volodymyr Zelensky in Washington as soon as Friday.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Spencer Jacob is the Wall Street Journal's investing columnist and he edits our Markets AM newsletter, which you can subscribe to for free at the link we've left in our show notes. Spencer, thanks so much for dropping by. Hey, thanks a lot.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Und in News Moving Markets today, US-listed shares in Budweiser Brewer AB InBev are sharply higher in off-hours trading, after it reported growth in its US market share on the backs of its Michelob Ultra and Bush Light brands. The company's global results left more to be desired, though, as fourth-quarter sales volumes fell, dragged by lingering weakness in China.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Copper prices are rising after White House officials said the US would investigate imposing global import tariffs on the metal. Senior administration officials said the probe was necessary to spur domestic production, but declined to say how high the tariffs could be or when they could be imposed.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
And on deck today, Lowe's and TJ Maxx-Owner TJX Companies are reporting earnings this morning with Salesforce and NVIDIA following this afternoon. And the Commerce Department will release new home sales figures for January at 10 a.m. Eastern. And that's it for What's News for this Wednesday morning.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Today's show was produced by Daniel Bach and Kate Bullivant with supervising producer Christina Rocca. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening. Bis zum nächsten Mal.
WSJ What’s News
Inside the U.S.-Ukraine Mineral-Rights Deal
Zelensky had said for months Ukraine's allies could have access to the country's mineral resources, but that an agreement would need to include security guarantees. So how does the final deal measure up? I asked Journal foreign correspondent Ian Lovett.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Those Oval Office comments came after Trump lashed out at the Fed chair last week, writing in a social media post that Powell's termination cannot come fast enough, prompting a sell-off in American assets like the dollar and U.S. treasuries and pushing safe haven assets like gold to a new record high. Trump also said that the 145% tariff on China was too high.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
That boosted Japanese and Korean stocks in particular, as tech companies with large exposure to the U.S. market like TSMC and Foxconn rallied on the prospect of a de-escalation in hostilities between Washington and Beijing.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Shares of Tesla are up more than 5% in off-hours trading after the EV maker reported first quarter earnings that included word of a 13% slide in vehicle deliveries and a more than 70% decline in net income. But the headline news is that CEO Elon Musk signaled that his work with the Trump administration could be coming to an end. Stephen Wilmot is the journal's European Autos reporter.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Stephen, I think the best way for us to understand Tesla's situation now is to hear from Musk himself. So I'm going to play a few clips here from yesterday's earnings call, starting with Musk explaining his early work setting up the Department of Government Efficiency was mostly done. Here he was.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Stephen, was that the answer investors were looking for that might explain Tesla's stock gaining after these results?
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
About Tesla's future, Musk was speaking in quite glowing terms about its automotive business, promising that a driverless taxi service from the company would be launching this summer. And he also talked about other business units like the company's AI products, its pivot into robotics. These are things that Tesla has touted for a long time, its non-automotive work.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
And yet Musk did try to get more specific here, putting some dates on when he thought this would all start to benefit the company's bottom line. Let's hear that.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
What of that, Stephen? Is the market buying these future profits, this major jump up in valuation, is just around the corner?
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Stock markets rally as President Trump says he has no plans to fire the Fed chair. Plus, Tesla stock surges after Elon Musk says his work in D.C. could be winding down. And federal contractors offer billions in cost cuts to win over an administration skeptical about their contributions.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
A key spring for Tesla giving way to a key summer. Stephen Wilmot is the journal's European Autos reporter. Thanks so much for stopping by. Thank you. Coming up, U.S. brokered peace talks for Ukraine falter after Kiev pushes back on the proposed terms of a deal and the Trump administration moves to phase out artificial food dyes. We've got those stories and more after the break.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Three federal judges criticized the Trump administration yesterday over its immigration crackdown, throwing up new legal roadblocks to the White House's no-holds-barred approach.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Two judges in Colorado and New York sharply questioned the legality of the administration's use of wartime measures to speed up deportations of alleged gang members and criticized the lack of legal protections for individuals who've been detained and are slated for removal.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
At the same time, a judge in Maryland accused the administration of bad faith in the case of Kilmar Abrego Garcia, a man mistakenly deported to El Salvador. On Monday, the administration declined to answer questions posed by Abrego Garcia's lawyers following a judge's order to facilitate his return.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
with government lawyers citing attorney-client privilege, state secrets, and diplomatic concerns, and telling the court that questions about his whereabouts and the administration's legal basis for his continued detention are an absurdity. U.S. District Judge Paula Zinnis has ordered the government to provide full responses by 6 p.m. today.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
President Trump's efforts to bring an end to the war in Ukraine are on shaky ground after Ukrainian President Volodymyr Zelensky pushed back on a U.S. proposal to recognize Russia's control of Crimea as part of a ceasefire agreement.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
American officials had presented a series of ideas for ending the war to Ukrainian officials last week and expected an answer today as Ukrainian, U.S., and European officials gather for a summit in London. Speaking in Kiev, Zelensky said the Crimea proposal was a non-starter.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Zelensky added that Ukrainian officials in London today would have a mandate to discuss a partial or full ceasefire, which Ukraine agreed to last month, but Moscow rejected. Secretary of State Marco Rubio has announced a major plan to reorganize the State Department and shrink what he called a bloated bureaucracy and bring it in line with President Trump's America First priorities.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
The overhaul will result in the elimination of 700 positions and the closure of 132 of the agency's offices. However, this restructuring doesn't cover the network of U.S. diplomatic missions abroad. Seven of the 10 largest consulting firms to the U.S.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
government are offering to cut up to $20 billion from their federal contracts after being pushed by the Trump administration to locate deeper price concessions or face consequences. We exclusively report that the proposed cuts include terminating existing contracts and reducing the scope of their work within federal agencies.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
with some firms offering discounts on their labor costs, credits towards their work, or AI services free of charge.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Journal reporter Chip Cutter said that if the proposed cuts satisfy the government, it would lift some pressure off the likes of Booz Allen Hamilton, which makes nearly all of its $11 billion in annual revenue from contracts tied to the government, but that the industry isn't in the clear just yet.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
It's Wednesday, April 23rd. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Accenture and Deloitte didn't immediately comment, while a Booz Allen spokesman said the company was working productively with the government, quote, for the benefit of the American taxpayer. And Robert F. Kennedy Jr. has unveiled plans to strip artificial food dyes from the American diet by the end of 2026.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
The Health and Human Services Department and Food and Drug Administration will work with the food industry to eliminate petroleum-based synthetic dyes, which Kennedy has blamed for a litany of health problems. Industry groups say the dyes used in their food products have been deemed safe but are nevertheless going along with the order. Journal food reporter Jesse Newman has more.
WSJ What’s News
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. 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
Tesla Rises as Musk Signals DOGE Work ‘Mostly Done’
Markets around the world are breathing a sigh of relief this morning, with stocks gaining after President Trump last night signaled a softer tone on China tariffs and said he isn't planning to fire Federal Reserve Chair Jerome Powell.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
But at a hearing yesterday, the judge said that nothing has been done to get Abrego Garcia back, leading her to trigger an expedited discovery process requiring the administration to produce documents and have officials sit for questioning.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
While lawyers for Abrego Garcia have asked Zinnis to consider holding federal agencies and officials in contempt, legal experts say the judge is already risking a constitutional showdown without clear ability to compel the administration's compliance. The Justice Department has said the courts lack the authority to interfere in U.S.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
foreign affairs, and leaders of neither country have signaled interest in cooperating. Switching gears to trade, the journals Gavin Bade and Brian Schwartz exclusively report that the U.S. plans to use reciprocal tariff negotiations with more than 70 countries to ask them to help isolate China in exchange for concessions on tariff rates.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
We report the strategy is being driven by Treasury Secretary Scott Besant and the U.S. officials' plan to ask foreign capitals to disallow China to ship goods through their countries, stop Chinese firms from setting up in their territories, and not absorb cheap Chinese industrial goods. I asked the Journal's Southeast Asia Bureau Chief Gabrielle Steinhauser how that approach is likely to go over.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
Gabriel, these are themes we actually explored in depth in our recent podcast series called Building Influence, which was about China's Belt and Road Infrastructure Project. We'll leave a link to that in our show notes, but namely that under the Biden administration, the U.S.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
seemed to acknowledge that because of the inroads China had made around the world, it was going to be difficult to force a choice of it's either us or them. And yet Trump himself yesterday said he's considering pushing countries to make that very choice.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
That was the journal's Gabrielle Steinhauser. The White House and Treasury Department didn't respond to requests for comment. And speaking of China, official data shows its economy got a first-quarter boost thanks to a rush of exports ahead of U.S. tariffs, expanding 5.4 percent compared to the same period a year earlier.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
Though that could be the best news for a while, as economists expect Chinese growth to fall to 4 percent or less this year, its slowest expansion in decades outside of the pandemic years. There are already signs tariffs are beginning to drag China's economy. Chinese wholesalers say U.S. orders have dried up.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
The country's Ministry of Transport reports container traffic at Chinese ports fell 6 percent last week from the previous seven days. And an index of freight rates for shipping goods to the U.S. West Coast has dropped by some 18 percent. Coming up, Nvidia sales take a hit on new AI chip restrictions on China and will unpack the impact of tariffs on the U.S. energy sector.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
Those stories and more after the break.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
Plus, the White House plans to use tariff talks with dozens of countries to isolate China.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
Global oil markets are being roiled by tariffs, so declared the International Energy Agency in a report this week that shed light on how trade tensions and recession fears are rippling through energy markets. And here to plumb the depths of the IEA's findings, including what could be in store for American energy producers and consumers, is journal reporter Benoit Morin. Benoit,
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
What has been going on with energy markets in the last few weeks? I will admit here on the show, we've talked a lot about equities, how they've been affected, particularly the tech sector. We've talked about bond yields, about the dollar, but gas prices, global energy demand, not as much. What's been going on?
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
Going back to producers, especially those in the U.S., as I know you've written with our colleague Colin Eaton, they have got another challenge now in the form of tariffs.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
And with global oil markets roiled by trade tension, we'll look at what it means for producers and consumers. It's Wednesday, April 16th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
So low prices, a disincentive to drill more, higher production costs would have the same effect. Then there's the question of markets and market access, which is very much in flux as global trade is upended.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
I've been speaking to Wall Street Journal energy reporter Benoit Morin in Houston. Benoit, thank you so much for bringing us this update. Thank you for having me. In markets news today, shares of NVIDIA fell more than 6 percent in off-hours trading after the chipmaker said it would take a $5.5 billion hit on its quarterly earnings, as it disclosed that the U.S.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
will now require a license for exporting the company's H2O processors to China and other countries. According to a company filing, the government informed NVIDIA on Monday that the new requirement would be in place indefinitely. The H20 chips have far less processing power than NVIDIA's top-of-the-line processors and were designed to enable sales of AI chips to China to comply with U.S.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
export controls. Transportation bellwether J.B. Hunt, the first U.S. freight operator to report earnings this quarter, has logged lower first-quarter profit and revenue as the sector continues to struggle with weak demand and excess capacity.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
The trucking company said import volumes picked up at the beginning of the year as firms rushed in inventory to get ahead of tariffs, but that activity has since slowed as retailers reduce new orders as they await clarity on duties. And on deck today, U.S. retail sales figures for March are due at 8.30 a.m. Eastern, with Fed Chair Jerome Powell set to discuss the economic outlook at 1.30 p.m.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
And the Bank of Canada is set to make its latest interest rate decision after seven consecutive cuts since last June. Economists narrowly forecast that it will leave its benchmark rate unchanged after wrestling down inflation, though several said U.S. trade policy moves require another cut. And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Bullivan.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
Our supervising producer was Daniel Bach. 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
U.S. Hopes to Use Tariff Talks to Isolate China
A federal judge in Maryland is demanding more answers from the Trump administration about its efforts to return a migrant wrongfully deported to El Salvador, setting up the biggest test yet of judges' authority to rein in the government's actions. U.S.
WSJ What’s News
U.S. Hopes to Use Tariff Talks to Isolate China
District Judge Paula Zinnis had previously ordered the government to facilitate the return of Kilmar Abrego-Garcia, with the Supreme Court upholding her authority to issue the order.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
and Syria in 25 years, which came after Trump announced he would lift crippling economic sanctions on the war-torn country as he kicked off his four-day Middle East tour in Saudi Arabia. Meanwhile, the president hasn't escaped the growing criticism in Washington over his potential acceptance of a $400 million luxury airplane from the government of Qatar.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
Democrats have raised legal and ethical concerns, and now Republican lawmakers are questioning the potential security risk and cost of retrofitting the plane for use as the next Air Force One. On his way to Qatar, national security reporter Alex Ward told us the blowback could overshadow today's state visit.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
On social media, Trump said only a fool wouldn't accept the plane as a gift. and has repeatedly expressed frustration about delays to a contract with Boeing for a new set of presidential planes. Well, elsewhere in the region, Israel says an airstrike that struck near a hospital in Khan Yunis yesterday was targeting a top Hamas leader in Gaza, Mohamed Sinwar.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
He effectively took over as the head of Hamas in Gaza after Israel killed his brother Yahya Sinwar in October. Gaza's health ministry said six people were killed and more than 40 injured as a result of the attack. And Israeli officials said it could still take days to determine whether the strike killed Sinwar.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
Back in the U.S., we are reporting that White House and agency officials are pushing back against a bid by Health Secretary Robert F. Kennedy Jr. to label pesticides as harmful to health. There's concern the move would disrupt the food supply chain.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
People familiar with Kennedy's Make America Healthy Again report due out next week said it's expected to single out two problematic toxins, glyphosate, the active ingredient in Roundup made by Bayer, and atrazine, an herbicide used on grasses and corn.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
It's not clear where President Trump stands on the issue, though he pledged to investigate pesticides on the campaign trail as part of an effort to win support from Kennedy's backers. The U.S. has scrapped its AI diffusion rule implemented under President Biden, which limited chip exports, claiming that it undermined diplomatic relations with friendly nations.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
The Trump administration said it aims to keep AI tech from adversaries, warning against using U.S. chips for Chinese AI models. Journal reporter Sherry Queen says the rule change benefits American AI players like Nvidia.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
Republicans voice national security concerns over Qatar's proposed gifting of a luxury jet to President Trump. Plus, the U.S. scraps a Biden-era rule limiting AI chip exports to other countries. And we'll hear why a 90-day tariff rollback isn't delivering the long-term certainty retailers are looking for.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
NVIDIA's stock rallied in off-hours trading following the announcement. Microsoft is laying off thousands of employees, or around 3% of its workforce. The effort to become more streamlined impacts various divisions around the world and will result in fewer managers as the company focuses on high-performing teams. And turning to earnings, tariffs are still hurting forecasts of major companies.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
As this morning, Japanese electronics giant Sony warned that annual profit is expected to drop 13 percent, even as its movie and music business boosted first quarter earnings. Similarly, Taiwanese electronics maker Foxconn also cut its forward guidance. That said, it still expects revenues to be higher than last year, thanks to its work building AI servers for U.S.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
tech giants like Amazon and Nvidia. Coming up, this week's tariff truce has lifted markets and kicked off a rush by businesses to place orders from China. But as global retailers tell me, their long-term outlook remains as uncertain as ever. That's after the break.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
To learn more about how retailers are coping with on-again, off-again U.S. tariffs, I stopped by the World Retail Congress taking place this week in London, where one word kept coming up.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
The mood among manufacturers and retailers was more buoyant than I expected, thanks in large part to Monday's tariff rollback. But executives weren't ready to sound the all-clear. And there were two main reasons why. The first is that the aftershocks of Liberation Day are still being felt, even if China-U.S. trade is about to pick up.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
Ian Bailey is the chairman of Anco Global, a product development company that sells over 1.5 billion items a year, primarily in Kmart stores across Australia. He told me that retailers that waited until this week's tariff news to place orders could be disappointed.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
As importers race to bring in cargo during the 90-day tariff rollback, carriers have already started raising Trans-Pacific shipping prices, with the cost of some June departures more than double current prices. It's the kind of handbrake turn in trade winds that Bailey told me is keeping everyone on their toes.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
That could be an issue for you?
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
So that is lesson one. But this week's dialing back of U.S.-China tariffs isn't the end of the story. Aftershocks will persist, and even the best-laid plans might need to be torn up in short order. Which brings me to the second thing I learned, that trying to reduce supply chain vulnerability is expensive, a fact likely to widen the gaps between retail's winners and losers.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
Breanne Olson is the CEO of teen retailer PacSun, which is riding the success of having a hit product among Gen Z customers.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
Olson said she's convening a tariff task force every week in order to work out sourcing strategies that may need to shift by the quarter. For now, though, things are running smoothly enough that she broke the news to us the brand is expanding into the Middle East.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
But the California sun isn't shining for everyone.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
Palak Seth is the founder and executive vice chairman of India-based apparel manufacturer PDS Limited. A decade ago, 70 to 80 percent of its manufacturing was in China. Now that's around 40 percent, thanks to a de-risking strategy dating back to President Trump's first term that's seen it expand across South Asia, Central America and Africa.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. President Trump met this morning with the new president of Syria, marking a major turning point in global recognition of the country's leadership. On the sidelines of a regional summit in Saudi Arabia, a U.S.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
But Seth told me it's his customers he's now anxious about.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
Geography could determine other winners and losers, too. Ira Kalish is the chief economist at consulting giant Deloitte.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
And of course, the fortunes of retailers depend on the health of consumers. Kalish said the middle class in particular remains spooked by tariffs in ways that could dent discretionary spending, even if the S&P 500 is back into the black for 2025. The conference board recently found Americans now expect inflation to reach 7% next year.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
And even if things don't get that bad, Ian Bailey told me that retailers should be bracing for a shakeup.
WSJ What’s News
Tariffs Are About to Separate Retail’s Winners and Losers
And that's it for What's News for this Wednesday morning. Today's show was produced by Daniel Bach and Kate Bullivant. Our supervising producer is Sandra Kilhoff, 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
Tariffs Are About to Separate Retail’s Winners and Losers
official said that Trump spoke with Ahmed al-Shara, a one-time insurgent aligned with Islamic State and al-Qaeda in Iraq and who is still designated by Washington as a terrorist. Al-Shara led the overthrow of longtime dictator Bashar al-Assad in December. A U.S. spokesman said it was the first meeting between the presidents of the U.S.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
In terms of, I mean, we can look back to Trump's first term for an example of how these similar tariffs went into effect. And you did see a lot of countries end up, as you alluded to, they're getting exclusions or seeing their products put under duty-free quotas. Australia, Brazil, Canada, Mexico, Japan.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
South Korea, the EU and the UK, among others, this time around, the White House is saying we're not going to do that. Those were loopholes effectively that let Chinese steel into the US. And assuming that is the case, I'm curious how the global production landscape has for these metals has changed since Trump's first term.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
Have they in a way that might alter how these American measures go into effect?
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
As we look to the US, Nicole, which industries would we be most likely to see affected by these tariffs? I know automakers may be one of them. We've already seen them hit by the tariffs on Mexico and Canada. What else is worth watching?
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
The EU hits back as U.S. steel and aluminum tariffs kick in. We'll look at how President Trump's latest trade moves will impact the global metals market. Plus, Ireland's tariff fears threaten to overshadow St. Patrick's Day festivities at the White House. And voters in Greenland slow walk independence as Washington sizes up the territory's minerals.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
Nicole Vogt is the Global Metals co-lead at Boston Consulting Group. Nicole, thank you so much for being with us on What's News. Thank you for having me. And we're already hearing from some major U.S. trading partners on their response to these overnight tariffs.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
The EU says starting April 1st, it'll place duties on around $28 billion in American products, including bourbon whiskey, boats, and motorcycles, but stressed it was open to negotiation. Australia, meanwhile, isn't retaliating, with its prime minister saying that trade tensions are economic self-harm that'll be paid for by consumers.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
It's Wednesday, March 12th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. 25% U.S. tariffs on all steel and aluminum imports went into effect at midnight.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
Instead, he's pursuing a tariff exemption, which Trump had said he was considering given that Australia trades at a deficit with the U.S. Coming up, Greenlanders reject moves toward a quick independence in the face of Trump's threats to take over the island and Irish officials hope to charm their U.S. counterparts during tax and trade talks at the White House later today.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
We've got those stories and more after the break. Well, tariffs aside, a key economic data point could move markets today. The February Consumer Price Index, which will reveal whether Fed officials and the Trump administration have been able to turn the tide on inflation.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
Ahead of those figures, WSJ's Take on the Week co-host Telus Demos asked Morgan Stanley's chief global economist Seth Carpenter where we are in the fight against price pressures. and what that could mean for the Fed's rate trajectory.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
And to hear that full conversation, check out the latest episode of WSJ's Take on the Week, wherever you get your podcasts. Returning to Washington, House Republicans have narrowly passed a proposal to fund the government into the fall, setting up a fight to get the measure passed in the Senate ahead of a Friday deadline and avert a government shutdown.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
Republicans said their funding plan would clear the way for the GOP to move ahead with President Trump's agenda of tax cuts, spending reductions, and border security, which they're hoping to pass into law later this year.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
They'll need Democratic support to advance this week's spending bill, but Democrats have painted the proposal as an effort by Republicans to hand more congressional power over federal spending to Trump and Elon Musk rather than continuing with bipartisan negotiations. And one of the things potentially on the line in the congressional budget is Medicaid.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
The program is mainly for low-income Americans, but deep cuts could affect state budgets and health care more broadly. And we want to know what questions you have. Send a voice memo to WNPOD at WSJ.com or leave a voicemail with your name and location at 212-416-4328. And we just might use it on the show.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
The Education Department is cutting its workforce by roughly half ahead of President Trump's expected executive order aimed at dismantling the federal agency. As part of a reduction in force notice, the department said it will shed almost 2,000 jobs, including more than 1,300 federal workers, through cuts, buyouts, and resignations.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
The measures bear similarity to 25% steel and 10% aluminum tariffs that President Trump embraced in his first term and aims to address what Trump and his team say is an unfair global steel trade in which foreign government subsidies and other trade barriers allow countries to sell steel to American customers cheaper than U.S.-made metals.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
Senior department officials said full teams whose operations are seen as redundant or unnecessary are being cut, and those employees will receive full pay and benefits for 90 days, followed by severance pay based on their years of service.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
The officials said the cuts would affect every part of the department, but that the changes wouldn't affect department functions such as delivering federal student aid. Voters in Greenland have opted for a slower move toward independence from Denmark, backing a party that focuses on domestic issues and rejects a closer relationship with the U.S.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
Security correspondent Suna Rasmussen says the center-right Democrats claimed an upset victory in the country's parliamentary elections, which were called early in the face of President Trump's threats to take control of the island.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
Last week, Trump told a joint session of Congress that he thought the U.S. was going to bring Greenland under its control one way or the other, with promises on social media to invest billions of dollars into the country's economy. And finally, Ireland's leaders will need all the luck they can get when they head to the White House today for annual St. Patrick's Day celebrations.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
The festive occasion usually involves green-colored fountains, shamrocks, and Guinness. But as the journal's Chelsea Delaney explains, this year's meeting comes as the Emerald Isles' record $87 billion trade surplus with the U.S., only smaller than those of China, Mexico, and Vietnam, and driven by a surge in pharmaceutical exports, make it a likely tariff target.
WSJ What’s News
Why Trump’s Tariffs Will Push Up U.S. Steel Prices
So what effect will the new tariffs have on America's trading partners and its domestic manufacturers? Nicole Vogt is a managing director at Boston Consulting Group and the firm's Global Metals co-lead. Nicole, what does this U.S. action mean for steel producers around the world?
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Speaking only, Jason, about the impact of trade volumes, we saw a projection today from Capital Economics about Chinese exports and just there are some potentially massive changes coming.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
We'll look at how America's trade partners, central banks and investors are responding as U.S. treasuries sell off, plus the rest of the day's headlines. It's Wednesday, April 9th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today. Reciprocal U.S.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Kim, the tariff rates are really highest for many of the Asian countries that Jason was just mentioning, but the outlook fundamentally is no better in the EU, is it?
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Yeah. Future tariffs, including those that could hit pharmaceutical products. President Trump saying yesterday those levies could be coming very shortly.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Kim, these reciprocal tariffs are kicking in today despite some pretty active tariff diplomacy that's been undertaken by a number of countries. We actually heard from U.S. Trade Representative Jameson Greer about this yesterday. He was testifying on Capitol Hill.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Kim, we had the EU Parliament's Trade Committee chair on last Friday's podcast. He's actually part of the delegation in Washington this week, offering concessions, potentially, while also pledging to hit back against the U.S. Take us into this strategy.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
President Trump cheers on his trade agenda as reciprocal tariffs kick in.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Kim, in terms of what the EU is voting on today, these countermeasures targeting the U.S., they're getting pretty granular, are they not, in terms of what they might be targeting or sparing?
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Jason, in our final moments, how does that EU approach compare with what we've been seeing from some of the major Asian economies?
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
tariffs on nearly 100 countries are officially in effect. As of a minute after midnight, U.S. duties now stand at their highest level since before World War II, with the likes of China now facing tariffs of 104 percent.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Journal reporter Jason Douglas is in Singapore, and Kim McRaehl is in Brussels. Jason, Kim, thank you both so much. Thanks.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Checking in on what those tariffs have meant for stock markets this morning, shares in Japan and Korea slid ahead of the close, with European shares also broadly lower in midday trading. But most surprising is a sell-off in the usual safe haven U.S. Treasuries, which has been gathering steam. Instead of rising in response to the stock market sell-off, prices of long-term U.S.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
debt are falling, driving bond yields higher. Markets reporter Chelsea Delaney says the trade turmoil is making investors reconsider their U.S. investments.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
The investor nervousness around holding treasuries has kicked up a notch ahead of government auctions of 10-year notes today and 30-year bonds tomorrow. Coming up, we've got the rest of the day's headlines, including a big IMF bailout for Argentina and a White House led effort to boost American coal. Those stories and more after the break.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
The International Monetary Fund has agreed to provide Argentina with a new $20 billion loan, which, if approved, would boost President Javier Millet's free market overhaul. The U.S. is the biggest shareholder of the IMF, with the Trump administration holding significant influence over the approval of new financing programs.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
No region of the world is being spared, though many Southeast Asian nations are hardest hit, with Vietnam, Laos and Cambodia on the receiving end of tariff hikes north of 45 percent, moves likely to upend supply chains, dent growth forecasts and ripple through to consumers in the form of higher prices.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Millet has praised Trump and drawn close to Elon Musk while moving to align Argentina's foreign policy with Washington. Argentina is the country most in debt to the IMF, and the new loan would be on top of a current $40 billion bailout Argentina received following the 2018 financial crisis.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
President Trump has signed a series of executive orders aimed at expanding the production and use of coal in the U.S. after years of decline.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Analysts and executives say it's unlikely new coal plants will be built in the U.S., though some operators may delay plans to wind down existing plants if Trump rolls back certain environmental regulations. Energy experts say any boost for coal is likely to be temporary, as renewables like wind and solar farms and gas-fired power plants are significantly cheaper alternatives.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Meanwhile, the Trump administration has frozen more than a billion dollars in federal funding for Cornell University and $790 million for Northwestern University.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
That is according to a Trump administration official and comes as the federal government is investigating both schools for alleged civil rights violations, part of a rapidly expanding crackdown on elite research universities across the U.S.,
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
A Northwestern University spokesman said the school hasn't received any official notification about the freeze, while the president of Cornell said in a letter that the university hadn't received information confirming the $1 billion figure, but had received more than 75 stop-work orders from the Department of Defense related to national defense, cybersecurity, and health research.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
And a federal judge has ordered the White House to restore the Associated Press's access to presidential events, saying the decision to limit AP's access violated the news organization's free speech rights.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
AP sued in February after its journalists were barred from the White House press pool because the outlet refused to change its style guidance for the Gulf of Mexico, which President Trump renamed the Gulf of America. The White House didn't immediately respond to a request for comment. And despite yesterday's ruling, AP journalists weren't permitted to join the press pool on Tuesday evening.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
And on such a consequential day for global trade, it's fitting we've got a pair of journal reporters with us this morning from opposite ends of the world. Kim McRae is in Brussels and Jason Douglas is in Singapore.
WSJ What’s News
Bonds Sell Off as New U.S. Tariffs Upend Global Trade
Jason, you have been putting out a number of big reports in recent days, reckoning with the enormity of the changes coming to the global trade system, a new reality that is now very much upon us.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Tripti Lahiri is The Wall Street Journal's South Asia bureau chief. Tripti, India is claiming these strikes were retaliation for an incident in April when gunmen killed more than two dozen people in a popular tourist spot within Indian-administered Kashmir.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Prime Minister Narendra Modi had vowed justice and deployed troops to hunt down the assailants, which India had accused Pakistan of having links to. So I guess we expected some sort of response here. What do you make of what we've now seen?
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
How might we expect Pakistan to respond to this?
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
This story, Tripti, is obviously of foremost importance to India and Pakistan, though the world is certainly watching closely given that these are both nuclear states. How should we understand the risk here that this could escalate, potentially spiraling into something much more severe?
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Have we heard anything from Beijing on this?
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Tripti Lahiri is The Wall Street Journal's South Asia bureau chief. Tripti, thank you so much for the update.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
For the first time since the start of the trade war between the U.S. and China, both countries are signaling a willingness to move forward. Treasury Secretary Scott Besant and U.S. Trade Representative Jameson Greer are heading to Switzerland tomorrow, where they'll meet with China's vice premier over the weekend.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Bilateral trade has all but dried up in recent weeks after China responded to President Trump's 145% tariffs on Chinese goods with its own 125% retaliatory tariffs. Speaking on Fox News' The Ingram Angle, Besson said the meetings in Switzerland could be the start of de-escalation.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Well, news of the meeting between U.S. and Chinese officials, paired with a raft of new policy easing measures from Beijing, have seen Chinese shares shoot higher this morning. To help boost the economy, the People's Bank of China said it would lower key rates including for mortgages and relax requirements on the amount of cash that lenders must hold in reserve.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
India hits Pakistan with military strikes, ratcheting up tensions between the nuclear-armed states. Plus, the U.S. and China schedule talks in a trade war first.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
The measures were Beijing's first concrete steps since President Trump ratcheted up tariffs on Chinese goods in April. The UK and India have struck a long-awaited trade deal ensuring the tariff-free exchange of goods within a decade. Among the terms of the agreement, most British goods to India won't be taxed, and the UK is making it easier for Indian professionals to enter the country.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Journal reporter Kim McRae in Brussels says the breakthrough comes as many other countries are doubling down on free trade as the US erects new barriers.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
And Kim says those EU deals represent a two-pronged approach to trade.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Coming up, we'll hit the rest of the day's markets news, including Novo Nordisk downgrading its guidance and cardinals gather at the Vatican to start the process of electing a new pope. We've got those stories and more after the break.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
In other markets news today, Danish pharma giant Novo Nordisk has downgraded its guidance amid U.S. competition from copycat versions of its blockbuster weight loss and diabetes drugs. That competition, though, should theoretically let up soon, as the U.S. Food and Drug Administration has told anyone distributing copies of Novo's Ozempic and Wegovi to stop by month's end.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
compounded versions of the drugs had been allowed during an earlier supply crunch. Weight Watchers has filed for bankruptcy. Founded in 1963, the health and wellness company has struggled to adjust to the increased use of drugs for weight loss, despite offering them alongside its legacy food consumption and exercise plans.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Weight Watchers intends to be taken over by the institutions that own its loans and bonds, and its stock will largely be wiped out. U.S. electric vehicle sales declined by 5 percent in April, in spite of 10 percent growth in the broader car market, according to research firm Motor Intelligence. Tesla, which accounts for half of all U.S. EV sales, reported a drop of nearly 13 percent.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
though Kia, Hyundai, Ford, and Rivian also saw sales declines. Dealers cited multiple factors for the pullback, from cooling customer interest to fewer promotions and discounts that had juiced sales in the past. Well, we will get more insights into the state of the auto market when used car dealer Carvana reports earnings later today.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
And Novo Nordisk cuts its guidance as copycat versions of Ozempic hit sales. It's Wednesday, May 7th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Updates are also due from Uber and Walt Disney this morning, and the Federal Reserve will announce its latest interest rate decision at 2 p.m. Eastern. It's widely expected to hold rates steady, though investors will be listening for clues on how policymakers gauge the risks of tariff-induced inflation pressure against the odds of an economic slowdown.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
And heads up that we have got a bonus episode coming later today. In the next What's News in Earnings, we'll dig into the latest quarterly results from the aforementioned automotive sector, including how car companies are reacting to President Trump's tariff plans, and whether and when consumers might see higher prices passed along to them.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
That'll be in the feed around midday, ahead of our usual PM show tonight. And finally, cardinals will close themselves in the Vatican's Sistine Chapel today to cast their first ballots in the conclave to choose a new pope. Journal editor Stacey Maitry says that after weeks of alliance building and unusually blunt campaigning, all eyes are on this year's frontrunner.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
Speaking of dark horses, Stacey says there has been an unusual amount of intrigue around this conclave rivaling a recent Oscar nominated dramatization.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. I'm Luke Vargas for The Wall Street Journal. And as always, thanks for listening.
WSJ What’s News
India Strikes Pakistan, Escalating Kashmir Standoff
The confrontation between India and Pakistan has intensified after India carried out strikes on nine sites in Pakistan overnight, and Pakistan claimed to have shot down five Indian aircraft. The fighting came despite diplomatic efforts by the U.S. to dial back tensions between the nuclear-armed neighbors, which have fought several wars over the disputed Kashmir region.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
So what did the record hour and 40 minute address tell us about what's in store? WSJ economic policy reporter Brian Schwartz said more protectionism.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Speaking after a volatile day of trading in which the S&P 500 closed below its final election day level as US tariffs went into effect on Mexico, Canada and China, Trump acknowledged that retaliatory measures, especially those from China targeting American farmers, could trigger an adjustment period, but he defended the necessity of continuing his approach.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Trump filled in some additional details about so-called reciprocal tariffs, saying the measures to equalize US duties with the tariff and non-tariff barriers imposed by other nations would be imposed on April 2nd, though administration officials have told industry groups they could take six months or more to fully implement.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Well, Brian said Trump was equally enthusiastic about continuing the hunt for cuts to the government budget, even as top House Republicans urged GOP lawmakers to stop holding in-person town halls after confrontations with constituents and Democratic activists over government layoffs and feared Medicaid cuts went viral.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Präsident Trump verteidigt seine Handels- und Regierungsagenda und eine unabhängige Anmerkung an den Kongress. Und wir fangen gerade an. Plus, Commerce Secretary Howard Ludnick hints at a looming deal to reduce tariffs on Canada and Mexico. And China sets a strong growth target and doubles down on homegrown AI. It's Wednesday, March 5th. I'm Luke Vargas for The Wall Street Journal.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
In a speech that has traditionally served as a White House wish list for congressional action, Trump did present some specifics. He called for a repeal of the 2022 CHIPS Act, which pumped billions of dollars into domestic semiconductor development and manufacturing, and which was backed by 17 Republicans in the Senate and 24 in the House.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Trump hat auch die Gesetzgeber gefragt, große neue Ressourcen in den Bord zu versorgen. Und er hat die Anrufe geäußert, große neue Taxikosten zu sehen, aufgrund von extenderen, ausländischen, Schritte, die die Revenue von 2 Trillionen Dollar über eine Dekade weiter reduzieren könnten.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Diese letzte Anrufung könnte die GOP-Effekte komplizieren, um auf eine bereits sprachlose Taxibille zu stimmen, unter konservativen Sorgen über solche großen Steuern ohne entsprechende Reduktionen in der Spende. Damian told us that debate in Congress is likely to become a major theme to watch in the second half
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Und als für ein Politik-Domain, das in der Präsidenten-Kurse, Forum-Polizei, square ist, hat Damien gesagt, dass Trump einige der mehr bombastischen Kommentare, die er in den letzten Wochen gemacht hat, zurückgeleitet hat.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
And before we move on, we should point out that after Trump's address to Congress, Commerce Secretary Howard Ludnick spoke to reporters and said the administration could announce a deal today to reduce, though not eliminate, tariffs on Canada and Mexico. He added that the agreement could include increased border security, but the details were still being discussed.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Coming up, China shrugs off looming trade tensions as it targets yet another year of 5% economic growth. And our AI editor drops by to discuss the race to stop AI chatbots from hallucinating. Those stories and more after the break.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
China hat seine 2025-Growth-Target bei rund 5 Prozent gesetzt, das gleiche wie letztes Jahr, signalisierend, dass es seine Ökonomie erwarten würde, um den steigenden Handelsdruck aus Washington abzuhalten. Es hat auch eine Deficit-Target von rund 4 Prozent der GDP gesetzt, die höchst in Jahren, was zeigt, dass mehr Stimulus vielleicht auf dem Weg ist, um ihre flaggierende Ökonomie zu starten.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
WSJ-Tech-Reporter Raphael Huang sagt, dass China auch seine ökonomischen Ziele zu erhöhten Ereignissen zu erreichen, insbesondere in der KI.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
And in other business and markets news, the Senate has voted to repeal a Biden-era rule that would have required decentralized cryptocurrency exchanges to report their customers' transactions to the Internal Revenue Service as of tax year 2027. The 70-27 vote delivers a bipartisan victory to the crypto industry, teeing up the measures to be signed into law soon.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
And here is the AM edition of What's News. The top headlines and business stories moving your world today.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
And we're exclusively reporting that Goldman Sachs is preparing its annual round of layoffs and this time is focusing on its vice presidents. According to people familiar with the matter, Goldman CEO David Solomon told senior executives that the firm hired too many VPs in recent years in relation to its overall hiring. About three to five percent of the firm's workforce is expected to be cut.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
And as tech industry leaders continue to meet at this year's Mobile World Congress in Barcelona this week, artificial intelligence has unsurprisingly been in focus. But as journal AI editor Ben Fritz reports, AI's utility, especially in sensitive corporate or legal contexts, is being held back by the seeming inability of chatbots to admit, I don't know, when presented with difficult questions.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
It's a lesson that Ben found out when he asked, who am I married to?
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Und als ein relativ kleines Problem verabschiedet, hat Ben gesagt, dass Forscher ständig Fixationen durchführen, obwohl die Arbeit schwierig ist.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
In his first major speech since the inauguration, President Trump told a joint session of Congress last night that his agenda, which he described as swift and unrelenting and which has included an immigration crackdown, cuts to the federal workforce and stiff tariffs on imports, had already succeeded in revitalizing America's momentum. Gone were appeals to unity.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Und für viel mehr über diese Bemühungen, AI-Halluzinationen zu beenden, sowie andere Dispatches aus der ganzen Kutting-Edge der Artificial Intelligence-Welt, können die Journal-Subscriber den WSJs-Spezialreport auf What's Ahead for AI schauen. Wir haben einen Link dazu in unseren Show Notes gelegt. And that's it for What's News for this Wednesday morning.
WSJ What’s News
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Today's show was produced by Kate Boulevent and Daniel Bach with supervising producer Christina Rocca. 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
Trump Defends Tariffs, Budget Cuts in No-Apologies Address
Trump attacked Democrats as radical left lunatics and blamed former President Joe Biden for the country's problems. At multiple points, Democrats broke out in boos. And just seven minutes into the speech, Democratic Representative Al Green of Texas was escorted out after rising from his seat and shouting at the president, prompting an intervention by House Speaker Mike Johnson.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Journal reporter Kim McRaehl is in Paris, where EU trade negotiator Maros Shevchevich is set to meet with U.S. Trade Representative Jameson Greer today at meetings convened by the OECD.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
And those tariffs are now beginning to take their toll, with data showing that Australia's economy slowed sharply in the first quarter to just 0.2 percent. The slowdown follows an OECD report yesterday warning that global growth could stall amid U.S. duties on trading partners like China, which is Australia's biggest source of export demand.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
The slowdown could heighten speculation of further rate cuts after Australia's central bank said it had considered an emergency 50 basis point cut in May due to the deteriorating outlook. And investors will also be watching the Bank of Canada today, which is expected to hold rates steady as policymakers set aside weak domestic demand amid accelerating core inflation.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Their decision is due at 9.45 a.m. Eastern. And major automakers say they're considering shifting some parts manufacturing to China in the face of export restrictions from Beijing on rare earth magnets used in everything from EV motors to windshield wipers and headlights. That would amount to a remarkable outcome from a trade war that was meant to bring manufacturing back to the U.S.,
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
China, in April, began requiring companies to apply for permission to export magnets made with rare earth metals, though those restrictions don't cover finished parts. And for much more on the race to secure critical minerals, tune in to What's News Sunday this weekend, where we'll be looking at the challenges facing Washington as it scrambles to catch up to China.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
You can find episodes of What's News Sunday on the very same feed you're using to listen to us now. The so-called Bernie Sanders of South Korea, Lee Jae-myung, has been sworn in as president following snap elections that punished former conservative leader Yoon Suk-yool for attempting to impose martial law.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
At a ceremony in Seoul, Lee pledged to revive the country's economy and strengthen alliances with the U.S. and Japan while continuing his call for a better relationship with Beijing. That strategy could complicate President Trump's efforts to convince allies to help contain China in trade and security matters.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
While South Korea's corporate giants are big investors in the U.S., China remains the country's largest trading partner. Elon Musk says that SpaceX is on track to record another significant revenue increase this year, reaching $15.5 billion.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
The company's launch operation, which revolves around its partially reusable Falcon 9 rocket, as well as its satellite internet business Starlink, have been fueling revenue growth in recent years. In a social media post, Musk said that commercial revenue at SpaceX would exceed the entire budget of NASA next year.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
The U.S. doubles steel and aluminum tariffs. Plus, the handcuffs come off for Wells Fargo nearly a decade after its fake account scandal. And the potential phase out of clean energy tax credits divides Senate Republicans as the chamber takes on the GOP's big, beautiful bill.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
The White House has proposed cutting NASA's budget to $18.8 billion for its next fiscal year from nearly $25 billion currently. SpaceX is a major contractor at NASA, with Musk saying that about $1.1 billion of the company's expected revenue this year would come from the agency.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
And federal regulators have moved to lift an asset cap of around $2 trillion placed on Wells Fargo in 2018, an unprecedented punishment that had handcuffed the bank's growth after its fake accounts scandal erupted nearly a decade ago.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
That was finance editor Alex Frankos, who says the U.S. bank will now be able to grow its balance sheet and redirect resources it had been pouring into efforts to fix itself and repair its tarnished reputation.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Coming up, as Republicans push to pass President Trump's so-called Big Beautiful Bill, one stumbling block dividing some GOP senators, besides increased spending, is what to do about clean energy tax credits. We have got that story after the break.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Members of the U.S. Senate returned from recess this week with a major item on their to-do list, passing President Trump's big, beautiful bill, as some are calling it. House Republicans narrowly passed the spending legislation last month, and they've urged GOP senators to go easy on any changes, lest they introduce issues that could crop up when the bill returns to them in the House.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
But that could be tricky, as we report at least four Senate Republicans have voiced issues with elements of the text, which would increase the debt ceiling by at least $4 trillion as a result of increased border spending and tax cuts. Another issue that's dividing Republicans is what to do about clean energy tax credits, which the House bill set to phase out in 2028.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
And here to talk about that is Jason Grimay, the CEO of the American Clean Power Association, an industry group representing wind, solar and energy storage companies. Jason, remind us quickly, if you could, where clean energy tax credits broadly stand now. What policy could we see shaken up here?
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
So the House bill being looked at by the Senate now would phase out these credits in 2028. What are you hearing about this from the companies you represent? How could they stand to be affected?
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
It's Wednesday, June 4th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today. Fifty percent U.S. tariffs on imported steel and aluminum are kicking in today.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Mentioning the economics of clean energy sources now, I'm looking at research by Bloomberg New Energy Finance here showing that almost everywhere in the world now, new wind and solar farms can undercut coal and gas plants on production costs. What would you say to folks who say, well, given that these clean energy tax credits, what's the point?
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
They should be able to and maybe already can stand on their own.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Are you optimistic that is an argument that will be received well in the Senate?
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
Jason Grumet is the CEO of the American Clean Power Association. Jason, thanks so much for being with us on What's News.
WSJ What’s News
U.S. Doubles Steel, Aluminum Tariffs to 50%
And that's it for What's News for this Wednesday morning. Today's show was produced by Daniel Bach and Kate Boulivant. Our supervising producer is Sandra Kilhoff. 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
U.S. Doubles Steel, Aluminum Tariffs to 50%
That is a doubling of prior rates for many of the world's largest metals producers, leading industry players to warn that the new rate may necessitate price increases from steelmakers or higher surcharges on aluminum purchases, potentially triggering shortages. The measures could also shake up trade negotiations with those in talks with Washington.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
And we do know, Maya, 15 countries are likely to be targeted here, just a few out of the whole world. And yet there could be some massive economies directly affected here with repercussions for a big chunk of global trade.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Namely, to go after the services sector, right, taking this beyond goods.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
And we'll look at a potential TikTok takeover deal just days ahead of a deadline to sell the platform or shut it down. It's Wednesday, April 2nd. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today. We are mere hours away from the announcement of new U.S.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
A bit of a messy outlook there. What does that mean for markets? Small stocks, for instance, on the Russell 2000 have been suffering more than other corners of at least the U.S. markets lately.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Investors hold their breath ahead of President Trump's long-awaited tariff announcement later today. Plus, a liberal judge wins the Supreme Court race in Wisconsin in a rebuke of Trump and Elon Musk.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Maya Bandari is the chief investment officer for multi-asset EMEA at asset manager Neuberger Berman. Maya, thank you so much for joining us on What's News.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Voters in Wisconsin have elected liberal judge Susan Crawford to a seat on the battleground state's Supreme Court, cementing its four to three liberal majority. The result could suggest a voter pushback against President Trump 10 weeks after his inauguration and deals a blow to Elon Musk, who, along with groups tied to him, spent at least $20 million to support Crawford's conservative opponent.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Here was Crawford after her victory.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Meanwhile, in Florida yesterday, Republicans Jimmy Patronis and Randy Fine won a pair of special House elections, though the results in traditionally deep red congressional districts were closer than expected. The win bolsters the GOP's majority in the House of Representatives to 220 to 213.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Well, back in Washington, New Jersey Democrat Cory Booker set a record for the longest speech in Senate history after wrapping up 25-plus hours of remarks in protest of the president's actions.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
The speech, which attracted cable news attention and was spliced into clips for TikTok, comes as Democrats struggle over whether and how to resist Trump and rebuild their brand, a challenge that Booker acknowledged after leaving the Senate floor.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
tariffs, which President Trump is set to unveil at a White House press conference after the close of markets. We report that so-called reciprocal tariffs are expected and that whatever measures are announced will take effect immediately, though the precise contours of the likely sweeping announcement remain under wraps.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
We are exclusively reporting that the Trump administration is trying to strike agreements with several more countries to take in migrants deported from the U.S.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Officials say the desired model would be similar to a deal struck with Panama in February, in which over 100 migrants, mostly from the Middle East, were sent there for detention and processing in order to be sent back to their home countries.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Some countries have been slow to take back their nationals or simply refuse to, leading the administration to explore whether the likes of Libya, Rwanda, Benin, Eswatini, Moldova, Mongolia, and Kosovo would take in migrants, possibly in exchange for financial arrangements. Meanwhile, the Pentagon is rapidly expanding its forces in the Middle East as the U.S.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
military continues air strikes against Houthi militants in Yemen and looks to put pressure on Iran. In recent days, President Trump has threatened to bomb Iran if Tehran doesn't agree to a deal to roll back its nuclear program. Two officials said the deployments aren't preparation for an imminent attack on Iran, but rather to bolster the U.S. campaign in Yemen.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Iran has provided arms and training to the Houthis, who've been attacking ships transiting the Red Sea and nearby sea lanes. President Trump will be briefed today on a potential deal to keep TikTok operational ahead of a pending U.S. deadline to sell it or shut it down.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
That's according to people familiar with the matter who said that cloud computing company Oracle, along with several others, would join with existing U.S. investors to make an offer to TikTok owner ByteDance. Blackstone is among the investors in talks to potentially participate in the deal.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
The exact value of TikTok and the size of investments are expected to be ironed out in later negotiations once the general structure is agreed upon, though journal reporter Raphael Huang says the deal could still face extended delays or even fall apart.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
And we are exclusively reporting that Visa is offering Apple roughly $100 million to operate the tech giant's co-branded credit card, which is up for grabs as Goldman Sachs exits consumer lending. Apple is expected to select a network before it picks the bank to replace Goldman, a competition pitting Visa against incumbent MasterCard as well as American Express.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
According to Journal Reporting, Visa offered a similar upfront payment when Costco was selecting a network for its credit card about a decade ago. And that's it for What's News for this Wednesday morning. Additional sound in this episode was from Reuters. Today's show was produced by Kate Bullivant and Daniel Bach with supervising producer Sandra Kilhoff.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
Well, as we await the news, we've got Maya Bondari with us to preview the coming trading day and beyond. She is the chief investment officer for multi-asset EMEA at asset manager Neuberger Berman. Maya, we half expected that by this point we would have a sense of what was going to be announced today. Alas, as it stands, we don't.
WSJ What’s News
Investors Hold Their Breath as Trump Tariffs Loom
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
Investors Hold Their Breath as Trump Tariffs Loom
Could you read the tea leaves, though, a bit on what might be coming?
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
demand. However, journal reporter Vipal Manga in Ottawa said the road ahead won't be easy.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
U.S. tariffs could heap further economic pressure on Carney, with Canada's auto sector, one of the country's largest employers, pressured to relocate south. That sets up closely watched talks with President Trump, who's repeatedly said that Canada would be better off as America's 51st state.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
And while Vipal said that Carney pledged to enter economic and security negotiations with the knowledge that Ottawa has other relationships it can turn to, patching up the relationship with Washington is priority number one.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
Despite last night's victory, Carney's liberals are likely to fall short of a parliamentary majority, potentially forcing him to seek help from rival politicians in order to execute his agenda.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
Well, speaking of trade, we exclusively report that President Trump is expected to soften his automotive tariffs in an effort to stop carmakers from being hit by overlapping levies, such as duties on steel and aluminum. We report that the policy shift would also be retroactive, allowing companies to be reimbursed for tariffs that they've already paid.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
A useful bit of relief for an industry that Journal Auto's reporter Stephen Wilmot told me has been battered by recent trade moves.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
Liberal Mark Carney wins election in Canada on an agenda designed to contain fallout from President Trump's trade war.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
Trump is expected to announce the tariff shift ahead of a rally outside of Detroit this evening. Coming up, even as trust in AI declines, more of us are experimenting with new tools in the workplace, even without the permission of our employers. We have got that story and more after the break.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
Public trust in AI is declining, but that is not stopping people from using it more and more, including for sensitive tasks at work. That's one of the findings of a brand new study of more than 48,000 people conducted across dozens of countries and carried out by the University of Melbourne and KPMG. And here to talk about that study is KPMG's global head of AI, David Rowlands.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
David, trust down, use up. Explain that to me.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
I want to get to that point in a second, but there's clearly something here that people find valuable, enjoyable. Is the benefit that people are describing in this study mostly around, I don't know, being more efficient, making more money, saving time? What explains this uptick in use?
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
Plus, relief in Detroit as we report President Trump plans to soften his auto tariffs. And a new study sheds light on the risks and rewards of AI as it becomes firmly embedded in our lives. It's Tuesday, April 29th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
The study found that the emerging economies are seeing greater AI adoption than more developed ones. How would you explain that?
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
Big opportunities here in everything from public health to efficiency within corporations. And yet, a few things jumped out to me. One that I imagine folks in legal departments will not be too pleased to hear, which is that you found that almost half of employees admit that they've used AI in ways that violate company policies.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
This is things like uploading sensitive company information into free AI tools and that they've been relying on AI outputs at work without evaluating the accuracy of those results. These don't sound good.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
David Rowlands, Global Head of AI at KPMG. Thank you so much for being with us on What's News.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
We are exclusively reporting that a group of Wall Street's biggest banks, including Morgan Stanley, Bank of America, and five others, have finally dug themselves out of the $13 billion debt that they lent to Elon Musk for his takeover of Twitter, now X, in 2022. The $1.2 billion of unloved loans sold at 98 cents on the dollar.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
Woodside Energy has given the go-ahead to the $17.5 billion development of an LNG gas export project in Louisiana. The Australian company is betting on strong ongoing demand for traditional fuels and the U.S. as a key supplier of natural gas to the global market. This includes customers in Asia and Europe who've been buying U.S. gas to counter dependence on Russia.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
In a move to ensure that cancer drugs are available to U.S. consumers, drugmaker Merck is investing in a $1 billion plant in Delaware ahead of potential tariffs targeting the industry. The facility will produce Merck's blockbuster cancer drug Keytruda, which treats lung cancer, melanoma and other tumors and accounts for roughly half of the company's revenue.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
And finally, it's going to be another busy day for markets, with a slew of earnings and data out later this morning. Finance editor Alex Frangos says these are the first economic readings following Trump's tariff announcements and will be closely watched for any indications of a U.S. downturn.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
Canada's Mark Carney has capped a dramatic electoral turnaround, holding on as the country's prime minister after voters returned his Liberal Party to power for a fourth consecutive term. Carney's party had been headed for defeat earlier this year, before the former central bank chief positioned himself as the best candidate to stand up to President Trump and reshape an economy dependent on U.S.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
And if you can't get enough earnings, check out the bonus episode we've got coming later today. In the next What's News in Earnings, we'll be looking at defense contractors. and how they expect the U.S. tariffs and a changing geopolitical environment to affect their business. That'll be in this feed around midday before our usual PM show tonight.
WSJ What’s News
Comeback Kid: Mark Carney Wins Canada Election
And that's it for What's News for this Tuesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. I'm Luke Vargas for The Wall Street Journal. And as always, thanks for listening.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Administration officials say President Trump was frustrated by the episode and directed ire at Waltz, though it wasn't immediately clear if he'd move to oust him. Beyond representing a breach of security protocols, the chat exposed policy differences within the administration and candid views about U.S. allies. Vance, in particular, was skeptical of striking the Houthis, given that little U.S.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
trade passes through the Suez Canal and that the move would benefit Europe far more, saying, quote, I just hate bailing Europe out again. CIA Director John Ratcliffe and Director of National Intelligence Tulsi Gabbard, both of whom were included in the signal chat, are set to testify before the Senate Intelligence Committee at 10 a.m. Eastern.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
We are exclusively reporting that Boeing is looking to withdraw from an earlier agreement to plead guilty in a long-running criminal case that blamed the company for deceiving regulators before two deadly crashes of its 737 MAX jets.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
According to people familiar with the matter, the aerospace giant is seeking more lenient treatment from the Justice Department after pleading guilty during the Biden administration. Journal aviation reporter Ben Katz says Boeing is hoping to benefit from the Trump administration's announcement that it's reviewing numerous criminal cases at the DOJ.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Plus, Boeing eyes a chance to withdraw from a Biden-era guilty plea deal, and Canadians get cold feet about traveling to the U.S. It's Tuesday, March 25th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Boeing and the Justice Department declined to comment. Coming up, Beijing releases employees of U.S. firm Mintz Group as it looks to encourage more foreign investment. Plus, the rest of the day's news after the break. China has released all detained employees of U.S. due diligence firm Mintz Group, marking the end of a two-year saga that unnerved American businesses operating in the country.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
The detention of five Mintz employees, all Chinese nationals, after a March 2023 raid of its offices in Beijing sent shockwaves across foreign businesses.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Group chat drama Royals Washington after top officials accidentally led a journalist in on sensitive war plans.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
That's China tech reporter Lisa Lin, who says the release comes amid a wider push from Beijing to attract foreign investment.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Samsung's co-CEO and the head of its consumer electronics business has died from a heart attack with no immediate successor yet named. The news comes amid a slump in business for the South Korean tech giant that leaders have called a crisis.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Samsung makes everything from smartphones to washing machines and televisions, and is also a major components supplier to other tech firms, but has stumbled during the AI boom, with shares tumbling about 22 percent over the past year. In other market news today, the Conference Board will release its Consumer Confidence Index for March at 10 a.m. Eastern.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Two housing market reports are also due out this morning, including the Commerce Department's look at new home sales data for February and earnings from one-time meme stock GameStop are expected after the market close.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Meanwhile, a pair of judges are challenging the president's efforts to deport some Venezuelan migrants, saying they weren't given a meaningful chance to challenge their designations as gang members before being whisked to a notorious prison in El Salvador. The administration has cited 1798's Alien Enemies Act to rapidly remove alleged members of the Tren de Aragua gang. Yesterday, one U.S.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
We begin in Washington following revelations that senior national security officials in the Trump administration discussed highly classified war plans to strike Houthi rebels in Yemen using a non-government messaging service and mistakenly included a journalist in the conversation. The chats over the encrypted Signal app included Vice President J.D.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
district judge denied an administration request to dissolve his temporary restraining order halting deportations, while a D.C. Circuit Court of Appeals judge said there was clear precedent for allowing those designated as enemies of the U.S. to challenge that determination, noting that, quote, Nazis got better treatment under the Alien Enemies Act than has happened here, end quote.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Those comments from Judge Patricia Millett referenced when the law was invoked in the Second World War. A Justice Department lawyer disputed that analogy and called the district court's restraining order an unprecedented intrusion upon the president's war and foreign policy powers. And Canadians are boycotting U.S.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
travel in response to President Trump's proposed tariffs, aggressive border tactics, and threats of annexation. According to Statistics Canada, Canadians returned from 13% fewer trips by air to the U.S. in February than they did a year ago, while land crossings from the U.S. dropped 23%. The decline threatens to upend local U.S. economies, according to the U.S.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Travel Association Trade Group, as even a 10% reduction in Canadian travel could mean $2 billion in lost spending and 14,000 job losses. And that's it for What's News for this Tuesday morning. Today's show was produced by Kate Bullivant and Daniel Bach with supervising producer Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Until then, thanks for listening.
WSJ What’s News
Trump Officials Debated War Plans on Unclassified Chat App
Vance, Defense Secretary Pete Hegseth, National Security Advisor Mike Waltz, and others. The existence of the chats was first reported by The Atlantic, whose editor Jeffrey Goldberg was inadvertently included in the discussion, and a National Security Council spokesman confirmed the authenticity of the messages. Journal National Security Correspondent Michael Gordon has more.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
However, his comments come as multiple European leaders are trying to steer Trump closer to their position on how to end the war. For instance, five European countries abstained on that UN Security Council resolution about Ukraine yesterday, which didn't blame Moscow for the war.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
Und wie Journalist Thomas Grove hier zu diskutieren ist, aufgrund dieser Unterschiede in der Meinung, sind die westlichen Zeitlinien für das Ende der Krieg auf einem Kurs mit dem russischen Präsidenten Wladimir Putin. Thomas, Sie berichten, dass Putin die Erde für unendliche Gespräche, unendliche Negotiierungen, vorbereitet.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
Erzähl uns ein bisschen mehr darüber, wie jeder Seite diese Friedensnegotiierungen sieht.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
Right. And another thing I imagine Russia won't be happy about is some of the reporting we've had in the last few days that the French and British are looking at plans to deploy European peacekeepers to Ukraine once a deal is struck. It's funny.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
Just given the potentially long timeline for a peace agreement here and the fact, as you report, Russia plans to use its upper hand on the battlefield to its advantage, do we have a sense of how long it will last? Ukraine might be able to sustain its war effort without further US aid?
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
Die USA steigen die Sanktionen auf, um iranische Öl zu targetieren, plus Tesla-Sales in Europa. Und während Präsident Trump für einen schnellen Ende der Krieg in der Ukraine drückt, hat Moskau andere Ideen.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
And I guess another major question here to wrap things up is that the US has a role to play in all of this, perhaps in speeding talks up, trying to hold Russia to account if they appear to be dragging their feet. According to the folks you've spoken to, what is the assessment of sort of the American leverage that exists here to try to dictate the timetable?
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
I've been speaking to Wall Street Journal correspondent Thomas Grove in Warsaw. Thomas, thank you so much. Thank you. Coming up, the rest of the day's news, including new sanctions targeting Iranian oil and a drop in Tesla's sales in Europe. Those stories and more after the break.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
The US is ratcheting up sanctions targeting Iran's oil supply chain, continuing the Trump administration's campaign to effectively blockade the country's petroleum exports. That's according to the Treasury Department, which has announced new sanctions on more than 30 entities, individuals and vessels connected with Iran's so-called shadow fleet.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
Dies betrifft Ölverkäufer in den Vereinigten Arabischen Emiraten und Hongkong, Tanker-Operatoren und Managern in China und den Vorsitzenden des iranischen staatlichen Ölverkaufs. Präsident Trumps Policies sind für die Entfernung iranischer Exporten ausgeschlossen, mit einer Memo, die dieses Monat vorgesehen wurde, die Begründung macht, dass Schiffen in China vorgesehen sind.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
Iran sagt, dass die US-Maximum-Pressur-Kampagne kohärent ist und internationale Regeln verurteilt. A representative for Iran's mission to the UN in New York didn't respond to a request for comment.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
In News that could move markets today, Tesla's sales in Europe fell 45% last month, according to data from the European Carmakers Association, with the EV maker selling fewer than 1,300 new vehicles in Germany, Europe's largest market.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
European Autos Reporter Steven Wilmot writes this morning that CEO Elon Musk's support for German far-right party AFD in this weekend's elections could be one reason for the pullback, alongside a hangover from high sales the previous month and a revamp of the Model Y. We'll leave a link to that analysis in our show notes.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
We are exclusively reporting that Anthropic, the startup behind AI-Chatbot Claude, is finalizing a new funding round that values the company at $61.5 billion.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
According to people familiar with the matter, Anthropic initially set out to raise $2 billion, but was able to increase that to $3.5 billion during talks with investors, showing how eager investors are to back promising AI firms, despite the disruptive arrival of China's DeepSeek. Unilever-CEO Hein Schumacher steigt in weniger als zwei Jahren nach dem Top-Roll am Konsum-Gut-Giant.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
Er wird von Finanzchef Fernando Fernandez gewechselt. Die Überraschung kommt in der Mitte eines großen Umgangs, um Kosten zu steigern und Volumen-Große zu steigern, während man Profit-Margen erweitert. US-Dockworkers are expected to ratify a new labor contract that manufacturers hope will avert the prospect of more paralyzing strikes at East and Gulf Coast ports through 2030.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
The deal secures a 62% pay increase and full protection against automation for workers, while allowing companies to more quickly modernize American ports and blunt some of the costs of that wage increase. And on deck today, earnings from Home Depot and Keurig Dr. Pepper are due out this morning, with fresh consumer confidence data set for release at 10 a.m. Eastern.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
It's Tuesday, February 25th. I'm Luke Vargas for The Wall Street Journal and here is the AM edition of What's News. The top headlines and business stories moving your world today. We begin with the latest efforts to end the war in Ukraine. Yesterday, the US joined Russia and China in backing a Washington-drafted UN Security Council resolution that called for a swift end to the conflict.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
And finally, we've talked here before about the AI race driving huge power demand as data centers scramble for available electricity. And as a result, power stocks and particularly nuclear power stocks emerged as some of Wall Street's biggest winners last year. But after those major run-ups, is that nuclear power trade over? And what do investors need to know about owning nuclear power stocks?
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
How would you describe the right way to think about those stocks at this point?
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
And for much more on what you should know about artificial intelligence and the nuclear power trade, check out the latest episode of WSJ's Take on the Week, wherever you get your podcasts. And that's it for What's News for this Tuesday morning. Today's show was produced by Kate Boulevent and Daniel Bach with supervising producer Christina Rocca. And I'm Luke Vargas for The Wall Street Journal.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
We will be back tonight with a new show. Until then, thanks for listening.
WSJ What’s News
Trump Wants a Quick Ukraine Deal. Putin Has Other Ideas.
And in comments alongside French President Emmanuel Macron at the White House, President Trump made it clear that he's expecting diplomatic progress soon.
WSJ What’s News
India Sees a Golden Opportunity in U.S.-China Trade War
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India Sees a Golden Opportunity in U.S.-China Trade War
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WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
Harvard's president issued a letter yesterday rejecting those demands, leading the Trump administration to announce the funding freeze hours later. The government has couched the withholding of funding as an effort to uphold civil rights laws, while lawyers for Harvard say its demands violate the First Amendment and ignore due process.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
This month, Harvard issued $750 million in the bond market that it could use to free up cash flow should it be unable to reconcile with the task force. New filings by the Commerce Department show the Trump administration opened tariff investigations into pharmaceutical products and semiconductors on April 1st, potentially teeing up additional duties.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
Both investigations are broad and are being carried out under the Trade Expansion Act of 1962, which allows the president to impose tariffs on goods deemed essential for national security. President Trump has indicated that around 25 percent tariffs on the sectors are forthcoming after he previously exempted some semiconductors and other electronic products from separate reciprocal tariffs.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
Meanwhile, Asian auto stocks closed higher today after President Trump said he was considering short-term tariff exemptions to help car companies looking to move components manufacturing to the U.S.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
Trump didn't offer any specifics, potentially adding to confusion within the auto industry, which imports about 7.5 million vehicles into the U.S. each year. Journal Auto's reporter Ryan Felton says that when Trump enacted a 25% tariff on vehicle imports last month, he gave automakers some relief in the form of a U.S. content deduction.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
But the weeks on, industry executives remain puzzled over how to collect it on certain of the 20,000 to 30,000 parts in the average vehicle.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
A White House spokesman said the Commerce Department was working on a process for automakers to seek approval and begin taking advantage of the U.S. content deduction as soon as possible, but did not give a timeline.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
In other markets news, after announcing emergency support measures for its auto sector last week, South Korea today said it's preparing roughly $23 billion in government support for the chip sector as it faces U.S. tariff pressure. Semiconductors made up about 20 percent of the country's exports in 2024, led by homegrown firms like Samsung and SK Hynix, a key partner to NVIDIA.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
The funds will cover infrastructure construction costs, low-interest loans to companies, and worker recruitment.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
We are exclusively reporting that Netflix aims to achieve a $1 trillion market cap and double its revenue in five years, according to people present at the streaming giant's annual business review last month, where executives also shared ambitious plans to earn about $9 billion in global ad sales by 2030. The streaming giant is set to report quarterly results on Thursday.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
The Trump administration freezes billions in funding for Harvard, widening its fight with the nation's wealthiest university. Plus, confusion in Detroit as automakers struggle to claim tariff relief on U.S. source products. And Xi Jinping embarks on a global charm offensive, hoping to draw contrasts with American protectionism.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
And speaking of earnings, the likes of Bank of America, Citigroup, Albertsons and United Airlines are reporting results today. Also in focus, Boeing. Its stock fell pre-market after a report from Bloomberg that Beijing told Chinese airlines to stop taking delivery of the U.S. company's planes.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
And in Europe, luxury stocks sank after industry heavyweight LVMH reported a drop in sales as it contends with mounting trade tensions and faltering Chinese demand. Coming up, China's leader hits the road, pitching a free trade message to countries facing high U.S. tariffs. Plus the rest of the day's news after the break.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
Xi Jinping is taking Beijing's pro-trade message on tour. The Chinese leader embarked on an overseas charm offensive yesterday with a visit to Vietnam, with later stops planned for Malaysia and Cambodia. And the journal's Austin Ramsey is here to discuss what Xi is pitching on this trip.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
Austin, I suppose it doesn't take too much guesswork to figure out why these specific countries were picked for what is Xi's first trip out of China since President Trump took office, does it?
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
You say pitching stability, pitching predictability, but could it be something concrete? Just looking at the China-Vietnam relationship, Vietnam in recent years has become a major exporter of products to the U.S., but it's not like China can just step in and replace that market should exports to the U.S. be significantly reduced.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
And finally, Austin, is Southeast Asia the extent of this diplomatic push? I noticed last week when we were reporting on comments from Xi Jinping, we had a line that the Spanish prime minister was visiting Beijing at the time. So clearly there's more engagement going on at present.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
It's Tuesday, April 15th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
I've been speaking to Wall Street Journal reporter Austin Ramsey in Hong Kong. Austin, thanks so much for the update. Thank you. Israeli troops have taken over about a third of the Gaza Strip in renewed military action, declaring security zones in swaths of the north and south while pushing out their populations.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
After relying mainly on airstrikes and tactical raids for the first year and a half of the war, Israel is now seizing land and threatening to hold it indefinitely as it presses Hamas to release hostages still held in Gaza.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
Israel's military said it was following an updated defense strategy that calls for maintaining a broad military presence in buffer zones that have been cleared of threats, adding that evacuations are ordered to reduce harm to civilians. And we exclusively report that pro-government militias in Yemen are planning a ground offensive against the Houthis in an attempt to take advantage of a U.S.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
bombing campaign that has degraded the Iranian-backed militant group's capabilities. Yemeni officials said if successful, the ground operation would dislodge the U.S.-designated terrorist group from coastal territory on the Red Sea that it's used to launch attacks on passing ships. U.S. officials have signaled an openness to supporting the ground operation, but a final decision hasn't been made.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
Senior Houthi leader Muhammad Ali al-Houthi said the U.S. air campaign had failed to stop the group and that a ground operation would meet the same fate. And that's it for What's News for this Tuesday morning. Today's show was produced by Kate Bullivant. Our supervising producer was Daniel Bach. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
Until then, thanks for listening.
WSJ What’s News
Harvard Hit With $2 Billion Government Funding Freeze
The Trump administration is freezing more than $2 billion in federal grant and contract funding for Harvard University after the school resisted demands to change its governance structure over campus anti-Semitism concerns. An administration task force had demanded Harvard enact a mask ban and DEI programs and change classroom instruction to, among other things, improve viewpoint diversity.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
Well, to preview President Trump's travels, I'm joined from Riyadh by Journal foreign correspondent Stephen Kalin, and from Tel Aviv by our Deputy Middle East Bureau Chief Shandi Reis. Stephen, starting with you, what should we be expecting to see over the next couple of days?
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
And as you report with our colleague Elliot Brown, there's reason to think those investments are coming, not least because these Gulf states, you know, have been doing sort of family business with Trump, Inc. of late.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
And Stephen, aside from that business, there are some other geopolitical priorities on this trip. Washington has been shifting its policies in a number of areas lately. Tell us a bit about that and how that's gone over.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
Shandy, this is where I want to bring you into the conversation, because if I'm not mistaken, all three of those potential areas of shifting U.S. policy are ones that I understand get the Israeli government a little bit nervous.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
And Shani, this is a potential sort of divergence in perspectives that was actually made clear on Liberation Day. And we just didn't get around to talking about it then.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
President Trump kicks off a four-day trip to the Middle East built around deals. Plus, United Airlines tries to reassure the flying public as travel issues mount at its New Jersey hub. It is absolutely safe to fly. And we'll look at what the sale price of a painting of red, yellow and blue squares can tell us about macroeconomic jitters. It's Tuesday, May 13th.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
Deputy Middle East Bureau Chief Shandy Race and Foreign Correspondent Stephen Kalin. Shandy, Stephen, thank you both so much.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
Thanks for having me. A day on from the U.S. and China's tariff rollback, markets have all but recuperated their losses since President Trump's Liberation Day announcements set off a global trade war. And at the same time, the reset has lowered the risk of recession, according to economists. Journal finance editor Alex Frankos says markets are now watching for the next batch of economic data.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
And Alex says while businesses relying on Chinese imports are set to resume shipments, they still face higher prices and lower profits.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
The latest CPI report from the Labor Department is due at 8.30 a.m. Eastern and will be followed by a report on wholesale inflation on Thursday. Meanwhile, there's a raft of Japanese earnings out today, led by tech investment firm SoftBank, which reported its first annual profit in four years following investments into AI.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
Meanwhile, automaker Honda Motor has projected a 70 percent drop in profits, as it expects to be hit by higher U.S. levies on foreign-made cars. Car exports make up about a third of Japan's shipments to the U.S., with auto tariffs expected to weigh heavily on the Japanese economy.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
And Amazon is renewing a partnership with FedEx to help deliver some large packages after a previous high-profile split in 2019. FedEx will join other third-party partners, including UPS and the U.S. Postal Service. Terms of the deal weren't disclosed, though FedEx described the partnership as a mutually beneficial multi-year agreement.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
Coming up, we'll look at a bellwether week for high-end art sales in New York, and United Airlines tries to calm the nerves of travelers after a string of air traffic control issues at Newark. We've got those stories and more after the break.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. President Trump landed in Saudi Arabia this morning, kicking off a Middle East visit featuring stops in the United Arab Emirates and Qatar as he tries to drum up investments in the U.S. That may not be hard.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
United Airlines is trying to reassure customers about the safety of flying in and out of Newark Liberty International Airport following multiple technology and air traffic control staffing issues there in recent weeks. In an email yesterday, CEO Scott Kirby said that travel through the New Jersey Transit Hub was absolutely safe.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
And in a video, Captain Miles Morgan, who oversees the airline's flight training center, touted safety measures that kick in should planes lose contact with air traffic control.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
While United has already cut 35 daily round-trip flights from Newark, the Federal Aviation Administration has proposed further limits as the airport deals with runway construction and a controller shortage. The FAA is set to meet with airlines to discuss the move this week.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
The Trump administration is probing Harvard for alleged discrimination against white, Asian, male, and heterosexual employees. In opening the probe, the Equal Employment Opportunity Commission pointed to now-deleted documents on Harvard's website tracking its progress in diversifying its faculty over a decade.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
That includes a drop in tenured white male faculty from 64% to 56% between 2013 and 2023. In response, a Harvard spokesperson pointed to a Monday letter by President Alan Garber in which he said employment at the university was based on merit and achievement and denied the use of quotas.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
The Justice Department is overhauling its whistleblower program created during the Biden administration to reward people who tip authorities about companies involved in immigration crimes or tariff evasion, making them eligible to reap a share of funds forfeited to the government.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
The changes are part of a broader shakeup of white-collar enforcement priorities aimed at encouraging self-reporting and leaning less on compliance monitors that prosecutors sometimes embed within businesses. And finally, a bellwether week for art sales kicked off in New York last night, with auction houses Christie's, Sotheby's, and Phillips aiming to sell more than $1.2 billion in art by Friday.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
The strength of the market will be closely watched following recent economic uncertainty. Yesterday, bidding was tepid at Christie's, even though paintings by Dutch modernist Piet Mondrian and Claude Monet sold for more than their low estimates. Another test will come this evening with a sculpture by Swiss artist Alberto Giacometti on the block at Sotheby's.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
In a video, the auction house says the bust of his brother Diego is considered to be his masterpiece and is estimated to top $70 million.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
Historically, fine art has been largely exempt from most U.S. customs duties, but President Trump's new tariffs impose a 10 percent duty on all imports, and it remains unclear how that could impact auction houses. And before we go, we made a mistake in yesterday morning's episode saying that Istanbul was Turkey's capital. Ankara is in fact Turkey's capital.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
And that's it for What's News for this Tuesday morning. Today's show was produced by Daniel Bach and Kate Bullivant. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. And until then, thanks for listening.
WSJ What’s News
Trump Kicks Off Mideast Trip Built Around Deals
Trump is expected to get a warm embrace from Gulf states eager to gain influence with his administration. But moving the needle on a host of other geopolitical priorities in the region may prove more challenging. and risks upsetting relations with Israel, a country notably not on this week's itinerary.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Our next test of Trump's commitment to his trade policy will come tomorrow. Our colleague Gavin Bade in Washington reporting that the administration so far is signaling there'll be no reprieve from steel and aluminum tariffs, 25% for each, that are set to go into effect on Wednesday.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Though I guess, Alex, the real test will be whether that commitment holds up should we see markets react again like they did yesterday. What's the sense here a little bit before the open?
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
In terms of helping to price in that change, we'll get a few data points this week that could make that a bit easier.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Alex Frankos, Journal Finance Editor for Europe. Thanks so much for dropping by. Thanks, Luke. In other market news today, Japan's economy grew at a slower pace than initially estimated in the fourth quarter of last year, amid concerns that President Trump's economic policies could further dent the country's recovery. Japan's Trade Minister Yoji Muto traveled to D.C.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
this week, but failed to win an immediate exemption from Trump's tariff campaign. Tesla shares continued their slide in off-hours trading after notching their worst day since 2020.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Global markets try to shake off yesterday's down day on Wall Street as fears about the U.S. economy mount. Plus, as Tesla's stock skids, Elon Musk admits his work in Washington is making it hard to focus on his businesses. And we'll get the latest as the U.S. and Ukraine try to mend ties and pave the way for peace talks with Russia.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Disappointing sales data and investor apprehension over Elon Musk's role in the Trump administration have erased Tesla's post-election gains, with shares down more than 45 percent this year and more than 36 percent over the past month.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
In an interview on Fox Business Network's Kudlow, host Larry Kudlow asked Musk about the pressure of running the Department of Government Efficiency alongside his other work. I mean, how are you running your other businesses? With great difficulty.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
On Monday, UBS lowered its first quarter delivery forecast for the electric vehicle maker amid a drop in European deliveries, with environmentally minded buyers increasingly shying away from the brand. And shares in Delta Airlines have slid in off-hours trading after the airline lowered its outlook, citing reduced consumer and corporate confidence, particularly in domestic travel.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Airline shares have tumbled in recent weeks, as industry analysts said the uncertain economic outlook would likely have a chilling effect on consumers' willingness to make vacation plans. Several other airlines will provide updates later today. Coming up, we'll head to Saudi Arabia, where high level talks between U.S.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
It's Tuesday, March 11th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Markets across Asia and Europe are attempting to find their footing today after yesterday's big slides on Wall Street, as concerns grow about the U.S. economy tipping into a recession.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
and Ukrainian officials are taking place, with both sides hoping for a reset in relations. That story and more after the break. Top American and Ukrainian officials are meeting as we speak in Saudi Arabia for talks about a potential peace process to end the Russia-Ukraine war. The Journal's Michael Gordon is attending those talks in Jeddah. Michael, the last time the U.S.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
and Ukraine met face-to-face, it didn't end well. This is that combative encounter in the Oval Office between Trump and Zelensky late last month. What is the atmosphere like there today?
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
In terms of Ukraine's negotiating position here, that White House meeting we've been talking about ended with Trump really berating Zelensky for not being committed to a peace to end the war with Russia. And yet Ukraine coming to the table today, possibly offering a ceasefire. That sounds like a key distinction.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Given what we've seen about how Secretary of State Rubio fits into the broader Trump administration, Michael, do we get the sense that if, for instance, there's a positive outcome from today's meeting, that that necessarily means President Trump is on board?
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
I've been speaking to Wall Street Journal National Security Correspondent Michael Gordon in Jeddah, Saudi Arabia this morning. Michael, thank you so much for the update. Thank you. Philippine authorities have arrested former President Rodrigo Duterte on a warrant from the International Criminal Court for alleged crimes against humanity during his so-called war on drugs.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Economists are increasingly gloomy, with JPMorgan Chase bumping up the possibility of a recession this year to 40 percent from 30 percent at the start of the year. while a team at Goldman Sachs put those odds at 20 percent on Friday, but noted that number could go up if the Trump administration sticks to its policies, even as data worsens.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Human rights groups say more than 12,000 people were killed in anti-drug operations during Duterte's six years in office, when police and state-backed vigilantes violently targeted anyone even loosely suspected of selling drugs. Duterte's arrest marks a rare triumph for the ICC, which has struggled to get states to act on its warrants.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
We are exclusively reporting that Washington and Beijing are considering a potential birthday summit in the U.S. between President Trump and Chinese leader Xi Jinping in June. The two leaders' birthdays are just one day apart on June 14 and 15, respectively. Nothing has been firmed up yet, and both the White House and the Chinese embassy declined to comment on the plans.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
But people familiar with Beijing's thinking say leadership there has a strong interest in negotiations with Trump to fend off or at least slow down additional tariff hikes and technology restrictions from the U.S.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
And speaking of the great power rivalry between the world's top two economies, we've been working on a special series about how Beijing is using its trillion-dollar Belt and Road infrastructure program to undercut American dominance on the world stage. All three episodes of Building Influence are available now on the What's News feed, and we'd love to link to them in our show notes.
WSJ What’s News
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
And that's it for What's News for this Tuesday morning. Additional sound in this episode was from Reuters. Today's show was produced by Daniel Bach and Kate Boulivant with supervising producer Sandra Kilhoff. 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
Musk Admits ‘Difficulty’ Running Businesses Amid DOGE Work
Journal finance editor for Europe Alex Frangos joins me now. And Alex, we are seeing the administration doing just that.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
All right, this yuan strategy, as you mentioned, could help boost Chinese exports. Is it also part of a strategy to support stock prices within the country?
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
Alex, we are seeing in Hong Kong, in Shanghai, a recovery in markets in the 1% to 2% range today, though more profound is what's occurring over in Japan, the Nikkei up around 6%. Are we seeing markets, at least just using the Asian snapshot here, finding a floor of sorts?
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
In morning trading, European stocks are following Asia higher as are US futures, with contracts tied to the Dow, Nasdaq and S&P 500 all making gains off hours. Meanwhile, businesses are trying to navigate the new tariff landscape, with some, including Apple, reportedly looking to shift their supply chain and source more iPhones from India.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
According to people familiar with the matter, that's a temporary stopgap to offset the high tariffs on China. Peter Landers is our Asia corporate news editor and says businesses are looking for solutions that can limit price increases.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
That said, a new report commissioned by the U.S. Chamber of Commerce Foundation says many American companies plan to hold on to or even increase their ties with China. And as Peter explains, that's because changing supply chains is a lot easier said than done.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
Beijing pledges more countermeasures if President Trump follows through on a threat for an additional 50% tariff on Chinese goods. Plus, global equities regain ground after yesterday's market whiplash.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
And we'll get an update from the U.S. 's unusually quiet southern border. It's Tuesday, April 8th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. China is vowing to fight until the end in response to new U.S.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
In other news from Washington, the Supreme Court has lifted a block on the deportation of suspected Venezuelan gang members to El Salvador. The 5-4 ruling allows the Trump administration to keep expediting removals under the 18th Century Alien Enemies Act, though the court said that detainees were entitled to an opportunity to challenge their deportation before a federal judge in Texas.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
In a separate move, Chief Justice John Roberts agreed last night to pause a midnight deadline for the Trump administration to return a Maryland man who was deported to El Salvador by mistake. The administration has conceded that Kilmar Abrego Garcia should not have been sent to El Salvador because an immigration judge found he'd likely face persecution by local gangs.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
However, they say he's no longer in U.S. custody and the government has no way to get him back. Abrego Garcia's lawyers panned Roberts' move for enabling the executive branch to violate court orders and then, quote, invoke the separation of powers to insulate its unlawful actions from judicial scrutiny. And the U.S. and Iran have agreed to hold high-stakes talks on Tehran's nuclear program.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
Officials from both sides are expected to meet in Oman on Saturday, with President Trump suggesting he could take military action if no deal is reached.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
The talks will test Trump's ability to roll back Iran's nuclear program that's left it closer than ever to a workable weapon. Coming up, journal correspondent Kajal Vyas will take us to the normally bustling U.S.-Mexico border where an eerie quiet has set in. That's after the break. Two and a half months into the Trump presidency, what's the situation at the U.S.-Mexico border?
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
The journal's Kajal Vyas recently traveled to Ciudad Juarez in Mexico, across the border from El Paso, Texas, to check in on migration trends, as well as the flow of goods between the two countries, which was valued at more than $800 billion last year. And Kajal joins me now with more. Kajal, before we talk trade, let's discuss border security and illegal crossings, a big focus for the president.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
U.S. Customs and Border Patrol reports there were just over 7,000 encounters by law enforcement at the southwest border last month compared to nearly 190,000 the same month last year. It sounds like a lot has changed.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
tariffs, a day after President Trump threatened to raise duties on Chinese goods by an additional 50 percent. That pledge is cementing expectations that Beijing and Washington are set for a deepening trade war. And within China, it's beginning to lead to a shift in monetary policy as the country seeks to boost exports and prop up domestic markets.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
You, in your reporting, sort of described a bit of a beehive of law enforcement activity on both sides of the border. Tell us a bit more about what you saw.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
Okay, border crackdown really on both sides of the border. Tell us about the trade environment. Folks who've been down there before will know just how much infrastructure, particularly on the Mexican side, there is to facilitate cross-border trade. What are you seeing there on the business front?
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
And I guess Mexican cooperation on migration isn't a given either, especially if the trade relationship were to meaningfully sour.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
I've been speaking to Wall Street Journal South America correspondent Kajal Vyas. Kajal, thank you so much for the update. Thank you. And that's it for What's News for this Tuesday morning. Today's show was produced by Daniel Bach and Kate Bullivant with supervising producer Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show.
WSJ What’s News
China Vows to Fight U.S. Tariffs ‘To The End’
Here with more is Journal finance editor for Europe, Alex Frangos. Alex, we report China is now easing its grip on the yuan. Walk us through what exactly is going on here.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
As a part of the funding fight, the government has demanded oversight of Harvard's admissions, faculty hiring, and governance in order to address what it said was the school's failure to stop harassment of Jewish students on campus. A Harvard spokesperson said those demands would have chilling implications for higher education.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
And in an interview with the journal, University President Alan Garber said the administration's attack on fellow Ivy League school Columbia had in part informed his decision to fight.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
Well, speaking of Columbia, we are reporting that the Trump administration has proposed terms for federal oversight of the university, which could see a judge ensure that the school has viewpoint diversity among its faculty and does not consider race in admissions.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
A Columbia spokesman said the journal's story didn't hold merit and pointed to prior comments from the university's president that the school would reject any agreement requiring it to relinquish its independence. We are exclusively reporting that Defense Secretary Pete Hegseth's use of the messaging app Signal for official Pentagon business was more extensive than previously disclosed.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
According to people familiar with his management practices, that included engaging in at least a dozen separate chats and in one case telling aides to inform foreign governments about an unfolding military operation. We report that Hegseth also set up many of the chats himself, sending texts from an unsecured line in his Pentagon office, as well as from his personal phone.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
Hegseth didn't respond to requests for comment. The Pentagon's acting inspector general is currently investigating Hegseth's use of Signal, and while previous administrations have used non-government message apps, a 2023 Pentagon directive restricted the use of Signal for official business. Experts say that using Signal could put sensitive information at risk of landing in the wrong hands.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
And given that, as we report, Hegseth's messages in some cases disappeared without being properly recorded, it could potentially violate laws requiring the preservation of official records. Canadian Prime Minister Mark Carney is in Washington today to meet with President Trump at the White House.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
It's the first meeting between the leaders since Carney won election last week by convincing voters he was best qualified to take on Trump and avert a punishing trade war with the US. On top of slapping tariffs on Canadian goods, Trump has repeatedly suggested that Canada should become the 51st US state, but yesterday told reporters he didn't know what the leaders would discuss.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
Carney has said his meeting with Trump would mark the start of negotiations to recast the economic and security relationship between the countries. Let's head to Germany now, where conservative leader Friedrich Merz's bid to become the country's next chancellor failed in parliament this morning, a surprise outcome in a vote that he had been expected to win smoothly.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
The unprecedented development puts Europe's political leadership in disarray at a time when Merz had hoped to present a strong front as the continent contends with economic and security threats. Matthias Diehling is an assistant professor of political science at Trinity College Dublin. This vote has just occurred here. What do we know about how all of this unfolded? How did this happen?
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
The Trump administration cuts off Harvard from new federal funding, plus political crisis in Germany as election winner Friedrich Merz fails to become the country's next chancellor.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
All right. So what comes next here? And what is the significance of all of this for Europe? The EU, for instance, is expected today to be discussing the bloc's response to U.S. tariffs. There are also, of course, security concerns as the bloc looks to rearm. A tricky time for Germany to be lacking leadership.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
Matthias Diehling is an assistant professor of political science at Trinity College Dublin. Matthias, thank you so much for being with us on What's News. Thank you for having me. Coming up, the Federal Reserve and corporate America struggle with the economic outlook amid changing trade winds and why empty offices could mean higher tax bills for you and me. That's after the break.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
Federal Reserve officials are gathering this morning to kick off a two-day policy meeting with markets watching how the central bank will react to the rollout of President Trump's tariff policy. Deputy Finance Editor Quentin Webb says the Fed is expected to hold rates steady for now as it faces a potentially lose-lose scenario, either trying to navigate a recession
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
or manage a period of stagflation.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
And a storm of uncertainty makes the fence job a whole lot harder as policymakers meet today. It's Tuesday, May 6th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
And for more insights into the U.S. economy, check out the latest episode of WSJ's Take on the Week, which features former Kansas City Fed Chair Robert Kaplan, who has the inside scoop on the Fed's thinking. Take a listen on WSJ.com or wherever you get your podcasts. And finally, Boston is facing a budgetary dilemma that could be a canary in the coal mine for other U.S. cities.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
At the root of the problem is a decline in office values, some of which have tumbled by 50 percent in recent years as vacancy rates keep ticking higher.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
That's proved especially painful for Boston, which gets a greater share of revenues from commercial property taxes and specifically offices than any city in the country, leading it to send tens of thousands of homeowners bigger than expected tax bills in order to make ends meet. stirring up election year frustration directed at Mayor Michelle Wu.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
According to a study of 13 of the largest U.S. office markets by the Urban Brookings Tax Policy Center, commercial property tax revenues could decline by as much as 3 percent by 2031. And that's it for What's News for this Tuesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
We will be back tonight with a new show. Until then, thanks for listening.
WSJ What’s News
Political Crisis in Germany as Merz Fails to Win First Vote as Chancellor
We begin with the Trump administration's battle with leading American universities, as the Education Department has informed Harvard that it's been cut off from any new federal grants, with Secretary Linda McMahon accusing the school in a scathing letter of violating federal law and losing its privilege of partnering with the federal government, adding that it could instead draw on its $53 billion endowment and tap wealthy alumni.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
Mexico, meanwhile, has yet to respond. But markets aren't waiting to react, as investors reckon with how substantial a trade fight is in store. And here to recap what is already a very busy trading day, I'm joined by Journal Finance Editor for Europe, Alex Frangos. Alex, what reaction are we seeing from various corners of the market to these tariffs? Has anything stood out to you?
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
How safe are bonds? And is that the only safe haven that we can see?
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
We see the chief U.S. economist at JPMorgan Chase, Michael Ferroli, overnight warning that if tariffs remain in effect, they could push up inflation in the coming months, March through May, firms raising prices to make up for higher imports. I guess this is not too hypothetical. We've seen how this plays out.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
Plus, Washington pauses all military aid to Ukraine. And after years of struggles, Walgreens closes in on a deal to go private. It's Tuesday, March 4th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. It wasn't a bluff. President Trump's 25 percent U.S.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
We heard from the Canadian foreign minister there a minute ago about the country heading back against the U.S. with tariffs of its own, a strategy that's not really a surprise. We'd heard about that coming likely for weeks. China, meanwhile, also seems to have done what many were expecting, putting tariffs on U.S. agricultural exports, corn, chicken, soy.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
And finally, what market reactions should we be keeping an eye out for? Any corners of the market you'll be watching closely?
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
President Trump ushers in a new era of protectionism as U.S. tariffs on China, Canada, and Mexico kick in.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
That was Journal Finance Editor for Europe, Alex Frangos. Alex, thank you so much. Thank you, Luke. And for more real-time coverage of the market reaction to Trump's tariffs, check out the WSJ's live blog, which we've left a link to in our show notes. Coming up, the EU crafts an urgent plan to encourage more defense spending after the U.S. hits pause on aid to Ukraine.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
That and a look at what else is moving markets today after the break. The U.S. will pause all military aid to Kiev until President Trump determines that Ukrainian President Volodymyr Zelensky is making a good-faith effort toward peace negotiations with Russia.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
That's according to a White House official who said Trump felt the need to show he was serious about getting Ukraine to the negotiating table after the two leaders' public clash last week. Here was Vice President J.D. Vance on Fox News Channel's Hannity.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
It's not clear what Washington wants from Kiev to resume arms deliveries, nor is it certain that Zelensky signing a rare minerals deal sought by the Trump administration would be enough. Analysts say the U.S.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
weapons cutoff will leave Ukraine less able to withstand Russian attacks, with current and former Western officials adding that Ukraine has enough weapons to keep fighting Russia at its current pace until the middle of the year. Meanwhile, EU chief Ursula von der Leyen is offering member states greater legal flexibility in their national budgets so they can urgently boost defense investments.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
She said the proposal, which was announced just hours after the U.S. military aid freeze, could generate some $840 billion in new spending should countries make use of it. We are exclusively reporting that Walgreens Boots Alliance is closing in on a deal with private equity firm Sycamore Partners that would take the struggling drugstore chain private for around $10 billion.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
According to people familiar with the matter, the sides are aiming to complete the deal as soon as Thursday and are discussing a price of between $11.30 and $11.40 a share in cash.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
Walgreens' market value peaked above $100 billion in 2015, but has since shrunk as it faces a margin squeeze on its core prescription business after it doubled down on retail pharmacy, while rival CVS Health diversified into insurance and pharmacy benefits. Walgreens' shares, which are currently trading just below $11, are rising off hours.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
And oil prices are down after the Saudi and Russian-led group of producer countries known as OPEC Plus said it would ramp up production starting next month and continuing through September of next year. The move ends a long push by the group to prop up prices by limiting supply and comes after President Trump urged them to open the spigots back in January.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
tariffs on goods from Mexico and Canada took effect just after midnight this morning, along with a second round of 10 percent tariffs on imports from China. Trump described the duties taken under his emergency authority as being imposed due to fentanyl smuggling over the U.S. border. And at a White House press conference, he described how he thought Mexico and Canada ought to respond.
WSJ What’s News
Tariffs Thrust U.S. Economy Into Uncertain Waters
And that's it for What's News for this Tuesday morning. Additional sound in this episode was from Reuters. Today's show was produced by Kate Bullivant with supervising producer Christina Rocca. 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
Tariffs Thrust U.S. Economy Into Uncertain Waters
As we wait to see if those plans are forthcoming, Canada is responding in kind. Here was Foreign Minister Melanie Jolie.
WSJ What’s News
The Case for Trump’s Tariffs
Is there a risk of maybe muddling the message if you're using tariffs so broadly? It sounds like you see all of those as legitimate uses, but do you need to be clear about why you're wielding each particular tariff?
WSJ What’s News
The Case for Trump’s Tariffs
I mean, I guess we'll see if we hear that articulated and then how countries respond to that. For now, though, Oren, we've seen a good deal of frustration over U.S. policy. Is there a risk that that frustration gets so severe that it leads countries to pursue, I don't know, closer economic relations with China maybe in a way that would truly hurt the U.S. in the long run?
WSJ What’s News
The Case for Trump’s Tariffs
On those costs, you've argued before that tariffs are too often judged by economists along the lines of their impact on GDP or corporate profits or equity prices, which we are seeing done now, though these policies will obviously be felt by and judged by individual Americans. The president has described people potentially feeling a little disturbance.
WSJ What’s News
The Case for Trump’s Tariffs
Mark Zuckerberg looks to the White House for help as he fights an EU law that could undermine Meta's ad business. Plus, a day before the unveiling of sweeping U.S. tariffs, we hear a case for the president's trade agenda.
WSJ What’s News
The Case for Trump’s Tariffs
The Treasury secretary saying the economy could be in for a detox. I'm curious how you'd describe it.
WSJ What’s News
The Case for Trump’s Tariffs
And Trump pledges a crackdown on price gouging in the ticket market. It's Tuesday, April 1st. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
The Case for Trump’s Tariffs
Can you unstick Americans from the cheap prices of some of the things we've gotten used to, particularly importing from China and elsewhere? That does seem like a tough nut to crack.
WSJ What’s News
The Case for Trump’s Tariffs
Oren Kass is the founder and chief economist at the think tank American Compass. Oren, thanks for being with us on What's News. My pleasure. Thank you. Coming up, we've got the rest of the day's headlines, including an exclusive journal report on Mark Zuckerberg's bid to enlist the president in pushing back on EU regulations. We've got that story and much more after the break.
WSJ What’s News
The Case for Trump’s Tariffs
We are exclusively reporting that Meta CEO Mark Zuckerberg is pressing U.S. trade officials to help fight an expected European Union fine and cease and desist order with the goal of pushing the Trump administration to respond aggressively against what the company says would be a discriminatory decision.
WSJ What’s News
The Case for Trump’s Tariffs
After President Trump's election, Zuckerberg was quick to embrace the incoming president's priorities, scrapping Meta's diversity team, ending its fact-checking program, and appointing Trump ally UFC President Dana White to its board. And as European tech reporter Sam Schechner explains, Meta's chief executive is now looking to call in a favor.
WSJ What’s News
The Case for Trump’s Tariffs
President Trump says he has settled on a plan for his latest batch of tariffs due to be announced tomorrow, but for now is keeping those plans close to the vest.
WSJ What’s News
The Case for Trump’s Tariffs
SoftBank has agreed to lead a funding of up to $40 billion for OpenAI, valuing the chat GPT maker at $300 billion. The Japanese technology investment group said it wants to further support OpenAI's growth, having already invested $2.2 billion since September.
WSJ What’s News
The Case for Trump’s Tariffs
To receive the full sum, the journal reports that OpenAI has to successfully restructure into an independent for-profit company by the end of the year. and that if it doesn't, SoftBank can pare back the funding round's size to $20 billion. The State Department is imposing sanctions on six Chinese officials, citing the political crackdown in Hong Kong and restrictions on access to Tibet.
WSJ What’s News
The Case for Trump’s Tariffs
Among the options he's been weighing is whether to apply a universal tariff of up to 20 percent on all imports or take a so-called reciprocal tariff approach that would levy individual tariff rates on specific countries subject to negotiation. As we await details, we spoke to someone with a strong sense about why Trump and his allies are leaning so hard on a tariff strategy.
WSJ What’s News
The Case for Trump’s Tariffs
The move re-injects human rights into the contentious U.S.-China relationship, where Trump has more recently kept his focus on trade imbalances and imposing tariffs. The sanctions follow penalties placed on dozens of top Hong Kong officials under President Biden and during Trump's first term.
WSJ What’s News
The Case for Trump’s Tariffs
Meanwhile, the Trump administration is opening a review of nearly $9 billion in federal grants and contracts with Harvard University and its affiliates, including Boston-area hospitals, making it the latest target of an investigation into how schools have handled anti-Semitism.
WSJ What’s News
The Case for Trump’s Tariffs
This after the government canceled $400 million in grants and contracts with Columbia University before it agreed to meet a series of demands to get the money reinstated. Last month, the Education Department contacted 60 schools, warning them of potential enforcement actions if they didn't do more to protect Jewish students on campus in the wake of last year's pro-Palestinian protests.
WSJ What’s News
The Case for Trump’s Tariffs
In a letter to the Harvard Community Monday night, President Alan Garber called for urgent action to combat anti-Semitism, saying the removal of federal funding would halt life-saving research.
WSJ What’s News
The Case for Trump’s Tariffs
And finally, President Trump says he is cracking down on ticket price gouging, in part by going after professional brokers that use bots to snap up large amounts of face value tickets and resell them at a high markup. During an executive order signing in the Oval Office, Trump was joined by musician Kid Rock, who expressed frustration at the state of the ticket industry.
WSJ What’s News
The Case for Trump’s Tariffs
Trump said the Federal Trade Commission, along with the Treasury and Justice Departments, will deliver a report within 180 days with details on whether more regulation or legislation is needed to protect consumers. And that's it for What's News for this Tuesday morning. Today's show was produced by Kate Bullivant and Daniel Bach with supervising producer Sandra Kilhoff.
WSJ What’s News
The Case for Trump’s Tariffs
Oren Kass is the founder of the conservative populist think tank American Compass, which since its establishment in 2020 has become the most influential group on Capitol Hill among the pro-Trump policy movement that calls itself the New Right. He's also a longtime friend of Vice President J.D. Vance and And I began by asking him to summarize the various use cases for tariffs.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
To put this ruling into context and look at how global markets are reacting, I'm joined by Deputy Finance Editor Quentin Webb. Quinton, lawyers for the Trump administration have come out and said they will appeal this decision. And a White House spokesman said that, quote, it is not for unelected judges to decide how to properly address a national emergency, end quote. And yet they have done that.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
And in terms of the market reaction we're seeing today, Quinton, you kind of alluded to that earlier, but it doesn't seem like we can say for sure that we are now in an all clear that the global trade war is fully off.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
That was Wall Street Journal Deputy Finance Editor Quinton Webb. Quinton, thanks as always for the update. Thanks so much. Elon Musk says his time in the Trump administration is coming to an end. Posting on X, he cited the looming expiration of his stint as a special government employee, a role limited to just 130 days and which would run out at the end of this month.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
A White House official said Musk's off-boarding started yesterday. and added that he hadn't been a regular presence in the West Wing in recent weeks. We exclusively report, however, that Musk had tried to influence U.S.-brokered deals as recently as this month. According to people familiar with the matter, Musk attempted to block an OpenAI-led deal to build a major AI data center in Dubai.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
A U.S. trade court strikes down President Trump's global tariffs. Plus, Elon Musk announces his looming exit from government. And NVIDIA's business booms, even as its CEO critiques U.S. efforts to shut China out of the global chips market.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
unless it included his own startup, XAI. We report that he took that position after learning that OpenAI CEO Sam Altman would be joining President Trump's tour of the Gulf. After Musk's complaints, Trump and U.S. officials reviewed the deal terms and decided to move forward with the agreement, which involved OpenAI, Oracle, SoftBank, Nvidia, and Cisco.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
Musk's blowup resembled his reaction in January after learning about a half a trillion dollars in U.S. investments that were announced by the president involving OpenAI, Oracle and SoftBank. Musk didn't immediately respond to a request for comment. Coming up, shares of NVIDIA rise after the chipmaker posts another quarter of record-breaking sales.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
But CEO Jensen Huang says things could have been even better without restrictions on selling to China. We've got that story and more after the break.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
NVIDIA reported bumper earnings yesterday, beating analysts' expectations despite it being effectively shut out of China as the Trump administration continues to restrict the sales of chips to the country's market. The company projected $8 billion in lost revenue for the quarter just from being unable to sell chips to China, topping the more than $5 billion figure it projected last month.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
WSJ China tech reporter Lisa Lin told us that when it comes to China, NVIDIA essentially finds itself in a holding pattern.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
But despite being cut off from Chinese markets, Lisa says NVIDIA still has options.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
Shares of HP are down in off-hours trading after the computer and printer maker said it's preparing to raise prices on certain products and is accelerating efforts to move more of its production out of China. The plans come as HP lowered its outlook for the year, citing higher-than-expected tariff costs and weakening demand for hardware in the recent quarter.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
Tariff uncertainty has led the company to increase production in countries such as Vietnam, Thailand, India, Mexico, and the U.S., with chief executive Enrique Lórez saying HP expects nearly all of its North American products to be built outside of China by the end of June.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
It's Thursday, May 29th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. A US federal trade court has ruled that President Trump didn't have the authority to impose global tariffs, a decision that voids the levies that have sparked a sweeping trade war and threatened to upend the world economy.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
And rounding out Wednesday's earnings, Salesforce raised its full-year sales outlook after posting a jump in Q1 earnings and revenue as AI continues to boost its business. Here was Chief Executive Mark Benioff.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
Salesforce has been investing heavily in artificial intelligence and said it's now closed 8,000 deals with its AgentForce AI chatbox platform, up from 3,000 in the prior quarter. And we are exclusively reporting that Paramount Global has in recent days offered $15 million to settle President Trump's lawsuit against CBS News.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
People familiar with the situation say the sides are far apart on terms, though, with Trump's team seeking more than $25 million and an apology from CBS. over allegations that it deceitfully edited a 60 Minutes interview with Democratic presidential candidate Kamala Harris to make her sound better. CBS has said the broadcast was not doctored or deceitful.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
According to the people familiar with the matter, Trump's team has threatened another lawsuit against CBS related to alleged bias of its news coverage. And that's it for What's News for this Thursday morning. Today's show was produced by Kate Boulivant. Our supervising producer was Daniel Bach. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show.
WSJ What’s News
Federal Court Blocks Trump’s Sweeping Tariffs
The panel of judges from the Court of International Trade said the US trade deficit didn't fit the definition of an unusual and extraordinary threat, as defined in a 1977 law cited by Trump to underpin most of the tariffs, blocking what had been one of the administration's boldest assertions of executive power.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
Carney pledged to respond to the U.S. tariffs, but said he'd first wait to see the details of Trump's executive order. The province of Ontario is home to the bulk of Canada's auto industry, and its premier said yesterday that car plants on both sides of the border would shut if Trump's plans went ahead. Meanwhile, we've yet to hear a response from Mexico, the biggest auto exporter to the U.S.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
The country sends a number of popular vehicles north of the border, including GM, Ram, and Toyota pickups, luxury models from BMW and Audi, and affordable sedans from Nissan, though industry officials are warning that the tariffs could trigger price hikes that put vehicles further out of reach for Americans after sizable cost increases since the pandemic. Glenn Stevens Jr.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
is the executive director of Misch Auto, a business group that represents Michigan's auto sector.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
So what reaction are we seeing from automakers beyond North America and how are major players in the industry responding? For more, I'm joined by Journal European Autos reporter Stephen Wilmot. Stephen, first, what has the broad reaction been to this from a sector that has very much been in Trump's crosshairs since even before he took office?
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
Were there any details of what was announced yesterday that have caught folks off guard?
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
Japanese carmakers also falling today, and unsurprisingly, Japan's prime minister shot back pretty quickly to Trump's announcement, adding that Tokyo will be looking at all options as it decides how to respond. The European Commission president also saying that the bloc would safeguard its economic interests. Where is all of this leading?
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
It's Thursday, March 27th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. global reaction is pouring in after President Trump yesterday evening announced that the U.S. would impose 25 percent tariffs on all automotive imports starting April 3rd.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
Though a concern for the automakers in the long term is, let's say, if tariffs lead the whole automotive supply chain to get more expensive, that could weigh on demand, which is obviously a massive long-term risk.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
President Trump makes good on his pledge to penalize foreign carmakers, announcing plans for 25 percent tariffs on global imports. Plus, European leaders move to build a Ukraine support force without the U.S. And the used phone market takes off.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
The president of the United Auto Workers Union, Sean Fain, who's very enthusiastic about Trump's move here, saying that the tariffs were, quote, a major step in the right direction for auto workers and blue collar communities. What of that? How widespread is that sentiment? And is there a sense that this U.S. trade policy could have a positive effect on American manufacturing in the long run?
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
That was Journal European Autos reporter Stephen Wilmot. Stephen, thank you so much for stopping by. Thank you. And coming up, a coalition of the willing gathers in Paris in order to put boots on the ground in Ukraine. We've got that story and much more after the break.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
Military delegations from some 30 nations are in Paris today to discuss plans for a European armed force that could be deployed to Ukraine to implement a potential ceasefire with Russia. French President Emmanuel Macron and UK Prime Minister Keir Starmer have been leading efforts to build a so-called coalition of the willing to put boots on the ground.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
And ahead of the summit, Macron said the force could respond if Russia launched an attack.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
is notably absent from the Paris talks, with Trump's special envoy Steve Witkoff dismissing the idea of a European deployment or even the need for it. Earlier this week, the White House said it had reached an agreement between Russia and Ukraine to eliminate the use of force in the Black Sea, which came after Russian President Vladimir Putin agreed to end attacks on energy infrastructure.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
However, President Trump said Russia appeared to be slow-walking negotiations on an unconditional ceasefire, with Moscow trying to extract further concessions from the West. Brazil's Supreme Court has ordered former President Jair Bolsonaro to go on trial for an alleged plot to overturn his 2022 election laws.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
In a blow to one of President Trump's closest allies in Latin America, the justices ruled that Bolsonaro should stand trial on five charges, including planning a coup and running an armed criminal organization.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
The announcement appeared to dispel any chance of an exemption for countries like Mexico and Canada, which have a free trade agreement with the U.S. and would be added on top of 25 percent tariffs on goods from those countries that Trump had already imposed.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
In a post on X, the right-wing leader said the court was trying to lock him up ahead of elections planned for October 2026, with some recent polls showing Bolsonaro would narrowly win the election against President Lula da Silva. An appeals court has dealt a setback to the Trump administration's bid to restart deportation flights of alleged Venezuelan gang members using 1798's Alien Enemies Act.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
The law allows a president to deport citizens of countries considered U.S. enemies. However, lawyers successfully argued that deportees weren't given a fair chance to contest their membership in the Tren de Aragua gang, a recently designated foreign terrorist organization. leading a U.S. district judge to block deportation flights earlier this month. In its two-to-one decision yesterday, the U.S.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
Court of Appeals for the D.C. Circuit upheld that block, with the judge saying the administration hadn't shown it was likely to prevail. The administration has signaled it's prepared to ask the Supreme Court to hear the case if necessary. The U.S. government will probably run out of money to pay its bills by August or September.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
That's the first official estimate provided by the Congressional Budget Office of the so-called X date that will require lawmakers to raise the federal debt limit, though the CBO added that significantly weaker revenue collection could push up the X date to before a mid-June tax payment deadline. The projection puts lawmakers on the clock to figure out how and when to raise the debt limit
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
And the forecast for August or September gives them time to combine it with a major tax and spending bill that's still taking shape. And finally, the used phone market is taking off as shoppers feeling ripped off by $1,000 devices hunt for cheaper alternatives. More than 208 million used phones were sold worldwide in 2024, according to market research company IDC, up 6.4% from a year earlier.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
And while most buyers do still want a new device, tech reporter Stu Wu explains why more are looking to secondary markets.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
Canadian Prime Minister Mark Carney was quick to respond, invoking the interests of the country's unionized auto workers and its bilateral trade with the U.S.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
And Stu told us that used or refurbished devices are so popular, Apple and Samsung are getting into the market themselves.
WSJ What’s News
Auto Stocks Drop as Trump Plans 25% Tariff on Car Imports
And that's it for What's News for this Thursday morning. Today's episode was produced by Daniel Bach with supervising producer Sandra Kilhoff. 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
Microsoft Urges Trump to Loosen Export Rules on AI Chips
Separately, President Trump signed an executive order yesterday that requires all federal agencies to draw up plans to review existing contracts, freeze workers' credit cards, and cut staff beyond layoffs of probationary and diversity-focused workers.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
President Trump is revoking a Biden-era license allowing Chevron to produce oil in Venezuela, saying strongman Nicolas Maduro has failed to take in deported migrants and to make democratic reforms.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
The announcement comes less than a month after the Trump administration struck a deal with Maduro to restart deportation flights to the country, a pact many regional observers thought meant the president would allow the oil to keep flowing. Trump said Chevron's license will be terminated as of March 1st, requiring the company to wind down its Venezuelan operations within months.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
A Chevron spokesman said the company does business in Venezuela in compliance with all laws and regulations, including U.S. sanctions. And the U.S. government says it's got a plan to address the spread of bird flu and lower the price of eggs. That plan will help poultry farmers with biosecurity measures and increase support to those who've lost their flocks.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
The administration didn't approve the use of an avian flu vaccine but said it would keep studying them. To lower egg prices, Agriculture Secretary Brooke Rollins said the administration would consider rolling back certain state regulations, like a California law establishing minimum space requirements for hens. And she told the Journal the U.S. would look at scaling up overseas egg imports.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
However, imports, including from countries like Turkey, may do little to stem surging prices. The USDA is now forecasting a more than 41% increase in the cost of eggs this year, up from an estimate of 20% just last month. Coming up, HSBC's Frank Lee joins us to break down NVIDIA's latest quarterly results as the chipmaker's earnings and outlook beat expectations.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
That and other news moving markets after the break. Chipmaker Nvidia yesterday reported a sharp rise in its sales and profit for the fourth quarter, the latest in a string of bumper earnings results for the company. But were those results enough to shake off some jitters about the outlook for the AI boom? Frank Lee is the global head of tech hardware and semiconductor research at HSBC, and he
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
And he joins me now this morning from Hong Kong. Frank, NVIDIA's shares are trading around $130. You have $175 price target on this company. What were your reactions to the earnings update we got last night?
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
And the U.S. looks at importing eggs to control rocketing prices. It's Thursday, February 27th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
Microsoft urges President Trump to ease limits on chip exports, warning they could push allies into China's arms. Plus, we'll crunch the numbers on Nvidia's latest earnings and explain what to watch next.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
Let's talk about Nvidia's new Blackwell AI chips, its latest generation product. In this just concluded first quarter of shipping those chips at volume, Nvidia reported sales of $11 billion. I'm curious, how does that stack up against expectations?
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
Tell us about how NVIDIA's offerings match up with the capital expenditures we've been seeing from the hyperscalers of late. I mean, overall, top line spending by the biggest tech companies in the world on AI data centers and chips is Seems really strong, and yet it's, I guess, the kind of spending they're doing and whether it persists. That is a question of paramount importance to NVIDIA.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
Chief Justice John Roberts overnight temporarily halted a lower court requirement that the Trump administration resume nearly $2 billion in foreign aid payments, marking the Supreme Court's first substantive action since the administration began its efforts to remake the federal government.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
You mentioned earlier that really since the start of the big spending boom by the hyperscalers on AI servers and chips, that there's been a concern. The good times were going to end. More recently, we have seen some reports from analysts at TD Cowen that companies like Microsoft might be trimming back their data center expansions. Curious to get your take on that.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
Is it something NVIDIA investors, really anyone investing in AI chips right now should be aware of?
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
Frank Lee is the global head of tech hardware and semiconductor research at HSBC. Frank, thank you so much for joining us on What's News.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
Well, speaking of chips, we are exclusively reporting that Microsoft is pushing the Trump administration to loosen and simplify export restrictions on cutting-edge AI chips.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
In a blog post set to be published today, Microsoft will call for the White House to relax the limits on chips that can be used in data centers for training AI models so that they no longer apply to a group of US allies including India, Switzerland, and Israel.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
That is according to company officials who say Microsoft believes that allies who have limited access to American chips under the administration's proposed new rules will turn to China to get tech infrastructure they need. According to people familiar with the matter, Trump administration officials are weighing steps to strengthen the restrictions while simplifying the export control rules.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
That order, however, doesn't resolve the underlying dispute over whether the administration can unilaterally nullify appropriations approved by Congress. Aid organizations have until Friday to file a response to the order, suggesting it will remain in place at least into next week. Well, Roberts' order comes amid newly revealed Trump administration plans to eliminate the vast majority of U.S.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
And speaking of China's efforts to undercut the U.S. 's dominance, not just at the cutting edge of technology, but on the broader world stage, we've been working on a special series about Beijing's trillion-dollar infrastructure program and how it's helping Xi Jinping to rival the U.S. You can find the first episode of Building Influence on the What's News feed, and the next one drops on Sunday.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
And in markets news today, European shares opened lower this morning and the euro has edged lower after President Trump said yesterday he's considering 25% tariffs on the European Union, putting a number on a threat that he's made before. Trump said the tariffs would be on, quote, cars and all the things, end quote, but didn't specify when they would be imposed.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
He did, however, say that many trade actions would come on April 2nd after the completion of a trade policy review. That comment also raised hopes that levies on Canada and Mexico could be further delayed, though a White House official said a current March 4th deadline remains in effect, pending review. And that's it for What's News for this Thursday morning.
WSJ What’s News
Microsoft Urges Trump to Loosen Export Rules on AI Chips
Today's show was produced by Kate Boulivant and Daniel Bach with supervising producer Christina Rocca. 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
Microsoft Urges Trump to Loosen Export Rules on AI Chips
humanitarian assistance and overseas development aid. According to an internal memo and court filings seen by the Associated Press, more than 90% of the U.S. Agency for International Development's foreign aid contracts and some $60 billion in overall U.S. assistance is on the chopping block.
WSJ What’s News
Russia Launches Major Assault on Kyiv
How do you see energy factoring into efforts to end the war? It's a core component.
WSJ What’s News
Russia Launches Major Assault on Kyiv
Tell us about minerals. This is a key component of current peace talks, but also vital for your country's economic future. How do you ensure growth there, given the fact that these minerals have been, it's difficult to extract them in the current context?
WSJ What’s News
Russia Launches Major Assault on Kyiv
Do you view deals that Ukraine can make for critical minerals, for other energy resources to be in some ways protection for the country in the future? And how so?
WSJ What’s News
Russia Launches Major Assault on Kyiv
Are you seeing a change in outside interest from the private sector, in particular, since critical minerals in Ukraine have been in the news?
WSJ What’s News
Russia Launches Major Assault on Kyiv
And very much in Europe, there's a debate about whether security of supply means decoupling from Russian energy sources, not just now, but in the future.
WSJ What’s News
Russia Launches Major Assault on Kyiv
German Galushchenko is Ukraine's Minister of Energy. Thank you so much for being with us on What's News.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
The White House didn't respond to requests for comment. Greenpeace has been ordered to pay more than $600 million to Energy Transfer, the company behind the Dakota Access Pipeline.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
The lawsuit centered around months-long protests back in 2016 in which Greenpeace, Native American tribal groups, and other activists camped out to block construction of the pipeline that transfers crude oil from North Dakota to Illinois.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
Energy Transfer alleged that the environmental activist group, as well as its international and funding entities, trespassed and caused damages on its property and published false statements about the pipeline. Greenpeace has denied the allegations, saying it would appeal the judgment to the North Dakota Supreme Court. The U.S. Agency for International Development could soon get a major overhaul.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
According to a memo viewed by the journal, the agency, which had been dismantled by Elon Musk's Department of Government Efficiency, would be renamed the U.S. Agency for International Humanitarian Assistance and fall under the control of the State Department, with a mandate to help enhance national security and counter adversaries like China.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
The memo stated that expensive programs that didn't provide strong returns to taxpayers should be scrapped and that those that remain shouldn't be solely philanthropic, but should advance American security, strategic and commercial interests. It's unclear whether a federal judge's ruling this week that Doge's dismantling of U.S. aid was unconstitutional would impact the new plans.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
A State Department spokesperson said that, quote, any changes to the structure of U.S. aid will be done in consultation with Congress and will be subject to congressional notification. And the Trump administration is ratcheting up its campaign to label attacks against Tesla property as domestic terrorism.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
Speaking to Fox News last night, Attorney General Pam Bondi described the string of vandalism and arson attacks on Tesla dealerships and charging stations as politically motivated against Elon Musk because of his work to cut government jobs and spending.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
Bondi added that the Justice Department would pursue federal charges that can carry long, mandatory minimum prison sentences. Coming up, the Trump administration's DEI crackdown goes global. We'll look at how European businesses are shaking up their diversity policies and recap other news moving markets after the break.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
Shortly after taking office, President Trump ordered an end to diversity, equity, and inclusion efforts across the U.S. government. But crucially, the push to stamp out DEI doesn't just extend to the public sector. And as journal reporter Ben Dummitt is here to discuss, nor does it end in the U.S. Ben, the U.S.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
Chevron makes headway in lobbying the White House to keep pumping oil in Venezuela. Plus, Attorney General Pam Bondi pledges federal prosecutions against vandals targeting Tesla, calling attacks on vehicles and company property domestic terrorism. And we'll look at how efforts to crack down on corporate DEI in the U.S. are rippling across the Atlantic.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
government is expected to scrutinize a lot more companies in the private sector over DEI practices. Tell us what you've learned.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
It's Thursday, March 20th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. We are exclusively reporting that President Trump is considering a plan to extend Chevron's license to pump oil in Venezuela and make it harder for other countries to get a foothold there.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
It sounds like a tricky one to thread. How are some big European businesses trying to navigate that?
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
Let me just quickly say that representatives for Aldi and a Santander spokesman declined to comment on your reporting. But Ben, it's really fascinating stuff there. We've previously talked about ex-US as a term in the world of investing, but it sounds like that is now an HR term as well, getting the US basically carved out of some global policies. What do you make of that?
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
Ben Dummitt writes about dealmaking from The Wall Street Journal's London bureau. Ben, thank you so much for joining us and bringing us this story. Thanks. I appreciate it. And in market news today, SoftBank has inked a deal to buy U.S. chip designer Ampere Computing Holdings for $6.5 billion.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
CEO Masayoshi San said the deal deepens SoftBank's commitment to AI innovation in the United States, which comes as the Japanese investment firm is starting a giant data center project in the U.S. The Ampere acquisition is expected to be completed later this year, subject to regulatory approvals.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
We are exclusively reporting that crypto exchange Kraken is nearing a $1.5 billion deal to buy the futures trading platform NinjaTrader. People familiar with the matter say the deal could be announced as soon as this morning and is aimed at helping Kraken to expand its user base and move into other asset classes.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
And the People's Bank of China has kept benchmark lending rates unchanged following the Federal Reserve in holding rates steady. China's one-year loan prime rate is at 3.1 percent, and the five-year rate remains at 3.6 percent. The Bank of England is also widely expected to keep its key interest rate steady at 4.5 percent when it issues its latest rate decision at 8 a.m. Eastern.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
Trump expressed openness to reversing his recent decision to order the company to wind down its Venezuela operation next month during a Wednesday meeting at the White House with Chevron CEO Mike Wirth and other oil industry executives, according to people familiar with the discussion.
WSJ What’s News
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
And that's it for What's News for this Thursday morning. Today's show was produced by Daniel Bach and Kate Bullivant with supervising producer Sandra Kilhoff. 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
Trump Considers Letting Chevron Keep Pumping Venezuelan Oil
Journal correspondent Jenny Strasberg says that comes after months of counter-arguments from hardline Venezuela critics like Secretary of State Marco Rubio and National Security Advisor Mike Waltz.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
We've just gotten off the earnings call on a week of rather rocky updates from leading names in the chips industry.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
Chip giant TSMC beats earnings. We'll dive into its results as the sector contends with export restrictions and looming tariffs. Plus, Japan and Italy try to find common ground with the White House on trade and why the dollar's recent slide is becoming the rest of the world's problem.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
What is the sense about the options that might exist for de-risking? TSMC has been out there talking about its investments in the U.S. Do they feel confident what they've done so far is enough to, I don't know, score them an exemption maybe from U.S. tariff action? Or might they need to do more? And maybe should they for other reasons in the future?
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
Randy, the big story thus far this week has been these export restrictions affecting NVIDIA and AMD, though President Trump has signaled more U.S. tariffs specifically on semiconductors could be coming potentially as soon as this week. That then is the next storyline we should be watching for. What are you expecting? What potential impact should investors be bracing for here?
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
Yet more importance hanging on every word coming out of Washington. Randy Abrams is the head of Taiwan research at UBS and was joining us this morning from Taipei. Randy, thanks so much for being with us on What's News. Okay, thank you, Luke.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
Coming up, we'll look at the effect a weak dollar is having on the global economy and preview today's White House visit by Europe's Trump whisperer, Italian Prime Minister Giorgio Maloney. Plus, the rest of the day's news after the break.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
The U.S. dollar has paused its steep slide this week after hitting new lows against the euro, Japanese yen, and Swiss franc yesterday. While weaker currencies tend to make goods cheaper for American consumers, the journal's Chelsea Delaney says the dollar's unexpected weakening is adding to the pain for foreign sellers who've already been hit by tariffs.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
It's Thursday, April 17th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today. Global markets are finding their footing a day after a tech stock-fueled rout on the NASDAQ that was triggered by deepening trade restrictions targeting chip industry leaders NVIDIA and AMD.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
While President Trump has said he wants a weaker dollar to make American exports more attractive, Chelsea says his back and forth trade policies have resulted in investors dumping U.S. assets.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
For central banks around the world, the rapid strengthening of their own currencies is heaping pressure on them to cut interest rates more aggressively. The European Central Bank is expected to deliver a quarter-point reduction today, while the Bank of Korea decided to keep its rate unchanged. Meanwhile, one of the Bank of Japan's board members says U.S.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
trade policy is one of the biggest risks to Japan's economic outlook, warning that higher tariffs will negatively affect exports, production, sales, capital expenditure, and profits at Japanese corporations. Trade negotiations between the two countries are underway in Washington this week, with Japan's economy minister saying he's ready to listen to any requests urging a win-win solution.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
In a Truth Social post, Trump said big progress was made in the talks. Well, speaking of talks, in Washington, Italian Prime Minister Giorgio Maloney is set to become the first European leader to meet with President Trump in D.C. since his tariff announcement earlier this month. Trump has repeatedly taken aim at the EU, accusing it of screwing the U.S.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
on trade and hitting it with a 20 percent reciprocal tariff. Our Rome-based correspondent Margarita Stancati said the Italian leader's visit today will test whether Maloney's ideological affinity with Trump will be enough to convince the president to go easy on Italy and the EU as a whole.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
As for what Maloney can offer in talks, Margarita said she's expected to lead with a pledge that answers Trump's call for Europe to do more to take care of its own security.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
The Trump administration has asked the IRS to start the process of revoking Harvard's tax-exempt status, which lets donors get tax deductions and keeps the university from paying taxes on any net earnings. The effort comes after Harvard rejected a list of demands from the administration, including a request for the school to share all admissions data with the federal government.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
Trump and Republicans in Congress have been battling with Harvard, accusing it of not doing enough to combat anti-Semitism while also pressuring it to end DEI programs. And Secretary of State Marco Rubio and White House envoy Steve Witkoff are in Paris today, meeting with European officials to discuss ending the war in Ukraine.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
Should the Chinese market remain off-limits, it could spell challenging times ahead for the biggest names in semiconductors. Though for one of the hottest sectors in recent years, there continues to be ample news to get excited about, including from Taiwan Semiconductor Manufacturing Co.,
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
Earlier this week, we reported that Rubio was among several senior aides now urging Trump to be more skeptical of Moscow's desire for peace and to take a harder line against Vladimir Putin's demands for territorial concessions from Kiev. And that's it for What's News for this Thursday morning. Today's show was produced by Daniel Bach and Kate Bullivant. Our supervising producer is Sandra Kilhoff.
WSJ What’s News
The Uncertain Road Ahead for Chip Makers
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
The Uncertain Road Ahead for Chip Makers
the world's largest contract chipmaker, whose clients include Apple and Nvidia, reported earnings this morning, beating analyst estimates on a 60% jump in profits. Randy Abrams is head of Taiwan research at UBS, and he joins us this morning from Taipei. Randy, what jumped out to you from TSMC's latest update?
WSJ What’s News
Trump Claims Progress in India Trade Talks
James, what can we read into this move by Putin? We had played a clip of President Zelensky earlier in the week in which he seemed to be pressing Putin into attending, basically saying that's what President Trump wanted to see happen. And yet, evidently, Putin didn't feel pressure here.
WSJ What’s News
Trump Claims Progress in India Trade Talks
Those don't seem like officials Zelensky is going to be very keen to meet with, given the history that you've just described there. Does he risk being seen as too eager to talk, being the one flying out in advance before knowing who he's even going to be meeting with?
WSJ What’s News
Trump Claims Progress in India Trade Talks
I mean, not to preempt what happens today, but it doesn't sound like things are really heading in a very productive direction here. And maybe we could just write this off as another unsuccessful attempt to end the war. And yet the X factor here, right, is that it's the U.S. that's threatening to walk away if there's not any progress.
WSJ What’s News
Trump Claims Progress in India Trade Talks
Would you say we are now a step closer to seeing really whether Washington is going to follow through with that?
WSJ What’s News
Trump Claims Progress in India Trade Talks
James Marcin leads The Wall Street Journal's Ukraine coverage. James, thank you as always. Pleasure. In trade news, it appears that President Trump is turning his attention to another major emerging economy, India. Speaking in Qatar, Trump called India one of the highest tariff nations in the world, but also claimed that the Indian government had offered the U.S.
WSJ What’s News
Trump Claims Progress in India Trade Talks
a deal where they're willing to charge no tariffs. At the same time, trade talks between the U.S. and European Union are speeding up. Economics editor Paul Hannan says that trade officials from across the bloc are meeting this morning.
WSJ What’s News
Trump Claims Progress in India Trade Talks
Hopes for Ukraine-Russia peace talks crumble as Vladimir Putin turns down a face-to-face meeting with Volodymyr Zelensky. Plus, the Supreme Court prepares to hear its first oral arguments over President Trump's second-term agenda and Trans-Pacific trade roars back to life.
WSJ What’s News
Trump Claims Progress in India Trade Talks
Well, those trade talks come after a thaw in U.S.-China relations earlier in the week. That's proving to be a welcome relief for American companies, which journal reporter Joe Wallace told us are resuming orders from Asia.
WSJ What’s News
Trump Claims Progress in India Trade Talks
And we are exclusively reporting that Dick's Sporting Goods is nearing a deal to buy Foot Locker for roughly $2.3 billion, which could be finalized as soon as today, barring any last-minute snags. People familiar with the matter say the sides have discussed a deal at $24 per share, which would be a nearly 90% premium to Foot Locker's share price at the time of offer.
WSJ What’s News
Trump Claims Progress in India Trade Talks
Foot Locker's stock surged almost 70% in off-hours trading following the journal report. Coming up, the Justice Department is investigating United Health Group for possible criminal Medicare fraud. And we've got the unlikely story of how a cheap historical replica purchased by Harvard turned out to be anything but. That and more after the break.
WSJ What’s News
Trump Claims Progress in India Trade Talks
We are exclusively reporting that the Justice Department is investigating Insure United Health Group for possible criminal fraud, with people familiar with the probe saying it's focused on the company's Medicare Advantage business practices.
WSJ What’s News
Trump Claims Progress in India Trade Talks
The company said in a statement it hadn't been notified of the criminal investigation by the DOJ, adding that it stands by the integrity of its Medicare Advantage program. A DOJ spokesman declined to comment.
WSJ What’s News
Trump Claims Progress in India Trade Talks
The criminal investigation comes as the Trump administration and Congress look to cut federal health spending, a key source of UnitedHealth's success, and as the company contends with a deficit of trust among shareholders, regulators, and customers.
WSJ What’s News
Trump Claims Progress in India Trade Talks
President Trump's bid to abolish birthright citizenship heads to the Supreme Court today, where justices will weigh whether to set aside three federal court orders blocking implementation of his decree.
WSJ What’s News
Trump Claims Progress in India Trade Talks
Trump on Inauguration Day declared that the provision of the 14th Amendment conferring citizenship to children born on American soil applies only to those with at least one parent who is a citizen or permanent resident, a reinterpretation that lower courts found unconstitutional.
WSJ What’s News
Trump Claims Progress in India Trade Talks
According to the Migration Policy Institute, that shift would deny citizenship to around a quarter million babies born in the U.S. each year to unauthorized immigrants or temporary visa holders. And Republican state lawmakers in Missouri are putting a referendum banning most abortions on the ballot just six months after voters backed a constitutional amendment guaranteeing abortion rights.
WSJ What’s News
Trump Claims Progress in India Trade Talks
The measure could go before voters during next year's midterm elections. And finally, British researchers have discovered that a copy of the Magna Carta held for years at Harvard Law School is in fact an original.
WSJ What’s News
Trump Claims Progress in India Trade Talks
Experts were able to verify the document after a professor noticed key details online confirming it as one of the 25 known Magna Cartas, with the version in question potentially dating back to 1300. WSJ reporter Joseph Pisani explains why the discovery is so remarkable.
WSJ What’s News
Trump Claims Progress in India Trade Talks
It's Thursday, May 15th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Trump Claims Progress in India Trade Talks
A seminal document in legal history, the Magna Carta asserts that the king is subject to the law and recognizes limits in his power. And that's it for What's News for this Thursday morning. Today's show was produced by Daniel Bach and Kate Bullivant. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show.
WSJ What’s News
Trump Claims Progress in India Trade Talks
Ukrainian President Volodymyr Zelensky is unlikely to get the face-to-face meeting in Turkey with Vladimir Putin that he'd been calling for this week, with the Russian president instead sending a junior team of officials to Istanbul, further diminishing prospects for direct negotiations, let alone an agreement to end the war. James Marson is the journal's Ukraine bureau chief.
WSJ What’s News
China Readies Its Trade-War Arsenal
Well, while reciprocal tariffs for much of the world have been put on the back burner for now, Washington's trade war with Beijing is getting hotter by the day. And here with a look at China's options going forward, I'm joined by our China bureau chief, Jonathan Chang.
WSJ What’s News
China Readies Its Trade-War Arsenal
John, we've reported that President Trump's decision to pause tariffs on dozens of countries while raising them to 125 percent on China could all be a part of an attempt to pressure Beijing into cutting some sort of deal with the U.S., though, at least for the time being, we've not seen any signs of a desire on Beijing's part to work this out, have we?
WSJ What’s News
China Readies Its Trade-War Arsenal
Yeah, no movement. And as our colleague Lingling Wei reports, Beijing has actually been preparing for a trade war and has a whole arsenal of tactics at the ready. Walk us through some of those options.
WSJ What’s News
China Readies Its Trade-War Arsenal
Plus, the U.S. and Russia complete a prisoner swap. And our Ukraine editor shares an exclusive glimpse into Ukrainian intelligence on the extent of Beijing's involvement in the war. It's Thursday, April 10th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
China Readies Its Trade-War Arsenal
Yeah, the line from Ling Ling's reporting that really jumped out to me was there might be ways to pressure American companies to give up their intellectual property in order to have access to the Chinese market. John, American companies are not going to be happy to hear that.
WSJ What’s News
China Readies Its Trade-War Arsenal
Relief for global markets after President Trump blinks on tariffs. Though for China, it's full steam ahead toward a trade war.
WSJ What’s News
China Readies Its Trade-War Arsenal
So China may be ready for the trade war to come. And yet yesterday's news that tariffs are for now on hold for other countries has got to be a negative right, making China's exports less competitive. And yet we're seeing Chinese equities moving higher today.
WSJ What’s News
China Readies Its Trade-War Arsenal
In terms of what this means for China's options going forward, we spoke to reporter Stu Wu this week. He's been traveling through Vietnam, a country that was poised to be hit with 46% reciprocal tariffs. Those are now on hold.
WSJ What’s News
China Readies Its Trade-War Arsenal
But even before we knew that, Stu was telling us that there was kind of a narrative that even those tariffs might not have altered supply chains that see Chinese materials sent to Vietnam to be turned into finished goods and then exported to the U.S. and to others. Let's play a clip of that.
WSJ What’s News
China Readies Its Trade-War Arsenal
John, if that trade continues, does this 90 day pause then not represent a loophole of sorts that would allow China to keep exporting to the U.S. in spite of these tariffs via other countries like Vietnam?
WSJ What’s News
China Readies Its Trade-War Arsenal
Got it. And then it's safe to say this sort of existential question for China about where it can find export markets willing to take its goods, that that's not settled.
WSJ What’s News
China Readies Its Trade-War Arsenal
Investors around the world are breathing a sigh of relief after President Trump announced a 90-day pause on so-called reciprocal tariffs yesterday, an abrupt change in direction that followed what had been simultaneous declines in equities, bonds and the dollar.
WSJ What’s News
China Readies Its Trade-War Arsenal
Jonathan Cheng is The Wall Street Journal's China bureau chief in Beijing. John, thank you so much.
WSJ What’s News
China Readies Its Trade-War Arsenal
Coming up, Russia and the U.S. complete another prisoner swap. We've got that story and the rest of the day's news after the break. We are exclusively reporting that Russia and the U.S. carried out a prisoner swap early this morning in Abu Dhabi, another sign of confidence building as Washington and Moscow pursue a deal to end the war in Ukraine.
WSJ What’s News
China Readies Its Trade-War Arsenal
Russia released U.S.-Russian dual national Ksenia Karolina, who was sentenced to 12 years in a penal colony last year after being found guilty of treason for donating less than $100 to a U.S.-based Ukrainian charity. In exchange, the U.S. freed Arthur Petrov, a dual German-Russian citizen who the U.S. accused of exporting controlled microelectronics from U.S.
WSJ What’s News
China Readies Its Trade-War Arsenal
companies and shipping them to a company that supplies Russia's military. Well, speaking of Russia's military, we exclusively report that more than 150 Chinese citizens have joined Moscow's troops in the fight against Ukraine.
WSJ What’s News
China Readies Its Trade-War Arsenal
That's according to Ukrainian intelligence reports viewed by the journal and comes after two Chinese citizens who Kiev said were fighting on behalf of Moscow were captured in Ukraine earlier this week.
WSJ What’s News
China Readies Its Trade-War Arsenal
A Chinese foreign ministry spokesman yesterday denied the Ukrainians' claim that more Chinese had joined Russian forces, but journal Ukraine bureau chief James Marson says the intelligence reports indicate otherwise.
WSJ What’s News
China Readies Its Trade-War Arsenal
Journal markets editor Katie Barnato says almost all international exchanges are rising today, though there's also an undertone of skepticism.
WSJ What’s News
China Readies Its Trade-War Arsenal
China has supported Russia economically throughout the war, but has professed itself neutral, stopping short of providing military equipment or troops. And in markets action to look out for today, fresh U.S. inflation figures are expected at 8.30 a.m. Eastern. Economists polled by the journal expect March inflation to slow to 2.6 percent from 2.8 percent the previous month.
WSJ What’s News
China Readies Its Trade-War Arsenal
And that's it for What's News for this Thursday morning. Today's show was produced by Daniel Bach and Kate Boulivant. Our supervising producer was Christina Rocca. 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
U.S., U.K. to Unveil Trade-Deal Framework
Max said that the agreement could be one of the more straightforward deals for the Trump administration, but nonetheless hints at a broader strategy.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
And Max said that whether or not countries feel they will get concessions from the U.S., Trump's policies have spurred an economic rethink.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
Meanwhile, President Trump has said that he won't reduce the 145 percent tariffs on Chinese goods in order to negotiate a trade deal with Beijing. His comments come as Treasury Secretary Scott Besant and U.S. Trade Representative Jameson Greer travel to Switzerland to meet with their Chinese counterparts. China has said the de-escalation of tariffs is essential to kick off trade negotiations.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
According to people familiar with the matter in both Beijing and Washington, China's outreach on cracking down on fentanyl paved the way for the initial talks between the two countries. And the Trump administration is looking to overhaul controversial export controls set to come into force next week that would limit how many AI chips individual countries can buy.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
The controls were announced in the final days of the Biden administration over fears that countries would route U.S. chips to adversaries, including China. Tech reporter Amrith Ramkumar says any changes to the export controls could take several months.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
Coming up with the Bank of England expected to cut interest rates later today. We'll look at why the Federal Reserve isn't ready to follow suit. That and more after the break.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
In a first since Liberation Day, the U.S. prepares to announce a trade deal with the U.K. Plus, the Trump administration moves to overhaul curbs on chip exports. And we'll look at how tariff whiplash is spurring some central banks to cut rates, even as the Fed stands pat.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
The Bank of England is expected to cut interest rates later this morning for the fourth time since last summer, following the Fed's decision to hold rates steady yesterday. Paul Hannon is the economics editor for Dow Jones Newswires. Paul, here we are, right? A moment of real monetary policy divergence between the U.S. and the rest of the world. Break this down for us.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
How should we be thinking about the dynamics in the U.S. going forward, especially if we see more monetary easing in the U.K. and Europe this year? I mean, just last month, President Trump had lashed out at the Fed chair saying basically you should be following the ECB's example and cutting.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
Paul Hannon is the economics editor for Dow Jones Newswires. Paul, thanks as always for the update. Thanks, Luke. In other markets news, Japanese carmaker Toyota is revising down its profit expectations for the year, forecasting that U.S. tariffs and higher material costs will dent its bottom line. Toyota stock has fallen 14 percent so far this year.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
Well, holding its guidance steady today, Danish shipping giant Maersk, the beneficiary of a 13 percent increase in first quarter freight revenue and which has already priced in continued disruption in the Red Sea. Despite news of a tentative ceasefire this week between the U.S.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
and Yemen's Houthi militia, the world's top five container shippers have said they have no immediate plans to return to the area where the Houthis have frequently targeted merchant ships. And German arms manufacturer Rheinmetall posted double-digit Q1 sales growth this morning as defense spending surges across Europe.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
The maker of tanks and munitions expects a 35 to 40 percent jump in sales this year, but could revise that higher should the NATO alliance agree to a further boost in defense spending at a June summit.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
New York City police have made arrests at Columbia University after pro-Palestinian protesters occupied a campus library yesterday in an attempt to restart demonstrations that overwhelmed the school last spring.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
Columbia's acting president said that two campus safety officers were injured as protesters forced their way into the library and that she had asked the NYPD to help with securing the building. And President Trump has picked California doctor and wellness influencer Casey Means to be America's next Surgeon General.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
Means, who dropped out of her surgical residency amid frustration with what she saw as the field's inability to treat underlying chronic conditions, co-founded a company that offers continuous glucose monitoring and regularly touts supplements and other health-related products on social media and in an email newsletter.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
It's Thursday, May 8th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today. President Trump is expected to announce the framework of a trade deal with the United Kingdom today in what would be the first major agreement of his second term.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
If confirmed to be what's known as the nation's doctor, Means would be tasked with providing health advice and overseeing 6,000 uniformed public health professionals within the U.S. Public Health Service. And that's it for What's News for this Thursday morning. Today's show was produced by Daniel Bach and Kate Bullivant. Our supervising producer is Sandra Kilhoff.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. And until then, thanks for listening.
WSJ What’s News
U.S., U.K. to Unveil Trade-Deal Framework
The UK is hoping to get a reduction on the 25 percent tariffs the U.S. has levied on steel, aluminum and automobiles. But our London-based correspondent Max Colchester says the baseline 10 percent tariff imposed on all countries will will likely remain in place.
WSJ What’s News
Trump Spurs European Race to Rearm
A draft of that order, viewed by the journal, directs Education Secretary Linda McMahon to take all necessary steps to facilitate the closure of the department based on, quote, the maximum extent appropriate and permitted by law.
WSJ What’s News
Trump Spurs European Race to Rearm
It's a move that, as we've reported, has been in the works since Trump's transition, though according to legal experts, fully unwinding the department will require a filibuster-proof 60-vote majority in the Senate. The major programs it administers, including student loans, are codified in law and have significant political constituencies.
WSJ What’s News
Trump Spurs European Race to Rearm
During her confirmation hearing, McMahon said that Trump doesn't intend to cut federal programs, but to make them more efficient. and that Congress would need to go along with scrapping the department. The White House didn't respond to a request for comment. Turning overseas now, EU leaders are gathering for emergency security talks today with defense spending in focus.
WSJ What’s News
Trump Spurs European Race to Rearm
The summit in Brussels comes as the bloc wrestles with questions about its own security after President Trump's rapprochement with Russia's Vladimir Putin, who many European leaders say poses the biggest threat to them, signaled they would need to invest in their own defenses.
WSJ What’s News
Trump Spurs European Race to Rearm
That's Journal Germany bureau chief Bertrand Benoit. The European Commission is hoping to steer more than $860 billion from spending on its poorest regions to the defense industry through the decade.
WSJ What’s News
Trump Spurs European Race to Rearm
And the man expected to be Germany's next chancellor, Friedrich Merz, made headlines by saying that the country's famously strict fiscal rules would no longer apply to military spending, paving the way for a rapid acceleration in its rearmament.
WSJ What’s News
Trump Spurs European Race to Rearm
Well, that potential U-turn in spending priorities comes as the European Central Bank prepares to announce its latest interest rate decision today, an all-but-guaranteed sixth rate cut since June, as inflation eases and it shifts its focus toward the eurozone's hobbled economy. But could a defense spending boost change the script? I asked Dow Jones Newswire's economics editor, Paul Hannan.
WSJ What’s News
Trump Spurs European Race to Rearm
The VA plans to cut tens of thousands of workers. Plus, Europe loosens its purse strings as it contemplates a future without America's security umbrella. And he's one of the richest people in the world, with a relationship to President Trump going back decades. But can LVMH's boss shield his empire from U.S. tariffs?
WSJ What’s News
Trump Spurs European Race to Rearm
And we report that Chinese leader Xi Jinping has grown concerned that his country's Cold War rivalry with the U.S. could leave it isolated like Moscow was during that era, cut off by trade restrictions and sanctions and with fewer outlets for its goods and limited access to crucial technologies.
WSJ What’s News
Trump Spurs European Race to Rearm
That's according to people who consult with senior Chinese officials, who see several of President Trump's early diplomatic moves in such a context, including his efforts to wind down conflicts in the Middle East and Ukraine to focus on China, as well as his embrace of Russia, a pivot in part driven by a desire to drive a wedge between Moscow and Beijing.
WSJ What’s News
Trump Spurs European Race to Rearm
It's Thursday, March 6th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today. We begin in Washington, where the Trump administration is looking to cut roughly 70,000 workers from the Department of Veterans Affairs, part of a broad review of the agency.
WSJ What’s News
Trump Spurs European Race to Rearm
Those people said Xi has thus far been uninterested in making a narrow offer to the U.S. related to the fentanyl crisis, holding out instead for the Trump team to make specific demands that could lead to broader talks.
WSJ What’s News
Trump Spurs European Race to Rearm
However, Trump's new 10 percent tariffs this week have exposed the pitfalls in that wait-and-see approach, with one person close to Beijing's thinking saying that move was pretty unexpected.
WSJ What’s News
Trump Spurs European Race to Rearm
And speaking of the great power rivalry between the world's top two economies, we're working on a special series about how Beijing has tried to use its trillion-dollar Belt and Road infrastructure program to undercut American dominance on the world stage. The second episode of Building Influence is out now on the What's News feed, and we've left a link to the series in our show notes.
WSJ What’s News
Trump Spurs European Race to Rearm
Coming up, what can French billionaire Bernard Arnault teach us about how to steer clear of U.S. tariffs? We'll look at the LVMH chief's efforts to spare his luxury empire from President Trump's trade actions after the break. As the U.S. pushes ahead with tariffs on two of its closest trading partners, can anyone rest easy? They won't be caught up in President Trump's protectionism.
WSJ What’s News
Trump Spurs European Race to Rearm
Bernard Arnault, the owner of globe-spanning luxury empire LVMH, could soon find out. The longtime friend of the president is trying to work his magic to spare his business from potentially damaging 25 percent tariffs on European goods. And Journal luxury goods reporter Nick Kostoff is here to discuss what we can learn from Arnault's efforts.
WSJ What’s News
Trump Spurs European Race to Rearm
Nick, how close are Arno and Trump, just so we can gauge whether personal diplomacy really is at play here?
WSJ What’s News
Trump Spurs European Race to Rearm
Okay, who knows what to make of that caveat. Enter into that relationship, Nick, these threatened tariffs on European goods. How big of a threat would those pose for LVMH? Of course, it's just one company, but it is no small fry.
WSJ What’s News
Trump Spurs European Race to Rearm
So what is he trying to do to thwart this? And is there any way we can handicap Arnaud's likely success in avoiding these tariffs?
WSJ What’s News
Trump Spurs European Race to Rearm
In a video posted on X yesterday, the department's secretary, Doug Collins, said the cuts won't affect health care or benefits for veterans and beneficiaries, and that there will still be hiring for mission-critical roles. The days of kicking the can down the road and measuring VA's progress by how much money it spends and how many people it employs rather than how many veterans it helps are over.
WSJ What’s News
Trump Spurs European Race to Rearm
If he isn't successful, are there other viable efforts afoot to try and talk Trump away from these tariffs?
WSJ What’s News
Trump Spurs European Race to Rearm
Journal reporter Nick Kostoff covers the luxury goods industry for us out of Paris. Nick, thank you so much for bringing us this story. Thank you. Well, in addition to the ECB's decision later this morning, reports on U.S. productivity for the fourth quarter and the January trade deficit are both due at 8.30 a.m. Eastern.
WSJ What’s News
Trump Spurs European Race to Rearm
And we'll get results from Macy's and Kroger this morning, while Broadcom, Costco and The Gap are due to report earnings after the closing bell. And that's it for What's News for this Thursday morning. Before we go, a heads up that we've got another bonus episode for you later today.
WSJ What’s News
Trump Spurs European Race to Rearm
In our next What's News in Earnings, we'll be looking at American retailers and how the industry is grappling with a growing list of issues from tariffs and cautious consumers to still high inflation. That'll be in the feed around midday before our usual p.m. show tonight. Today's show was produced by Kate Bullivant and Daniel Bach with supervising producer Christina Rocca.
WSJ What’s News
Trump Spurs European Race to Rearm
I'm Luke Vargas for The Wall Street Journal. And as always, thanks for listening.
WSJ What’s News
Trump Spurs European Race to Rearm
According to a memo from earlier this week, the cuts are slated to happen in August. The American Federation of Government Employees Union, which represents more than 300,000 Veterans Affairs employees, said the layoffs will result in longer wait times for veterans. Meanwhile, President Trump is expected to issue an executive order aimed at abolishing the Education Department as soon as today.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Haiti ist das einzige Land in der westlichen Hemisphäre, das eine komplette Bannung beurteilt, die die White House aufgrund von berühmten illegalen Immigration-Trenden verurteilt. Zweitens. Bürger von sieben weiteren Ländern, z.B. Kuba und Venezuela, werden von permanenten Immigration nach den USA überwiesen oder für Touristen- oder Studentenvisas eingeladen.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Nach Jahrzehnten der Befragung hat die Bundeskanzlerin im Jahr 2018 die Ausgaben der Reisen in den ersten Termin von Trump geöffnet, solange die Regierung nicht beurteilt, warum die Länder eingegangen sind. Mittlerweile ist der Präsident seine Angriff auf Harvard aufgeräumt, die Universität auszuschließen, weil sie in der Regierung ein Studenten-Visa-Programm verabschiedet hat.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Diese Befragung verursacht effektiv die Ausgaben der internationalen Nationen, die etwa eine Viertel ihrer Studenten-Population anwesend sind, und handelt Staatssekretär Marco Rubio die Macht, um zu entscheiden, ob fremde Studenten gerade an Harvard ihre Visen übernehmen sollten.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Letztes Monat blockierte ein federales Gericht einen vorherigen Schritt, um Harvard von fremden Studenten abzuhalten, um Trump in seinem neuesten Befehl zu beurteilen, seine Exekutiv-Aufsicht zu beurteilen, um Menschen zu beurteilen, deren Entfernung in den USA verursacht werden würde. Ein Harvard-Vorsitzender hat den neuesten Schritt illegal genannt und eine Verwaltung des 1.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Amendements der Schule verurteilt. Und Präsident Trump hat eine Untersuchung über Joe Bidens Aktionen als Präsident geordert und ob Bidens Team verspürt hat, das Publikum über seinen kognitiven Verlust und die unrechtlich gesetzte Präsidentenrechte zu verurteilen.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Die Probe betrifft die Anwendung von Autopenn, Maschinen, die imitiert werden, Signaturen, die oft von Präsidenten und anderen Regierungsanwälten verwendet werden, um legalen Dokumente zu signen. Past administrations have said that Autopen signed documents are legally valid.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
In a statement, Biden said that he made all of the decisions during his presidency and, quote, any suggestion that I didn't is ridiculous and false. Trump has used the Autopen as well, though he's played down those instances as dealing with minor correspondence.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Boeing has reached an agreement with the Justice Department to avoid prosecution for two crashes of its 737 MAX jets in exchange for paying $1.1 billion. Journal aviation reporter Ben Katz has more.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Coming up as the European Central Bank readies another potential rate cut today, we'll look at the global inflation outlook following OECD warnings that trade protectionism could send prices higher. That and more after the break.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
President Trump signs a sweeping travel ban and takes fresh aim at Harvard's foreign students. Plus the tricky needle that central bankers have to thread as inflation concerns spike, but the data doesn't add up.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Die OECD hat diese Woche gesagt, dass trotz der letzten Prozesse, um die Inflation um die Welt zurückzubringen, höhere Inflation in der Vorhersage ist, dank einer großen Teilen der Vertrauensverwaltung.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Doch das zeigt sich noch nicht in den Daten, weil die FEDs preferierte Konsumpreisgröße letzte Woche nur ein Zehntel des Punktes gestiegen hat und diese Woche über die Atlantik-Eurozone-Inflation unter dem Ziel gelaufen ist. Joining me with more is Paul Hannon, the economics editor at Dow Jones Newswires. Paul, that OECD report this week was kind of spooky, right?
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Warning of near 4% inflation in the U.S. by the end of the year. Getting there would obviously require basically doubling current inflation. Are we in some sort of misleading lull then before things are about to get a lot worse?
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
In terms of the inflation outlook, I want to play a quote from the Director General of the OECD, Matthias Korman. This was him earlier in the week.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Paul, Inflation expectations in the US are going up, even though actual inflation rates remain relatively stable. Decode that for us.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
All right. So where does this leave policymakers then? I'm guessing it's not in an easy place, given the need to kind of prevent the widespread impression from sinking in that inflation is inevitable.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
And gamers worldwide scramble to get their hands on Nintendo's new Switch 2 console. It's Thursday, June 5th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News? The top headlines and business stories moving your world today.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
We are exclusively reporting that Kimberly Clark is nearing a sale of its Kleenex and tissue businesses outside of North America to Brazilian pulp producer Susano for around $3.5 billion. Journal Deals Reporter Ben Dummett says the sale is part of an attempt by the maker of Scott Toilet Paper and Huggies Diapers to focus on more profitable areas.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
The deal could be completed as soon as today, as long as the talks don't hit any last-minute snags. And starting today, gaming fans around the world are lining up to get their hands on Nintendo's first new console in eight years. Das ist ein Trailer für die Switch 2 und das neue Spiel Mario Kart World.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Nach dem Anger von Fans im April, als es Pre-Order über Tarif-Konzerne gedelayt hat, ist die japanische Firma nun für einen höheren jährlichen Profit gefolgt. Betten, dass die Anforderungen auf die Konsole erhöht werden, wird die Einkommen erhöhen. Seine Steuern sind bis jetzt um 30 Prozent erhöht. And that's it for What's News for this Thursday morning.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
Additional sound in this episode was from Reuters. Today's show was produced by Daniel Bach and Kate Bullivant. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. And until then, thanks for listening.
WSJ What’s News
Trump Bars U.S. Travel for Citizens of 12 Countries
We begin with a trio of actions taken by the White House, starting with President Trump signing a travel ban, preventing citizens from 12 countries from traveling to the U.S. The countries are largely in the Middle East and Africa and include Afghanistan, Iran and Yemen. Trump defended the move, saying it followed a State Department security review.
WSJ What’s News
A New Global Trade Order Takes Shape
With a huge global effect, Deb, you're there in Singapore. I'm curious if you could just weigh in on the significance of this policy pivot we're witnessing, one that really hits Asian countries particularly hard.
WSJ What’s News
A New Global Trade Order Takes Shape
Lots of big decisions being made around the world, Alex. But back to the U.S., Trump saying he wants to bring America back to how its economy functioned before 1913, a date that got a lot of play in that speech in the Rose Garden yesterday, the year when the U.S. really began to undo its longstanding policies of protectionism.
WSJ What’s News
A New Global Trade Order Takes Shape
And the auto industry stares down major changes as 25% U.S. tariffs on foreign-made cars and parts go into effect. It's Thursday, April 3rd. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
A New Global Trade Order Takes Shape
Right. We saw an estimate from Capital Economics yesterday saying that the tariffs will raise a maximum of $835 billion via customs duties. But we do have to consider how they could also trigger a decline in imports, which might offset that.
WSJ What’s News
A New Global Trade Order Takes Shape
Global markets reel after the U.S. unveils sweeping tariffs. We'll look at how world leaders are reacting as China and the EU promise to hit back.
WSJ What’s News
A New Global Trade Order Takes Shape
Deb, we are now beginning to hear from world leaders reacting to all of this from the likes of the Australian Prime Minister Anthony Albanese, who was pledging to fight back.
WSJ What’s News
A New Global Trade Order Takes Shape
Notably, the president of the European Commission, Ursula von der Leyen, said she actually agreed with Trump that there are people taking advantage unfairly of current trade rules. And she said she was willing to try to remake the global trading system, though she didn't think tariffs were the way to do that.
WSJ What’s News
A New Global Trade Order Takes Shape
David, it almost seems like we're hearing in real time the wheels turning for world leaders trying to kind of reason out how much room they have to actually negotiate with the U.S. here or just kind of submit to a new reality. What are you hearing?
WSJ What’s News
A New Global Trade Order Takes Shape
Alex, looking at the market response we're seeing this morning, what does that tell us about where negotiations might be possible with the U.S. or which companies, which supply chains, business models are likely to be affected maybe irrevocably?
WSJ What’s News
A New Global Trade Order Takes Shape
The world is waking up to the new realities of trade after President Trump yesterday unveiled a suite of protectionist measures that he justified by citing his emergency economic authority.
WSJ What’s News
A New Global Trade Order Takes Shape
Debra Ball is the journal's Asia editor, and Alex Frangos is our finance editor for Europe. Deb, Alex, thank you both so much. Thanks very much.
WSJ What’s News
A New Global Trade Order Takes Shape
Coming up, new U.S. tariffs on car imports came into force at midnight. We'll talk to the Council on Foreign Relations' Brad Setzer about what that means for the U.S. auto industry and Americans looking to buy a car after the break. Effective today, the U.S.
WSJ What’s News
A New Global Trade Order Takes Shape
will begin collecting 25 percent tariffs on imports of finished automobiles and automotive parts, a trade move that's thrust auto exporting countries into crisis mode. And given that almost half of new cars sold in the U.S. last year were assembled beyond America's borders, according to S&P Global Mobility, U.S. consumers could be in for a shock as well.
WSJ What’s News
A New Global Trade Order Takes Shape
Well, here to help put these tariffs into context, I'm joined by Brad Setzer, a senior fellow at the Council on Foreign Relations, where he's an expert in global trade and capital flows. Brad, it was one thing to discuss these tariffs when they were a mere possibility. Now they are very much a reality. What is that likely to mean, starting foremost with American car manufacturers for Detroit?
WSJ What’s News
A New Global Trade Order Takes Shape
are some quite substantial potential ramifications of this just within the American auto market. But as we look globally, what are some trends we should be expecting?
WSJ What’s News
A New Global Trade Order Takes Shape
Among the moves that Trump announced were a 10 percent baseline tariff on all global imports, which will go into effect on Saturday. And for countries that the White House considers bad actors on trade, they'll be hit instead with a so-called discounted reciprocal tariff.
WSJ What’s News
A New Global Trade Order Takes Shape
an unintended consequence there if the whole point here, right, is to incentivize the localization of production.
WSJ What’s News
A New Global Trade Order Takes Shape
Brad Setzer is a senior fellow at the Council on Foreign Relations and an expert in global trade. Brad, thank you so much for being with us on What's News. My pleasure. Thanks for inviting me. And that's it for What's News for this Thursday morning. For more of today's non-tariff headlines, subscribe to our Minute Brief podcast, which we update throughout the day.
WSJ What’s News
A New Global Trade Order Takes Shape
Today's show was produced by Kate Boulivant and Daniel Bach, with supervising producer Sandra Kilhoff. 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
A New Global Trade Order Takes Shape
New duties amounting to 24 percent for Japan, 20 percent for the EU and above 40 percent for select countries in South and Southeast Asia. Well, here to put these measures into context, I'm joined by Journal Europe finance editor Alex Frangos and Asia editor Deborah Ball. Alex, let me start with you. Explain these discounted reciprocal tariffs for us. What's the math behind them?
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
In terms of the economic side of this, I mean, are we expecting mining companies to be showing up in Ukraine right away? I mean, the war is still going on. I'm guessing this is kind of a long term thing.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
This deal had in the past raised a lot of questions about the state of the relationship between Kiev and Washington. We did hear from Treasury Secretary Scott Bessent last night talking about this deal. I want to play a clip of him, which I thought was somewhat telling.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
shifting pressure away from Kiev and toward Moscow?
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
Reporter Jane Litvinenko is in Kiev. Jane, thank you so much for the update.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
Meanwhile, we exclusively report that the U.S. is planning to massively increase its use of drones by equipping each of its 10 active-duty combat divisions with around 1,000 drones each. Journal national security correspondent Michael Gordon told us that the plan draws on lessons learned in Ukraine, where unmanned aircraft have transformed the battlefield.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
The U.S. and Ukraine finally seal a minerals deal. Plus, a journal report reveals that Tesla's board began searching for Elon Musk's successor a month ago. And we'll look at how the rush to get goods into the U.S. ahead of Trump's tariffs is distorting global trade and economic data.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
Coming up, we've got the rest of the day's news, including succession planning at Tesla and why tariff-related economic distortions are only just beginning. Those stories and more after the break.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
We are exclusively reporting that Tesla's board began looking for a new CEO to replace Elon Musk about a month ago. The company had been contending with deteriorating sales and profits, and Musk spending much of his time in Washington. Around that time, board members told Musk he needed to spend more time on Tesla and needed to say so publicly, according to people familiar with the meeting.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
Last week, after the company said its first quarter profit had plunged 71 percent, Musk told investors he would soon pivot back to his job at Tesla. The current status of the succession planning couldn't be determined. It's also unclear if Musk was aware of the effort or if his pledge to spend more time at Tesla has affected succession planning.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
Musk didn't respond to requests for comment for the story. A federal judge has slammed Apple for willfully violating her order to make it easier for app developers to sell digital products like games and subscriptions. In 2021, Judge Yvonne Gonzalez-Rogers ordered Apple to let developers send customers to their own websites to avoid a 30% commission for in-app purchases.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
And in response, Apple required developers who use an alternative payment method to pay a different 27% fee. However, Rogers ruled yesterday that fee amounted to anti-competitive conduct and referred the matter to federal prosecutors for a criminal contempt investigation.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
While Apple said it disagrees with the ruling and will appeal, it is complying with the order, meaning iPhone users could soon be able to save money if, as tech reporter Rolf Winkler explains, they're willing to work a little.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
Turning to trade now, a bid to reject Trump's Liberation Day tariffs fell short in the Senate yesterday, as most Republicans stayed aligned with the White House in spite of growing concerns about the economy.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
The measure, championed by Republican Senator Rand Paul, looked to repeal America's broad 10 percent tariffs on most nations, as well as the higher tariffs on China and other, quote, bad actors, by ending the emergency declaration that Trump used to impose the levies.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
The administration has argued that persistent trade deficits constitute an emergency under the International Emergency Economic Powers Act.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
Meanwhile, the economic impact of Trump's trade policies is becoming increasingly apparent, with the Bank of Japan halving its growth forecasts this morning, saying that it expects Japan's economy to expand just 0.5 percent in the fiscal year ending 2026, sharply lower than the previous 1.1 percent forecast.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
At the same time, South Korea's exports rose unexpectedly in April, in spite of concerns over tariffs. Shipments of computer chips and smartphones remain strong. offsetting the decline in auto exports, which took a hit from Trump's levies. And with everyone from the tech industry to toy shops rushing to get goods into the U.S. ahead of tariffs, it's leading to a distortion in economic data.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
As we reported yesterday, U.S. imports surged more than 40 percent at an annualized rate in the first quarter, driving down gross domestic product by 0.3 percent. Internal markets reporter Chelsea Delaney told us import front-loading isn't over yet.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. After months of negotiations, several false starts and a testy White House meeting, the U.S. has reached a deal with Ukraine to give Washington access to the country's mineral wealth. Reporter Jane Litvinenko is in Kiev this morning.
WSJ What’s News
U.S. Inks Long-Awaited Minerals Deal With Ukraine
And that's it for What's News for this Thursday morning. Today's show was produced by Kate Boulivant. Our supervising producer is Sandra Kilhoff. 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
U.S. Inks Long-Awaited Minerals Deal With Ukraine
Jane, when we first reported on the negotiations around this deal back in February, Ukraine's president wasn't happy with some of the terms, namely that Ukraine would be forced to pay back hundreds of billions of dollars in U.S. aid. Volodymyr Zelensky also wanted security guarantees from the U.S. Where did this final agreement net out?
WSJ What’s News
Inside the Biggest U.S. Public Health Shakeup in Modern History
This podcast is brought to you by FTI Consulting, trusted by the world's top international corporations, private equity, and law firms when facing moments of crisis and transformation. FTI Consulting, experts with impact.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Hi, What's News listeners. It's Sunday, March 23rd. I'm Luke Vargas for The Wall Street Journal, and 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
Medicaid Cuts: What’s on the Table and What It Means for You
The Affordable Care Act was signed into law 15 years ago today, a bill that kicked off a sweeping overhaul of U.S. health care, expanding coverage to more than 30 million Americans via its Medicaid expansion. And after surviving three legal challenges at the Supreme Court, it's become firmly entrenched in the American healthcare system.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
So let's go through some of these potential changes we could see. Journal reporter Ana Wildey-Matthews covers health insurance. And also with us is Larry Levitt, the executive vice president for health policy at the nonprofit health policy research and polling organization KFF. Larry, let me start with you. You've been at KFF for 28 years, watching all of this in Capitol Hill and so much else.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Starting with work requirements, a proposal that maybe seems to be on the more feasible end of the spectrum in D.C. right now. How many people could those changes affect?
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Ana, do you have anything to say on work requirements?
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
A good reminder, Congress is not operating in isolation here. Let's shift to the constellation of options that reduce what the federal government contributes to Medicaid funding. And Ana, I understand this is where things get pretty delicate pretty quickly and where moves taken at a national level could have a huge impact at the state level.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
We've got to take a very short break, but when we come back, we'll look at how potential changes to federal Medicaid funding could ripple out to change the nature of health care that people receive. That and look at some other areas of potential reform that might be palatable to both sides of the aisle. Stay with us.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
But with big Medicaid cuts being debated on Capitol Hill, could the U.S. healthcare landscape be in for a shock? Let's get right to it. The federal government spends about $600 billion annually on Medicaid.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Well, before the break, we were talking about the state budget impact of steps to pull back federal funding of Medicaid and how that could trigger an outright unwinding of the Medicaid expansion that happened as a result of the passage of the Affordable Care Act.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
But we also heard from a number of listeners very curious about how either they or people they care about or work with could be affected by changes to Medicaid. And let's play a selection of those from Richard Rosenblum in Boston, Sarah Akamazo in Oakland, and Mark Holliday in Denver.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Larry, broadly speaking, what kinds of effects on the health care system could a pullback in Medicaid funding or enrollment have at the individual level? And are there specific types of health care that might stand to be the most affected here?
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Ana, would we be right to throw in long-term care for the elderly? That's a big part of what Medicaid is doing for many Americans.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
States help fund and manage the program, which provides health insurance for roughly 72 million people, or about one in five Americans, including children and people with low incomes or disabilities. And as you might have heard, some big changes to the program have been tossed around on Capitol Hill lately.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Let's change gears here to the topic of efficiency, a concept that's been very in vogue in Washington the last few weeks and something one of our listeners, Nick Chermel in Philadelphia, wanted to ask about.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Larry, there's a kind of intuitive sense to what Nick is saying. How would you respond to that?
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
I'm just imagining listeners hearing this who are on private insurance and saying, all right, well, what's the point of this discussion? Does any of this affect me? Could it?
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
as congressional Republicans work to deliver a budget and tax cut bill in the coming months. We have got two excellent guests with us today to analyze the effects that those moves could have. But first, I want to play some comments from journal reporter Liz Esley White, who's been keeping a close eye on the range of proposals we've been hearing about in Washington. Here's Liz.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
A little window there in your answer, Ana, about some of the messaging, the lobbying fights we could see if this Medicaid reform push continues. Larry, your parting thoughts.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Reporter Anna Wildey-Matthews covers health insurance for The Journal, and Larry Levitt is the executive vice president for health policy at KFF. Anna, Larry, thank you both so much.
WSJ What’s News
Medicaid Cuts: What’s on the Table and What It Means for You
Thanks. It was a great conversation. And that's it for What's News Sunday for March 23rd. Today's show was produced by Charlotte Gartenberg with supervising producer Sondra Kilhoff and deputy editor Chris Sinsley. I'm Luke Vargas, and we'll be back tomorrow morning with a brand new show. Until then, thanks for listening.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
Should China invade Taiwan, a number of foreign policy experts believe developing countries might opt out of Western efforts to isolate it or even actively support Beijing, lest they jeopardize their deepening bilateral ties.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
And with global public opinion surveys showing China's standing on the rise as more people equate it with technological leadership and stability in a chaotic world, China's reputation could help it open doors overseas that we can't even think of yet. But despite China largely achieving the goals that it set out to address, Beijing is still in for a test.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
Here's our chief China correspondent Lingling Wei again.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
So how is China rejiggering Belt and Road to make it more economically sound and to serve its ambitions in a changing world? That's the focus of next Sunday's episode. But for now, that's it for What's News Sunday. Today's show was hosted and produced by me, Luke Vargas. Our sound designers are Jessica Fenton and Michael LaValle. Michael wrote this series' theme music.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
Our supervising producer was Christina Rocca. We had editorial support from Chris Zinsley and Falana Patterson. Special thanks to Michael Phillips, Jonathan Cheng, and James Arity. We will be back tomorrow with a new show. Until then, thanks for listening.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
I'm Luke Vargas, and as we'll explore in this three-part What's News Sunday series, looking at China's infrastructure building activities around the world, the Belt and Road hasn't all been smooth sailing. But over the first decade of the project, Beijing built up considerable influence in dozens of countries.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
That's the journal's chief China correspondent Lingling Wei. And she's far from alone in noting that in the great power rivalry between the U.S. and China, it matters who's on your side. whose network of trade partners is growing, who's able to call in diplomatic favors, and whose financial rules and political norms are being adopted.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
It's also adapted its program, learning from early pitfalls and doubling down on successful inroads across the developing world. all of which raises vexing questions for President Trump and Western policymakers as they consider whether and how they can compete.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
In the coming weeks, my colleagues Kate Bolivant and Daniel Bach will take us through recent changes to China's lending and how the West is responding to China's efforts. But today, let's look at what China has already achieved. To do that, let's go back to the beginning and look at why China cast its focus abroad in the first place.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
That's Ike Freiman, a Hoover Fellow at Stanford University and author of the book One Belt, One Road, Chinese Power Meets the World.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
Those were the goals, so how did China set about achieving them? For that, I went to Kevin Gallagher. He directs Boston University's Global Development Policy Center, which has been tracking the scale and scope of China's overseas lending.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
Following the Great Recession, China was struggling with what to do with excessive capacity, a glut of export goods in need of foreign buyers. And those policy banks that Kevin described were in a strong position to open new markets for China and secure its short-term economic growth.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
Between 2014 and 2019, China cut Belt and Road deals worth more than $100 billion every year. Doors were opening, and China's lenders were making a strong first impression.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
For years, Washington's been either indifferent or inconsistent in its dealings with wide swaths of the globe. At times, it's actively tested the patience of its longtime partners by going back and forth on international deals like the Paris Climate Accord and the Iran Nuclear Agreement. China, meanwhile, has been building influence.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
That's The Wall Street Journal's Gabrielle Steinhauser, our longtime Africa bureau chief. And particularly across sub-Saharan Africa, she says the results of China's unified and speedy approach to overseas financing are impossible to miss.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
In Africa and elsewhere, Chinese firms using Chinese materials and Chinese workers often took the lead on big infrastructure projects. And remember what Ike Freiman said about Beijing's overlapping goals? Well, many of the projects it chose tied into its broader aims. For instance, when China built a high-speed railway in Kenya,
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
It created work for Chinese developers, and it laid physical infrastructure to areas rich in resources that were previously hard to access. According to data compiled by Johns Hopkins, Chinese exports to Kenya more than doubled between 2013 and 2023, while Kenyan exports to China of titanium and metals used for EV batteries have skyrocketed over the past few years.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
To be sure, not all Chinese-funded projects have been a success. Shoddy construction has plagued hydroelectric plants in Ecuador, Pakistan, and Uganda, structures that are supposed to last a century but which are already beset with literal cracks that are costly and time-consuming to repair and could threaten the project's long-term viability or even pose the risk of catastrophic failure.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
Others have yielded disproportionate benefits for China, like an expensive port in Sri Lanka meant to help the island nation tap into lucrative Indian Ocean trade, but which has since been leased to a Chinese state company for 99 years after Sri Lanka struggled to repay its loans. So all of the debt for Sri Lanka with little infrastructure rewards to speak of.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
But on balance, Kevin Gallagher from Boston University told me China has gotten development projects off the ground plain and simple.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
So as for whether China has succeeded in aligning its actions behind a singular effort, the answer is a strong yes. So what about building influence with foreign partners? The answer after a short break. Aside from forging closer trade relations, China's gotten plenty more out of its push to fund big infrastructure projects around the world.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
Our longtime Africa bureau chief, Gabrielle Steinhauser, told me that China has been able to build diplomatic relationships by being a convenient partner for political reasons, too.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
China's signature foreign policy outreach project.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
China's laxer lending standards, paired with its preference for striking deals directly with heads of state, made it that much easier to hand political wins to its partners, like when it completed that Kenyan railway I mentioned before the break just days before a key election. And Gabrielle told me you can actually size up the attractiveness of what China's offering by looking at family photos.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
The photo, Gabrielle says, is so telling, shows the number of African leaders who've shown up to a summit called the Forum on China-Africa Cooperation over the years. Back in 2012, just 10 stood shoulder to shoulder with then-Chinese President Hu Jintao, whereas last September in Beijing, it was 53.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
In that way, China succeeded in achieving that second goal of the Belt and Road by becoming a partner other countries want to work with. That hasn't gone unnoticed.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
In the first Trump administration, as an initial wave of Belt and Road projects were announced, broke ground and turned heads, American officials and lawmakers like then-Senator and now-Secretary of State Marco Rubio tried to persuade countries not to partner with China.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
In that scenario, often called a debt trap, China would offer loans to countries that it knows can't pay them back. And when they can't, China would seize collateral, maybe even land or strategic assets like ports, or make countries reliant on it in other ways. But Kevin Gallagher at BU says that if that was China's goal, it would have happened by now.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
So China has accomplished its goal of finding willing partners in foreign leaders around the world. But what about that third goal of turning those diplomatic relations into ones that boost China's long-term standing and security? That's after the break. Even if China's not purposely trying to trap its Belt and Road partners in debt crises, the project poses other concerns for the West.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
Since 2013, China's massive infrastructure program known as the Belt and Road Initiative has funneled a trillion plus dollars to projects from mines and highways to smart cities and industrial parks in some 150 countries, literally planting the Chinese flag around the globe. trace a graph of China's spending dating back to the launch of Belt and Road.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
As Ike Freiman at Stanford told me, the deeper China's relationships with borrowers become, the more its rules become how global business gets done, challenging Western-led norms and counterbalancing U.S. global influence in the process.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
So political favors deepen the continuity of China's relationships, and in turn, Beijing can keep, what, dialing up its ambitions?
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
We reached out to China's Ministry of Foreign Affairs for comment. They told us the Belt and Road Initiative is an economic cooperation program that benefits partner countries, not a geopolitical tool, and that how it works, quote, depends on the countries that jointly build it, end quote.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
The State Department didn't respond to our request for comment, but there is evidence for some of the concerns Ike just spoke about.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
More countries are backing Chinese policies on geopolitical issues, from dropping recognition of Taiwan, as Belt and Road partners Panama and El Salvador have done, to voting to stop debate at the UN, as partners Cameroon, Indonesia, and Pakistan did in 2022 over Chinese treatment of Muslims in Xinjiang, which the U.S. has called a genocide, a claim China strongly denies.
WSJ What’s News
How China’s Trillion-Dollar Infrastructure Bet Undercuts U.S. Dominance
And starting in 2018, you will notice its loans began to drop off and they remain a lot lower than they were just five years ago. That could mean the Belt and Road went astray. But what if it means it's already succeeded in growing its influence and getting a leg up on the U.S. in the process?
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
In terms of actual new nuclear programs, is there anything more than just talk here? We've heard some rumblings from Poland, Turkey as well, countries thinking about maybe creating their own programs. Could that happen?
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
Hey, What's News listeners. It's Sunday, April 13th. I'm Luke Vargas for The Wall Street Journal, and 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. And this week, as the U.S.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
Maren, you'd already alluded there to some of the alternative options to creating a new nuclear program, namely countries seeking out France to be protected by its nuclear umbrella. What about the UK, another European power that has nukes?
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
Lawrence, shift us over to South Korea and Japan, if you could. I know talk, especially in Seoul, is growing louder about potentially pursuing a nuclear arms program there.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
Marion, that South Korean pivot seems like a consequential one. Add that to some of the other countries we've already mentioned. And I'm curious, what is the feeling in the arms control community as it watches these trends we've been discussing?
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
and Iran renew talks over Tehran's nuclear program, could we be at the dawn of a new nuclear arms race? It's a question surfacing the world over as countries in Europe, Asia and the Middle East question whether America's nuclear umbrella offers enough protection. and which is driving some to seek out the protection of others or consider building their own nukes.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
Marion Messmer is a senior research fellow in the International Security Program at Chatham House. And Lawrence Norman is a Wall Street Journal reporter. Marion, Lawrence, thank you both so much. Thank you. Thank you. All right. We've got to take a very short break. But when we come back, how would a country go about building a nuclear weapons program?
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
And if the goal is to reduce reliance on the U.S., is it possible without American technology and equipment? We'll get into that nuclear nitty gritty after the break.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
Well, let's take the two scenarios that we've discussed so far, countries seeking shelter under another's nuclear umbrella or creating their own nuclear weapons programs, and learn what that would actually look like in practice. Daebak Das is an assistant professor at the Joseph Korbel School of International Studies at the University of Denver, where he researches nonproliferation
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
David, how difficult would it be for France to extend its nuclear umbrella to cover other countries? We heard earlier about Germany and Poland maybe looking into this.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
We'll look at who's scoping out new nuclear deterrence, the proliferation risks of a renewed arms race, and what the process of actually building a nuclear program would look like in 2025. A little later on, we will be joined by nuclear weapons expert Daebak Das to discuss the practical details of going nuclear.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
Let's switch then to another option, perhaps what is being considered, as we heard earlier, in South Korea, maybe Saudi Arabia, which is countries thinking about creating their own nuclear weapons program. What would that process look like in 2025?
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
And for countries that are looking to create their own weapons program, can they do that in-house in a truly homegrown capacity without being reliant, let's say, on the U.S. or China or Russia even? The short answer is no.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
As we wrap up this discussion, are we standing at the precipice of a potentially dangerous proliferation moment?
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
But first, let me introduce journal reporter Lawrence Norman and from the London think tank Chatham House, senior research fellow Marion Messmer, an expert in arms control and nuclear weapons policy. Lawrence, let me start with you just to set the stage here. Walk us through what we have been hearing specifically from U.S.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
I have been speaking to Daibak Das, an assistant professor at the Joseph Korbel School of International Studies at the University of Denver. Daibak, thank you so much for being with us on What's News. Thank you for having me. And that's it for What's News Sunday for April 13th.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
Today's show was produced by Charlotte Gardenberg with supervising producer Sandra Kilhoff, and we got help from deputy editor Chris Sinsley. I'm Luke Vargas, and we'll be back Monday morning with a new show. Until then, thanks for listening.
WSJ What’s News
Trump Prompts Rethink of Nuclear-Weapons Deals
allies in Europe about their interest in new deterrence options on the nuclear front.
WSJ What’s News
70,000 Bets a Minute: How FanDuel’s Parent Is Winning at Sports Gambling
Hey, What's News listeners, it's Sunday, May 11th. I'm Luke Vargas for The Wall Street Journal, and this is What's News Sunday. We tackle big questions here, so we figured you'd like this episode of our sister podcast, Bold Names, where hosts Tim Higgins and Christopher Mims pose some big questions to the biggest names in business. This week, the online betting industry is growing.
WSJ What’s News
70,000 Bets a Minute: How FanDuel’s Parent Is Winning at Sports Gambling
During this year's Super Bowl, gambling company FanDuel was winning big, 70,000 bets a minute big. And today we're bringing you Tim and Christopher's conversation with Peter Jackson, the CEO of FanDuel's parent company, Flutter. What does the man at the top have to say about one of the most profitable entertainment industries in the world and how technology is supercharging it?
WSJ What’s News
China Has Been Building Influence for Years. How Will Trump Respond?
And that's it for our What's New Sunday series, Building Influence. Today's show was hosted and produced by Daniel Bach. Our sound designers are Jessica Fenton and Michael LaValle. Michael wrote this series' theme music. Our supervising producer was Christina Rocca. We had editorial support from Chris Zinsley and Philana Patterson.
WSJ What’s News
China Has Been Building Influence for Years. How Will Trump Respond?
And special thanks to Ryan Dubé, Sharon Weinberger, and James Arity. I'm Luke Vargas for The Wall Street Journal, and we'll be back right here tomorrow with a brand new show. Until then, thanks for listening.
WSJ What’s News
China Has Been Building Influence for Years. How Will Trump Respond?
During his first term as president, Donald Trump changed American policy toward China by framing it as the top economic and security threat facing the United States. Then, to start his second term in January, he used his inauguration speech to pinpoint where he would launch a new challenge against that perceived threat.
WSJ What’s News
China Has Been Building Influence for Years. How Will Trump Respond?
Panama, where China had been building influence through its Belt and Road Initiative, the trillion-dollar infrastructure lending program Beijing has used to plant its flag in more than 150 countries. Trump's vow to seize back the canal and push out China is part of a broader and still evolving approach to counter Beijing in places where a lack of U.S.
WSJ What’s News
China Has Been Building Influence for Years. How Will Trump Respond?
presence or interest has allowed a new partner to move in. I'm Luke Vargas for The Wall Street Journal. And in today's final episode of our What's News Sunday series, Building Influence, my colleague Daniel Bach will be looking at what the U.S. has done to respond to Belt and Road and whether Trump's early actions in office could signal a new, more aggressive approach.
WSJ What’s News
Goldman Vice Chairman and Former Fed Official Kaplan on Rate-Cut Dilemma
Hey, What's News listeners, it's Sunday, May 4th. I'm Luke Vargas for The Wall Street Journal, and this is What's News Sunday, where we take a step back to look at the stories moving the agenda. So we thought you would enjoy this episode of our podcast, WSJ's Take on the Week, which cuts through the noise by talking to the people closest to the hottest topics in markets and business news.
WSJ What’s News
Goldman Vice Chairman and Former Fed Official Kaplan on Rate-Cut Dilemma
This week, the Federal Reserve is set to meet on Tuesday with the central bank at a crossroads. facing widespread uncertainty in the economy and pressure from the Trump administration. So what can we expect from the upcoming interest rate decision? And what could it mean for markets, businesses and consumers?
WSJ What’s News
Goldman Vice Chairman and Former Fed Official Kaplan on Rate-Cut Dilemma
Hosts Gunjan Banerjee and Telus Demos speak with Rob Kaplan, vice chairman of Goldman Sachs and former president and CEO of the Federal Reserve Bank of Dallas. If you like what you hear, go and subscribe to WSJ's Take on the Week. We've left a link to help you do that in our show notes.
WSJ What’s News
China Reins In Its Infrastructure Strategy But Not Its Global Ambition
So what does Washington make of this more focused and streamlined version of the Belt and Road and the role it plays in challenging the US-led global order? And is the Trump administration prepared to respond to it? Those questions will be the focus of our next episode, the final one in this special series. But for now, that's it for What's News Sunday. Bis morgen mit einem neuen Show. Bis dann.
WSJ What’s News
China Reins In Its Infrastructure Strategy But Not Its Global Ambition
Danke fürs Zuhören.
WSJ What’s News
China Reins In Its Infrastructure Strategy But Not Its Global Ambition
Das ist Bradley Parks, der Geschäftsführer von ADATA, dem Forschungs- und Entwicklungslabor am Global Research Institute von William & Mary, das betrachtet, wie viel China auf dem Belt and Road Infrastrukturprogramm spart. In den frühen Jahren von Belt and Road ging China auf einem Spendensprung in Bezug auf ihre ökonomischen und strategischen Ziele.
WSJ What’s News
China Reins In Its Infrastructure Strategy But Not Its Global Ambition
Financing bold engineering projects from mines and highways to ports and pipelines, in addition to growing its influence around the globe. But as the journal's chief China correspondent Lingling Wei pointed out at the end of the first episode in this special What's News Sunday series, those loans that China handed out to developing countries around the world weren't free money.
WSJ What’s News
China Reins In Its Infrastructure Strategy But Not Its Global Ambition
Eventually the debt would have to be repaid. And when it started coming due, signs of strain began to show. I'm Luke Vargas for The Wall Street Journal.
WSJ What’s News
China Reins In Its Infrastructure Strategy But Not Its Global Ambition
And in today's episode, my colleague Kate Bullivant will be taking a look at how Beijing is trying to dig itself out from the financial hole it created in the Belt and Road's early years and shield itself from risks going forward, all while keeping the wheels turning on its goal of building up its influence around the globe. Here's Kate.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Caitlin, I see Goldman Sachs and Barclays are both out with new growth forecasts that really feature the growing risk of a global trade war front and center. Walk us through what they're saying.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
All right. So Barclays and Goldman, they're both seeing the risk of a trade war increasing based on actions likely coming out of Washington. But this does go both ways. Yesterday, we heard from German Chancellor Olaf Scholz, who pledged that the EU was ready to hit back against existing U.S. tariffs. So as you'll hear, he didn't exactly sound thrilled about it.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Plus, President Trump threatens sanctions on Russia as Ukraine peace talks stall, and Apple's satellite expansion plans landed in SpaceX's crosshairs. It's Monday, March 31st. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Tariff week is upon us.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Caitlin, I guess we can see that sentiment kind of rippling through into market behavior today. Asian stocks falling and European markets opening lower as well.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Right. Sounds like investors are preparing for volatility this week.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Markets brace for a big week of trade announcements as the U.S. puts universal tariffs back on the table.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
That was Wall Street Journal reporter Caitlin McCabe. Caitlin, thanks for stopping by and for the VIX crash course there.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
And coming up, we've got the rest of the day's news, including frustration in Washington as Vladimir Putin appears to drag his feet on peace talks with Ukraine. That story and much more after the break. So We are exclusively reporting that Apple has clashed with Elon Musk's SpaceX in its push to eliminate cell phone dead spots with its satellite technology.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
The iPhone maker is investing heavily in satellite-based communications, while SpaceX has launched more than 500 satellites that provide cell phone connectivity through Starlink. Now, the companies are competing for the limited supply of spectrum rights, the airwaves, to carry their signals, with Musk pushing federal regulators to stall an Apple-funded satellite expansion effort.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
People familiar with the matter said the conflict has intensified in recent months after SpaceX and its partner T-Mobile asked Apple to offer Starlink on iPhones. After tense discussions, the sides reached an agreement that allows the SpaceX and T-Mobile satellite cell phone service to be offered on newer iPhones, which will roll out this summer.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
President Trump is threatening new economic penalties on Russia as talks have resulted in little progress toward a real ceasefire in Ukraine. Speaking yesterday, Trump expressed anger at recent comments by Vladimir Putin, where he called for interim governance in Ukraine under the auspices of the United Nations, which would essentially push out Ukrainian President Volodymyr Zelensky.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Trump said that if a deal isn't reached, then it was, quote, Russia's fault, end quote, and said he'd impose secondary tariffs on Russian oil without providing specifics. Trump added that U.S. officials had conveyed his frustration to Russia and that he expected to speak to Putin later this week.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
President Trump has set Wednesday as Liberation Day when he'll pull back the curtain on a range of new levies.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Despite this, the president reiterated that he and Putin have a good relationship before shifting some of his criticism to Zelensky over negotiations for the U.S. to access critical minerals in Ukraine.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Rescue workers in Myanmar are continuing the increasingly desperate search for survivors after Friday's 7.7 magnitude earthquake that devastated parts of the country's second largest city, Mandalay, and the surrounding areas. Myanmar's military government has said that more than 1,700 people are confirmed dead and more than 3,000 have been injured, while making a rare appeal for foreign aid.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Early modeling from the U.S. Geological Survey suggests that the number of deaths stemming from the earthquake could rise above 10,000 and that economic losses might surpass the value of Myanmar's GDP. Back in the U.S., Elon Musk has given out $1 million checks to two Wisconsin voters ahead of the state's Supreme Court election tomorrow that Musk sees as critical to President Trump's agenda.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
And even as that deadline nears, we report that the administration is still scrambling to nail down the specifics, including whether to impose individualized tariffs on specific trading partners or reach for across-the-board tariffs, potentially as high as 20 percent, that would affect virtually every country doing business with the U.S.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Just minutes before the Tesla CEO took to the stage at a town hall in Green Bay last night, the court rejected a last-minute attempt by the state's Democratic attorney general to stop Musk from handing over the checks.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Musk and groups he supports have spent more than $20 million to help conservative favorite Brad Schimel, who's running against liberal candidate Susan Crawford for a seat on the state Supreme Court, which is currently controlled 4-3 by liberal justices. Tuesday's tightly contested race will determine the ideological makeup of a court likely to decide key issues in a perennial battleground state.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
And finally, if you've heard a one-time climate startup talking about jet fighters or AI lately, there's a reason for it.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
The journal's Ed Ballard says that following a third consecutive year of declines in equity funding for climate tech startups and a new administration intent on canceling the prior one's green funding programs, a number of small businesses that just months ago were touting the green benefits of their work are making a handbrake turn.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Among them, Magrathea Metals, a California company that Ed told me is developing a process for extracting magnesium from saltwater, and which until recently had a sales pitch that was focused on the climate benefits of its technology.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Ed told me that not all businesses will be able to pull off that shift. but some will.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
And that's it for What's News for this Monday morning. Additional sound in this episode was from Reuters. Today's show was produced by Kate Boulivant and Daniel Bach with supervising producer Sandra Kilhoff. 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
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
That's according to people familiar with conversations between the president and his team in recent days in which he's pushed them to be more aggressive. Trump for months promoted the idea of universal tariffs during his campaign, but later ditched the idea in favor of a so-called reciprocal tariff plan.
WSJ What’s News
Stocks Slump as Trump Threatens Tariffs on All U.S. Trading Partners
Yet administration officials said that reciprocal plan is still on the table, but that whatever is unveiled on April 2nd, Trump wants the policy to be, quote, big and simple. Well, suffice it to say, market watchers care a great deal about where the president lands on his tariff strategy. And here to parse the news heading into a pivotal week, I'm joined by journal reporter Caitlin McCabe.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
According to analysts polled by FactSet, the Mag 7 are on pace for just 16 percent profit growth this year, down from about 37 last year. Microsoft and Meta's results are due on Wednesday, with Amazon and Apple following on Thursday. Meanwhile, just months after the emergence of Chinese AI model DeepSeek dented some investors' faith in the supremacy of U.S.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
tech, we exclusively report that China's Huawei is developing a new AI chip that aims to rival high-end offerings from U.S. semiconductor giant NVIDIA. And here with more from Singapore is journal tech reporter Lisa Lin. Lisa, this chip, the Ascend 910D, we should note, is still in the early stages of development.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
A first batch of the processor isn't even set to be delivered until late next month at the earliest. However, I gather the significance here is namely that there's a perceived market opening, thanks to actions by Washington, and that there's a Chinese company making very concrete plans to try to capitalize on this moment.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
The road ahead, though, not certain. Far from it, I imagine. Tech promises are not the same as actually delivering on them. What challenges does Huawei have to still overcome to capitalize on this?
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
China's Huawei develops a new AI chip designed to go toe-to-toe with NVIDIA. Plus, Canadians head to the polls in an election dominated by threats from Washington and how one Ohio City, population 265,000, became America's housing goldmine.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
That was journal tech reporter Lisa Lin. And there's a lot besides tech earnings that investors will be watching this week. Updates from Coca-Cola, General Motors, Pfizer, UPS, Starbucks and Visa are due tomorrow. Wednesday will bring an update on the Fed's preferred inflation gauge, along with an initial reading of U.S. first quarter GDP.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
Eli Lilly, MasterCard and McDonald's will report earnings Thursday. The same day, we're due a rate decision from the Bank of Japan and a pair of U.S. manufacturing PMIs. Friday, we'll see quarterly updates from oil majors Chevron and Exxon. along with the first monthly U.S.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
jobs report since President Trump's Liberation Day tariff announcements and the scheduled end of the de minimis exemption for shipping lower-value goods to the U.S. from China, which had boosted the fortunes of Xi'an and Temu in recent years. And as if the week wasn't busy enough, we've had a slew of M&A announcements this morning.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
Shares of Deliveroo hit a three-year high in London after the food delivery company said it received a more than $3.5 billion takeover approach from DoorDash. Meanwhile, Airbus is taking over key U.S. and European assets from supplier Spirit Aerosystems, which rival Boeing agreed to buy last year.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
The carve-out secures crucial parts for Airbus' commercial aircrafts and comes ahead of this week's self-imposed deadline for Boeing to finalize its takeover of Spirit. And we've also had multi-billion dollar deals involving German pharmaceutical company Merck, which is buying Springworks Therapeutics, and between Spanish banks Mediobanca and Banca Generale.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
Check out WSJ.com for more on all of those deals and how investors are reacting. Coming up, Canada heads to the polls in what's set to be a major election upset and a referendum on ties with America, and how buyers are being priced out of the red-hot Midwest housing market. We've got those stories and more after the break.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
Canadians are voting in a general election today to decide who will lead the country amidst the economic uncertainty it faces and negotiate with President Trump over trade and security. Just a few months ago, the Conservative Party, under leader Pierre Polyev, held a more than 20-point polling lead over the governing Liberals.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
But that is until Prime Minister Justin Trudeau was replaced by former central bank governor Mark Carney and President Trump announced tariffs. And now the liberals are polling with a three-point lead over the conservatives. We need to fight Trump's tariffs with counter tariffs of our own that cause maximum damage in the United States with minimum impact here.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
Polyev, meanwhile, a career politician, has tried to make the election about inflation and housing prices that are among the highest in the world, which he blames on Trudeau's leadership over the last decade.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
Over the weekend, both leaders, along with the heads of Canada's other political parties, changed their campaign schedules in light of Saturday's attack in Vancouver, where 11 people were killed and at least 20 injured after a man drove through a crowd at a street festival, according to local police, who said the incident wasn't terrorism.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
The suspect was apprehended by bystanders at the scene and charged with eight counts of second-degree murder yesterday, though prosecutors say more charges are possible. Israel's government is under pressure to lift an aid ban on Gaza, with humanitarian supplies there running out after a blockade that's lasted almost two months.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
Officials are now debating the best way to get supplies back into the territory without strengthening Hamas. The military reportedly favors working with international organizations that have distributed aid throughout the war, though some far-right officials want Israel to play a greater role in distributing the aid itself, not shying away from perceptions that Israel is an occupying force.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
We are exclusively reporting that the leaders of some of the nation's top universities have assembled a private collective to counter the Trump administration's attack on academic independence across higher education.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
The group, which includes about 10 schools from Ivy's and leading private research universities, have discussed red lines they won't cross in negotiations, including autonomy over admissions, hiring, and what they teach and how it's taught.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
It's Monday, April 28th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. It's almost time for the culmination of earnings season as Microsoft, Meta, Amazon and Apple prepare to report quarterly results in the coming days.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
According to a source familiar with the government task force that's issued funding threats to universities, the Trump administration has been worried that schools would team up in resistance because it's harder to negotiate with the United Front. The White House didn't respond Sunday to request for comment.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
And the struggle to find a cheap house is transforming America's heartland from one of the last places for lower-priced homes into a battlefield pitting Wall Street landlords against traditional buyers. Toledo, Ohio, is one of those places where housing reporter Rebecca Picciotto says that competition for homes is more cutthroat than ever as interest in the city peaks.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
And Rebecca told us that Toledo is a case study for what's happening in the broader Midwest.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
And that's it for What's News for this Monday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. And until then, thanks for listening.
WSJ What’s News
China’s Huawei Develops New AI Chip to Rival Nvidia
Along with Alphabet, Nvidia and Tesla, those magnificent seven tech stocks were largely responsible for lifting stocks out of the 2022 bear market, but currently they find themselves in a very different situation. So far this year, they've collectively shed $2.5 trillion in market value, with each falling more than 6 percent, and their earnings dominance is expected to diminish.
WSJ What’s News
White House Scales Back Planned April Tariffs
Israel is expanding its ground operations in Gaza, with Prime Minister Benjamin Netanyahu and the new national security team around him confident that they can finally defeat Hamas. So reports the journal's Dov Lieber, who told me the preparations for renewed fighting come as a recent poll found that nearly three-quarters of Israelis would prefer negotiating with Hamas to end fighting.
WSJ What’s News
White House Scales Back Planned April Tariffs
Dov, needless to say, I imagine this strategy is not without significant risks.
WSJ What’s News
White House Scales Back Planned April Tariffs
US officials are meeting with a Russian delegation in Saudi Arabia today, following talks with their Ukrainian counterparts on Sunday. According to US officials, the goal of the talks is to extend a shaky ceasefire preventing attacks on energy infrastructure to the Black Sea, with Washington hoping that the deal will be followed by broader peace negotiations.
WSJ What’s News
White House Scales Back Planned April Tariffs
Appearing on Fox News Sunday, President Trump's chief negotiator, Steve Witkoff, defended the administration's efforts to cut a deal with Russian President Vladimir Putin, saying, quote, this is not me taking sides.
WSJ What’s News
White House Scales Back Planned April Tariffs
And with ceasefire talks stalled, Israel expands its ground operations across Gaza. It's Monday, March 24th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of Watts News, the top headlines and business stories moving your world today. The White House is narrowing down the list of tariffs set to take effect next week.
WSJ What’s News
White House Scales Back Planned April Tariffs
European leaders fear a bad deal that allows Russia to rearm and attack Ukraine in several years could leave countries west of Ukraine vulnerable to Russia's military. Greenland's Prime Minister Muta Iga has slammed U.S. plans for a visit this week as, quote, highly aggressive. That's as U.S.
WSJ What’s News
White House Scales Back Planned April Tariffs
The White House scales back its planned tariff announcements for next week. Plus, investors hedge their bets and look beyond America's shores.
WSJ What’s News
White House Scales Back Planned April Tariffs
National Security Advisor Michael Waltz, Energy Secretary Chris Wright and Second Lady Usha Vance will travel to Greenland on Thursday, just days before local elections take place. It marks the first high-level U.S. delegation to visit the self-governing island since Trump vowed to acquire Greenland from Denmark, quote, one way or the other.
WSJ What’s News
White House Scales Back Planned April Tariffs
Both local lawmakers and the Danish government have expressed strong opposition to Trump's approach, insisting that the mineral-rich island, while open to stronger commercial ties with the U.S., isn't interested in an American takeover. Greenland leaders said they'd been approached to meet with the U.S. delegation, but declined.
WSJ What’s News
White House Scales Back Planned April Tariffs
Less than two weeks after taking over for Justin Trudeau, Canadian Prime Minister Mark Carney has called a snap election, a vote that will revolve largely around the question of how Canada will deal with President Trump. Speaking yesterday in Ottawa, Carney said Canadians will go to the polls at the end of April.
WSJ What’s News
White House Scales Back Planned April Tariffs
The former central banker is hoping to capitalize on momentum in the polls for his Liberal Party, which has coincided with a patriotic backlash against Trump's threats to slap tariffs on one of the U.S. 's largest trading partners or annex the country entirely. Conservative Party leader Pierre Palliev was also quick to hit the campaign trail in Toronto.
WSJ What’s News
White House Scales Back Planned April Tariffs
Poliev, a career politician, used populist rhetoric in building up a huge polling lead last year and has recently tried to capture some of the anti-U.S. energy in his speeches. Coming up, as markets around the world trade at near-record discounts to the U.S., even some of the most all-American investors are shifting their assets abroad. That story and more after the break.
WSJ What’s News
White House Scales Back Planned April Tariffs
2025 was supposed to be the year of American exceptionalism, yet the U.S. stock market finds itself languishing, not least because investors who were all in on U.S. stocks are starting to look elsewhere. My colleague Kate Bullivan spoke to journal reporter Owen Tucker-Smith to find out where they're putting their money instead.
WSJ What’s News
White House Scales Back Planned April Tariffs
We report that while so-called reciprocal tariffs remain likely to kick in on April 2nd, a day President Trump has called Liberation Day for the U.S., sector-specific tariffs on cars, pharmaceuticals, and semiconductors are now likely not to be announced. The White House didn't respond to requests for comment on if or when those tariffs are still planned to go into effect.
WSJ What’s News
White House Scales Back Planned April Tariffs
And DNA testing company 23andMe filed for bankruptcy last night. CEO Ann Wojcicki also stepped down from her role, but will remain on the board as she continues efforts to buy the company's assets. Those include DNA samples from more than 15 million people, which could be sold in bankruptcy proceedings.
WSJ What’s News
White House Scales Back Planned April Tariffs
Prior to the Chapter 11 filing, California's attorney general reminded consumers in his state of their right to delete their information, a step some may scramble to take due to concerns over who could ultimately own their personal genetic data. 23andMe said any buyer would have to comply with applicable law governing consumer data.
WSJ What’s News
White House Scales Back Planned April Tariffs
The company had an enterprise value of more than $6 billion as recently as 2021, but struggled to find a profitable business model. And that's it for What's News for this Monday morning. Additional sound in this episode was from Reuters. Today's show was produced by Kate Boulivant and Daniel Bach with supervising producer Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal.
WSJ What’s News
White House Scales Back Planned April Tariffs
We will be back tonight with a new show. Until then, thanks for listening.
WSJ What’s News
White House Scales Back Planned April Tariffs
While also being dialed back is the scope of those reciprocal tariffs that seek to match U.S. duties with those charged by trading partners.
WSJ What’s News
White House Scales Back Planned April Tariffs
According to people with knowledge of the planning, they will now be focused on just 15 percent of countries that maintain persistent trade imbalances with the U.S., which would likely include Canada and Mexico, China, Vietnam, South Korea, Japan, and the European Union.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Musk and a representative for Doge didn't respond to a request for comment. An OPM spokeswoman declined to comment. Meanwhile, the U.S. military and Congress are processing a sweeping overhaul of top Pentagon leadership announced by President Trump on Friday, which included the firing of the military's highest-ranking officer, the admiral leading the Navy, and several other senior figures.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Out are Chairman of the Joint Chiefs of Staff, Air Force General C.Q. Brown Jr., the military's highest-ranking black officer, and its top woman commander, Admiral Lisa Frank Hetty. Trump gave no reason for replacing Brown, though his appointees have said diversity policies by the Biden administration had resulted in promoting unqualified officers.
WSJ What’s News
German Vote Boosts Europe’s Centrists
To replace Brown, Trump is nominating retired Air Force Lieutenant General Dan Kaine, a supporter of the president and strong critic of the top military leadership. Kaine will require Senate confirmation. Britain and France are working on a plan to deploy 30,000 European peacekeepers in Ukraine if Moscow and Kiev reach a ceasefire deal.
WSJ What’s News
German Vote Boosts Europe’s Centrists
According to European officials, the plan wouldn't require the U.S. to deploy its own forces in Ukraine, something Washington has all but ruled out. but would seek to draw on U.S. military capabilities to protect the European troops in Ukraine if they were put in danger and deter Russia from violating any ceasefire. The proposal hinges on persuading President Trump to agree to the U.S.
WSJ What’s News
German Vote Boosts Europe’s Centrists
acting as what the British call a backstop to any peace deal. French President Emmanuel Macron is scheduled to meet with Trump to discuss Ukraine today, with British Premier Keir Starmer following suit on Thursday. The National Security Council and the British Embassy in Washington declined to comment.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Meanwhile, Ukrainian President Volodymyr Zelensky has been pressing for better terms to a mineral rights deal that the Trump administration has been pushing for, in which the U.S. would get preferential access to minerals such as titanium and lithium as payback for American aid.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Zelensky said yesterday that any offer should include security guarantees and better financial terms, adding that the demand that Ukraine return $500 billion for aid provided during the war far outstripped the $100 billion that the U.S. had given.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Trump administration officials this weekend urged Kiev to quickly accept the proposal already on the table.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Federal workers get a new ultimatum from Elon Musk. Plus, Ukraine's allies try to convince President Trump to offer Kiev an American security guarantee as the war enters its fourth year. And German elections deliver a win for the center-right alongside a historically strong showing by anti-establishment nationalists.
WSJ What’s News
German Vote Boosts Europe’s Centrists
And the first phase of a fragile ceasefire deal between Israel and Hamas drew closer to completion over the weekend, when six Israeli hostages, the last to be released until the next phase of the deal is negotiated, were handed over in ceremonies in which the men were forced to wave to crowds and one kissed militants.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Hundreds of Palestinian prisoners were also supposed to be released from Israeli custody on Saturday. However, Israel says it's temporarily withholding their release until Hamas stops staging what it called humiliating hostage handovers. Hamas says Israel's move violates the ceasefire.
WSJ What’s News
German Vote Boosts Europe’s Centrists
It's Monday, February 24th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. U.S. federal government employees are beginning the week with a weighty message in their inboxes. Reply by the end of the day with details about what you got done at work last week.
WSJ What’s News
German Vote Boosts Europe’s Centrists
President Trump's Middle East envoy Steve Witkoff is heading to the region this week to try and hash out the next phase of the ceasefire. If agreed, it would lead to a permanent ceasefire and Hamas's release of its remaining hostages.
WSJ What’s News
German Vote Boosts Europe’s Centrists
However, we report today that Israel is trying to push Hamas to extend the first phase of the ceasefire in a bid to put off discussing the hardest parts of a pact to end the war. Coming up, German stocks and bonds are ticking higher after weekend elections look set to usher in a business-friendly government. We'll recap the vote with our bureau chief in Berlin after the break.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Let's turn now to Berlin to get some analysis on yesterday's German elections. The winner of that vote, conservative Friedrich Merz of the Christian Democratic Union, while current chancellor Olaf Scholz's Social Democratic Party scored its worst election result since the late 1800s. To put this all into context, I'm joined by the journal's Germany bureau chief Bertrand Benoit.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Bertrand, for those of us with no knowledge of German politics, what should we know about Merz, his domestic politics, of course, but especially how he'll be expected to work with the rest of Europe and, of course, the U.S.?
WSJ What’s News
German Vote Boosts Europe’s Centrists
For anyone listening, if Merz's CDU party sounds familiar, that's because that was Angela Merkel's party. So in some ways, Bertrand, maybe German politics reverting back to some of the norms of recent decades.
WSJ What’s News
German Vote Boosts Europe’s Centrists
And yet so much has changed, of course, namely with the rise of the Alternative for Germany Party or AFD that had seen a real rise in popularity in recent years, thanks to concern over high levels of immigration issues. a party that recently received the backing of Elon Musk. The AFD last night secured almost 21% of the vote, the second highest vote total.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Finally, Bertrand, it sounds like up next will be talks to form a new government, a process that's taken months in the past and could take that long again. However, markets are already seeming to breathe a sigh of relief here. German government bond yields are edging higher today, as is the euro. But beyond those early moves, what is the outlook here for the German economy under Merz?
WSJ What’s News
German Vote Boosts Europe’s Centrists
We report that email came together in a matter of hours on Saturday after President Trump directed Elon Musk to get more aggressive in his government cost cutting efforts. And by that evening, the message had been sent to more than two million federal workers, with Musk adding on social media that, quote, failure to respond will be taken as a resignation.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Bertrand Benoit is the Wall Street Journal's Germany Bureau Chief. Bertrand, thank you so much. Thank you, Luke. And in other news that could move markets today, Disney and Warner Bros. Discovery's streaming bundle, which offers Disney+, Hulu, and Max, is retaining more customers than Netflix. According to new data from subscription analytics firm Antenna,
WSJ What’s News
German Vote Boosts Europe’s Centrists
About 80 percent of subscribers who signed up for the bundle between July and September were still paying for it three months later, compared with 74 percent for Netflix. Representatives from the companies declined to comment. And that's it for What's News for this Monday morning. Today's show was produced by Kate Boulivant and Daniel Bach with supervising producer Christina Rocca.
WSJ What’s News
German Vote Boosts Europe’s Centrists
Journal reporter Scott Patterson in Washington says that compared with other recent actions by Musk and his Department of Government Efficiency, this one is being met with more pushback from top administration officials, including Trump's recently approved FBI director, Kash Patel.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
So Margarita, what comes next? What should we expect?
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
Pope Francis, the first South American pontiff, has died. Plus, Pete Hexeth comes under pressure amid revelations of a second signal chat and claims of chaos at the Pentagon. And China lobs a fresh salvo in the trade war, kicking off a jittery week for markets.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
Processing this news, reflecting on his legacy as well. This was, among many other things, a pope not shy about weighing in on current events.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
Finally, Margarita, as the church now faces a choice in who will lead it going forward, to what extent is Francis's legacy likely to prompt some debates about the role of the pontiff, the role they ought to have on matters like the ones we just discussed?
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
That was journal correspondent Margarita Stancati. Coming up, Defense Secretary Pete Hegseth is in hot water again after sharing detailed military plans in another Signal Chat. We've got that story and the rest of the day's news after the break.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
Defense Secretary Pete Hegsath is facing fresh scrutiny over his handling of sensitive military information amid revelations that he created a separate group chat on the messaging app Signal, which included his wife, personal lawyer and others. The emergence of the chat, created around the time of his confirmation hearing,
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
comes as Hegseth was already facing questions after sharing details about a military strike on rebels in Yemen, and we report that the new chat contained nearly the same information. Separately, a former top advisor to Hegseth, who resigned from the Pentagon last week, spoke out in Politico over the weekend, describing total chaos under Hegseth's leadership,
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
The dollar is really taking a beating again, and gold is surging to a record high again. Obviously, the trade tensions with China and the rest of the world is prime among them. But we shouldn't forget that last week ended with President Trump threatening to fire the head of the Federal Reserve. So there's lots out there concerning investors.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
and alleging that three Pentagon officials fired last week were wrongly smeared by anonymous officials as being leakers who had failed polygraph tests. Pentagon spokesman Sean Parnell said yesterday that no classified information was posted in any signal chat and said Hegsath's office was becoming stronger and more efficient. Meanwhile, U.S.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
military activity in Yemen is picking up, with the country's Houthi rebels claiming that American airstrikes targeted the capital Sana'a overnight, killing 12 people and injuring dozens more. Journal senior Middle East correspondent Sudarshan Raghavan told me that Washington's aims in Yemen are fast evolving beyond merely disrupting the group's attacks on Israel and against vessels in the Red Sea.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
And Sudarsan, there are broader geopolitical priorities at play here for the United States as well, right?
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
Back in Washington, it is shaping up to be a key week in the Trump administration's push to carry out its immigration agenda.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
Over the weekend, the Supreme Court ordered a halt to deportations of Venezuelan migrants being carried out under a 1798 law, ruling that individuals designated as alien enemies were entitled to being notified of their pending removal and given the chance to challenge their deportations in court.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
That narrow ruling early Saturday followed a fast-moving effort by the American Civil Liberties Union to stop the deportations. Justices Clarence Thomas and Samuel Alito dissented from the order, and the government responded to Saturday's ruling by arguing the plaintiff's claim was prematurely filed.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
It's Monday, April 21st. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. The Vatican says that Pope Francis has died at the age of 88. Born Jorge Murillo Bergoglio, Francis had battled a serious bout of pneumonia in recent months, and his health had remained fragile since.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
Separately, hearings are set this week in several cases alleging the Trump administration still hasn't implemented a system of notice allowing those slated for deportation to seek court interventions in time. We are exclusively reporting that the Trump administration is planning to pull an additional $1 billion of funding for health research at Harvard.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
According to people familiar with the matter, administration officials have become furious with the university after a week of escalating dispute between the two sides. It started last Monday when Harvard released a long list of demands the administration sent to the university, which officials believed was a confidential starting point for negotiations.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
The letters to Harvard and other schools are coming from a new Trump panel called the Task Force to Combat Antisemitism. Hours after Harvard released the list of demands, the White House froze more than $2 billion in funding and threatened Harvard's tax-exempt status and its ability to enroll international students.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
And trade tensions are back on the front burner this morning after an announcement from China that any countries that make a trade deal with the U.S. at Beijing's expense will face Chinese reciprocal tariffs. With markets in Asia and the U.S. trading again after the holiday weekend, finance editor Alex Frangos says that news is furthering the sell America trade with U.S.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
futures and assets like the dollar trending lower.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
The dollar is really taking a beating again, hitting Fresh lows against the euro and the yen and the pound and gold is surging to a record high again. So there's lots out there swirling concerning investors. Obviously, the trade tensions with China and the rest of the world is prime among them. And then there's also we shouldn't forget that last week ended with China.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
President Trump threatening to fire the head of the Federal Reserve, Jerome Powell. And that's obviously hanging over markets as well, because the stability of the Federal Reserve is something that investors around the world really value. And so I think there's jitters around there.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
And at the same time, Alex says it's a busy week for earnings and geopolitical news, all of which could result in some choppy trading.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
We're just heading into this week with so many balls being juggled in the air, like the talks over trying to end the war in Ukraine and Iran talks and... Those are two geopolitical things that could have a really big impact on oil markets and on currencies.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
And so hard to predict exactly what's going to happen, but there's certainly a lot going on with big earnings from household names like Tesla and Alphabet. People are really going to be listening out for what CEOs say about the future. What are they seeing in their businesses? How is it being affected by all the tariff uncertainty? I mean, how will that affect their bottom lines?
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
And before we go, a quick correction. An earlier version of this episode referenced a trillion dollars of trade passing through the Red Sea daily. That is, in fact, the estimated annual value of goods transiting those strategic waters. And that's it for What's News for this Monday morning. Today's show was produced by Daniel Bach. Our supervising producer is Sandra Kilhoff.
WSJ What’s News
Francis, Pope of Firsts, Dies at 88
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
Francis, Pope of Firsts, Dies at 88
With more, I'm joined by journal correspondent Margarita Stancati. Margarita, tell us, what do we know about the Pope's passing at this early hour?
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
That news initially fueled hope that the tech industry could avoid an immediate surge in costs, though relief could be short-lived, with President Trump saying tech products will soon be covered by separate semiconductor tariffs, the details of which he said on Air Force One could come this week.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Well, here with more on what markets are making of all of this, I'm joined by journal reporter Caitlin McCabe. Caitlin, walk us through what we're seeing this morning in response to this latest U.S. trade messaging.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
God, and those big names had fallen further than the market on average in recent weeks. And yet, whether we're speaking about Apple or some of these other big companies in tech, they're not entirely out of the woods, are they?
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
That was markets reporter Caitlin McCabe. Caitlin, thanks as always. Thanks for having me. Meanwhile, new data from China today shows the country's exports rose by more than 12 percent last month compared to a year earlier. The surge was driven by U.S.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
importers in the waning weeks before tariffs on Chinese goods kicked in and precedes what economists expect to be a sharp slowdown in Chinese export growth in the coming months. Chinese exports to Vietnam and Thailand also showed a notable uptick last month, according to Capital Economics, possibly reflecting efforts to reroute goods to the U.S.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
through those economies, a backdoor that President Trump has signaled he wants to slam shut. Meanwhile, Chinese leader Xi Jinping is in Vietnam today at the start of a trip aimed at shoring up relations with some of China's closest trading partners in Southeast Asia, whom Trump has targeted with high reciprocal tariffs.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Well, one place many American consumers could soon feel the pinch of tariffs is on the bargain app Xi'an. The Chinese fashion giant is facing a double whammy, with President Trump putting an end to duty-free shipping for Chinese goods under $800 from next month, threatening the brand's ultra-low prices that make it so popular with shoppers in the U.S.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Journal reporter Raphael Huang in Singapore says the tariff impact is forcing a rethink of how Xi and Chinese rivals like Temu do business.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Global stocks rise as investors cheer on a rollback of tariffs for the tech sector. Plus, the journal's latest survey of economists reveals an unusual lack of consensus about future U.S. growth prospects.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
And in other markets news today, Goldman Sachs this morning will kick off a busy earnings week with the likes of Bank of America, Citigroup, Johnson & Johnson, and United Airlines providing clues in the coming days on how tariffs are impacting the economy. Goldman's results are due at 7.30 a.m. Eastern.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Coming up, we'll dive into the journal's latest survey of economists and run through the rest of the day's headlines after the break.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Well, as the effects of tariffs have come into focus in recent weeks, we have reported here on the economic forecasts coming out of a number of individual firms, including Goldman Sachs and J.P. Morgan. But today we can do you one better by digging into The Wall Street Journal's quarterly survey of economists.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
It was just published over the weekend and brings together the thinking of some 64 academic and business economists who were polled between Liberation Day and last week's reciprocal tariff pause. And here to crunch the numbers is Wall Street Journal data news editor Anthony DeBarros.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Anthony, your report here shows that since President Trump took office, economists have dramatically slashed their growth estimates while raising their expectations for inflation and unemployment. Let's get granular about it. Define the coming slowdown as economists see it.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Take us into some of the other findings here. You asked economists about their expectations for inflation as well as employment, two ways where Americans individually could really feel the effects of tariffs. What do they project here?
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
And finally, on the risk of a recession, this probability stood at just over 20 percent when you asked in January. What about now?
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Anthony DeBarros is The Wall Street Journal's data news editor in Washington. Anthony, thank you so much for bringing us this report.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Officials from the U.S. and Iran took part in indirect talks over the weekend in Oman, with Iran seeking sanctions relief from the U.S. in exchange for limits on its nuclear program.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
And an update on U.S.-Iran nuclear talks held over the weekend. It's Monday, April 14th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Global markets and tech stocks in particular are starting the week on positive footing after U.S.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
The White House said the meeting was a step forward, while Iran's foreign minister said the next round of talks would include discussion on a timeline for negotiations and potentially a general framework for a new nuclear accord. Iran's latest proposals were largely based on the 2015 nuclear deal negotiated by the Obama administration, an agreement Trump pulled out of in 2018.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
And we are exclusively reporting that Pete Morocco, a key architect of the Trump administration's campaign to slash foreign aid spending, has left the State Department after less than three months on the job. Morocco oversaw the cancellation of more than 80 percent of foreign aid programs and the closure of the U.S.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
Agency for International Development, working closely with Elon Musk's Department of Government Efficiency, though officials said he at times clashed with Secretary of State Marco Rubio. A State Department reorganization plan is due today to the Office of Management and Budget, which is expected to lay out in part how USAID's previous functions will fold into state.
WSJ What’s News
Investors Cheer a Tariff Rollback for the Tech Industry
And that's it for What's News for this Monday morning. Today's show was produced by Kate Boulivant. Our supervising producer was Daniel Bach. 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
Investors Cheer a Tariff Rollback for the Tech Industry
Customs and Border Protection said in a filing late Friday that computers, tablets, Apple Watches and other electronics will be able to dodge many tariffs on Chinese products, as well as the 10 percent tariff on all global imports.
WSJ What’s News
Stocks Surge as U.S. and China Slash Tariffs
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WSJ What’s News
Democrats Can’t Agree How to Fight Back
Carney warned yesterday that his conservative rival lacks the ability to manage Trump and jumpstart the economy. He also promised to cut taxes for the middle class and rein in government spending, seeking to distance himself from Trudeau's economic agenda. Ukrainian forces are losing ground in Kursk, the slice of Russian territory that Kyiv had hoped would give it leverage in any peace talks.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
That's according to analysts and soldiers in the area, who say Russian and North Korean troops have seized several villages there and used overwhelming drone power to largely cut supply routes to the main Ukrainian force. The advance follows a U.S. decision to halt intelligence sharing with Kyiv, reducing Ukraine's ability to carry out long-range strikes which rely on accurate targeting data.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
It also comes as senior U.S. and Ukrainian officials prepare to meet for talks in Saudi Arabia this week. Israel said yesterday it was cutting off its supply of electricity to the Gaza Strip, part of efforts to force Hamas into releasing Israeli hostages and laying down its weapons, now that talks to extend a seven-week ceasefire have stalled.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
The cutoff will likely mean the enclave's desalination plant will stop working. According to an Israeli security official, Israel still supplies Gaza's population of more than two million people with water from three different pipelines. However, the country's finance minister said last week that cutting off water to Gaza in order to pressure Hamas was also a possibility.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
A Hamas spokesman said that Israel disregards international law and that it has practically cut off electricity since the war began in October 2023. Meanwhile, U.S. federal immigration officers yesterday arrested a Columbia University student who helped to lead pro-Palestinian campus demonstrations last year.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
According to his lawyer, Mahmoud Khalil, who's Palestinian and Syrian, was detained by Department of Homeland Security agents who said they were acting on orders from the State Department to revoke his green card. The spokeswoman for DHS said Khalil had led activities aligned to Hamas and and that his arrest came, quote, in support of President Trump's executive orders prohibiting anti-Semitism.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
Plus, Russia claws back key territory from Ukrainian troops. And overpowered in Washington, Democrats wrestle with whether future voters want confrontation or attack to the center. It's Monday, March 10th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
The day before Khalil's detention, the Trump administration said it would cancel roughly $400 million in federal grants and contracts to Colombia. A State Department spokesperson didn't comment on the case, citing visa confidentiality laws. Chinese tariffs on American food and agricultural products will kick in today, Beijing's retaliation to an additional 10% U.S. levy on all Chinese goods.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
American chicken, wheat, corn, and cotton products face an extra 15% duty compared to 10% for soybeans, pork, beef, dairy products, and more. The moves will put pressure on the third-largest agricultural export market for U.S. farmers, which was worth almost $25 billion last year. Pushed on Fox News whether his economic agenda could lead the U.S.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
Canada gets a new leader as America's neighbour pushes back on Trump's trade war.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
economy to contract, President Trump offered the following on Sunday Morning Futures with Maria Bartiromo.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
Trump's cabinet officials have offered differing opinions on the economic outlook, with Commerce Secretary Howard Ludnick ruling out a recession yesterday, while Treasury Secretary Scott Besant said last week the economy could be in for a rough patch. Coming up, the Democratic Party is torn over what its path back to power looks like. We've got that story after the break.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
Democrats need to fight back against President Trump. That much they can agree on. But how to do it is a question causing some of them to fight amongst themselves, as the party reckons with the options at its disposal, given Trump's command of the national political debate and Republican control of Congress. Journal reporter Aaron Zittner is in Washington.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
Aaron, it's great to have you back on the pod. I'm trying to think about the last Democrat that we mentioned here, and I believe it was Representative Al Green who was yelling at President Trump during his address to Congress last week and got himself censured for it. I take it that's maybe one of the strategies, confrontation, that Democrats think they should be embracing here?
WSJ What’s News
Democrats Can’t Agree How to Fight Back
Just looking at the people you spoke to for this piece, Aaron, emotions really are running high. You've got the confrontationists feeling some true catharsis, it seems like, and getting out there and being vocal now, while those centrists really feel like a lack of discipline right now could make an already bad hand that much worse.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
Former Bank of Canada and Bank of England Governor Mark Carney is set to take over from Justin Trudeau as Canada's next prime minister after winning a vote this weekend to become the leader of the country's governing Liberal Party. Journal reporter Vipal Manga says Carney is expected to call a snap election that suddenly looks winnable.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
Our final seconds, Aaron, obviously, Democratic rank and file. This is how to proceed here is in many ways a decision they get to make individually. But have we seen any clues from Democratic leadership about the approach they'd prefer to take here?
WSJ What’s News
Democrats Can’t Agree How to Fight Back
I've been speaking to Wall Street Journal reporter Aaron Zittner in Washington. Aaron, thanks so much. Good to be with you, Luke.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
And we may not have to wait long to see how Democrats choose to fight back ahead of a showdown this week over a Trump endorsed proposal to avoid a government shutdown and reduce spending, as well as what is shaping up to be a heated debate over a giant Republican backed tax bill later this year. And that's What's News for this Monday morning.
WSJ What’s News
Democrats Can’t Agree How to Fight Back
That clip of Mark Carney you heard, the top of the show, came from Reuters, courtesy of CPAC. Today's show was produced by Daniel Bach and Kate Bullivant. Christina Rocca and Sandra Kilhoff were our supervising producers. 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
Market Turmoil Deepens as Trump Stands By Tariffs
Meanwhile, things are looking equally bleak back in the U.S., with futures suggesting the S&P 500 is on course to enter bear market territory. And as Journal Markets editor Katie Barnado explains, Wall Street is starting to speak out as the true economic effect of tariffs comes into focus.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Plus, Beijing's tariff countermeasures raise the specter of an intensifying trade war with Washington. And Wall Street speaks out, warning of an economic nuclear winter as recession risks mount. It's Monday, April 7th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Yet President Trump remains undeterred in his tariff stance, spending a long weekend at three of his Florida golf courses and firing off social media posts urging Americans to stay the course while promising a market reprieve. His administration is also defending the minimum 10 percent tariffs that have been imposed on countries around the world.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
with White House National Economic Council Director Kevin Hassett saying that more than 50 countries have reached out to start negotiations. Speaking to ABC News' This Week with George Stephanopoulos, Hassett rejected the idea that American consumers will face higher prices.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Israeli Prime Minister Benjamin Netanyahu is set to be the first world leader to hold in-person talks with Trump about the tariffs when he visits the White House today. Meanwhile, EU trade ministers are also meeting today to discuss the bloc's response to US tariffs. Well, one country that's already responding is China.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Coming up, we'll look at Beijing's sweeping retaliatory tariffs and get to the rest of the day's headlines after the break. China has come out in front as the only country to respond to U.S. tariffs immediately, announcing Friday it would put blanket tariffs of 34 percent on all U.S. goods.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
The bevy of retaliatory measures from Beijing includes restrictions on exports of rare earth minerals, controls on several American companies, and a probe into U.S. chemicals manufacturer DuPont. Journal reporter Hannah Miao covers the Chinese economy for us. Hannah, a pretty bold response from Beijing so far. What is the Chinese thinking around these tariffs?
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
I guess trying to find new markets presumably is going to be on the list, though the world has grown a bit wary of perceived Chinese dumping of its goods at a cheap price and harming local industry, for example.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
global markets sell off as President Trump doubles down on his tariffs.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Turmoil in global markets has snowballed into one of the worst routes in recent memory after President Trump said he'll stay the course with aggressive, economically disruptive tariffs. European shares are tumbling after Asian stock markets plunged this morning.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Shifting over to encouraging domestic demand. We've had many segments on the show through the years about things Beijing is thinking about to try and incentivize Chinese consumption of its own products. What are we hearing there?
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Though what we're not hearing here, Hannah, is talk of significantly bolder stimulus action, if I'm hearing this correctly, what we've described here on the podcast before as a bazooka stimulus.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
The sell-off became particularly apparent when Japan's exchange operator briefly halted trading in response to an almost 10% drop in Nikkei futures. The index closed trading off nearly 8%. Though, as our Asia finance editor, Peter Landers, told me, that wasn't the worst of it.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Reporter Hannah Miao covers the Chinese economy for us out of Singapore. Hannah, thank you so much for the update.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Back in the U.S., a second child diagnosed with measles has died in Texas amid an outbreak that's sickened hundreds of people and spread to nearby states. The Texas Department of State Health Services said the school-aged child was not vaccinated and didn't have any known underlying health conditions. Health Secretary Robert F. Kennedy Jr.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
traveled to Gaines County on Sunday, the center of the outbreak, where he was seen outside the funeral for the child. He did not attend a nearby news conference held by the U.S. Centers for Disease Control and Prevention about the outbreak, but in a post on X said that the MMR vaccine is the most effective way to prevent the spread of measles.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Health officials say two doses of the measles, mumps, and rubella vaccine is 97 percent effective in preventing the disease. And the Pentagon says that Defense Secretary Pete Hegseth will travel to Panama this week to attend a regional security conference.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
The visit follows President Trump's allegations of Chinese interference at the Panama Canal and threats to take back control of the vital shipping lane. Panama's government has denied Trump's claim that China exerts influence over the canal.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
Following Trump's threats, a Hong Kong-based conglomerate agreed to sell its controlling stake in a subsidiary that operates ports near the canal to a consortium, including BlackRock. And that's it for What's News for this Monday morning. Today's show was produced by Daniel Bach and Kate Bullivant with supervising producer Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal.
WSJ What’s News
Market Turmoil Deepens as Trump Stands By Tariffs
We will be back tonight with a new show. Until then, thanks for listening.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
While Buffett said that Abel would have final say at Berkshire starting next year, he said he didn't plan to disappear from the scene and used his remarks at the company's annual meeting, heard here courtesy of CNBC, to defend the global trade system, criticizing the antagonistic approach being taken in Washington toward America's economic partners.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
Meanwhile, President Trump is downplaying concerns about the economy, emphasizing that he believes his policies will trigger a historic boom. That forecast, made on NBC's Meet the Press, comes as we report that Trump and his advisors are feeling more confident following a streak of stock market gains and a better than expected jobs report on Friday.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
No. While the White House is signaling that it expects some progress to cool trade tensions this week, including by announcing at least one deal with a country seeking to escape higher tariffs, President Trump said yesterday he'd authorized a new 100 percent tariff on films produced overseas.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
that sent Hollywood executives scrambling to determine how they'd be affected, having received no prior warning about the plan and because movies aren't physical goods like most items subject to tariffs. The White House didn't immediately respond to a request for comment.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
Australian Prime Minister Anthony Albanese has returned to power in a surprising landslide election victory for his Labour Party. That comes as just last week, Canadians gave the left-leaning Liberal Party there a fourth term in office, as voters shied away from a conservative candidate viewed as being too similar to President Trump.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
And Sydney-based reporter Mike Cherney says a similar dynamic played out in Australia.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
And with Trump proving to be a divisive figure for many Australians, Mike explains how Albanese will be looking to manage the country's future alliance with the U.S.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
To Europe now, where Ukraine has set it down to Russian jet fighters using sea drones equipped with modified U.S.-made missiles in what military officials in Kyiv say is the first such attack in the history of warfare. Russia's military hasn't commented on the attack, which The Wall Street Journal wasn't able to verify.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
With Russia grinding slowly forward on the battlefield and Ukraine struggling with a deficit of arms and manpower, the shoot-downs demonstrate how Ukraine is finding ever more enterprising means of weakening Russia's much larger military.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
Warren Buffett marks the calendar for his departure from Berkshire Hathaway. Plus, the Trump factor propels another left-leaning leader to a surprise election victory, this time in Australia. And we'll hear from our South America bureau chief in Colombia as global cocaine production hits an all-time high.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
In other news driving the agenda this week, oil futures are slipping after the OPEC Plus group of producers agreed to raise output for June, marking a second consecutive month of production hikes. In response, Goldman Sachs cut its oil price forecast, with the firm now expecting Brent and West Texas Intermediate Crude to average $56 and $52 a barrel next year, respectively.
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Cocaine Trade Hits Record High as Smugglers Go Global
There is no end in sight for the headaches plaguing travelers to and from Newark Liberty International Airport after its leading operator, United, canceled 35 daily roundtrip flights after a group of air traffic controllers took leave amid issues with their radar and radios. Several controllers took trauma-related leave after a similar outage last fall.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
And the Federal Aviation Administration has at times slowed traffic to Newark as a result of controller staffing issues. Danish drugmaker Novo Nordisk says the U.S. Food and Drug Administration has accepted a new drug application for an oral formulation of its blockbuster obesity treatment, Wegovii.
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Cocaine Trade Hits Record High as Smugglers Go Global
If approved, it would mark the first so-called GLP-1 drug to be available in pill form amid competition from the likes of Eli Lilly and others. Novo Nordisk said the FDA's deadline to decide on the application will be in the fourth quarter. And it is shaping up to be a busy week in markets, with services PMIs for April due out this morning and earnings from Ford expected this afternoon.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
Though the biggest set piece will be the Fed's interest rate decision on Wednesday, with the central bank facing pressure from President Trump to lower rates sooner than the current June forecast. Coming up, potent powder and narco subs are driving a global surge in cocaine smuggling. We'll get the latest from Columbia on the exploding coca trade alarming American officials after the break.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
Global cocaine supply has hit an all-time high, and while production has been steadily climbing for the past decade, drug officials are growing increasingly alarmed over the sheer speed of coca growth and new undersea modes of transport as the potent powder reaches new and faraway markets. Our South America Bureau Chief Juan Ferrero has been tracking cocaine production in Colombia.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
Juan, bring us up to speed here. What has shifted in the past few years?
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
You talk about a lot of this coca cultivation happening in very remote areas and yet reaching markets around the world. What is the supply chain for this drug like now? It's not being carried on foot.
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Cocaine Trade Hits Record High as Smugglers Go Global
What does the Colombian government make of all this? If there really is territory the size of Rhode Island being used to cultivate a drug like this, they can't be unaware of what's going on.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Berkshire Hathaway chief executive Warren Buffett plans to step down at the end of the year, with the 94-year-old handing over the reins to his hand-picked successor Greg Abel.
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Cocaine Trade Hits Record High as Smugglers Go Global
And how is this going over in the United States? Obviously, President Trump has made a big deal about the flow of drugs over the southern border.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
That was Wall Street Journal South America Bureau Chief Juan Ferrero in Bogota, Colombia. Juan, thank you so much for bringing us this story. Thank you. And that's it for What's News for this Monday morning. Today's show was produced by Kate Boulivant. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
Until then, thanks for listening.
WSJ What’s News
Cocaine Trade Hits Record High as Smugglers Go Global
Abel's selection wasn't a surprise, though the timing of the announcement was, silencing a cavernous arena of investors in Omaha, Nebraska on Saturday and triggering a wave of tributes from Wall Street titans.
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Can Europe Broker a Peace Plan for Ukraine?
Meanwhile, Israel says it is stopping the entry of goods into Gaza after a ceasefire officially expired over the weekend without any agreement with Hamas on what comes next.
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Can Europe Broker a Peace Plan for Ukraine?
Hours before the ceasefire expired, Israel said it had agreed to a US proposal to extend the agreement, which would see the release of more hostages and delay until April talks to permanently end fighting, but that Hamas had refused the offer.
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Can Europe Broker a Peace Plan for Ukraine?
Hamas sagte, dass Israel seine Kontrolle über Hilfe nach Gaza verwendet hat, um es in einen neuen Vertrag zu fordern, anstatt es zu erlauben, etwas zu sagen. Beide Seiten vorbereiten sich für eine Rückkehr zum Kampf.
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Can Europe Broker a Peace Plan for Ukraine?
Und der US-Sekretär des Staates, Marco Rubio, sagte am Wochenende, dass er die Geheimdienste verwendet hat, um die Ermittlung von etwa 4 Billionen Dollar in Militärhilfe nach Israel zu steigern. We are exclusively reporting that executives at some of the biggest U.S.
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consulting firms are meeting with Trump officials to defend their contracts amid the administration's push to slash federal spending. That's as the General Services Administration, or GSA, has given procurement officials at federal agencies until Friday to list and justify consulting contracts they intend to keep from 10 companies, including Booz Allen, Accenture and GuideHouse.
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Can Europe Broker a Peace Plan for Ukraine?
According to the GSA, the 10 highest paid consulting firms are set to receive more than $65 billion in total fees across 2025 and future years, money that has yet to be spent. In meetings with Trump officials, executives were told that the government still sees value in consulting, particularly in rolling out advanced technology and modernizing agencies.
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Can Europe Broker a Peace Plan for Ukraine?
Chinese buyers are getting around US export controls to order NVIDIA's latest artificial intelligence chips. According to our reporting, traders in China are selling computer systems with NVIDIA's Blackwell chips installed by routing them through third parties in nearby regions like Malaysia, Vietnam and Taiwan, with some sellers promising delivery within six weeks.
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Can Europe Broker a Peace Plan for Ukraine?
Ukraine's allies rally around President Zelensky in London. But how much can they do for Kiev without American support? Plus, consulting bosses scramble to defend billions of dollars in U.S. government contracts. And state legislatures resume their push to protect kids online, putting App Store operators on the defensive.
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Can Europe Broker a Peace Plan for Ukraine?
NVIDIA said it would investigate every report of possible product diversion and take appropriate action. The grey market activity poses a fresh challenge for Washington, which is weighing how to manage a technological arms race with Beijing.
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Can Europe Broker a Peace Plan for Ukraine?
And speaking of the great power rivalry between the world's top two economies, we're working on a special series about how Beijing is using its trillion-dollar Belt and Road Infrastructure Program to undercut American dominance on the world stage. The second episode of Building Influence is out now on the What's News feed.
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Can Europe Broker a Peace Plan for Ukraine?
25% US-Tarif auf Importe aus Kanada und Mexiko werden morgen in Effekt gehen, mit einem zusätzlichen 10%-Tarif auf Produkte aus China.
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Can Europe Broker a Peace Plan for Ukraine?
Während ein weiterer 11-Hour-Deal, um diese Zeit zurückzuführen, eine Möglichkeit bleibt, wollten unsere Kollegen bei WSJs Take-on-the-Week-Podcast versuchen, den möglichen Marktimpact zu finden, wenn diese Maßnahmen, plus mehr Handelsaktionen, die von Präsident Trump versprochen wurden, in Effekt kommen.
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Can Europe Broker a Peace Plan for Ukraine?
Chad Bown, ein Senior Fellow at the Peterson Institute for International Economics, said that the worsening spat with China could hit the American heartland particularly hard.
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Can Europe Broker a Peace Plan for Ukraine?
And to hear that full interview, including Chad Bounds' analysis on how tariffs could hit the chips industry, North American manufacturers and overall US GDP, check out the latest episode of WSJ's Take on the Week. You can listen and subscribe on whatever platform you use to listen to us. Und in other news investors will be watching.
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Can Europe Broker a Peace Plan for Ukraine?
We are exclusively reporting that energy major Shell is exploring the potential sale of its chemicals assets in Europe and the US as it refocuses on its more profitable oil and gas operations. That is according to people familiar with the matter who say the process is in its early stages and Shell has yet to commit to any final decisions.
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Und Kryptopreise haben gestern einen Boost bekommen, nachdem Präsident Trump sagte, dass er sich mit der Erstellung einer Krypto-Strategie-Reserve bewegen würde, die Bitcoin und Ether, sowie drei kleinere und riskierere Token, inkludieren würde. Trump hat keine weiteren Details geöffnet, aber er wird auf Freitag eine erste White House-Krypto-Summit aufrufen.
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Can Europe Broker a Peace Plan for Ukraine?
Coming up, state legislatures are picking up the fight over online child safety and who should be responsible to verify the ages of social media users. That story after the break.
WSJ What’s News
Can Europe Broker a Peace Plan for Ukraine?
Let's revisit a story now that we spent a good deal of time talking about here and on What's News Sunday last year. The fight over online child safety. The journal's Amrith Ramkumar reports that fight is back on at state houses around the country. And it now features a rift between some of America's largest tech and social media platforms. Amrith, walk us through what's been going on lately.
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Can Europe Broker a Peace Plan for Ukraine?
It sounds like there's been kind of a flurry of activity.
WSJ What’s News
Can Europe Broker a Peace Plan for Ukraine?
Was sagen die App-Store-Operatoren bei diesem Kampf, um den Heat auszunehmen?
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Can Europe Broker a Peace Plan for Ukraine?
It's Monday, March 3rd. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News. The top headlines and business stories moving your world today. After publicly clashing with President Trump on Friday, Ukrainian President Volodymyr Zelensky met with nearly 20 allies in London yesterday.
WSJ What’s News
Can Europe Broker a Peace Plan for Ukraine?
Hummerth, I know that privacy concerns and just overall skepticism about the efficacy of trying to age verify online in the first place have been perennial issues in the online safety debate. Has there been any movement in addressing those pitfalls?
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Can Europe Broker a Peace Plan for Ukraine?
That was Wall Street Journal Tech Policy Reporter Amrith Ramkumar. Amrith, thank you so much for bringing us this story.
WSJ What’s News
Can Europe Broker a Peace Plan for Ukraine?
And that's what's news for this Monday morning. Today's show was produced by Kate Bullivant with supervising producer Christina Rocca. 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
Can Europe Broker a Peace Plan for Ukraine?
A last-minute diplomatic gathering that attracted the leaders of Germany, Italy, France, Canada and Turkey in a show of support for Kyiv. But beyond optics, I asked the Journal's Deputy Brussels Bureau Chief Lawrence Norman what concrete progress came of the gathering.
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China Accuses U.S. of Undermining Trade Truce
The office of the US Trade Representative didn't immediately respond to a request for comment. President Trump has said he plans to speak to Chinese leader Xi Jinping this week, part of a push that administration officials hope will ease rising tensions between the sides.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
Wähler in Polen haben einen konservativen Historiker mit Beziehungen zu Präsident Trump als nächstes Präsident des Landes ausgewählt. Karol Nowrocki hat politische Voraussetzungen von weitrechten Parteien ausgewählt, um den Vorsitz des Bürgermeisters Warsaws, der mit Europa künftiger militärischer Kooperation suchte.
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China Accuses U.S. of Undermining Trade Truce
Wir haben jemanden in der Präsidentschaft, der versprochen hat, die Ukraine zu NATO zu blockieren.
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China Accuses U.S. of Undermining Trade Truce
Offizielle der ukrainischen Intelligenzagentur sagen, dass die koordinierte Bombardierung, die Spidersweb genannt wurde, 18 Monate gedauert hat, um sich zu vorbereiten. The damage is a big blow against Moscow's long-range bomber fleet and marks a significant victory for Ukraine's deep strike program, which uses drones to target crucial materiel on Russia's soil.
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China Accuses U.S. of Undermining Trade Truce
Russia's defense ministry called the operation a terrorist attack, and Moscow has responded with its own drone and missile attacks inside Ukraine, which come as delegations from both countries are set to meet today in Istanbul for talks aimed at ending the war.
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China Accuses U.S. of Undermining Trade Truce
Acht Menschen sind in der Stadt Boulder, Colorado verletzt worden, in einem Angriff, den die FBI als ein Akt der Angst gegen eine Gruppe, die sich für die Erlösung von Hostagen, die von Israel von Hamas genommen wurden, beurteilt.
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China Accuses U.S. of Undermining Trade Truce
Laut Behörden haben die Beobachter einen Mann gehört, der Palestine freie Palästina geäußert hat, als er einen Schleifgerät verwendet hat und ein Feuerwerk verwendet hat. Die Polizei hat einen Anwesenden in der Gefängnis, der sie glaubt, alleine arbeitete.
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China Accuses U.S. of Undermining Trade Truce
Die Angst über die Gewalt in den USA, die aus dem Hamas-Israeli-Konflikt stammt, ist hoch, seit ein Mann zwei israelische Staffer in Washington im letzten Monat verletzt hat. Hier war Boulder-Polizeichief Steve Redfern, von Denver 7.
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China Accuses U.S. of Undermining Trade Truce
In News Moving Markets today, we exclusively report that the Trump administration is expanding its spending review of federal contractors beyond consulting firms to now include 10 technology providers, including Dell and IT firm CDW. That is according to a letter sent by the General Services Administration to 10 companies asking executives to justify their work and find areas to cut.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
More signs of trouble in US-China trade talks. Plus, Poland elects a conservative leader with ties to President Trump, breaking a streak of victories by centrists across Europe.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
The US spends more than $80 billion a year on IT products and services. Dell and CDW didn't respond to requests for comment. Asian steel stocks fell today following comments by President Trump that he plans to double tariffs on steel and aluminum imports to 50% starting Wednesday.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
And we exclusively report that Meta plans to allow brands to fully create and target ads using artificial intelligence by the end of next year.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
According to people familiar with the matter, brands could present an image of the product they want to promote, along with a budget goal, with AI creating the entire ad from there, along with deciding on which users to target and personalizing the ad to specific users based on factors like their location.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
Advertising accounted for 97% of Meta's overall revenue last year and funds its multi-billion dollar investments in AI chips, data centers and for training AI models. Coming up, Journal reporter Vicky Gehuang joins us from a major Bitcoin summit in Las Vegas as the crypto industry basks in its newfound sway in Washington, though not everyone is on board. We've got that story after the break.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
What do Vice President J.D. Vance, Eric and Donald Trump Jr. and Trump 2024 Campaign Co-Manager Chris LaCivita have in common? Well, besides their political convictions, they were all speakers at last week's Bitcoin Conference in Las Vegas.
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China Accuses U.S. of Undermining Trade Truce
Journal reporter Vicky Gehuang was there as the crypto industry, long rooted in libertarian ideas and a skepticism of government, showed off its now close embrace of the president. Vicky, erzähl uns über diese Veränderung. Die Industrie ging wirklich von der politischen Wildnis nach einer großen Power-Base in Washington.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
Vicky, have there been any growing pains though that come with that? Folks who are maybe a little bit uncertain about being so much in the spotlight in Washington?
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
Und die FBI investigiert einen Flamethrower-Attack in Colorado als einen potenziellen Akt des Terrorismus. Es ist Montag, 2. Juni. Ich bin Luke Vargas für die Wall Street Journal. Und hier ist die AM-Edition von What's News. Die Top-Headlines und Business-Stories, die Ihre Welt heute bewegen.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
And yet, I imagine for many of the participants there, it's been hard to ignore the benefits, whether they're regulatory or otherwise, of cryptos new sort of centrality on the political agenda. And it looks like there's more to come on that front.
WSJ What’s News
China Accuses U.S. of Undermining Trade Truce
And that's it for What's News for this Monday morning. Today's show was produced by Kate Bollivant. Our supervising producer was Daniel Bach. 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
China Accuses U.S. of Undermining Trade Truce
China is hitting back against claims by President Trump that it violated a trade truce with the US, with Beijing claiming that recent actions by Washington had undermined agreements made between the two sides in Geneva last month. The Journal's Tracy Chu in Singapore has more.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
Das scheint den Nationalen Wirtschaftskanzler, Kevin Hassett, zu verurteilen, dass die Negotierungen unabhängig bleiben werden und dass drei Ziele nahezu fertiggestellt wurden, sowie Kommentare von Senior Counselor für Handels- und Produktion Peter Navarro, dass, Quote, nichts wirklich verändert hat. However, talks with China may be another story.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
Appearing on Fox News Channel's special report, Treasury Secretary Scott Besson told host Bret Baier that negotiations with Beijing, that he previously hailed as productive, had lost steam and might require the country's leaders to get involved.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
Chinese tech stocks fell today amid renewed pessimism about the prospects of a US-China trade deal, with major players like Alibaba, BYD and Baidu leading the decline. Hamas ist gezwungen, eine US-gerichtete Vorschläge für einen temporären Gaza-Zweig zu verweigern, einen Tag nachdem die White House gesagt hat, dass Israel den Plan akzeptiert hat.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
Die Vorschläge bewegen sich auf eine 60-Tage-Pause in der Kämpfe und langfristige Kriegsverhandlungen, um israelische Truppen zurückzuziehen, zu Positionen, die sie am Ende eines März-Zweigs gehalten haben, und für Hamas, zehn lebende Verletzten zu verlassen. Essen und humanitären Hilfe würden auch in Gaza erlaubt sein.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
Während uns jetzt mit mehr über die Situation in Gaza ist Journalist und Reporter Feliz Salomon. Feliz, es war eine ziemlich aktive und manchmal chaotische Woche, war es nicht? Mit einem neuen Hilfssystem, unterstützt von Israel, der in Gaza vor ein paar Tagen in Effekt gekommen ist.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
All das kommt nach einem mehr als zwei Monaten israelischen Blockaden, der internationalen Druck auf Warnungen über hohe Störungen innerhalb des Territoriums erträgt. Erzähl uns bitte, was passiert ist.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
Felice, wir sind in einigen zentralisierten Orten für diese Hilfe-Distribution. Ich schätze, das könnte einige der Szenen, die wir vorhin gesehen haben, erklären.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
The Trump administration says nothing's changed in its trade talks after a court setback for the president's tariffs. Plus, Google and the Justice Department ready closing arguments in a landmark antitrust case. And we'll get the latest on aid distribution efforts in Gaza as a new ceasefire push falters.
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
And finally, Felice, given that this temporary U.S. ceasefire proposal has been rejected by Hamas now, I imagine this distribution system we had been talking about is going to be remaining in place, at least for the time being. Assuming that's the case, what should we be watching for then?
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
That was Journal Reporter Felice Salomon. Felice, thank you so much. Thanks a lot. And meanwhile, we report that Israeli officials are concerned the Trump administration could agree to a nuclear deal with Iran that doesn't block Tehrans ability to produce a bomb while curtailing the option of Israeli military action.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
That comes after President Trump admitted on Wednesday that he had warned Israeli Prime Minister Benjamin Netanyahu against taking actions like a military strike that could disrupt negotiations.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
The Trump administration has named counties and cities in more than 30 states as sanctuary jurisdictions that it could go after for not complying with federal immigration laws, including New York City, Los Angeles, Chicago and Seattle. Several of President Trump's executive orders have called for withholding funds from sanctuary cities, leading to litigation from cities and states.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
According to the Department of Homeland Security, each jurisdiction will receive formal notification of its noncompliance and the list will be updated regularly. In response to the list, more than 50 government leaders from sanctuary jurisdictions and the Public Rights Project said they would continue to oppose Trump's immigration crackdown.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
Closing arguments are expected today in a landmark antitrust case centered around how to improve competition in online searches after US District Judge Ahmet Mete ruled last year that Google's massive search engine business was an illegal monopoly.
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
The Justice Department has proposed forcing Google to sell its Chrome browser and share data with competitors and barring it from being able to pay Apple to be the default search engine on Safari, a measure that could wipe out billions in profit from Apple's bottom line.
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
Googles Attorneys, meanwhile, plan to argue the government's proposals are overreaching and could cause it disproportionate harm. And should they do so, Journal columnist Dan Gallagher said recent threats to its core business posed by artificial intelligence could come in handy.
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
The Securities and Exchange Commission has dismissed its lawsuit against Binance and its billionaire founder Changpeng Zhao. It is the agency's latest move to wind down Biden-era enforcement actions against the crypto industry, which has been boosted by the favorable regulatory environment under President Trump.
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
Back in March, the Journal reported that Zhao, who pleaded guilty to violating anti-money laundering laws in 2023, had been seeking a pardon while representatives of the Trump family held talks to invest in the U.S. arm of Binance. Zhao and Binance denied the talks, though Zhao has confirmed seeking a pardon.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
And finally, while experts have long said that the data points they use to measure the economy are robust, they also admit they don't always offer a complete picture. So, enter low-rise jeans, press on nails and the return of Lady Gaga.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
Trends associated with previous downturns, in which Journal Markets reporter Hannah Aaron Lang says Gen Z are now watching to predict where the economy may be headed.
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Google’s Future Awaits Ruling in Landmark Antitrust Case
Und Hannah sagt, es gibt Logik in der Suche nach diskretionären Einkommen für finanzielle Begriffe.
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
It's Friday, May 30th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today. Top US-Officials say that trade negotiations with foreign capitals remain on course, despite a ruling by a federal court that found that President Trump's sweeping global tariffs were illegal.
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
And that's it for What's News for this Friday morning. Today's show was produced by Kate Bullivant. Our supervising producer was Daniel Bach. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend and thanks for listening.
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
Wir machen eine kulinarische Reise.
WSJ What’s News
Google’s Future Awaits Ruling in Landmark Antitrust Case
That ruling is on hold after the administration argued in a filing that it, quote, jeopardizes ongoing negotiations with dozens of countries by severely constraining the president's leverage.
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Powerful Earthquakes Rock Myanmar, Thailand
officials said Israeli officials have complained privately about Waltz's texts becoming public. Trump administration officials have denied the texts contained classified information. And when asked yesterday whether the Justice Department would be getting involved, U.S. Attorney General Pam Bondi deflected.
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Powerful Earthquakes Rock Myanmar, Thailand
Waltz has said he's taking responsibility for initiating the signal chat. The Israeli prime minister's office and embassy in Washington declined to comment. Meanwhile, the U.S. is making new economic demands of Ukraine that would see Kiev surrender future profits from a swath of projects in order to compensate for American financial and military assistance.
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Powerful Earthquakes Rock Myanmar, Thailand
In addition to seeking profits from certain Ukrainian mineral projects, the latest draft of an economic deal now includes oil and gas resources, while continuing to omit mention of American security guarantees in early demand of Ukrainian President Volodymyr Zelenskyy.
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Powerful Earthquakes Rock Myanmar, Thailand
Zelensky said that the new proposal, which updates an agreement he and Trump had been set to sign before a late February blowup at the White House, would require detailed study. The updated proposal comes as the U.S. faces headwinds in brokering Ukraine-Russia peace talks, raising questions about which side Trump might try to pressure to break the deadlock.
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Powerful Earthquakes Rock Myanmar, Thailand
Well, speaking of the Trump administration's diplomatic strategy, Vice President J.D. Vance is set to arrive in Greenland today, a visit that sparked ire on the island, which sees the trip as an act of aggression. The trip also comes as officials around Europe are reckoning with comments made by Vance in a signal chat featuring top American officials.
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Powerful Earthquakes Rock Myanmar, Thailand
in which he expressed disdain for what he perceived to be, quote, European freeloading. The journal's Brussels bureau chief Dan Michaels has been speaking to people close to Vance to understand the vice president's motives. Dan, before we get deeper into that, tell us about this visit to Greenland today and what it reveals about Vance's diplomatic instincts and U.S. policy at the moment.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
What's the end goal? One narrative around Vance's actions and his comments that have been directed towards Europe since taking office has been that it's animus. But your reporting suggests there could be something else at play here. What is Vance ultimately driving at?
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Powerful Earthquakes Rock Myanmar, Thailand
A powerful earthquake rocks Myanmar and Thailand. Plus, President Trump broadens his retribution campaign against major law firms. And as Vice President Vance heads to Greenland, Europe confronts the reality that hostility from Washington could be more than just a show.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
It's Friday, March 28th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
If Vance is doing this, as some of his ideological allies say, is born of tough love. We want Europe ultimately to be strong and to align with the U.S. The way European countries react to this could unfold in a way that isn't in line with the U.S.,
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
That was the Journal's Brussels Bureau Chief, Dan Michaels. Dan, thanks so much. My pleasure, as always. Coming up, we'll recap a pair of executive orders out of Washington targeting unionized federal workers and another big law firm. Plus, Paul Hannon drops by to share some good economic news out of Europe. That and more after the break.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
Australians are set to go to the polls in early May after Prime Minister Antony Albanese called for elections against a backdrop of an economic recovery and an uncertain global outlook.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
Polls point to a tight race, with Albanese's Labour government expected to point to falling interest rates, stronger wage growth and tamed inflation, while the opposition Liberal National Coalition is proposing tax changes to lower fuel costs and building nuclear power plants to replace coal.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
Global issues and leadership will likely be key features of the campaign, too, as the Trump White House targets Australia with tariffs on steel and aluminum. Well, speaking of the White House, we've got two more executive orders from President Trump to discuss.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
We begin in Thailand and Myanmar, where a series of powerful earthquakes, one of which reached a magnitude of 7.7, sent streams of wounded seeking treatment in Myanmar's capital Naypyidaw and triggered the collapse of an apartment block under construction in the Thai capital, Bangkok.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
First, he moved to end the government's collective bargaining with workers at agencies involved in intelligence and national security and only exempting police and firefighters. The move could affect workers at the departments of state, defense, veterans affairs, and more, and follows prior moves to chip away at union bargaining rights within the government.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
Trump cited the 1978 Civil Service Reform Act as giving him authority to issue yesterday's order, while the American Federation of Government Employees Union said it was preparing immediate legal action. And in a separate order, Trump targeted yet another major law firm, this time WilmerHale, yanking its security clearances and restricting its access to federal buildings.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
The order singled out WilmerHale's ties to former special counsel Robert Mueller, who investigated ties between the president and his campaign in Russia. Wilmer had lobbied to avoid the executive order, hoping to leverage its ties to the administration, including helping vet top officials and preparing some for their confirmation hearings.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
Several additional firms are scrambling to avoid being targeted next, including Skadden, which we report is in talks with the administration. Among those already targeted by Trump, Perkins Coie is the only firm that's filed a lawsuit challenging the president's actions.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
The journals Dana Mattioli and Aaron Mulvaney have the inside story on why it decided to fight back, how that's gone over with clients, and how Trump's orders have roiled the clubby U.S. legal industry. We've left a link to that story in our show notes.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
And in markets news, a raft of fresh data is pointing to light at the end of the tunnel for the European economy, despite imminent tariffs that are threatening to dampen already lackluster eurozone growth. Low inflation in France and Spain points to slower price rises and tees up fresh cuts to interest rates in the months ahead.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
And as economics editor Paul Hannan told us, lower borrowing costs are a boon for businesses and consumers in particular.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
And that's it for What's News for this Friday morning. Today's show was produced by Daniel Bach with supervising producer Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend and thanks for listening.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
Thailand's National Institute of Emergency Medicine said 50 people had been transferred to hospital and one person died in the collapse. For more on this developing story, visit wsj.com. We are exclusively reporting that Israel provided sensitive intelligence on a Houthi military operative that was targeted in a U.S.
WSJ What’s News
Powerful Earthquakes Rock Myanmar, Thailand
attack in Yemen that was described in the signal chat at the center of a political firestorm. According to two U.S. officials, National Security Advisor Mike Waltz texted that a Houthi missile expert, a key target of the attacks, was seen entering a building Waltz said had been destroyed, intelligence that came from an Israel-linked human source on the ground in Yemen. U.S.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Eine gemeinsame Pressekonferenz zwischen Trump und Zelenskyy wird um 1.00 Uhr östlich an der Schlussfolgerung von bilateralen Beratungen stattfinden. Mittlerweile ist es ein wichtiges Wochenende in der Mittleren Osten-Diplomatie, weil die erste Phase eines aktuellen Ausbruchs zwischen Israel und Hamas morgen ausführen wird.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Die USA, ein wichtiger Mediator in den Gesprächen, hat gesagt, dass sie sich auf eine zweite Phase bewegen wird, die die Krieg formal enden würde, aber mehr Zeit benötigen würde, um das zu tun. So how likely is that? And how are the parties to the war viewing things? Summer Said is a journal senior Middle East correspondent.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Summer, you have always got a good pulse on when diplomatic talks are actually occurring versus when this is all just bluster that we're hearing. What's happening? Are the parties talking?
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Earlier this week you reported that Hamas' military forces were regrouping, new commanders were being appointed. They were working out where they might position fighters if there was a return to the war. Just expand on that a bit. That was Hamas' militant wing making those preparations. Does their political wing necessarily feel the same way?
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
And could that all just be posturing, not wanting to seem ahead of talks like they wouldn't be willing to fight if it came to it?
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Ukraines Zelenskyy heads to Washington in a bid to win US support. Plus, as mediators work to salvage an expiring Gaza ceasefire, Hamas' military wing prepares for a new fight.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
And in terms of what happens next in these talks, Summer, how do we factor in the Trump effect? He had a pretty galvanizing effect on the ceasefire process last month, demanding the release of hostages or else. Of course, there are still more than 60 hostages in Gaza, though many of them are presumed dead. How should we see his and the U.S. role in all of this?
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Summer Saeed ist Wall Street Journal Senior Middle East Correspondent. Summer, thank you so much for the update. Thank you. Coming up, the FAA readies a hiring push for U.S. air traffic controllers, plus how markets are reacting to President Trump's latest tariff threats and more after the break. FAA
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
The Trump Administration wants to hire more air traffic controllers and spend billions of dollars to upgrade the nation's aviation system. As part of a plan to increase staffing, the Federal Aviation Administration will boost pay for air traffic control students at its academy in Oklahoma City by 30% and streamline its hiring and training process to attract the best candidates.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
It hopes to reverse staffing shortages that have strained workers and at times caused flight delays in recent years. While the administration has been cutting jobs across the federal government, including the FAA, controllers and aviation safety inspectors have been exempt.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
In an interview with the journal, Transportation Secretary Sean Duffy said he'd also ask Congress to fund tech upgrades to US air traffic control, pointing to its reliance on decades-old copper wire, floppy disks and phone jacks. A tweak in Google's algorithm has thrown product review sites into crisis.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Sites offering tips on everything from mattresses to savings accounts, such as CNN Underscored and Forbes Vetted, rely on the tech giant to drive much of their traffic and therefore revenue. But over the past year, Google has changed how such sites appear in its search engine, saying it wants to offer users higher quality results.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Journalist Alexandra Bruel hat gesagt, dass das für eine einmal lukrative Seite der News-Media verursacht worden ist.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
According to data firm SimilarWeb, traffic for personal finance recommendation site Forbes Advisor fell 83% in January, while CNN Underscored and BuySide from WSJ, which is operated by Wall Street Journal parent Dow Jones, were both down more than 25% in that period.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
And let's look at what's moving or not moving markets as we close out the week, starting with the response to President Trump's latest trade moves. We got a few more of them yesterday. Further 10% tariffs on products from China and clarification that 25% tariffs on Canada and Mexico would kick in next Tuesday.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
That's on top of promised 25% EU tariffs, measures targeting automobiles, pharmaceuticals and semiconductors, and reciprocal tariffs meant to equalize US levies with duties and non-tariff barriers imposed by other nations. Given that flurry of activity, I asked Journal finance editor for Europe, Alex Frangos, how and if markets are able to keep up.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
And markets and Trump's team struggled to keep up with a flurry of tariff activity from the president. It's Friday, February 28th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News. The top headlines and business stories moving your world today. Ukrainian President Volodymyr Zelensky is set to meet with President Trump at the White House this morning.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
As the journal's Gavin Bade reports, Trump administration officials are privately indicating that the president's full reciprocal tariff action could take six months or longer to implement, with people familiar with the discussion saying a previously announced April 2nd deadline affords too little time to fully analyze the tariff and non-trade barriers of countries around the world.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Asian Stocks have ended the day deep in the red. Meanwhile, Bitcoin has dropped below the $80,000 mark, accelerating a recent retreat from highs reached ahead of Trump's inauguration last month, as investors lose their appetite for risky assets like cryptocurrencies.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
And on deck today, the Fed's favored measure of inflation, the Personal Consumption Expenditures Price Index, is set for release at 8.30 a.m. Eastern. And that's it for what's news for this Friday morning. Today's show was produced by Kate Belovint and Daniel Bach with supervising producer Christina Rocca. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Otherwise, have a great weekend. Thanks for listening.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Zelensky is hoping to finalize a mineral rights deal and then appeal to Trump for security guarantees, though it's unclear whether those guarantees are forthcoming.
WSJ What’s News
Negotiators Race to Extend Israel-Hamas Cease-Fire
Ein Senior-Trump-Administration-Official hat gestern gesagt, dass die USA keine Boots auf dem Boden in der Ukraine stellen würden, obwohl sie gefordert haben, dass eine Art indirekter Unterstützung für die Diskussion offen sein könnte, so lange die US-Truppen nicht in Schmerzen sind.
WSJ What’s News
Trump Targets Democratic Fundraising
But Journal of Finance editor Alex Frangos told us we've heard enough results already to see a trend among top execs.
WSJ What’s News
Trump Targets Democratic Fundraising
A few CEOs have voiced support for tariffs, though, with one U.S. steel producer welcoming levies on imported steel and aluminum, while the CEO of appliance maker Whirlpool said tariffs will level the playing field. Well, among the companies less impacted by tariffs on foreign goods is Google parent Alphabet, which rallied in off-hours trading after reporting solid earnings last night.
WSJ What’s News
Trump Targets Democratic Fundraising
However, even its outlook is clouding, with the company drawing a lot of its revenue from the $350 billion digital advertising industry. The market is preparing for a tariff-induced slowdown as brands pull back on advertising when their consumers are less likely to buy.
WSJ What’s News
Trump Targets Democratic Fundraising
That poses a risk to meta-platforms and Alphabet, who rely on tens of billions of dollars in advertising revenue in order to finance expansions into other areas such as artificial intelligence. President Trump is targeting Democrats' main fundraising platform, asking the Justice Department to investigate ActBlue over allegations it allows illegal campaign donations.
WSJ What’s News
Trump Targets Democratic Fundraising
The platform gives small-dollar donors an easy way to contribute to Democrats' campaigns. with ActBlue having collected nearly $3.8 billion in individual contributions during the last election cycle. A summary of Trump's memo makes no mention of WinRed, a prominent Republican online fundraising platform designed to replicate Democrats' success.
WSJ What’s News
Trump Targets Democratic Fundraising
Meanwhile, President Trump's approval rating fell to 45 percent in April, the second lowest for any post-World War II president, though slightly above his 41 percent rating from his first term. The Gallup poll comes as the president nears 100 days in office, over which time he's implemented 137 executive orders, over 100 more than the first three months of his previous term.
WSJ What’s News
Trump Targets Democratic Fundraising
In response, more than 80 lawsuits have been filed that challenge his executive orders on immigration, gender and diversity, and climate change. And in rulings in some of those challenges, Trump suffered a string of legal setbacks yesterday.
WSJ What’s News
Trump Targets Democratic Fundraising
Federal judges across the country blocked or slowed core policy goals, including the administration's push to require proof of citizenship when registering to vote. as well as efforts to strip federal funding from sanctuary cities and public school districts with DEI programs.
WSJ What’s News
Trump Targets Democratic Fundraising
White House spokesman Harrison Fields said the administration was confident in securing an ultimate victory in the courtroom. And for further details on those rulings, check out the link we've left in our show notes. Coming up, two months after Vice President J.D. Vance scolded European political leaders gathered in Germany for ignoring the will of voters, the U.S.
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Trump Targets Democratic Fundraising
chided a gathering of energy ministers in London yesterday, suggesting that climate-motivated renewables policies were harming human lives. We'll go inside the growing rift in global energy policy after the break.
WSJ What’s News
Trump Targets Democratic Fundraising
President Trump takes aim at Democrats' main funding platform. Plus, big tech companies hold their breath ahead of a tariff-induced advertising slowdown. And as the U.S. bets that fossil fuels will provide growth and security, Europe shores up its sustainable energy sources.
WSJ What’s News
Trump Targets Democratic Fundraising
Ten years after the Paris Climate Agreement joined more than 190 countries around goals of limiting emissions and pursuing less carbon-intensive energy sources, Washington is no longer reading from the same playbook. It was a fact made clear when U.S.
WSJ What’s News
Trump Targets Democratic Fundraising
official Tommy Joyce addressed an energy security summit in London yesterday as he touted President Trump's focus on cultivating energy sources that he said the country had in abundance, the latest buzzword in energy policy.
WSJ What’s News
Trump Targets Democratic Fundraising
He compared that strategy of abundance to what he cast as a policy of scarcity under former President Biden.
WSJ What’s News
Trump Targets Democratic Fundraising
We oppose these harmful and dangerous policies. And surrounded by the heads of some of the world's largest renewable energy firms and the ministers who've embraced that industry, he called the process of making energy grids compatible with wind and solar exponentially more expensive and suggested renewables were a mirage that
WSJ What’s News
Trump Targets Democratic Fundraising
Those remarks help to explain two recent moves by the Trump administration that have made waves in the energy community —
WSJ What’s News
Trump Targets Democratic Fundraising
The first, last week, the Interior Department ordered energy company Equinor to stop work on a massive offshore wind project in New York, a step that trade groups and industry experts see as a chilling signal that even fully permitted projects bringing foreign investment into the U.S. aren't immune in Washington, where renewables growth is seen as a threat to America's dominance in fossil fuels.
WSJ What’s News
Trump Targets Democratic Fundraising
And second, as a part of tariff negotiations earlier this month, President Trump suggested he'd call off his trade war with Europe if the EU purchased $350 billion in U.S. energy products, the value of the bloc's trade surplus in goods, a suggestion that's ruffled feathers across a continent that's all too familiar with Russia's weaponization of energy during the Ukraine war.
WSJ What’s News
Trump Targets Democratic Fundraising
Marc Ferracci is France's Minister of Industry and Energy and told me Europe needs to break its dependence on foreign energy.
WSJ What’s News
Trump Targets Democratic Fundraising
Veraci told me that sovereignty comes from staying local. In France's case, cutting ties with Russian gas, not deepening its dependence on U.S. gas, and trying to end reliance on clean energy technology from China. And that trend of staying local is one that Fatih Birol, the executive director of the International Energy Agency, said.
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Trump Targets Democratic Fundraising
Said explains many of the energy security policies he heard this week.
WSJ What’s News
Trump Targets Democratic Fundraising
Corporate leaders told us they're seeing this shift too. Laurent Odeh is the chief commercial officer for nuclear energy giant Yarenko, and Andreas Schierenbeck is the CEO of power grid equipment maker Hitachi Energy.
WSJ What’s News
Trump Targets Democratic Fundraising
The stakes are high as Europe pursues energy sovereignty and decarbonization. But across the developing world, there is a sense that energy security cannot afford to get too tied up in geopolitical rivalries. Enya Listiani-Dewey is Indonesia's Director General for New Renewable Energy and Energy Conservation.
WSJ What’s News
Trump Targets Democratic Fundraising
Just hours before she spoke to us, Indonesia proposed closing its trade deficit with Washington by buying U.S. goods, including American oil and gas. But as the country races to improve living standards for the world's fourth-largest population, it's not letting go of Beijing, the source of its renewable supply chain.
WSJ What’s News
Trump Targets Democratic Fundraising
And that's it for What's News for this Friday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff, and I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend, and thanks for listening.
WSJ What’s News
Trump Targets Democratic Fundraising
It's Friday, April 25th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Trump Targets Democratic Fundraising
President Trump's trade policies are beginning to cast a shadow over the current earnings season, leading the CEOs of American Airlines, PepsiCo and many others to warn that constantly changing tariffs are spooking consumers and making business planning virtually impossible. More updates are due today from the likes of Colgate-Palmolive and HCA Healthcare.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
Here with the very latest, I'm joined by Wall Street Journal aviation reporter Ben Katz. Ben, what do we know at this hour about what caused this, and describe to us the effects we're seeing downstream.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
Disruption for air passengers' cargo, I imagine, affected as well some economic ripple effects here?
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
Plus protests in Israel after Prime Minister Netanyahu fires his intelligence chief, tightening his grip on power. and Elon Musk is set to receive a top-secret Pentagon briefing today. It's Friday, March 21st. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
It does seem remarkable, does it not? A single point of failure for such a key piece of infrastructure.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
That was journal aviation reporter Ben Katz. Ben, thanks for stopping by. Thanks, Luke. Coming up, Elon Musk's top secret briefing on U.S. war plans for China. Plus, Israeli Prime Minister Benjamin Netanyahu fires his domestic intelligence chief. We've got those stories and much more after the break. Elon Musk is set to be briefed today on the U.S.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
military's top-secret war plans for China, according to two U.S. officials, including about how American forces would fight, along with maritime tactics and targeting plans. The meeting underscores the cross-cutting interests Musk has as a senior advisor to President Trump, while being the head of U.S. defense contractor SpaceX and Tesla, which relies on China for car production.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
Major disruption as an electrical outage shuts London's Heathrow Airport.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
Musk, according to one person familiar with the arrangements, is receiving the briefing because he asked for one. While he has a security clearance, Musk isn't in the military chain of command or known to be a military advisor to Trump, though he has lately weighed in on defense acquisitions.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
Defense Secretary Pete Hegseth confirmed that Musk would visit the Pentagon on Friday, but disputed that he'd receive a sensitive China briefing. In a post on Truth Social, Trump said that China will not even be mentioned or discussed at the Pentagon meeting.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
A federal judge has temporarily blocked members of the Department of Government Efficiency from Social Security Administration systems that contain personal information, saying their work was likely an illegal phishing expedition.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
The temporary restraining order bars Doge employees or affiliates from accessing the agency's systems until they receive proper training on handling sensitive information. The judge also ordered them to delete all non-anonymous personal information that they'd gathered from the agency so far.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
An SSA spokesperson said it will work to comply with the court order, while White House spokesman Harrison Fields described Judge Ellen Hollander as an activist trying to sabotage the president's work. Meanwhile, the National Transportation Safety Board says 68 bridges across the country should be inspected to assess whether they would collapse in the event of a vessel collision.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
The list includes New York's Brooklyn, George Washington, Manhattan, Verrazano Narrows, and Williamsburg bridges, along with the Golden Gate Bridge in San Francisco. Here was NTSB Chair Jennifer Homendy.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
The NTSB recommendation comes as a part of its investigation into the destruction of Baltimore's Francis Scott Key Bridge last year after it was hit by a cargo ship, killing six people. Turning to Israel now, Prime Minister Benjamin Netanyahu has fired his domestic intelligence chief, arguing that Shin Bet director Ronan Barr had lost his trust.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
London's Heathrow Airport is shut after an electrical fire knocked out power to Europe's busiest travel hub. The airport is a major gateway for American travelers to Europe and expects disruption for days, with at least 1,300 flights affected today alone.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
Barr's ouster is controversial because Shin Bet was investigating some of Netanyahu's aides. Barr has also been playing a key role in negotiations with Hamas to free hostages and reach a ceasefire deal. And following the move, thousands of people marched on Jerusalem to oppose bars removal and demand elections, while relatives of hostages gathered to call for a ceasefire.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
In a letter preempting his dismissal, Barr said the move was aimed at preventing his agency from investigating the failure to stop Hamas's October 7th attacks and would harm efforts to free hostages.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
And in market news today, Japan's consumer inflation slowed slightly in February to 3.7 percent from a year earlier, but continues trending up amid a record spike in rice prices and signs of strong wage growth. Those price pressures mean the Bank of Japan has room to keep tightening and move ahead with interest rate hikes.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
Meanwhile, FedEx is warning that economic uncertainty is hurting its bottom line. The company cut its outlook for the year, citing soft demand for business-to-business shipments as a result of continued weakness in America's industrial economy, inflationary pressures and uncertain global trade policies. FedEx shares fell in off-hours trading.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
And shares in consulting firm Accenture have also taken a hit after its CEO warned of ongoing uncertainty amid government efforts to rein in spending on federal contractors.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
According to a draft of a letter from the General Services Administration viewed by the journal, the Trump administration plans to ask Accenture and other consulting companies, including IBM and Deloitte, to create a scorecard within weeks to justify their work with the U.S. government.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
For weeks, the Trump administration has made it clear it wants to reduce consulting spending and that it expects firms to help. And that's it for What's News for this Friday morning. We had additional sound in this episode from Reuters. Today's show was produced by Kate Boulivant with supervising producer Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal.
WSJ What’s News
Power Outage Shuts Heathrow Airport, Snarling Travel
About 120 aircraft were en route to Heathrow when the fire broke out, with those flights having to either land at a different airport or return home. Here's the moment that an American Airlines pilot flying from North Carolina to Heathrow had to do just that.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
Those comments followed talks held in Paris yesterday that French officials had hailed as a moment of convergence after feeling cut out of prior negotiations about the future of Ukraine. Rubio, Trump envoy Steve Witkoff, senior Ukrainian and European officials attended the talks, and a follow-up meeting could be held in the UK in a matter of days.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
Separately, President Trump says a mineral rights deal between the U.S. and Ukraine will be signed next Thursday, though Michael told us the proof will be in the pudding.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
The U.S. is moving ahead with a plan to charge fees on Chinese ships calling at American ports, part of the Trump administration's effort to counter China's dominance in ocean shipping and revive the domestic maritime industry. In a plan released by the U.S. Trade Representative's Office, Chinese owners and operators will be charged $50 a net ton on each U.S.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
voyage, while operators of ships built in China will also face a charge starting at $120 per container. USTR's fee plan would come into force in six months, with fees increasing every year over the next three years.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
Meanwhile, at the Oval Office, Trump said he's in contact with the highest levels of the Chinese government about a potential deal to reduce tariffs, appearing to confirm that he's talking to Chinese President Xi Jinping himself. He also signaled he might lower tariffs on China from the current 145%.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
Meanwhile, on trade talks with the EU and Japan, Trump said he expects to reach a deal with both before the 90-day pause on reciprocal tariffs ends. While many markets are shut today, Japanese shares were trading, and Journal Asia finance editor Peter Landers told us that the news provided a bit of a boost for the Nikkei.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
And as Peter explains, progress on a trade deal bolsters the Bank of Japan's case for hiking interest rates as it looks to tackle higher inflation.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
President Trump signals that China, the EU, and Japan could all reach trade deals with Washington. Plus, the U.S. says time is ticking on efforts to end the war in Ukraine.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
And we've got a pair of developments concerning a man mistakenly sent by the U.S. to a Salvadoran prison, a case that's become a political and legal flashpoint over the Trump administration's deportation efforts.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
On a visit to El Salvador yesterday, Maryland Senator Chris Van Hollen met with Kilmar Abrego-Garcia a day after pressing El Salvador's vice president about why he remained imprisoned without evidence of his alleged gang membership. to which Van Hollen was told that it's because the U.S. is paying the country to incarcerate deported migrants. Meanwhile, a U.S.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
appeals court became the latest to rebuke the handling of the case, with Judge J. Harvey Wilkinson, a Reagan appointee, chiding the Trump administration for continuing to resist a Supreme Court directive last week that'd facilitate Abrego-Garcia's return.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
In his order, Wilkinson accused the government of, quote, asserting a right to stash away residents of this country in foreign prisons without the semblance of due process. Abrego Garcia has denied any gang involvement and said he's never been charged with a crime after living in the U.S. for around a decade.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
Both the Trump administration and El Salvador's president have said they didn't have the authority to return Abrego Garcia. Coming up, Netflix reports a record profit with no mention of any trade war impact. So can the streamer reach its lofty hopes of a trillion dollar valuation? We'll bring you the answer after the break.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
The markets are closed and it's a holiday weekend for many people. Time to get outside, gather with family, and maybe fire up the world's most popular streaming service to catch up on that show you've been meaning to watch. Dan Gallagher is the Wall Street Journal's heard-on-the-street tech columnist and stayed up late for us to crunch Netflix's Q1 earnings. Earnings that, Dan, didn't disappoint.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
We've got record profit here, no signs of fallout from the trade war.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
Take us into a bit more detail here. Netflix has surpassed 300 million subscribers now and crucially are signaling strength to come.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
And Netflix posts a record profit with no fallout from the trade war. It's Friday, April 18th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
And that lead over competitors is crucial, right? Especially should the global economy falter or the American consumer begin to penny pinch in the coming quarters.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
And finally, Dan, we've learned recently that some Netflix executives see a trillion dollar valuation as a possibility for the company. What should we make of that? And what would it take for Netflix to punch its way into the next weight class, so to speak?
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
I've been speaking to Wall Street Journal Heard on the Street tech columnist Dan Gallagher. Dan, thank you so much, as always, for the update. Thank you for having me. And that's it for What's News for this Friday morning. Today's show was produced by Daniel Bach. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
Otherwise, have a nice weekend. Thanks for listening.
WSJ What’s News
U.S. Could Pause Ukraine Talks If Progress Isn’t Made Soon
Secretary of State Marco Rubio says the outline of a deal to end the war in Ukraine is being considered by Kyiv, with Washington hopeful to hear back soon. However, in response to a question by Journal national security correspondent Michael Gordon, America's top diplomat today said U.S. patience to negotiate an end to the conflict has its limits.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
While NJ Transit and the union are at odds over wages for just 450 workers, officials argue they can't strike a narrow deal on compensation that could set a precedent for other negotiations. The strike could snarl commutes for more than 350,000 people, with NJ Transit saying a substitute bus service can carry just 20 percent of current rail customers.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
NJ Transit and Murphy have called for New Jersey commuters to work from home if possible.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Meanwhile, as the Federal Aviation Administration contends with equipment problems and staffing shortages at the Philadelphia facility that manages Newark, New Jersey's airspace, a veteran air traffic controller there has spoken to the journal about working conditions after he helped to narrowly avert a midair collision earlier this month.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Jonathan Stewart took stress-related trauma leave after the incident, a benefit available for controllers. He said his colleagues aren't to blame for recent delays and disruptions in and out of Newark and pushed back against a recent letter to customers from United Airlines CEO Scott Kirby that said the airline canceled flights after controllers, quote, walked off the job.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
A United spokesman pointed to Kirby's more recent statements calling for better equipment and working conditions for air traffic controllers. The FAA said it's pursuing short and long-term fixes for controllers who oversee Newark airspace, including installing a temporary backup telecommunications system, more reliable connections, and a new radar system based in Philadelphia.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
And you can hear the full interview with Jonathan Stewart in today's episode of The Journal Podcast, wherever you listen. And we are exclusively reporting that just two weeks ahead of hurricane season, the newly appointed chief of the Federal Emergency Management Agency doesn't yet have a fully formed disaster response plan.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
David Richardson acknowledged as much in private meetings and has told staff he'd share a hurricane plan with Homeland Security Secretary Kristi Noem after he completes it late next week.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
The agency has been struggling with a steep decline in its workforce, turmoil in its upper ranks, and no clear direction about the future of the agency, according to more than a half dozen current FEMA employees and documents reviewed by the journal. President Trump signed an executive order in January that established a FEMA review council to overhaul the agency.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Coming up, we'll get the latest from White House reporter Alex Leary in the United Arab Emirates as President Trump winds down a four-day trip to the Middle East. And we'll hear about how the Trump administration is targeting the EU's rules protecting online users in defense of free speech. Those stories after the break.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
President Trump wraps up a gilded Middle East tour that put bromance diplomacy with Gulf leaders on full display. Plus, foreign direct investment into Europe plunges. And a senior air traffic controller tells the Journal about the high-stress job of managing Newark's airspace.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
President Trump is making his way back to the U.S. today after a four-day visit to the Middle East, punctuated by announcements of investment deals, arms sales, and new diplomatic openings. Journal White House reporter Alex Leary is in Abu Dhabi.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Alex, the thing that stood out from this trip seems to be the extent to which we could really see Trump's closeness with Arab rulers, something you and your colleagues really drew a line under in your reporting in the last few days. Why did you think that's so important?
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
These rulers all seem to follow somewhat of a similar playbook, did they not, in how they negotiated with Trump? What did that actually get these Arab countries? And second, might that set a tone that you'll be watching as we look to see how others engage with Trump after this trip?
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
I'm curious, since you've been traveling in close proximity to the whole Trump team this week, to what extent has the political blowback that we reported on coming from Washington over this perceived transactionalism with these Arab leaders, notably as it relates to the Qatar potential gift of a $400 million plane to be used as Air Force One, did that change? sort of register with his team?
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Finally, Alex, is there anything this trip didn't clear up? We began the week talking to Stephen Kalin. He was sort of saying maybe we could look at updates on efforts to get Saudi Arabia to normalize relations with Israel. Maybe we'd hear more about the situation in Gaza. If those things were a big topic of discussion, I'm not sure they really elbowed their way into the headlines very much.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
It's Friday, May 16th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Alex Leary is a Wall Street Journal White House reporter and joined us from Abu Dhabi today. Alex, safe travels back to the U.S. Thank you so much for the update. My pleasure. The Trump administration is targeting the EU's rules to protect online users, framing a new pressure campaign as a defense of free speech and U.S. commercial interests.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
We exclusively report that last week, the State Department asked its offices around Europe for, quote, examples of government efforts to limit freedom of speech, end quote, according to a copy of the request reviewed by The Wall Street Journal. with another department communication seeming to refer to the EU's digital rules as part of the, quote, global censorship industrial complex.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
The EU's Digital Services Act, adopted in 2022, requires that digital platforms show they're taking steps to stop the spread of illegal content, as well as the use of disinformation to manipulate elections. EU officials say the law, which only applies in the EU, doesn't threaten free speech and and is designed to protect Europeans' basic rights and to keep children safe online.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Meanwhile, Europe is struggling to attract global capital, with foreign direct investment to the region dropping to its lowest level in nine years, according to accounting firm EY. The UK, France, and Germany all saw double-digit declines. though they remain the three largest recipients of inflows, with London holding on to the title of Europe's most attractive city for investment.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
EY's Julie Tagland told me that 37% of businesses surveyed said they had scaled back their European investment plans, citing high energy costs, a sense of diminished growth prospects, and broader geopolitical uncertainty.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
Hundreds of thousands of commuters across New Jersey, New York, and Philadelphia are facing disruption this morning as NJ transit workers went on strike just after midnight following a years-long battle over wages for train engineers.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
There are some positives, though, as Central, Eastern, and Southern Europe all saw a surge in FDI thanks to cheaper energy and labor costs, as well as ample available land. A majority of respondents also said they expect Europe will become increasingly attractive for investment over the long haul, especially for AI and renewables.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
But in the meantime, Taglin told me European money is likely to be what's driving growth.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
And the picture is turning gloomier in major Asian economies as well. Data out this morning showed Japan's economy shrinking 0.2 percent in the first quarter, the first GDP decline in a year. And as our Tokyo bureau chief Jason Douglas explains, more economic pain lies ahead.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
New Jersey Governor Phil Murphy said the Brotherhood of Locomotive Engineers Union had rejected a deal giving train engineers virtually identical wages to those working for the Long Island Railroad, but without blowing up the transit agency's budget.
WSJ What’s News
Trump’s Bromance Diplomacy With Arab Leaders
And that's it for What's News for this Friday morning. Today's show was produced by Daniel Bach. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend. Thanks for listening.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
People with knowledge of the discussion say many of the offers from countries to negotiate with the White House are just preliminary calls and not fleshed-out economic proposals. Markets in Japan and South Korea have ended the day in the red. European indexes are falling in morning trading. U.S. futures are pointing to a lower open, while gold has soared to an all-time high.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
And in the latest test for markets, a number of U.S. financial institutions are set to report first-quarter earnings this morning, including JPMorgan Chase, Wells Fargo, and Morgan Stanley. The U.S. and Iran are scheduled to meet tomorrow for high-stakes nuclear talks in Oman.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
I asked the journal's Benoit Faucon, who's in Oman, what to expect as Trump's special envoy for Middle East issues, Steve Witkoff, and Iran's foreign minister prepare to meet face-to-face.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Benoit, this all sounds a bit exploratory, and yet President Trump has threatened to take military action against Iran if no deal is reached. I'll also point out we've reported that some Western officials now see Iran as part of this axis called CRINC, China, Russia, Iran, North Korea, that is now united in defying Western sanctions. In light of that, what is Iran's urgency to make a deal?
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
And back in Washington, the Supreme Court has told the Trump administration to seek the return of a migrant mistakenly sent to a Salvadorian prison, rebuffing government claims that it need do nothing to remedy its error. Thursday's order directed the government to take steps to bring Kilmar Abrego Garcia back to the U.S. from a maximum security facility it sent him to in March.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
administration maintained its only error was sending him to El Salvador rather than to a third country, and that federal courts had no power to command officials to retrieve him once he was in custody of a foreign government. Coming up after a whirlwind week for investors, is policy risk here to stay? How likely is a recession and is now a good time for action or patience?
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Plus, the rest of the day's news as the U.S. and Iran prepare for nuclear talks and the Supreme Court orders the return of a man mistakenly deported to El Salvador. It's Friday, April 11th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Rathbones' Ed Smith joins us to take on those questions after the break. So As we near the end of one of the most topsy-turvy weeks for global markets in recent memory, how should investors view the road ahead? With reciprocal tariffs on pause, can we afford to put our recession worries on hold as well? Or could universal 10% levies be enough to shake confidence and dent growth forecasts?
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Yet more trade countermeasures as China ups its tariffs on U.S. goods to 125%. We'll look at how investors can prepare for the road ahead after a volatile week in markets.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
To take on those questions and more, I'm joined by Ed Smith, the Co-Chief Investment Officer at Rathbones Investment Management. Ed, I guess the big question right out of the gate, can investors afford to put policy risk behind them? That risk was really what had been driving unease around the world in recent days.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
How do you assess the disruption caused going forward here by 10% universal tariffs, as well as these now 100 plus percent tariffs on China, compared to maybe that worst case scenario some investors were thinking of a few days ago? Have we really, on balance, stepped down in terms of the disruption as we end the week?
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
It sounds like it would be unwise, given what you've just said, then, for investors to rule out the recession risks that were starting to dial up in recent days or slower growth expectations.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Got it. It seems like consumer confidence measures, business confidence measures will be pretty crucial in the next few weeks to determine how jittery everyone remains after what we've just been through.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Global markets are on pace to end the week on a rocky note as trade tensions continue to weigh on the economic outlook. This morning, China announced it would raise its retaliatory tariff on U.S. goods to 125 percent effective tomorrow. matching the latest duty imposed by the White House. Beijing signaled it's now done matching each U.S.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Given that, how do you weight US equities after what we've just been through? Investors hearing that boardrooms are dumbstruck doesn't exactly inspire a ton of confidence if they don't know what the future holds.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
All right, kind of a return to investing basics there in an environment in which it seems like emotions are running pretty high among investors. Folks maybe had to sell positions at a loss in recent days, feeling like, The bottom was about to fall out and now maybe regretting that decision.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Others frustrated maybe that they didn't get in on Wednesday's rally and, I don't know, looking for other moments to strike.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Ed Smith is the co-chief investment officer at Rathbones Investment Management. Ed, thank you so much for being with us on What's News. My pleasure. And a heads up before we go, an earlier version of this show made reference to 150% tariffs on China. As of this morning, U.S. tariffs on China stand at 145 percent. And that's it for What's News for this Friday morning.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Today's show was produced by Kate Bullivant. Our supervising producer was Daniel Bach. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend. Thanks for listening.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
tariff increase, saying American imports are no longer marketable under current levels. Speaking at a meeting with Spain's prime minister in Beijing, Chinese leader Xi Jinping said today there'd be no winners in a tariff war, but added he was not afraid of the fight to come.
WSJ What’s News
China Hits U.S. Goods With 125% Tariff
Meanwhile, the Trump administration has kicked off a high-speed effort to negotiate ad hoc deals with more than 70 countries hoping to escape higher tariffs. A push that's playing out as lawmakers on Capitol Hill are eager to see deals reached that can avoid this week's tariff-induced stock sell-off.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
That's our Asia finance editor, Peter Landers, who notes that while exports to the U.S. slipped 21 percent, overall exports from China rose 8.1 percent from a year earlier.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
Shares of China's two top chip makers fell sharply this morning after they reported weak first quarter results and guidance. U.S. export restrictions are blocking Chinese companies' access to equipment that's needed for advanced semiconductors, driving increased domestic competition and hurting the sector's profitability.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
Weak pricing dragged on Chinese champion SMIC and smaller peer Huahong Semiconductor, even as they ramp up production under Beijing's push to bolster the domestic chip industry and turn it into a new growth driver. Meanwhile, top American tech execs told lawmakers yesterday that the U.S.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
risks falling behind China if Washington doesn't streamline AI policy or loosen export controls on chips to friendly countries, curbs that the Trump administration said it was looking to overhaul earlier this week. Microsoft President Brad Smith said the AI race will be determined by whose technology is more widely adopted in the rest of the world.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
President Trump is considering bringing the so-called millionaire tax back to life just 15 days after he rejected it. We're reporting that the president is looking to return the top individual income tax rate to 39.6 percent from 37 percent for people making over two and a half million dollars.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
The move aims to ease Republican struggles to fit tax cuts into a fiscal bill they're trying to unveil in the next few days. The higher the top tax rate goes, the easier it could be for Republicans to reduce other taxes and avoid deep cuts to Medicaid. And the president is tapping Fox News host Jeanine Pirro to temporarily step in as Washington, D.C.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
's top federal prosecutor after his initial pick faced Republican pushback over his advocacy for members of the mob that stormed the U.S. Capitol. In her new role, Pirro will oversee an office that's led some of the country's most politically charged prosecutions.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
A former prosecutor, she's frequently defended the president on her talk show, supporting his push to seek retribution against perceived enemies and backing his attacks on federal judges who've struck down his policies. Fox Corp and Wall Street Journal parent News Corp share common ownership. Coming up, Europe struggles to contain the growing threat from teenage terrorists.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
Plus, Russia hosts foreign leaders, including China's Xi Jinping, to mark its World War II victory. That's after the break.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
Chinese exports to the U.S. plunge as tariffs bite and Beijing looks to redirect more of its goods. Plus, President Trump puts the recently rejected millionaire tax back on the table. And teenage terrorists are becoming a growing threat to Europe's security.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
European authorities have a new security threat on their hands. Teenage terrorists from Austria to the UK, Belgium to Montenegro. A growing number of terror plots are being traced back to adolescence. And Journal foreign correspondent Suna Rasmussen joins me now to look at why that is, as well as how law enforcement is trying to respond.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
Suna, thankfully, Europe hasn't seen many major terror attacks in recent years. So we are mostly talking here about increasingly young terror suspects, just to be clear. Am I right about that? And if so, tell us what you've been hearing about what's going on.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
And at least based on the UK statistics that you mentioned in your reporting, this sort of uptick in young terrorist suspects is occurring as sort of overall numbers are going down. So this is flying in the face of broader trends, it seems.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
In terms of this radicalization process, a lot of this is happening online, right? I'm curious what law enforcement has been saying about their confidence in being able to stay ahead of this threat. What are you hearing?
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
It's Friday, May 9th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Chinese exports to the U.S. plunged in April as the Trump administration's tariff assault forced the world's second-largest economy to redirect more of its goods to other markets.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
I've been speaking to Wall Street Journal foreign correspondent Suna Rasmussen. Suna, thank you so much for bringing us this story.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
Russian President Vladimir Putin is overseeing commemorations today to mark Russia's defeat of Nazi Germany in World War II. As is tradition, troops will parade through Moscow's Red Square alongside tanks and missiles. But this year's Victory Day has one crucial difference.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
Though the most important guest, according to journal correspondent Thomas Grove, is Chinese leader Xi Jinping.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
To coincide with commemorations, Russia had said that it planned to observe a three-day ceasefire in Ukraine. However, top Ukrainian officials have so far accused Russia of more than 700 violations of that unilateral pledge, calling it a farce. And finally, a remnant of Russia's Soviet spacefaring past is set to return to Earth tomorrow in potentially dramatic fashion.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
Cosmos 482 was meant to travel to Venus in the early 1970s, but a post-launch malfunction trapped the craft in Earth's orbit instead. various pieces of it have fallen back, but not its lander. While small, just three feet in diameter, it's a survivor with heat shields designed to withstand Venus that could help it to survive reentry. Though where that'll be is anyone's guess, with the U.S.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
Space Force predicting spots as far apart as northeast Africa and the Pacific island of Borneo. So stay vigilant out there. And that's it for What's News for this Friday morning. Additional sound in this episode was from Reuters. Today's show was produced by Daniel Bach and Kate Boulivant. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal.
WSJ What’s News
Europe’s Dawning Terror Threat? Young Online Radicals
We will be back tonight with a new show. Otherwise, have a great weekend and thanks for listening.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Meanwhile, top American officials are prepared to meet their Ukrainian counterparts next week in Saudi Arabia to set the stage for potential peace talks with Russia.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
The meeting, which could signal a healing of relations between Kiev and Washington, comes as the Trump administration believes Ukrainian President Volodymyr Zelensky has apologized following last week's contentious Oval Office meeting with President Trump and signaled he wants to work towards peace. Walgreens is going private.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
The embattled drugstore chain agreed yesterday to a buyout deal with Sycamore Partners valued at $10 billion, less than a tenth of what the company was worth a decade ago. It's an agreement that Journal of Pharmaceuticals reporter Joseph Walker says will allow Walgreens' new owners to try and fix the struggling business out of the public eye.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Walgreen's shares are up in off-hours trading, closing in on the $11.45 share price that Sycamore agreed to pay. And in other market news today, Chinese exports over the first two months of the year have come in weaker than expected amid rising trade tensions with the U.S.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
According to official data, exports grew 2.3 percent compared with the same period a year earlier, falling short of the 4.5 percent economists polled by the journal had forecast. The crypto world is reacting to President Trump's executive order yesterday establishing a strategic Bitcoin reserve.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Comments from Trump last weekend that four other digital currencies would join Bitcoin in the reserve had sparked frenzy in crypto markets. However, the final order clarified that new purchases would only be made for Bitcoin, while other cryptocurrencies, likely to include Ether, XRP, Solana and Cardano, would be held in a stockpile comprised of assets seized by law enforcement.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
The White House is due to hold a first-ever crypto summit today. And also on deck, the Labor Department is due to release its February jobs report at 8.30 a.m. Eastern, and we'll hear from Fed Chair Jerome Powell at 12.30 p.m., his last public remarks before the Fed makes its next rate decision. Coming up, Elon Musk's alliance with Donald Trump weighs on Tesla, plus Robert F. Kennedy Jr.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
The U.S. threatens joint action with Israel against Hamas unless the group releases all hostages from Gaza. Plus, Walgreens gets a fresh chance to fix its business with new owners and away from the public eye. And Tesla's fortunes fall as Elon Musk rises in Trump's world.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
introduces greater scrutiny of vaccines as health secretary. Those stories and more after the break. Five years ago, Tesla's share of the EV market was close to 80%. Two years ago, its stock was one of the hottest things on Wall Street. And as recently as December, its market value hit $1.5 trillion.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
But in the months since, the narrative has flipped as the politics of CEO Elon Musk rapidly reorient market perceptions of Tesla. Its showrooms, charging stations, and factories abroad and in the U.S. become the targets of protests and vandalism. And most importantly, for the company's bottom line, buyers may be walking away.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Journal reporter Becky Peterson covers Tesla and joins me now from New York. Becky, have I captured the change in Tesla's fortune sufficiently there? This has been a pretty rapid shift and notably one that has seen Elon Musk go from being really a positive association for many EV buyers to now possibly a drag on the brand.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
It's Friday, March 7th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Nearly a week since the expiration of an Israel-Hamas ceasefire, President Trump's Middle East envoy is floating the threat of joint U.S.-Israeli action against Hamas if it doesn't release all hostages from Gaza.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Yeah, I was going to say, this is a company that was already facing headwinds from competition. There were some quality concerns. There's been flagging consumer demand for EVs, right? So add to that changing perceptions of Elon Musk. How serious is this for Tesla? What are their options going forward?
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Have you heard anything about a repositioning, some sort of pivot by the company to try to find other buyers who could maybe get those sales numbers back up?
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Journal reporter Becky Peterson covers Tesla for us out of New York. Becky, thank you so much.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
And adding to the challenges facing Musk's companies, SpaceX lost another Starship spacecraft after a test rocket launch yesterday, with the craft blowing up over the Caribbean and prompting flight diversions. mirroring a similar incident in January.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
The FAA said it would require SpaceX to conduct an investigation into the explosion's cause, while the company said it was coordinating with safety officials. And finally, Robert F. Kennedy Jr. has started taking steps to shake up how the federal government oversees vaccines.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Under his leadership, the Health and Human Services Department, or HHS, has canceled or postponed meetings between infectious disease experts and is scrutinizing at least two vaccine contracts. And as the journal's Dominique Mossbergen reports, Kennedy is considering more changes, including at a committee that recommends which vaccines Americans should get and when.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Ahead of his confirmation, Kennedy told senators he wasn't anti-vaccine and said he would focus on chronic illness. But as our colleagues Liz Essley-White and Christina Peterson report, his first weeks on the job show he'll need to chart a careful course to turn his views into policy. Journal subscribers can check out their behind-the-scenes reporting by clicking on the link in our show notes.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
And that's it for What's News for this Friday morning. Today's show was produced by Kate Boulivant and Daniel Bach with supervising producer Christina Rocca. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend. Thanks for listening.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
Witkoff said he hoped the situation could still be resolved diplomatically, and the Trump administration confirmed this week it had engaged in direct talks with Hamas, its first publicly acknowledged discussions with the group since the start of the war in October 2023.
WSJ What’s News
Musk’s Politics Dent Tesla’s Appeal
But as journal correspondent Dov Lieber told me, Gaza-related negotiations are increasingly taking place outside of the ceasefire framework agreed to in the waning days of the Biden administration.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Meanwhile, a number of U.S. allies are readying their next steps in response to the latest tariff moves, among them the European Union, which is sending a delegation to Washington next week. Making that trip will be Bernd Lange, a member of the European Parliament for Germany and the chair of the Parliament's Trade Committee.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
I spoke to him earlier this morning and began by asking him what he made of President Trump's characterization of the EU in his Rose Garden speech.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
What do you make broadly of the U.S. viewing the EU-U.S. relationship in terms of the trade balance? That really is what's going on here.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
President Trump has said countries that want to negotiate down their U.S. tariffs should get rid of their own tariffs and other trade barriers. They should stop currency manipulation and start buying tens of billions of dollars of American goods. Is any of that on the table?
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
And are you looking at other carrots, if we could call them that, to try and repair the relationship and prevent damage to the EU economy?
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Recession fears mount following Wall Street's biggest one-day wipeout since 2020. Plus, as EU officials prepare to head to Washington for tariff talks next week, we'll hear why there are limits to how much the bloc is willing to negotiate. And South Korea's impeached president is removed from office as political divisions grip the country.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Could you elaborate on that? I know the U.S. released a document this week that described EU legislation. What did you make of that?
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
It's Friday, April 4th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Global markets are extending declines today following yesterday's rout on Wall Street. Asian stocks were dragged down by Japan's Nikkei, with analysts chalking up the sell-off to heightened recession risks.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Finally, Bernd, going forward, does Europe need to strengthen other trade relationships in response to this? Can it afford to be so closely linked to the U.S. if the relationship can be jeopardized as we've seen it now?
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Bernd Lange is a member of the European Parliament for Germany and chairs the Parliament's Trade Committee. Bernd, thank you so much for being with us on What's News. Thanks a lot. Coming up, South Korea's president is removed from office, triggering snap elections. Plus, President Trump expands his university crackdown. Those stories and the rest of the day's news after the break.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
South Korean President Yoon Seok-yool has been removed from office over his short-lived declaration of martial law in December, paving the way for elections to be held in the next 60 days. Eight judges from the country's Constitutional Court voted unanimously to uphold Yoon's impeachment by South Korean lawmakers.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Thousands of supporters and anti-Yun protesters took to the streets ahead of the ruling, which Yun didn't attend. Journal reporter Dosil Yun in Seoul says the stakes are high for the country's next leader.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
We are exclusively reporting that Kirkland & Ellis, the largest US law firm by revenue, is in talks with the White House to avoid an executive order similar to those levied against several of its rivals. That's according to people familiar with the matter, who added that the firm is one of the White House's next targets for sanctions.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
It isn't clear what objections Trump and his inner circle would have to the firm's activities, though it was one of 20 firms recently questioned over diversity, equity and inclusion practices. The president's executive orders so far have generally threatened lawyers' access to federal buildings, as well as government contracts held by their clients.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
And the Trump administration is escalating its campaign against American universities, with Brown becoming the fifth Ivy League institution to face a potential loss of federal funding. The administration is preparing to pull more than $500 million in federal grants from Brown over the handling of anti-Semitism and DEI policies.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
European markets are in the red in midday trading, continuing their slide for a second day in a row. And WSJ Markets Editor for Europe Katie Barnado told me several other indicators point to growing concerns about a worsening economic outlook.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
According to people familiar with the matter, those would be National Institutes of Health grants, but Brown said the freeze was a rumor they couldn't confirm.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
At the same time, a Harvard spokesperson said Thursday night that members of Trump's anti-Semitism task force had sent a letter with nine demands the school must meet to avoid losing billions in government funding, mostly concerning how the university operates. And that's it for What's News for this Friday morning. Today's show was produced by Kate Bullivant.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Our supervising producer was Daniel Bach. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend and thanks for listening.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Immune from the proposed cuts are Medicare, Medicaid, and Social Security, while the plan seeks spending increases for defense, border security, air and rail safety, veterans, and law enforcement. Lawmakers will likely spend months debating which elements of the plan should become law.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Meanwhile, President Trump has signed an executive order cutting off federal funding of public media, including PBS and NPR, saying that, quote, neither entity presents a fair, accurate or unbiased portrayal of current events to taxpaying citizens.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
His efforts to shut down funding for public broadcasting are the latest of several battles with the media, including a defamation suit against Disney's ABC News last December and the suing of Paramount Global's CBS, which is currently in mediation with Trump. Officials at PBS and NPR didn't immediately respond to requests for comment.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Turning to trade now, we are seeing signs that two of the world's biggest economies are looking to resolve the trade war with the U.S. In an interview with the Financial Times, the EU's top trade negotiator, Maros Shevchevich, said the bloc could offer to buy $56 billion worth of U.S. goods.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Joshua Kirby covers the European economy for us and says the proposal includes buying American liquefied natural gas as well as agricultural products like soybeans.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
At the same time, China has said it's considering starting talks with the U.S. to halt the trade war, but only if Washington shows sincerity through concrete measures like canceling tariffs.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Trump has said that's a non-starter without significant concessions from Beijing, such as increased access to Chinese markets, even as he's also said that levies on Chinese goods are unlikely to remain anywhere near the current 145% figure. China's Commerce Ministry said it had noted repeated U.S.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
signaling on the possibility of adjustments to those tariffs but didn't give a timeline for possible trade talks with Washington. Shares of Apple are down off hours. While the company beat analyst expectations on quarterly sales yesterday, investors appear more focused on its tariff exposure.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
CEO Tim Cook predicted $900 million in added costs from tariffs in the June quarter, but admitted that things could get much worse from there, and said the company plans to ship most U.S.-bound iPhones from India and Vietnam by this summer as it urgently tries to de-risk its supply chain.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Apple's mixed results cap busy few days of tech earnings after strong results from Meta and Microsoft earlier in the week had helped to ease fears about the impact of tariffs. Here to assess the state of play one month since President Trump's Liberation Day tariff announcements, I'm joined by Richard Kramer, founder of global technology research firm Arate Research. Richard, in some ways,
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
That Rose Garden tariff announcement by President Trump on April 2nd can kind of feel like a lifetime ago. U.S. equities have certainly clawed back a lot of ground since then. And yet, can one look at a company like Apple and not be reminded in many ways of the overhang of this trade war?
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
President Trump proposes big cuts to health research, climate and education programs. Plus, the EU and China signal their desire to wind down the trade fight with Washington. And to end a busy week for earnings, we'll look at whether big tech can remain an island amid prevailing uncertainty.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
OK, what is that pivot going to look like? It maybe makes Apple more resilient in time, but I can't imagine that is cheap either.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
How do they then get to the targets he's setting for this summer that a majority of phones sold in the U.S. will be coming from or shipped from there? I guess that's the operative word.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
And finally, Richard, with Apple kind of rounding out what had been a bumper week for tech earnings that have generally boosted market sentiment, do you get the sense that the tariff hit just isn't too apparent now but might come later?
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Richard Kramer is the founder of global technology research firm Arate Research. Richard, thank you so much for being with us on What's News.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Coming up, the rest of the day's news, including what to look for in today's jobs data, and bettors join the pious as excitement grows ahead of next week's papal conclave. Those stories and more after the break.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Oil majors are wrapping up a busy week for earnings, with Shell this morning announcing a $3.5 billion share buyback after posting higher-than-expected earnings for the first quarter. It marks the 14th consecutive quarter in which the British energy giant is returning cash to shareholders and comes as low oil prices and trade tensions have rattled other oil companies.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
And we will get further clues on the health of the industry when U.S. oil majors Chevron and ExxonMobil release their earnings before the market open. That said, investors today will first and foremost be watching the U.S. jobs and unemployment numbers out at 8.30 a.m. Eastern. U.S.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
economics reporter Chao Deng says it'll be the first hard data since Trump's Liberation Day tariff announcements and follows a week of economic headlines that have been skewed by companies trying to mitigate the tariff impact and front-load imports.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
It's Friday, May 2nd. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. The White House is set to release its fiscal 2026 budget today. A wish list of presidential priorities we exclusively report proposes more than $160 billion in cuts to non-defense discretionary spending.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
And finally, as Catholic cardinals prepare to convene at the Vatican next week to choose a new pope, bettors are signaling their enthusiasm to get in on the action. So far, $16 million and counting has been traded on leading prediction markets where users can buy and sell contracts that pay off if their holders accurately predict who becomes the next pontiff.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
The journal's Alexander Osipovich told me that while platforms like Polymarket and Kalshi are hoping that the secretive papal selection becomes their next hit product, the story of betting on conclaves actually goes way back.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Well, if that doesn't dissuade you, Alexander reports that the papal prediction market may be risky for other reasons, with the lack of polling, public debates, or campaigning making it more likely that media attention and public perceptions affect odds as opposed to insider information. And that's it for What's News for this Friday morning. Today's show was produced by Kate Bullivant.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
Our supervising producer is Sandra Kilhoff. I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend. Thanks for listening.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
According to administration officials, that would represent a 22.6% reduction from projected fiscal 2025 spending and a with the budget blueprint envisioning far-reaching cuts to federal environmental, renewable energy, education, and foreign aid programs.