Luke Vargas

The administration has argued that persistent trade deficits constitute an emergency under the International Emergency Economic Powers Act.

The administration has argued that persistent trade deficits constitute an emergency under the International Emergency Economic Powers Act.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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?

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.

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.