Luke Vargas

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.,

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.,

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.

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.

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.

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.

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.

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.