A.M. Edition for July 21. The European Union is changing its tune as trade talks with the U.S. take a turn for the worse. WSJ editor Dan Michaels explains what this could mean for the world’s largest trading relationship. Plus, how Treasury Secretary Scott Bessent has been trying to convince President Trump not to fire Fed Chair Jerome Powell. And why taxing the super rich can backfire on governments, as the U.K. seems to be learning to its detriment. Azhar Sukri hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.