P.M. Edition for June 5. President Trump and Elon Musk traded barbs today as Trump threatened to eliminate government subsidies and contracts for Musk’s businesses, while the billionaire called the president ungrateful. Plus, the U.S. trade deficit collapsed in April, with a record drop in imports. WSJ reporter Matt Grossman discusses where tariffs fit in, and whether we can expect future data to remain at similar levels. And we exclusively report that Humana, the second-biggest Medicare insurer, has told congressional staffers that it will support moves that would curtail billing practices worth billions in extra payments to the industry. We hear from Journal reporter Christopher Weaver about why the company is making such a move, and how it could affect the broader Medicare business. Alex Ossola 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.