A.M. Edition for Mar. 20. President Trump is weighing a plan to extend Chevron's license to pump oil in Venezuela while also making it harder for countries like China to get a foothold there. Plus, the U.S. Agency for International Development could soon get a major overhaul, according to a memo viewed by the Journal. And, WSJ reporter Ben Dummett explains how Trump’s order to end diversity, equity, and inclusion efforts across the U.S. are also being felt across the Atlantic. Luke Vargas hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: Why is Chevron seeking to continue operations in Venezuela?
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.
Whereas Europeans previously dictated what U.S. companies had to follow in terms of policies in order to sell goods into Europe, that's being reversed now to a degree.
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.
Chapter 2: How is the Trump administration influencing international oil markets?
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.
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.
What we see here is Chevron making some headway in its argument that if the US were to impose tariffs or other financial penalties on countries buying oil from Venezuela, not the US, but China, etc., then that could fortify Chevron and allow that oil to continue flowing to the US, which of course is very much a part of
this administration's talking points to keep oil flowing, keep America supplied with the energy it needs.
Chapter 3: What are the implications of the Greenpeace lawsuit over the Dakota Access Pipeline?
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.
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.
Chapter 4: What changes are proposed for the U.S. Agency for International Development?
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.
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.
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.
Chapter 5: Why is Tesla being targeted as domestic terrorism?
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.
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.
We believe these are organized. These are not individuals out there throughout the country doing this on their own. They're targeting Tesla owners. They're targeting Tesla dealerships. They're targeting Elon Musk, who is out there trying to save our country, and it will not be tolerated. We are coming after you. We will find you.
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.
Chapter 6: How is the Trump administration's DEI policy affecting global businesses?
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.
government is expected to scrutinize a lot more companies in the private sector over DEI practices. Tell us what you've learned.
Yeah, that's right. In May, the Attorney General has been instructed to issue a report that will identify companies in the private sector that they deem have promoted practices that they see as illegal and discriminatory through the DEI policies. So that's created, you know, essentially we've talked to some lawyers and they've said that that's triggered an avalanche
of inquiries from companies just trying to figure out how to navigate this problem and avoid being on the list. This story focuses on European companies that have global operations, i.e. big operations in the U.S. And so what's happening is they don't want to be in a situation where they've implemented DEI policies that find themselves running afoul of changes in the U.S. rules and
And that resulting in a sort of backlash from employees or customers in Europe who are supportive of DEI and by the same token, customers in the U.S. that may take a different view.
It sounds like a tricky one to thread. How are some big European businesses trying to navigate that?
Well, they're doing a couple of things. In the case of Aldi, for example, which is a big discount grocer based in Germany but has large operations in the U.S., particularly in the southern U.S., earlier this year, they changed their U.S. website to eliminate reference to diversity and inclusion.
But on their websites in parts of Europe where they operate, diversity and inclusion is still promoted as something important. And Santander, for example, a big Spanish-based bank.
Similarly, if you look at their latest annual report, they are saying now that senior employees that work for Santander in countries, they don't specify the U.S., but they say countries that have different policies regarding issues like DEI, those managers, their bonuses won't be determined based on the number of women they promote into senior managerial positions.
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