Luke Vargas

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.

The S&P 500 staged an afternoon rally yesterday following comments that one such trade deal had been reached with an unnamed country, closing out President Trump's first 100 days in office on a high note. Though, as Journal Markets editor Katie Barnado told me, progress has been uneven across U.S. equities as stocks try and regain ground they'd lost in recent months.

The S&P 500 staged an afternoon rally yesterday following comments that one such trade deal had been reached with an unnamed country, closing out President Trump's first 100 days in office on a high note. Though, as Journal Markets editor Katie Barnado told me, progress has been uneven across U.S. equities as stocks try and regain ground they'd lost in recent months.

Well, as Katie alluded to, it's shaping up to be another bumper earnings day with big tech front and center as Microsoft and Meta release their quarterly results after the market close. Just this morning, South Korean tech giant Samsung said profit in the first quarter was stronger than expected thanks to solid smartphone sales. That offset weak semiconductor earnings, which are being hit by U.S.

Well, as Katie alluded to, it's shaping up to be another bumper earnings day with big tech front and center as Microsoft and Meta release their quarterly results after the market close. Just this morning, South Korean tech giant Samsung said profit in the first quarter was stronger than expected thanks to solid smartphone sales. That offset weak semiconductor earnings, which are being hit by U.S.

restrictions on advanced chip exports to China. and increased competition in supplying high bandwidth memory products for AI applications. And we are exclusively reporting that Starbucks is using new technology to help fix one of its customers' biggest gripes, waiting too long for their coffee. A technology pilot at dozens of U.S.

restrictions on advanced chip exports to China. and increased competition in supplying high bandwidth memory products for AI applications. And we are exclusively reporting that Starbucks is using new technology to help fix one of its customers' biggest gripes, waiting too long for their coffee. A technology pilot at dozens of U.S.

locations has shaved two minutes off the average time to make a drink ordered inside cafes. Starbucks now plans to expand the pilot, which involved a proprietary order scheduling algorithm developed in-house, to hundreds more locations across the U.S. in the hopes that will boost sales following five consecutive quarterly declines.

locations has shaved two minutes off the average time to make a drink ordered inside cafes. Starbucks now plans to expand the pilot, which involved a proprietary order scheduling algorithm developed in-house, to hundreds more locations across the U.S. in the hopes that will boost sales following five consecutive quarterly declines.

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.

Coming up, as President Trump celebrates his early accomplishments, we'll hear why voters are now less confident in his ability to deliver on his agenda. We've got that story and more after the break.

Coming up, as President Trump celebrates his early accomplishments, we'll hear why voters are now less confident in his ability to deliver on his agenda. We've got that story and more after the break.

To mark his 100th day in office, President Trump returned to the rally stage in Michigan last night, shifting into campaign mode to tout his accomplishments.

To mark his 100th day in office, President Trump returned to the rally stage in Michigan last night, shifting into campaign mode to tout his accomplishments.

Journal-White House reporter Alex Leary told our Kate Bullivant that although voters are showing mixed confidence in Trump's handling of domestic priorities like inflation and immigration, the president is plowing ahead and shifting his focus abroad.

Journal-White House reporter Alex Leary told our Kate Bullivant that although voters are showing mixed confidence in Trump's handling of domestic priorities like inflation and immigration, the president is plowing ahead and shifting his focus abroad.

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.

My pleasure. And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. 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.

My pleasure. And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. 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.

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.

Die Bewegung kommt während einer mühsamen Saison für internationale Studenten, die in die USA kommen wollen, die generell von amerikanischen Universitäten in den Frühjahren akzeptiert werden und Visas erhalten müssen, bevor das neue Schuljahr im Sommer beginnt.

Die Bewegung kommt während einer mühsamen Saison für internationale Studenten, die in die USA kommen wollen, die generell von amerikanischen Universitäten in den Frühjahren akzeptiert werden und Visas erhalten müssen, bevor das neue Schuljahr im Sommer beginnt.

Letzte Woche hat die Regierung Harvard Universität die Fähigkeit gejagt, fremde Studenten einzuführen, die etwa eine Viertel ihres Studentenbildes erzeugen. Präsident Trump sagt, dass er die Realität-TV-Stars Todd und Julie Chrisley verurteilen wird, die von Verbrechen und Ausgleichsverletzungen verurteilt wurden, die sie als harsche Betreuung verursacht haben.

Letzte Woche hat die Regierung Harvard Universität die Fähigkeit gejagt, fremde Studenten einzuführen, die etwa eine Viertel ihres Studentenbildes erzeugen. Präsident Trump sagt, dass er die Realität-TV-Stars Todd und Julie Chrisley verurteilen wird, die von Verbrechen und Ausgleichsverletzungen verurteilt wurden, die sie als harsche Betreuung verursacht haben.

Ein Anwalt für das Paar hat gesagt, dass sie von ihren konservativen Werten getarget worden seien. Der Weg kommt, nachdem Trump am Montag verurteilt hat, dass er den ehemaligen Virginia-Sheriff Scott Jenkins verurteilen würde, der von korruptionsrelevanten Anforderungen verurteilt wurde, um Verbrechungsbewerber mit Badgenoten und Kredenzen zu erzeugen, obwohl sie nicht trainiert haben.

Ein Anwalt für das Paar hat gesagt, dass sie von ihren konservativen Werten getarget worden seien. Der Weg kommt, nachdem Trump am Montag verurteilt hat, dass er den ehemaligen Virginia-Sheriff Scott Jenkins verurteilen würde, der von korruptionsrelevanten Anforderungen verurteilt wurde, um Verbrechungsbewerber mit Badgenoten und Kredenzen zu erzeugen, obwohl sie nicht trainiert haben.

Jenkins ist ein vokaler Unterstützer der Präsidenten-Anti-Immigration- und Gun-Reihts-Agenda. Trump-Loyalist Ed Martin, der Justiz-Departement's new pardon attorney, hat dem Journal gesagt, dass er Jenkins' Fall fast-tracked hat, beschreiben ihn als, quote, »on the right side of a lot of issues«.

Jenkins ist ein vokaler Unterstützer der Präsidenten-Anti-Immigration- und Gun-Reihts-Agenda. Trump-Loyalist Ed Martin, der Justiz-Departement's new pardon attorney, hat dem Journal gesagt, dass er Jenkins' Fall fast-tracked hat, beschreiben ihn als, quote, »on the right side of a lot of issues«.

In just over a week on the job, Martin has begun turning the office into a pipeline for political allies to get cases before Trump and said he had been flooded with requests from lawyers and lobbyists seeking pardons for their clients.

In just over a week on the job, Martin has begun turning the office into a pipeline for political allies to get cases before Trump and said he had been flooded with requests from lawyers and lobbyists seeking pardons for their clients.

The Supreme Court has cleared a major hurdle for a giant copper project in Arizona that's currently being developed by Rio Tinto and BHP Group, rejecting an appeal brought by a local Apache group to block a federal land transfer needed for the project to advance.

The Supreme Court has cleared a major hurdle for a giant copper project in Arizona that's currently being developed by Rio Tinto and BHP Group, rejecting an appeal brought by a local Apache group to block a federal land transfer needed for the project to advance.

The Resolution Copper Project has been under development by the world's two most valuable mining companies for roughly two decades, who say it could supply as much as a quarter of current U.S. demand for the critical mineral. Here's Journal reporter Rhiannon Hoyle.

The Resolution Copper Project has been under development by the world's two most valuable mining companies for roughly two decades, who say it could supply as much as a quarter of current U.S. demand for the critical mineral. Here's Journal reporter Rhiannon Hoyle.

SpaceX verlor die Kontrolle seines Starship-Vehicles gestern in einer noch einmal kräftigen Testfliege für Elon Musks 400 Meter große Rokette und Flugzeug. Es war die neunte Testfliege für Starship, mit SpaceX auf der Suche nach einer vollen Mission, als in zwei vorherigen Flugzeuge dieses Jahr, die beide in Explosionen beendet haben, die breitfristig Flugzeuge in Teilen des Karibikens auslösen.

SpaceX verlor die Kontrolle seines Starship-Vehicles gestern in einer noch einmal kräftigen Testfliege für Elon Musks 400 Meter große Rokette und Flugzeug. Es war die neunte Testfliege für Starship, mit SpaceX auf der Suche nach einer vollen Mission, als in zwei vorherigen Flugzeuge dieses Jahr, die beide in Explosionen beendet haben, die breitfristig Flugzeuge in Teilen des Karibikens auslösen.

The craft did fly much farther in Tuesday's mission and was able to make it into space before SpaceX said it lost control of the vehicle before it could conduct planned tests during reentry. US-Stockfutures are edging lower today after yesterday's rally.

The craft did fly much farther in Tuesday's mission and was able to make it into space before SpaceX said it lost control of the vehicle before it could conduct planned tests during reentry. US-Stockfutures are edging lower today after yesterday's rally.

With Wall Street seeming to bet that the worst of President Trump's trade war is over, the Journal's Katie Barnato told me investors are now looking ahead to what could be the next big test for markets.

With Wall Street seeming to bet that the worst of President Trump's trade war is over, the Journal's Katie Barnato told me investors are now looking ahead to what could be the next big test for markets.

In another blow to universities, the Trump administration suspends visa interviews as it prepares to ramp up screenings of foreign students. Plus a major US copper project gets a boost from the Supreme Court and from cash bonuses to a TikTok campaign. Ukraine goes all out to recruit young soldiers.

In another blow to universities, the Trump administration suspends visa interviews as it prepares to ramp up screenings of foreign students. Plus a major US copper project gets a boost from the Supreme Court and from cash bonuses to a TikTok campaign. Ukraine goes all out to recruit young soldiers.

Salesforce wird auch nach der geschlossenen Glocke Erneuerungen beurteilen. Resultate, die einen Tag nach der Verkaufsgröße der Firma, die sich aufgelöst hat, eine große KI-Akquisition erzielt haben. And in addition to broadly lifting markets yesterday, easing trade tensions between the US and EU could offer some much-needed relief to the bloc's luxury goods sector.

Salesforce wird auch nach der geschlossenen Glocke Erneuerungen beurteilen. Resultate, die einen Tag nach der Verkaufsgröße der Firma, die sich aufgelöst hat, eine große KI-Akquisition erzielt haben. And in addition to broadly lifting markets yesterday, easing trade tensions between the US and EU could offer some much-needed relief to the bloc's luxury goods sector.

While high margins have long helped to insulate luxury brands from economic storms, Trump's trade war has raised alarm in towns like Ubrique, Spain, famous for its leather workshops, and where a quarter of the population are employed making goods for the likes of Chanel and Louis Vuitton.

While high margins have long helped to insulate luxury brands from economic storms, Trump's trade war has raised alarm in towns like Ubrique, Spain, famous for its leather workshops, and where a quarter of the population are employed making goods for the likes of Chanel and Louis Vuitton.

The EU now has until July 9th to reach an agreement with Washington to avoid a 50% tariff on its exports, as President Trump pushes companies to shift more production to the US. Journal reporter Nick Kostov says that some luxury brands have done just that in recent years, but worry a Made in America tag won't carry the same cachet with consumers.

The EU now has until July 9th to reach an agreement with Washington to avoid a 50% tariff on its exports, as President Trump pushes companies to shift more production to the US. Journal reporter Nick Kostov says that some luxury brands have done just that in recent years, but worry a Made in America tag won't carry the same cachet with consumers.

Coming up after previously trying to keep its young people away from the front lines, Ukraine is now offering money and perks to Gen Z to join the fight. We've got that story after the break.

Coming up after previously trying to keep its young people away from the front lines, Ukraine is now offering money and perks to Gen Z to join the fight. We've got that story after the break.

Wir machen eine kulinarische Reise.

Wir machen eine kulinarische Reise.

With its armed forces badly depleted and Russian assaults showing no sign of letting up, Ukraine is hoping that cash can boost military enlistment among young adults, a demographic they had previously sought to spare from the front lines. Journal-Korrespondent Matthew Luxmore sprach zu unserer Kate Bullivant über den Effort, der als Kontrakt 18-24 genannt wird.

With its armed forces badly depleted and Russian assaults showing no sign of letting up, Ukraine is hoping that cash can boost military enlistment among young adults, a demographic they had previously sought to spare from the front lines. Journal-Korrespondent Matthew Luxmore sprach zu unserer Kate Bullivant über den Effort, der als Kontrakt 18-24 genannt wird.

It's Wednesday, May 28th. 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.

It's Wednesday, May 28th. 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 Trump administration has hit pause on new interviews for student visas, according to a State Department cable signed by Secretary of State Marco Rubio, potentially disrupting operations at universities that argue foreign students help to subsidize tuition for others.

The Trump administration has hit pause on new interviews for student visas, according to a State Department cable signed by Secretary of State Marco Rubio, potentially disrupting operations at universities that argue foreign students help to subsidize tuition for others.

The cable orders embassies and consulates not to schedule any new interviews as officials prepare for tougher vetting of applicants' social media activity.

The cable orders embassies and consulates not to schedule any new interviews as officials prepare for tougher vetting of applicants' social media activity.

And Caitlin says the report forecasts ways that policy changes out of Washington could complicate the situation further.

And Caitlin says the report forecasts ways that policy changes out of Washington could complicate the situation further.

The federal judge overseeing the criminal case against Boeing has ordered a trial over two deadly crashes of 737 MAX jets. Yesterday, we reported the aerospace giant had been seeking to withdraw an earlier agreement to plead guilty for deceiving regulators before the crashes, which killed 346 people.

The federal judge overseeing the criminal case against Boeing has ordered a trial over two deadly crashes of 737 MAX jets. Yesterday, we reported the aerospace giant had been seeking to withdraw an earlier agreement to plead guilty for deceiving regulators before the crashes, which killed 346 people.

Boeing and the Justice Department were expected to propose changes to the settlement by April 11th, but a judge has now scrapped that deadline and ordered the sides to prepare for a trial in June, increasing the odds that Boeing will have to plead guilty or defend against a charge it already said it committed.

Boeing and the Justice Department were expected to propose changes to the settlement by April 11th, but a judge has now scrapped that deadline and ordered the sides to prepare for a trial in June, increasing the odds that Boeing will have to plead guilty or defend against a charge it already said it committed.

Boeing said in a written statement that it continues good-faith discussions with the Justice Department, while a spokeswoman for the department declined to comment. Vice President J.D. Vance is joining his wife, Second Lady Usha Vance, on her upcoming trip to Greenland, testing already strained relations between the U.S.

Boeing said in a written statement that it continues good-faith discussions with the Justice Department, while a spokeswoman for the department declined to comment. Vice President J.D. Vance is joining his wife, Second Lady Usha Vance, on her upcoming trip to Greenland, testing already strained relations between the U.S.

and European allies as President Trump doubles down on his wish to own the self-governing Danish territory.

and European allies as President Trump doubles down on his wish to own the self-governing Danish territory.

Vance made that statement in a video on his ex-account. Greenland has denounced the visit, which the White House said would include National Security Advisor Michael Waltz and Secretary of Energy Chris Wright as, quote, highly aggressive. The U.S. has now shifted the visit's focus from a celebration of Greenlandic culture to one of national security.

Vance made that statement in a video on his ex-account. Greenland has denounced the visit, which the White House said would include National Security Advisor Michael Waltz and Secretary of Energy Chris Wright as, quote, highly aggressive. The U.S. has now shifted the visit's focus from a celebration of Greenlandic culture to one of national security.

It's Wednesday, March 26th. 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 Trump administration is further limiting China's access to American technology, expanding a crackdown that began during Joe Biden's term.

It's Wednesday, March 26th. 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 Trump administration is further limiting China's access to American technology, expanding a crackdown that began during Joe Biden's term.

And according to White House officials, the Vances will be visiting American soldiers at a U.S. military base.

And according to White House officials, the Vances will be visiting American soldiers at a U.S. military base.

Moody's raises red flags over ballooning U.S. debt and the negative effects of tariffs. Plus, anger and confusion in Greenland as Vice President Vance joins a planned visit to the island this week. And China's space ambitions take flight.

Moody's raises red flags over ballooning U.S. debt and the negative effects of tariffs. Plus, anger and confusion in Greenland as Vice President Vance joins a planned visit to the island this week. And China's space ambitions take flight.

Danish Prime Minister Meta Fredriksen dialed up the rhetoric against Washington yesterday, saying that the scheduled visit puts completely unacceptable pressure on both Greenland and Denmark. Trump on Monday rejected the notion that the upcoming visit was a provocation. Despite the lack of an official invitation, he claimed that the delegation has been invited by people in Greenland.

Danish Prime Minister Meta Fredriksen dialed up the rhetoric against Washington yesterday, saying that the scheduled visit puts completely unacceptable pressure on both Greenland and Denmark. Trump on Monday rejected the notion that the upcoming visit was a provocation. Despite the lack of an official invitation, he claimed that the delegation has been invited by people in Greenland.

Back in Washington, President Trump signed a raft of executive orders yesterday, including one that could overhaul how American elections are carried out, marking a major push in executive branch influence over voting processes typically administered by states.

Back in Washington, President Trump signed a raft of executive orders yesterday, including one that could overhaul how American elections are carried out, marking a major push in executive branch influence over voting processes typically administered by states.

The order creates new proof of citizenship requirements for those registering to vote through federal forms, enlists the DOJ and the Commissioner of Social Security to find ineligible voters, and directs federal election funding to be withheld from states that count mail-in or absentee ballots received after Election Day.

The order creates new proof of citizenship requirements for those registering to vote through federal forms, enlists the DOJ and the Commissioner of Social Security to find ineligible voters, and directs federal election funding to be withheld from states that count mail-in or absentee ballots received after Election Day.

The directive is likely to be challenged in court, and some left-leaning advocacy groups said the president lacked the authority to issue it in the first place. And in a separate order yesterday, Trump widened his retribution campaign against law firms that he perceives as enemies, stripping security clearances from lawyers at Jenner and Block and restricting them from access to federal buildings.

The directive is likely to be challenged in court, and some left-leaning advocacy groups said the president lacked the authority to issue it in the first place. And in a separate order yesterday, Trump widened his retribution campaign against law firms that he perceives as enemies, stripping security clearances from lawyers at Jenner and Block and restricting them from access to federal buildings.

The firm recently backed lawsuits challenging the administration's policies on behalf of transgender individuals and asylum seekers and has ties to Andrew Weissman. a top member of the special counsel investigation into Russian interference in the 2016 election.

The firm recently backed lawsuits challenging the administration's policies on behalf of transgender individuals and asylum seekers and has ties to Andrew Weissman. a top member of the special counsel investigation into Russian interference in the 2016 election.

The order follows moves punishing other major law firms, including Covington & Burling, Perkins Coie, and Paul Weiss, though the order against Paul Weiss was rescinded after it cut a deal with the White House to provide pro bono services to support the administration's initiatives. Coming up, we'll go inside China's efforts to challenge SpaceX as Beijing gives a boost to private rocket companies.

The order follows moves punishing other major law firms, including Covington & Burling, Perkins Coie, and Paul Weiss, though the order against Paul Weiss was rescinded after it cut a deal with the White House to provide pro bono services to support the administration's initiatives. Coming up, we'll go inside China's efforts to challenge SpaceX as Beijing gives a boost to private rocket companies.

That story after the break. The competition in space is heating up once more, with China's commercial space industry racing to catch up with Elon Musk's SpaceX. This year alone, at least six Chinese rockets, designed with reusability in mind, are planned to have their maiden flights.

That story after the break. The competition in space is heating up once more, with China's commercial space industry racing to catch up with Elon Musk's SpaceX. This year alone, at least six Chinese rockets, designed with reusability in mind, are planned to have their maiden flights.

Journal reporter Clarence Lung told our Kate Bullivant how Beijing is injecting billions of dollars into private sector companies as it aims to create a domestic space industry that isn't dependent on Western technology.

Journal reporter Clarence Lung told our Kate Bullivant how Beijing is injecting billions of dollars into private sector companies as it aims to create a domestic space industry that isn't dependent on Western technology.

Eighty companies and institutes have been added to the export control list, including a U.S. affiliate of China's Inspur Group that is a large buyer of NVIDIA chips. China tech reporter Lisa Lin says the move closes loopholes that had left room for blacklisted companies to still buy U.S. technology.

Eighty companies and institutes have been added to the export control list, including a U.S. affiliate of China's Inspur Group that is a large buyer of NVIDIA chips. China tech reporter Lisa Lin says the move closes loopholes that had left room for blacklisted companies to still buy U.S. technology.

Thank you. And that's it for What's News for this Wednesday morning. Additional sound in this episode was from Reuters. Today's show was produced by Kate Boulivant and Daniel Bach with supervising producer 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.

Thank you. And that's it for What's News for this Wednesday morning. Additional sound in this episode was from Reuters. Today's show was produced by Kate Boulivant and Daniel Bach with supervising producer 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.

A spokesman for China's foreign ministry called the U.S. action, quote, typical hegemonic behavior that severely violates international law. Ratings company Moody's is warning that America's fiscal strength is in for a multi-year decline amid the widening U.S. budget deficit and falling debt affordability. Journal reporter Caitlin McCabe has more.

A spokesman for China's foreign ministry called the U.S. action, quote, typical hegemonic behavior that severely violates international law. Ratings company Moody's is warning that America's fiscal strength is in for a multi-year decline amid the widening U.S. budget deficit and falling debt affordability. Journal reporter Caitlin McCabe has more.

Given that, Ian, I would imagine it would be extra important for Ukrainian officials for this deal to become commercially viable. Analysts, you report, estimate the potential value of those minerals could amount to trillions of dollars. But what is the outlook for those critical minerals actually entering the US supply chain eventually?

Given that, Ian, I would imagine it would be extra important for Ukrainian officials for this deal to become commercially viable. Analysts, you report, estimate the potential value of those minerals could amount to trillions of dollars. But what is the outlook for those critical minerals actually entering the US supply chain eventually?

House Republicans squeezed through a budget blueprint late last night, with all but one GOP lawmaker backing the framework for President Trump's tax, border and spending cut agenda.

House Republicans squeezed through a budget blueprint late last night, with all but one GOP lawmaker backing the framework for President Trump's tax, border and spending cut agenda.

The plan, which likely won't accommodate all of the tax reductions Trump wants, calls for at least $1.5 trillion in spending cuts over a decade and will require significant cuts to Medicaid, an issue that's left House Republicans deeply divided.

The plan, which likely won't accommodate all of the tax reductions Trump wants, calls for at least $1.5 trillion in spending cuts over a decade and will require significant cuts to Medicaid, an issue that's left House Republicans deeply divided.

While party leaders say the blueprint doesn't specifically mention Medicaid, more than half of the cuts it targets will come from the Energy and Commerce Committee, which has jurisdiction over the program. Though its passage is a sign Republicans can deliver major legislation despite holding slim majorities in Congress, the budget plan faces a complicated path ahead.

While party leaders say the blueprint doesn't specifically mention Medicaid, more than half of the cuts it targets will come from the Energy and Commerce Committee, which has jurisdiction over the program. Though its passage is a sign Republicans can deliver major legislation despite holding slim majorities in Congress, the budget plan faces a complicated path ahead.

The Senate, which favors larger tax cuts, plans to alter the House blueprint rather than accept it. In a shake-up of American visa programs, President Trump plans to roll out a $5 million gold card visa that would allow wealthy people to buy permanent residency and potentially provide a pathway to full citizenship. Trump says the U.S.

The Senate, which favors larger tax cuts, plans to alter the House blueprint rather than accept it. In a shake-up of American visa programs, President Trump plans to roll out a $5 million gold card visa that would allow wealthy people to buy permanent residency and potentially provide a pathway to full citizenship. Trump says the U.S.

could sell a million gold cards and that they would enable companies like Apple to pay to get approval for highly skilled workers to live in the U.S.,

could sell a million gold cards and that they would enable companies like Apple to pay to get approval for highly skilled workers to live in the U.S.,

The new visas would replace the existing EB-5 visa that offers green cards to people who invest in the U.S., a program that has been plagued by cases of fraud, but which Journal-White House reporter Tarini Party said also enjoys strong bipartisan support in states that have benefited from it.

The new visas would replace the existing EB-5 visa that offers green cards to people who invest in the U.S., a program that has been plagued by cases of fraud, but which Journal-White House reporter Tarini Party said also enjoys strong bipartisan support in states that have benefited from it.

Ukraine agrees to a mineral rights deal with the U.S. We'll get the latest from Kyiv. Plus, House Republicans pass a budget plan overcoming disagreements on the size of proposed spending cuts. And President Trump floats a $5 million gold visa for wealthy individuals.

Ukraine agrees to a mineral rights deal with the U.S. We'll get the latest from Kyiv. Plus, House Republicans pass a budget plan overcoming disagreements on the size of proposed spending cuts. And President Trump floats a $5 million gold visa for wealthy individuals.

Währenddessen hat die Trump-Administration eine Registrierung geschaffen, in der Immigranten in den USA illegal ihre persönliche Informationen oder Fälle in der Gefängniszeit anbieten müssen. Laut Dokumenten, die im Journal gesehen wurden, würden die Immigranten, insbesondere 14 und älteren Kinder, ihre Fingerprinten und Heimatadressen anbieten müssen.

Währenddessen hat die Trump-Administration eine Registrierung geschaffen, in der Immigranten in den USA illegal ihre persönliche Informationen oder Fälle in der Gefängniszeit anbieten müssen. Laut Dokumenten, die im Journal gesehen wurden, würden die Immigranten, insbesondere 14 und älteren Kinder, ihre Fingerprinten und Heimatadressen anbieten müssen.

Those who fail to do so could be fined up to $5,000 and sentenced to up to six months in prison. Previously, immigrants in the country illegally were committing a civil offense and could be detained and deported, but weren't considered to have committed a crime. Coming up, investing columnist Spencer Jacobs stops by to discuss the widening gap between the expected returns for large U.S.

Those who fail to do so could be fined up to $5,000 and sentenced to up to six months in prison. Previously, immigrants in the country illegally were committing a civil offense and could be detained and deported, but weren't considered to have committed a crime. Coming up, investing columnist Spencer Jacobs stops by to discuss the widening gap between the expected returns for large U.S.

growth stocks and cheaper alternatives abroad. That and other news moving markets after the break. Amerikas biggest growth stocks have a big expensive problem, so writes the Journal's investing columnist Spencer Jacob, who's been tracking data that compares the expected returns of those stocks against cheaper alternatives. And he's here to share what that data has been turning up.

growth stocks and cheaper alternatives abroad. That and other news moving markets after the break. Amerikas biggest growth stocks have a big expensive problem, so writes the Journal's investing columnist Spencer Jacob, who's been tracking data that compares the expected returns of those stocks against cheaper alternatives. And he's here to share what that data has been turning up.

Spencer, the premise of your latest column is that there's been a bit of unusual activity in the relationship between the performance of the S&P 500 and the MSCI IFA, IFA standing for Europe, Australasia and the Far East. So broadly here, US stocks versus non-US developed market stocks. And namely, it's that this relationship lately has been trending way outside of historic norms.

Spencer, the premise of your latest column is that there's been a bit of unusual activity in the relationship between the performance of the S&P 500 and the MSCI IFA, IFA standing for Europe, Australasia and the Far East. So broadly here, US stocks versus non-US developed market stocks. And namely, it's that this relationship lately has been trending way outside of historic norms.

Break this down for us.

Break this down for us.

Und wie Sie messen, wie teuer sie sind, hat viel zu tun mit ihren erwarteten Einkommen. Sie haben sich mit Forschungs-Affiliaten befasst, um ihre 10-Jahre-Vorgaben für ein paar verschiedene Kategorien zu schauen. Was haben Sie gefunden?

Und wie Sie messen, wie teuer sie sind, hat viel zu tun mit ihren erwarteten Einkommen. Sie haben sich mit Forschungs-Affiliaten befasst, um ihre 10-Jahre-Vorgaben für ein paar verschiedene Kategorien zu schauen. Was haben Sie gefunden?

And Spencer, lest someone be very tempted right now to put the podcast down and go and trade on the basis of some of the analysis you've just given us. Of course, it's not always that easy and there could be factors that conspire to make this not be the winning bet over the coming decade, I'm sure.

And Spencer, lest someone be very tempted right now to put the podcast down and go and trade on the basis of some of the analysis you've just given us. Of course, it's not always that easy and there could be factors that conspire to make this not be the winning bet over the coming decade, I'm sure.

It's Wednesday, February 26th. 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 US and Ukraine have agreed to the terms of a mineral rights deal that could be signed by President Trump and President Volodymyr Zelensky in Washington as soon as Friday.

It's Wednesday, February 26th. 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 US and Ukraine have agreed to the terms of a mineral rights deal that could be signed by President Trump and President Volodymyr Zelensky in Washington as soon as Friday.

Spencer Jacob is the Wall Street Journal's investing columnist and he edits our Markets AM newsletter, which you can subscribe to for free at the link we've left in our show notes. Spencer, thanks so much for dropping by. Hey, thanks a lot.

Spencer Jacob is the Wall Street Journal's investing columnist and he edits our Markets AM newsletter, which you can subscribe to for free at the link we've left in our show notes. Spencer, thanks so much for dropping by. Hey, thanks a lot.

Und in News Moving Markets today, US-listed shares in Budweiser Brewer AB InBev are sharply higher in off-hours trading, after it reported growth in its US market share on the backs of its Michelob Ultra and Bush Light brands. The company's global results left more to be desired, though, as fourth-quarter sales volumes fell, dragged by lingering weakness in China.

Und in News Moving Markets today, US-listed shares in Budweiser Brewer AB InBev are sharply higher in off-hours trading, after it reported growth in its US market share on the backs of its Michelob Ultra and Bush Light brands. The company's global results left more to be desired, though, as fourth-quarter sales volumes fell, dragged by lingering weakness in China.

Copper prices are rising after White House officials said the US would investigate imposing global import tariffs on the metal. Senior administration officials said the probe was necessary to spur domestic production, but declined to say how high the tariffs could be or when they could be imposed.

Copper prices are rising after White House officials said the US would investigate imposing global import tariffs on the metal. Senior administration officials said the probe was necessary to spur domestic production, but declined to say how high the tariffs could be or when they could be imposed.

And on deck today, Lowe's and TJ Maxx-Owner TJX Companies are reporting earnings this morning with Salesforce and NVIDIA following this afternoon. And the Commerce Department will release new home sales figures for January at 10 a.m. Eastern. And that's it for What's News for this Wednesday morning.

And on deck today, Lowe's and TJ Maxx-Owner TJX Companies are reporting earnings this morning with Salesforce and NVIDIA following this afternoon. And the Commerce Department will release new home sales figures for January at 10 a.m. Eastern. And that's it for What's News for this Wednesday morning.

Today's show was produced by Daniel Bach and Kate Bullivant with supervising producer Christina Rocca. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening. Bis zum nächsten Mal.

Today's show was produced by Daniel Bach and Kate Bullivant with supervising producer Christina Rocca. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening. Bis zum nächsten Mal.

Zelensky had said for months Ukraine's allies could have access to the country's mineral resources, but that an agreement would need to include security guarantees. So how does the final deal measure up? I asked Journal foreign correspondent Ian Lovett.

Zelensky had said for months Ukraine's allies could have access to the country's mineral resources, but that an agreement would need to include security guarantees. So how does the final deal measure up? I asked Journal foreign correspondent Ian Lovett.

Those Oval Office comments came after Trump lashed out at the Fed chair last week, writing in a social media post that Powell's termination cannot come fast enough, prompting a sell-off in American assets like the dollar and U.S. treasuries and pushing safe haven assets like gold to a new record high. Trump also said that the 145% tariff on China was too high.

Those Oval Office comments came after Trump lashed out at the Fed chair last week, writing in a social media post that Powell's termination cannot come fast enough, prompting a sell-off in American assets like the dollar and U.S. treasuries and pushing safe haven assets like gold to a new record high. Trump also said that the 145% tariff on China was too high.

That boosted Japanese and Korean stocks in particular, as tech companies with large exposure to the U.S. market like TSMC and Foxconn rallied on the prospect of a de-escalation in hostilities between Washington and Beijing.

That boosted Japanese and Korean stocks in particular, as tech companies with large exposure to the U.S. market like TSMC and Foxconn rallied on the prospect of a de-escalation in hostilities between Washington and Beijing.

Shares of Tesla are up more than 5% in off-hours trading after the EV maker reported first quarter earnings that included word of a 13% slide in vehicle deliveries and a more than 70% decline in net income. But the headline news is that CEO Elon Musk signaled that his work with the Trump administration could be coming to an end. Stephen Wilmot is the journal's European Autos reporter.

Shares of Tesla are up more than 5% in off-hours trading after the EV maker reported first quarter earnings that included word of a 13% slide in vehicle deliveries and a more than 70% decline in net income. But the headline news is that CEO Elon Musk signaled that his work with the Trump administration could be coming to an end. Stephen Wilmot is the journal's European Autos reporter.

Stephen, I think the best way for us to understand Tesla's situation now is to hear from Musk himself. So I'm going to play a few clips here from yesterday's earnings call, starting with Musk explaining his early work setting up the Department of Government Efficiency was mostly done. Here he was.

Stephen, I think the best way for us to understand Tesla's situation now is to hear from Musk himself. So I'm going to play a few clips here from yesterday's earnings call, starting with Musk explaining his early work setting up the Department of Government Efficiency was mostly done. Here he was.

Stephen, was that the answer investors were looking for that might explain Tesla's stock gaining after these results?

Stephen, was that the answer investors were looking for that might explain Tesla's stock gaining after these results?

About Tesla's future, Musk was speaking in quite glowing terms about its automotive business, promising that a driverless taxi service from the company would be launching this summer. And he also talked about other business units like the company's AI products, its pivot into robotics. These are things that Tesla has touted for a long time, its non-automotive work.

About Tesla's future, Musk was speaking in quite glowing terms about its automotive business, promising that a driverless taxi service from the company would be launching this summer. And he also talked about other business units like the company's AI products, its pivot into robotics. These are things that Tesla has touted for a long time, its non-automotive work.

And yet Musk did try to get more specific here, putting some dates on when he thought this would all start to benefit the company's bottom line. Let's hear that.

And yet Musk did try to get more specific here, putting some dates on when he thought this would all start to benefit the company's bottom line. Let's hear that.

What of that, Stephen? Is the market buying these future profits, this major jump up in valuation, is just around the corner?

What of that, Stephen? Is the market buying these future profits, this major jump up in valuation, is just around the corner?

Stock markets rally as President Trump says he has no plans to fire the Fed chair. Plus, Tesla stock surges after Elon Musk says his work in D.C. could be winding down. And federal contractors offer billions in cost cuts to win over an administration skeptical about their contributions.

Stock markets rally as President Trump says he has no plans to fire the Fed chair. Plus, Tesla stock surges after Elon Musk says his work in D.C. could be winding down. And federal contractors offer billions in cost cuts to win over an administration skeptical about their contributions.

A key spring for Tesla giving way to a key summer. Stephen Wilmot is the journal's European Autos reporter. Thanks so much for stopping by. Thank you. Coming up, U.S. brokered peace talks for Ukraine falter after Kiev pushes back on the proposed terms of a deal and the Trump administration moves to phase out artificial food dyes. We've got those stories and more after the break.

A key spring for Tesla giving way to a key summer. Stephen Wilmot is the journal's European Autos reporter. Thanks so much for stopping by. Thank you. Coming up, U.S. brokered peace talks for Ukraine falter after Kiev pushes back on the proposed terms of a deal and the Trump administration moves to phase out artificial food dyes. We've got those stories and more after the break.

Music

Music

Three federal judges criticized the Trump administration yesterday over its immigration crackdown, throwing up new legal roadblocks to the White House's no-holds-barred approach.

Three federal judges criticized the Trump administration yesterday over its immigration crackdown, throwing up new legal roadblocks to the White House's no-holds-barred approach.

Two judges in Colorado and New York sharply questioned the legality of the administration's use of wartime measures to speed up deportations of alleged gang members and criticized the lack of legal protections for individuals who've been detained and are slated for removal.

Two judges in Colorado and New York sharply questioned the legality of the administration's use of wartime measures to speed up deportations of alleged gang members and criticized the lack of legal protections for individuals who've been detained and are slated for removal.

At the same time, a judge in Maryland accused the administration of bad faith in the case of Kilmar Abrego Garcia, a man mistakenly deported to El Salvador. On Monday, the administration declined to answer questions posed by Abrego Garcia's lawyers following a judge's order to facilitate his return.

At the same time, a judge in Maryland accused the administration of bad faith in the case of Kilmar Abrego Garcia, a man mistakenly deported to El Salvador. On Monday, the administration declined to answer questions posed by Abrego Garcia's lawyers following a judge's order to facilitate his return.

with government lawyers citing attorney-client privilege, state secrets, and diplomatic concerns, and telling the court that questions about his whereabouts and the administration's legal basis for his continued detention are an absurdity. U.S. District Judge Paula Zinnis has ordered the government to provide full responses by 6 p.m. today.

with government lawyers citing attorney-client privilege, state secrets, and diplomatic concerns, and telling the court that questions about his whereabouts and the administration's legal basis for his continued detention are an absurdity. U.S. District Judge Paula Zinnis has ordered the government to provide full responses by 6 p.m. today.

President Trump's efforts to bring an end to the war in Ukraine are on shaky ground after Ukrainian President Volodymyr Zelensky pushed back on a U.S. proposal to recognize Russia's control of Crimea as part of a ceasefire agreement.

President Trump's efforts to bring an end to the war in Ukraine are on shaky ground after Ukrainian President Volodymyr Zelensky pushed back on a U.S. proposal to recognize Russia's control of Crimea as part of a ceasefire agreement.

American officials had presented a series of ideas for ending the war to Ukrainian officials last week and expected an answer today as Ukrainian, U.S., and European officials gather for a summit in London. Speaking in Kiev, Zelensky said the Crimea proposal was a non-starter.

American officials had presented a series of ideas for ending the war to Ukrainian officials last week and expected an answer today as Ukrainian, U.S., and European officials gather for a summit in London. Speaking in Kiev, Zelensky said the Crimea proposal was a non-starter.

Zelensky added that Ukrainian officials in London today would have a mandate to discuss a partial or full ceasefire, which Ukraine agreed to last month, but Moscow rejected. Secretary of State Marco Rubio has announced a major plan to reorganize the State Department and shrink what he called a bloated bureaucracy and bring it in line with President Trump's America First priorities.

Zelensky added that Ukrainian officials in London today would have a mandate to discuss a partial or full ceasefire, which Ukraine agreed to last month, but Moscow rejected. Secretary of State Marco Rubio has announced a major plan to reorganize the State Department and shrink what he called a bloated bureaucracy and bring it in line with President Trump's America First priorities.

The overhaul will result in the elimination of 700 positions and the closure of 132 of the agency's offices. However, this restructuring doesn't cover the network of U.S. diplomatic missions abroad. Seven of the 10 largest consulting firms to the U.S.

The overhaul will result in the elimination of 700 positions and the closure of 132 of the agency's offices. However, this restructuring doesn't cover the network of U.S. diplomatic missions abroad. Seven of the 10 largest consulting firms to the U.S.

government are offering to cut up to $20 billion from their federal contracts after being pushed by the Trump administration to locate deeper price concessions or face consequences. We exclusively report that the proposed cuts include terminating existing contracts and reducing the scope of their work within federal agencies.

government are offering to cut up to $20 billion from their federal contracts after being pushed by the Trump administration to locate deeper price concessions or face consequences. We exclusively report that the proposed cuts include terminating existing contracts and reducing the scope of their work within federal agencies.

with some firms offering discounts on their labor costs, credits towards their work, or AI services free of charge.

with some firms offering discounts on their labor costs, credits towards their work, or AI services free of charge.

Journal reporter Chip Cutter said that if the proposed cuts satisfy the government, it would lift some pressure off the likes of Booz Allen Hamilton, which makes nearly all of its $11 billion in annual revenue from contracts tied to the government, but that the industry isn't in the clear just yet.

Journal reporter Chip Cutter said that if the proposed cuts satisfy the government, it would lift some pressure off the likes of Booz Allen Hamilton, which makes nearly all of its $11 billion in annual revenue from contracts tied to the government, but that the industry isn't in the clear just yet.

It's Wednesday, April 23rd. 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.

It's Wednesday, April 23rd. 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.

Accenture and Deloitte didn't immediately comment, while a Booz Allen spokesman said the company was working productively with the government, quote, for the benefit of the American taxpayer. And Robert F. Kennedy Jr. has unveiled plans to strip artificial food dyes from the American diet by the end of 2026.

Accenture and Deloitte didn't immediately comment, while a Booz Allen spokesman said the company was working productively with the government, quote, for the benefit of the American taxpayer. And Robert F. Kennedy Jr. has unveiled plans to strip artificial food dyes from the American diet by the end of 2026.

The Health and Human Services Department and Food and Drug Administration will work with the food industry to eliminate petroleum-based synthetic dyes, which Kennedy has blamed for a litany of health problems. Industry groups say the dyes used in their food products have been deemed safe but are nevertheless going along with the order. Journal food reporter Jesse Newman has more.

The Health and Human Services Department and Food and Drug Administration will work with the food industry to eliminate petroleum-based synthetic dyes, which Kennedy has blamed for a litany of health problems. Industry groups say the dyes used in their food products have been deemed safe but are nevertheless going along with the order. Journal food reporter Jesse Newman has more.

And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. 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 Wednesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. 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.

Markets around the world are breathing a sigh of relief this morning, with stocks gaining after President Trump last night signaled a softer tone on China tariffs and said he isn't planning to fire Federal Reserve Chair Jerome Powell.

Markets around the world are breathing a sigh of relief this morning, with stocks gaining after President Trump last night signaled a softer tone on China tariffs and said he isn't planning to fire Federal Reserve Chair Jerome Powell.

But at a hearing yesterday, the judge said that nothing has been done to get Abrego Garcia back, leading her to trigger an expedited discovery process requiring the administration to produce documents and have officials sit for questioning.

But at a hearing yesterday, the judge said that nothing has been done to get Abrego Garcia back, leading her to trigger an expedited discovery process requiring the administration to produce documents and have officials sit for questioning.

While lawyers for Abrego Garcia have asked Zinnis to consider holding federal agencies and officials in contempt, legal experts say the judge is already risking a constitutional showdown without clear ability to compel the administration's compliance. The Justice Department has said the courts lack the authority to interfere in U.S.

While lawyers for Abrego Garcia have asked Zinnis to consider holding federal agencies and officials in contempt, legal experts say the judge is already risking a constitutional showdown without clear ability to compel the administration's compliance. The Justice Department has said the courts lack the authority to interfere in U.S.

foreign affairs, and leaders of neither country have signaled interest in cooperating. Switching gears to trade, the journals Gavin Bade and Brian Schwartz exclusively report that the U.S. plans to use reciprocal tariff negotiations with more than 70 countries to ask them to help isolate China in exchange for concessions on tariff rates.

foreign affairs, and leaders of neither country have signaled interest in cooperating. Switching gears to trade, the journals Gavin Bade and Brian Schwartz exclusively report that the U.S. plans to use reciprocal tariff negotiations with more than 70 countries to ask them to help isolate China in exchange for concessions on tariff rates.

We report the strategy is being driven by Treasury Secretary Scott Besant and the U.S. officials' plan to ask foreign capitals to disallow China to ship goods through their countries, stop Chinese firms from setting up in their territories, and not absorb cheap Chinese industrial goods. I asked the Journal's Southeast Asia Bureau Chief Gabrielle Steinhauser how that approach is likely to go over.

We report the strategy is being driven by Treasury Secretary Scott Besant and the U.S. officials' plan to ask foreign capitals to disallow China to ship goods through their countries, stop Chinese firms from setting up in their territories, and not absorb cheap Chinese industrial goods. I asked the Journal's Southeast Asia Bureau Chief Gabrielle Steinhauser how that approach is likely to go over.

Gabriel, these are themes we actually explored in depth in our recent podcast series called Building Influence, which was about China's Belt and Road Infrastructure Project. We'll leave a link to that in our show notes, but namely that under the Biden administration, the U.S.

Gabriel, these are themes we actually explored in depth in our recent podcast series called Building Influence, which was about China's Belt and Road Infrastructure Project. We'll leave a link to that in our show notes, but namely that under the Biden administration, the U.S.

seemed to acknowledge that because of the inroads China had made around the world, it was going to be difficult to force a choice of it's either us or them. And yet Trump himself yesterday said he's considering pushing countries to make that very choice.

seemed to acknowledge that because of the inroads China had made around the world, it was going to be difficult to force a choice of it's either us or them. And yet Trump himself yesterday said he's considering pushing countries to make that very choice.

That was the journal's Gabrielle Steinhauser. The White House and Treasury Department didn't respond to requests for comment. And speaking of China, official data shows its economy got a first-quarter boost thanks to a rush of exports ahead of U.S. tariffs, expanding 5.4 percent compared to the same period a year earlier.

That was the journal's Gabrielle Steinhauser. The White House and Treasury Department didn't respond to requests for comment. And speaking of China, official data shows its economy got a first-quarter boost thanks to a rush of exports ahead of U.S. tariffs, expanding 5.4 percent compared to the same period a year earlier.

Though that could be the best news for a while, as economists expect Chinese growth to fall to 4 percent or less this year, its slowest expansion in decades outside of the pandemic years. There are already signs tariffs are beginning to drag China's economy. Chinese wholesalers say U.S. orders have dried up.

Though that could be the best news for a while, as economists expect Chinese growth to fall to 4 percent or less this year, its slowest expansion in decades outside of the pandemic years. There are already signs tariffs are beginning to drag China's economy. Chinese wholesalers say U.S. orders have dried up.

The country's Ministry of Transport reports container traffic at Chinese ports fell 6 percent last week from the previous seven days. And an index of freight rates for shipping goods to the U.S. West Coast has dropped by some 18 percent. Coming up, Nvidia sales take a hit on new AI chip restrictions on China and will unpack the impact of tariffs on the U.S. energy sector.

The country's Ministry of Transport reports container traffic at Chinese ports fell 6 percent last week from the previous seven days. And an index of freight rates for shipping goods to the U.S. West Coast has dropped by some 18 percent. Coming up, Nvidia sales take a hit on new AI chip restrictions on China and will unpack the impact of tariffs on the U.S. energy sector.

Those stories and more after the break.

Those stories and more after the break.

Plus, the White House plans to use tariff talks with dozens of countries to isolate China.

Plus, the White House plans to use tariff talks with dozens of countries to isolate China.

Global oil markets are being roiled by tariffs, so declared the International Energy Agency in a report this week that shed light on how trade tensions and recession fears are rippling through energy markets. And here to plumb the depths of the IEA's findings, including what could be in store for American energy producers and consumers, is journal reporter Benoit Morin. Benoit,

Global oil markets are being roiled by tariffs, so declared the International Energy Agency in a report this week that shed light on how trade tensions and recession fears are rippling through energy markets. And here to plumb the depths of the IEA's findings, including what could be in store for American energy producers and consumers, is journal reporter Benoit Morin. Benoit,

What has been going on with energy markets in the last few weeks? I will admit here on the show, we've talked a lot about equities, how they've been affected, particularly the tech sector. We've talked about bond yields, about the dollar, but gas prices, global energy demand, not as much. What's been going on?

What has been going on with energy markets in the last few weeks? I will admit here on the show, we've talked a lot about equities, how they've been affected, particularly the tech sector. We've talked about bond yields, about the dollar, but gas prices, global energy demand, not as much. What's been going on?

Going back to producers, especially those in the U.S., as I know you've written with our colleague Colin Eaton, they have got another challenge now in the form of tariffs.

Going back to producers, especially those in the U.S., as I know you've written with our colleague Colin Eaton, they have got another challenge now in the form of tariffs.

And with global oil markets roiled by trade tension, we'll look at what it means for producers and consumers. It's Wednesday, April 16th. 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.

And with global oil markets roiled by trade tension, we'll look at what it means for producers and consumers. It's Wednesday, April 16th. 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.

So low prices, a disincentive to drill more, higher production costs would have the same effect. Then there's the question of markets and market access, which is very much in flux as global trade is upended.

So low prices, a disincentive to drill more, higher production costs would have the same effect. Then there's the question of markets and market access, which is very much in flux as global trade is upended.

I've been speaking to Wall Street Journal energy reporter Benoit Morin in Houston. Benoit, thank you so much for bringing us this update. Thank you for having me. In markets news today, shares of NVIDIA fell more than 6 percent in off-hours trading after the chipmaker said it would take a $5.5 billion hit on its quarterly earnings, as it disclosed that the U.S.

I've been speaking to Wall Street Journal energy reporter Benoit Morin in Houston. Benoit, thank you so much for bringing us this update. Thank you for having me. In markets news today, shares of NVIDIA fell more than 6 percent in off-hours trading after the chipmaker said it would take a $5.5 billion hit on its quarterly earnings, as it disclosed that the U.S.

will now require a license for exporting the company's H2O processors to China and other countries. According to a company filing, the government informed NVIDIA on Monday that the new requirement would be in place indefinitely. The H20 chips have far less processing power than NVIDIA's top-of-the-line processors and were designed to enable sales of AI chips to China to comply with U.S.

will now require a license for exporting the company's H2O processors to China and other countries. According to a company filing, the government informed NVIDIA on Monday that the new requirement would be in place indefinitely. The H20 chips have far less processing power than NVIDIA's top-of-the-line processors and were designed to enable sales of AI chips to China to comply with U.S.

export controls. Transportation bellwether J.B. Hunt, the first U.S. freight operator to report earnings this quarter, has logged lower first-quarter profit and revenue as the sector continues to struggle with weak demand and excess capacity.

export controls. Transportation bellwether J.B. Hunt, the first U.S. freight operator to report earnings this quarter, has logged lower first-quarter profit and revenue as the sector continues to struggle with weak demand and excess capacity.

The trucking company said import volumes picked up at the beginning of the year as firms rushed in inventory to get ahead of tariffs, but that activity has since slowed as retailers reduce new orders as they await clarity on duties. And on deck today, U.S. retail sales figures for March are due at 8.30 a.m. Eastern, with Fed Chair Jerome Powell set to discuss the economic outlook at 1.30 p.m.

The trucking company said import volumes picked up at the beginning of the year as firms rushed in inventory to get ahead of tariffs, but that activity has since slowed as retailers reduce new orders as they await clarity on duties. And on deck today, U.S. retail sales figures for March are due at 8.30 a.m. Eastern, with Fed Chair Jerome Powell set to discuss the economic outlook at 1.30 p.m.

And the Bank of Canada is set to make its latest interest rate decision after seven consecutive cuts since last June. Economists narrowly forecast that it will leave its benchmark rate unchanged after wrestling down inflation, though several said U.S. trade policy moves require another cut. And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Bullivan.

And the Bank of Canada is set to make its latest interest rate decision after seven consecutive cuts since last June. Economists narrowly forecast that it will leave its benchmark rate unchanged after wrestling down inflation, though several said U.S. trade policy moves require another cut. And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Bullivan.

Our supervising producer was Daniel Bach. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.

Our supervising producer was Daniel Bach. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.

A federal judge in Maryland is demanding more answers from the Trump administration about its efforts to return a migrant wrongfully deported to El Salvador, setting up the biggest test yet of judges' authority to rein in the government's actions. U.S.

A federal judge in Maryland is demanding more answers from the Trump administration about its efforts to return a migrant wrongfully deported to El Salvador, setting up the biggest test yet of judges' authority to rein in the government's actions. U.S.

Thank you.

Thank you.

District Judge Paula Zinnis had previously ordered the government to facilitate the return of Kilmar Abrego-Garcia, with the Supreme Court upholding her authority to issue the order.

District Judge Paula Zinnis had previously ordered the government to facilitate the return of Kilmar Abrego-Garcia, with the Supreme Court upholding her authority to issue the order.

and Syria in 25 years, which came after Trump announced he would lift crippling economic sanctions on the war-torn country as he kicked off his four-day Middle East tour in Saudi Arabia. Meanwhile, the president hasn't escaped the growing criticism in Washington over his potential acceptance of a $400 million luxury airplane from the government of Qatar.

and Syria in 25 years, which came after Trump announced he would lift crippling economic sanctions on the war-torn country as he kicked off his four-day Middle East tour in Saudi Arabia. Meanwhile, the president hasn't escaped the growing criticism in Washington over his potential acceptance of a $400 million luxury airplane from the government of Qatar.

Democrats have raised legal and ethical concerns, and now Republican lawmakers are questioning the potential security risk and cost of retrofitting the plane for use as the next Air Force One. On his way to Qatar, national security reporter Alex Ward told us the blowback could overshadow today's state visit.

Democrats have raised legal and ethical concerns, and now Republican lawmakers are questioning the potential security risk and cost of retrofitting the plane for use as the next Air Force One. On his way to Qatar, national security reporter Alex Ward told us the blowback could overshadow today's state visit.

On social media, Trump said only a fool wouldn't accept the plane as a gift. and has repeatedly expressed frustration about delays to a contract with Boeing for a new set of presidential planes. Well, elsewhere in the region, Israel says an airstrike that struck near a hospital in Khan Yunis yesterday was targeting a top Hamas leader in Gaza, Mohamed Sinwar.

On social media, Trump said only a fool wouldn't accept the plane as a gift. and has repeatedly expressed frustration about delays to a contract with Boeing for a new set of presidential planes. Well, elsewhere in the region, Israel says an airstrike that struck near a hospital in Khan Yunis yesterday was targeting a top Hamas leader in Gaza, Mohamed Sinwar.

He effectively took over as the head of Hamas in Gaza after Israel killed his brother Yahya Sinwar in October. Gaza's health ministry said six people were killed and more than 40 injured as a result of the attack. And Israeli officials said it could still take days to determine whether the strike killed Sinwar.

He effectively took over as the head of Hamas in Gaza after Israel killed his brother Yahya Sinwar in October. Gaza's health ministry said six people were killed and more than 40 injured as a result of the attack. And Israeli officials said it could still take days to determine whether the strike killed Sinwar.

Back in the U.S., we are reporting that White House and agency officials are pushing back against a bid by Health Secretary Robert F. Kennedy Jr. to label pesticides as harmful to health. There's concern the move would disrupt the food supply chain.

Back in the U.S., we are reporting that White House and agency officials are pushing back against a bid by Health Secretary Robert F. Kennedy Jr. to label pesticides as harmful to health. There's concern the move would disrupt the food supply chain.

People familiar with Kennedy's Make America Healthy Again report due out next week said it's expected to single out two problematic toxins, glyphosate, the active ingredient in Roundup made by Bayer, and atrazine, an herbicide used on grasses and corn.

People familiar with Kennedy's Make America Healthy Again report due out next week said it's expected to single out two problematic toxins, glyphosate, the active ingredient in Roundup made by Bayer, and atrazine, an herbicide used on grasses and corn.

It's not clear where President Trump stands on the issue, though he pledged to investigate pesticides on the campaign trail as part of an effort to win support from Kennedy's backers. The U.S. has scrapped its AI diffusion rule implemented under President Biden, which limited chip exports, claiming that it undermined diplomatic relations with friendly nations.

It's not clear where President Trump stands on the issue, though he pledged to investigate pesticides on the campaign trail as part of an effort to win support from Kennedy's backers. The U.S. has scrapped its AI diffusion rule implemented under President Biden, which limited chip exports, claiming that it undermined diplomatic relations with friendly nations.

The Trump administration said it aims to keep AI tech from adversaries, warning against using U.S. chips for Chinese AI models. Journal reporter Sherry Queen says the rule change benefits American AI players like Nvidia.

The Trump administration said it aims to keep AI tech from adversaries, warning against using U.S. chips for Chinese AI models. Journal reporter Sherry Queen says the rule change benefits American AI players like Nvidia.

Republicans voice national security concerns over Qatar's proposed gifting of a luxury jet to President Trump. Plus, the U.S. scraps a Biden-era rule limiting AI chip exports to other countries. And we'll hear why a 90-day tariff rollback isn't delivering the long-term certainty retailers are looking for.

Republicans voice national security concerns over Qatar's proposed gifting of a luxury jet to President Trump. Plus, the U.S. scraps a Biden-era rule limiting AI chip exports to other countries. And we'll hear why a 90-day tariff rollback isn't delivering the long-term certainty retailers are looking for.

NVIDIA's stock rallied in off-hours trading following the announcement. Microsoft is laying off thousands of employees, or around 3% of its workforce. The effort to become more streamlined impacts various divisions around the world and will result in fewer managers as the company focuses on high-performing teams. And turning to earnings, tariffs are still hurting forecasts of major companies.

NVIDIA's stock rallied in off-hours trading following the announcement. Microsoft is laying off thousands of employees, or around 3% of its workforce. The effort to become more streamlined impacts various divisions around the world and will result in fewer managers as the company focuses on high-performing teams. And turning to earnings, tariffs are still hurting forecasts of major companies.

As this morning, Japanese electronics giant Sony warned that annual profit is expected to drop 13 percent, even as its movie and music business boosted first quarter earnings. Similarly, Taiwanese electronics maker Foxconn also cut its forward guidance. That said, it still expects revenues to be higher than last year, thanks to its work building AI servers for U.S.

As this morning, Japanese electronics giant Sony warned that annual profit is expected to drop 13 percent, even as its movie and music business boosted first quarter earnings. Similarly, Taiwanese electronics maker Foxconn also cut its forward guidance. That said, it still expects revenues to be higher than last year, thanks to its work building AI servers for U.S.

tech giants like Amazon and Nvidia. Coming up, this week's tariff truce has lifted markets and kicked off a rush by businesses to place orders from China. But as global retailers tell me, their long-term outlook remains as uncertain as ever. That's after the break.

tech giants like Amazon and Nvidia. Coming up, this week's tariff truce has lifted markets and kicked off a rush by businesses to place orders from China. But as global retailers tell me, their long-term outlook remains as uncertain as ever. That's after the break.

To learn more about how retailers are coping with on-again, off-again U.S. tariffs, I stopped by the World Retail Congress taking place this week in London, where one word kept coming up.

To learn more about how retailers are coping with on-again, off-again U.S. tariffs, I stopped by the World Retail Congress taking place this week in London, where one word kept coming up.

The mood among manufacturers and retailers was more buoyant than I expected, thanks in large part to Monday's tariff rollback. But executives weren't ready to sound the all-clear. And there were two main reasons why. The first is that the aftershocks of Liberation Day are still being felt, even if China-U.S. trade is about to pick up.

The mood among manufacturers and retailers was more buoyant than I expected, thanks in large part to Monday's tariff rollback. But executives weren't ready to sound the all-clear. And there were two main reasons why. The first is that the aftershocks of Liberation Day are still being felt, even if China-U.S. trade is about to pick up.

Ian Bailey is the chairman of Anco Global, a product development company that sells over 1.5 billion items a year, primarily in Kmart stores across Australia. He told me that retailers that waited until this week's tariff news to place orders could be disappointed.

Ian Bailey is the chairman of Anco Global, a product development company that sells over 1.5 billion items a year, primarily in Kmart stores across Australia. He told me that retailers that waited until this week's tariff news to place orders could be disappointed.

As importers race to bring in cargo during the 90-day tariff rollback, carriers have already started raising Trans-Pacific shipping prices, with the cost of some June departures more than double current prices. It's the kind of handbrake turn in trade winds that Bailey told me is keeping everyone on their toes.

As importers race to bring in cargo during the 90-day tariff rollback, carriers have already started raising Trans-Pacific shipping prices, with the cost of some June departures more than double current prices. It's the kind of handbrake turn in trade winds that Bailey told me is keeping everyone on their toes.

That could be an issue for you?

That could be an issue for you?

So that is lesson one. But this week's dialing back of U.S.-China tariffs isn't the end of the story. Aftershocks will persist, and even the best-laid plans might need to be torn up in short order. Which brings me to the second thing I learned, that trying to reduce supply chain vulnerability is expensive, a fact likely to widen the gaps between retail's winners and losers.

So that is lesson one. But this week's dialing back of U.S.-China tariffs isn't the end of the story. Aftershocks will persist, and even the best-laid plans might need to be torn up in short order. Which brings me to the second thing I learned, that trying to reduce supply chain vulnerability is expensive, a fact likely to widen the gaps between retail's winners and losers.

Breanne Olson is the CEO of teen retailer PacSun, which is riding the success of having a hit product among Gen Z customers.

Breanne Olson is the CEO of teen retailer PacSun, which is riding the success of having a hit product among Gen Z customers.

Olson said she's convening a tariff task force every week in order to work out sourcing strategies that may need to shift by the quarter. For now, though, things are running smoothly enough that she broke the news to us the brand is expanding into the Middle East.

Olson said she's convening a tariff task force every week in order to work out sourcing strategies that may need to shift by the quarter. For now, though, things are running smoothly enough that she broke the news to us the brand is expanding into the Middle East.

But the California sun isn't shining for everyone.

But the California sun isn't shining for everyone.

Palak Seth is the founder and executive vice chairman of India-based apparel manufacturer PDS Limited. A decade ago, 70 to 80 percent of its manufacturing was in China. Now that's around 40 percent, thanks to a de-risking strategy dating back to President Trump's first term that's seen it expand across South Asia, Central America and Africa.

Palak Seth is the founder and executive vice chairman of India-based apparel manufacturer PDS Limited. A decade ago, 70 to 80 percent of its manufacturing was in China. Now that's around 40 percent, thanks to a de-risking strategy dating back to President Trump's first term that's seen it expand across South Asia, Central America and Africa.

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. President Trump met this morning with the new president of Syria, marking a major turning point in global recognition of the country's leadership. On the sidelines of a regional summit in Saudi Arabia, a U.S.

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. President Trump met this morning with the new president of Syria, marking a major turning point in global recognition of the country's leadership. On the sidelines of a regional summit in Saudi Arabia, a U.S.

But Seth told me it's his customers he's now anxious about.

But Seth told me it's his customers he's now anxious about.

Geography could determine other winners and losers, too. Ira Kalish is the chief economist at consulting giant Deloitte.

Geography could determine other winners and losers, too. Ira Kalish is the chief economist at consulting giant Deloitte.

And of course, the fortunes of retailers depend on the health of consumers. Kalish said the middle class in particular remains spooked by tariffs in ways that could dent discretionary spending, even if the S&P 500 is back into the black for 2025. The conference board recently found Americans now expect inflation to reach 7% next year.

And of course, the fortunes of retailers depend on the health of consumers. Kalish said the middle class in particular remains spooked by tariffs in ways that could dent discretionary spending, even if the S&P 500 is back into the black for 2025. The conference board recently found Americans now expect inflation to reach 7% next year.

And even if things don't get that bad, Ian Bailey told me that retailers should be bracing for a shakeup.

And even if things don't get that bad, Ian Bailey told me that retailers should be bracing for a shakeup.

And that's it for What's News for this Wednesday morning. Today's show was produced by Daniel Bach and Kate Bullivant. 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 Wednesday morning. Today's show was produced by Daniel Bach and Kate Bullivant. 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.

Thank you.

Thank you.

official said that Trump spoke with Ahmed al-Shara, a one-time insurgent aligned with Islamic State and al-Qaeda in Iraq and who is still designated by Washington as a terrorist. Al-Shara led the overthrow of longtime dictator Bashar al-Assad in December. A U.S. spokesman said it was the first meeting between the presidents of the U.S.

official said that Trump spoke with Ahmed al-Shara, a one-time insurgent aligned with Islamic State and al-Qaeda in Iraq and who is still designated by Washington as a terrorist. Al-Shara led the overthrow of longtime dictator Bashar al-Assad in December. A U.S. spokesman said it was the first meeting between the presidents of the U.S.

In terms of, I mean, we can look back to Trump's first term for an example of how these similar tariffs went into effect. And you did see a lot of countries end up, as you alluded to, they're getting exclusions or seeing their products put under duty-free quotas. Australia, Brazil, Canada, Mexico, Japan.

In terms of, I mean, we can look back to Trump's first term for an example of how these similar tariffs went into effect. And you did see a lot of countries end up, as you alluded to, they're getting exclusions or seeing their products put under duty-free quotas. Australia, Brazil, Canada, Mexico, Japan.

South Korea, the EU and the UK, among others, this time around, the White House is saying we're not going to do that. Those were loopholes effectively that let Chinese steel into the US. And assuming that is the case, I'm curious how the global production landscape has for these metals has changed since Trump's first term.

South Korea, the EU and the UK, among others, this time around, the White House is saying we're not going to do that. Those were loopholes effectively that let Chinese steel into the US. And assuming that is the case, I'm curious how the global production landscape has for these metals has changed since Trump's first term.

Have they in a way that might alter how these American measures go into effect?

Have they in a way that might alter how these American measures go into effect?

As we look to the US, Nicole, which industries would we be most likely to see affected by these tariffs? I know automakers may be one of them. We've already seen them hit by the tariffs on Mexico and Canada. What else is worth watching?

As we look to the US, Nicole, which industries would we be most likely to see affected by these tariffs? I know automakers may be one of them. We've already seen them hit by the tariffs on Mexico and Canada. What else is worth watching?

The EU hits back as U.S. steel and aluminum tariffs kick in. We'll look at how President Trump's latest trade moves will impact the global metals market. Plus, Ireland's tariff fears threaten to overshadow St. Patrick's Day festivities at the White House. And voters in Greenland slow walk independence as Washington sizes up the territory's minerals.

The EU hits back as U.S. steel and aluminum tariffs kick in. We'll look at how President Trump's latest trade moves will impact the global metals market. Plus, Ireland's tariff fears threaten to overshadow St. Patrick's Day festivities at the White House. And voters in Greenland slow walk independence as Washington sizes up the territory's minerals.

Nicole Vogt is the Global Metals co-lead at Boston Consulting Group. Nicole, thank you so much for being with us on What's News. Thank you for having me. And we're already hearing from some major U.S. trading partners on their response to these overnight tariffs.

Nicole Vogt is the Global Metals co-lead at Boston Consulting Group. Nicole, thank you so much for being with us on What's News. Thank you for having me. And we're already hearing from some major U.S. trading partners on their response to these overnight tariffs.

The EU says starting April 1st, it'll place duties on around $28 billion in American products, including bourbon whiskey, boats, and motorcycles, but stressed it was open to negotiation. Australia, meanwhile, isn't retaliating, with its prime minister saying that trade tensions are economic self-harm that'll be paid for by consumers.

The EU says starting April 1st, it'll place duties on around $28 billion in American products, including bourbon whiskey, boats, and motorcycles, but stressed it was open to negotiation. Australia, meanwhile, isn't retaliating, with its prime minister saying that trade tensions are economic self-harm that'll be paid for by consumers.

It's Wednesday, March 12th. 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. 25% U.S. tariffs on all steel and aluminum imports went into effect at midnight.

It's Wednesday, March 12th. 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. 25% U.S. tariffs on all steel and aluminum imports went into effect at midnight.

Instead, he's pursuing a tariff exemption, which Trump had said he was considering given that Australia trades at a deficit with the U.S. Coming up, Greenlanders reject moves toward a quick independence in the face of Trump's threats to take over the island and Irish officials hope to charm their U.S. counterparts during tax and trade talks at the White House later today.

Instead, he's pursuing a tariff exemption, which Trump had said he was considering given that Australia trades at a deficit with the U.S. Coming up, Greenlanders reject moves toward a quick independence in the face of Trump's threats to take over the island and Irish officials hope to charm their U.S. counterparts during tax and trade talks at the White House later today.

We've got those stories and more after the break. Well, tariffs aside, a key economic data point could move markets today. The February Consumer Price Index, which will reveal whether Fed officials and the Trump administration have been able to turn the tide on inflation.

We've got those stories and more after the break. Well, tariffs aside, a key economic data point could move markets today. The February Consumer Price Index, which will reveal whether Fed officials and the Trump administration have been able to turn the tide on inflation.

Ahead of those figures, WSJ's Take on the Week co-host Telus Demos asked Morgan Stanley's chief global economist Seth Carpenter where we are in the fight against price pressures. and what that could mean for the Fed's rate trajectory.

Ahead of those figures, WSJ's Take on the Week co-host Telus Demos asked Morgan Stanley's chief global economist Seth Carpenter where we are in the fight against price pressures. and what that could mean for the Fed's rate trajectory.

And to hear that full conversation, check out the latest episode of WSJ's Take on the Week, wherever you get your podcasts. Returning to Washington, House Republicans have narrowly passed a proposal to fund the government into the fall, setting up a fight to get the measure passed in the Senate ahead of a Friday deadline and avert a government shutdown.

And to hear that full conversation, check out the latest episode of WSJ's Take on the Week, wherever you get your podcasts. Returning to Washington, House Republicans have narrowly passed a proposal to fund the government into the fall, setting up a fight to get the measure passed in the Senate ahead of a Friday deadline and avert a government shutdown.

Republicans said their funding plan would clear the way for the GOP to move ahead with President Trump's agenda of tax cuts, spending reductions, and border security, which they're hoping to pass into law later this year.

Republicans said their funding plan would clear the way for the GOP to move ahead with President Trump's agenda of tax cuts, spending reductions, and border security, which they're hoping to pass into law later this year.

They'll need Democratic support to advance this week's spending bill, but Democrats have painted the proposal as an effort by Republicans to hand more congressional power over federal spending to Trump and Elon Musk rather than continuing with bipartisan negotiations. And one of the things potentially on the line in the congressional budget is Medicaid.

They'll need Democratic support to advance this week's spending bill, but Democrats have painted the proposal as an effort by Republicans to hand more congressional power over federal spending to Trump and Elon Musk rather than continuing with bipartisan negotiations. And one of the things potentially on the line in the congressional budget is Medicaid.

The program is mainly for low-income Americans, but deep cuts could affect state budgets and health care more broadly. And we want to know what questions you have. Send a voice memo to WNPOD at WSJ.com or leave a voicemail with your name and location at 212-416-4328. And we just might use it on the show.

The program is mainly for low-income Americans, but deep cuts could affect state budgets and health care more broadly. And we want to know what questions you have. Send a voice memo to WNPOD at WSJ.com or leave a voicemail with your name and location at 212-416-4328. And we just might use it on the show.

The Education Department is cutting its workforce by roughly half ahead of President Trump's expected executive order aimed at dismantling the federal agency. As part of a reduction in force notice, the department said it will shed almost 2,000 jobs, including more than 1,300 federal workers, through cuts, buyouts, and resignations.

The Education Department is cutting its workforce by roughly half ahead of President Trump's expected executive order aimed at dismantling the federal agency. As part of a reduction in force notice, the department said it will shed almost 2,000 jobs, including more than 1,300 federal workers, through cuts, buyouts, and resignations.

The measures bear similarity to 25% steel and 10% aluminum tariffs that President Trump embraced in his first term and aims to address what Trump and his team say is an unfair global steel trade in which foreign government subsidies and other trade barriers allow countries to sell steel to American customers cheaper than U.S.-made metals.

The measures bear similarity to 25% steel and 10% aluminum tariffs that President Trump embraced in his first term and aims to address what Trump and his team say is an unfair global steel trade in which foreign government subsidies and other trade barriers allow countries to sell steel to American customers cheaper than U.S.-made metals.

Senior department officials said full teams whose operations are seen as redundant or unnecessary are being cut, and those employees will receive full pay and benefits for 90 days, followed by severance pay based on their years of service.

Senior department officials said full teams whose operations are seen as redundant or unnecessary are being cut, and those employees will receive full pay and benefits for 90 days, followed by severance pay based on their years of service.

The officials said the cuts would affect every part of the department, but that the changes wouldn't affect department functions such as delivering federal student aid. Voters in Greenland have opted for a slower move toward independence from Denmark, backing a party that focuses on domestic issues and rejects a closer relationship with the U.S.

The officials said the cuts would affect every part of the department, but that the changes wouldn't affect department functions such as delivering federal student aid. Voters in Greenland have opted for a slower move toward independence from Denmark, backing a party that focuses on domestic issues and rejects a closer relationship with the U.S.

Security correspondent Suna Rasmussen says the center-right Democrats claimed an upset victory in the country's parliamentary elections, which were called early in the face of President Trump's threats to take control of the island.

Security correspondent Suna Rasmussen says the center-right Democrats claimed an upset victory in the country's parliamentary elections, which were called early in the face of President Trump's threats to take control of the island.

Last week, Trump told a joint session of Congress that he thought the U.S. was going to bring Greenland under its control one way or the other, with promises on social media to invest billions of dollars into the country's economy. And finally, Ireland's leaders will need all the luck they can get when they head to the White House today for annual St. Patrick's Day celebrations.

Last week, Trump told a joint session of Congress that he thought the U.S. was going to bring Greenland under its control one way or the other, with promises on social media to invest billions of dollars into the country's economy. And finally, Ireland's leaders will need all the luck they can get when they head to the White House today for annual St. Patrick's Day celebrations.

The festive occasion usually involves green-colored fountains, shamrocks, and Guinness. But as the journal's Chelsea Delaney explains, this year's meeting comes as the Emerald Isles' record $87 billion trade surplus with the U.S., only smaller than those of China, Mexico, and Vietnam, and driven by a surge in pharmaceutical exports, make it a likely tariff target.

The festive occasion usually involves green-colored fountains, shamrocks, and Guinness. But as the journal's Chelsea Delaney explains, this year's meeting comes as the Emerald Isles' record $87 billion trade surplus with the U.S., only smaller than those of China, Mexico, and Vietnam, and driven by a surge in pharmaceutical exports, make it a likely tariff target.

So what effect will the new tariffs have on America's trading partners and its domestic manufacturers? Nicole Vogt is a managing director at Boston Consulting Group and the firm's Global Metals co-lead. Nicole, what does this U.S. action mean for steel producers around the world?

So what effect will the new tariffs have on America's trading partners and its domestic manufacturers? Nicole Vogt is a managing director at Boston Consulting Group and the firm's Global Metals co-lead. Nicole, what does this U.S. action mean for steel producers around the world?

Speaking only, Jason, about the impact of trade volumes, we saw a projection today from Capital Economics about Chinese exports and just there are some potentially massive changes coming.

Speaking only, Jason, about the impact of trade volumes, we saw a projection today from Capital Economics about Chinese exports and just there are some potentially massive changes coming.

We'll look at how America's trade partners, central banks and investors are responding as U.S. treasuries sell off, plus the rest of the day's headlines. It's Wednesday, April 9th. 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. Reciprocal U.S.

We'll look at how America's trade partners, central banks and investors are responding as U.S. treasuries sell off, plus the rest of the day's headlines. It's Wednesday, April 9th. 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. Reciprocal U.S.

Kim, the tariff rates are really highest for many of the Asian countries that Jason was just mentioning, but the outlook fundamentally is no better in the EU, is it?

Kim, the tariff rates are really highest for many of the Asian countries that Jason was just mentioning, but the outlook fundamentally is no better in the EU, is it?

Yeah. Future tariffs, including those that could hit pharmaceutical products. President Trump saying yesterday those levies could be coming very shortly.

Yeah. Future tariffs, including those that could hit pharmaceutical products. President Trump saying yesterday those levies could be coming very shortly.

Kim, these reciprocal tariffs are kicking in today despite some pretty active tariff diplomacy that's been undertaken by a number of countries. We actually heard from U.S. Trade Representative Jameson Greer about this yesterday. He was testifying on Capitol Hill.

Kim, these reciprocal tariffs are kicking in today despite some pretty active tariff diplomacy that's been undertaken by a number of countries. We actually heard from U.S. Trade Representative Jameson Greer about this yesterday. He was testifying on Capitol Hill.

Kim, we had the EU Parliament's Trade Committee chair on last Friday's podcast. He's actually part of the delegation in Washington this week, offering concessions, potentially, while also pledging to hit back against the U.S. Take us into this strategy.

Kim, we had the EU Parliament's Trade Committee chair on last Friday's podcast. He's actually part of the delegation in Washington this week, offering concessions, potentially, while also pledging to hit back against the U.S. Take us into this strategy.

President Trump cheers on his trade agenda as reciprocal tariffs kick in.

President Trump cheers on his trade agenda as reciprocal tariffs kick in.

Kim, in terms of what the EU is voting on today, these countermeasures targeting the U.S., they're getting pretty granular, are they not, in terms of what they might be targeting or sparing?

Kim, in terms of what the EU is voting on today, these countermeasures targeting the U.S., they're getting pretty granular, are they not, in terms of what they might be targeting or sparing?

Jason, in our final moments, how does that EU approach compare with what we've been seeing from some of the major Asian economies?

Jason, in our final moments, how does that EU approach compare with what we've been seeing from some of the major Asian economies?

tariffs on nearly 100 countries are officially in effect. As of a minute after midnight, U.S. duties now stand at their highest level since before World War II, with the likes of China now facing tariffs of 104 percent.

tariffs on nearly 100 countries are officially in effect. As of a minute after midnight, U.S. duties now stand at their highest level since before World War II, with the likes of China now facing tariffs of 104 percent.

Journal reporter Jason Douglas is in Singapore, and Kim McRaehl is in Brussels. Jason, Kim, thank you both so much. Thanks.

Journal reporter Jason Douglas is in Singapore, and Kim McRaehl is in Brussels. Jason, Kim, thank you both so much. Thanks.

Checking in on what those tariffs have meant for stock markets this morning, shares in Japan and Korea slid ahead of the close, with European shares also broadly lower in midday trading. But most surprising is a sell-off in the usual safe haven U.S. Treasuries, which has been gathering steam. Instead of rising in response to the stock market sell-off, prices of long-term U.S.

Checking in on what those tariffs have meant for stock markets this morning, shares in Japan and Korea slid ahead of the close, with European shares also broadly lower in midday trading. But most surprising is a sell-off in the usual safe haven U.S. Treasuries, which has been gathering steam. Instead of rising in response to the stock market sell-off, prices of long-term U.S.

debt are falling, driving bond yields higher. Markets reporter Chelsea Delaney says the trade turmoil is making investors reconsider their U.S. investments.

debt are falling, driving bond yields higher. Markets reporter Chelsea Delaney says the trade turmoil is making investors reconsider their U.S. investments.

The investor nervousness around holding treasuries has kicked up a notch ahead of government auctions of 10-year notes today and 30-year bonds tomorrow. Coming up, we've got the rest of the day's headlines, including a big IMF bailout for Argentina and a White House led effort to boost American coal. Those stories and more after the break.

The investor nervousness around holding treasuries has kicked up a notch ahead of government auctions of 10-year notes today and 30-year bonds tomorrow. Coming up, we've got the rest of the day's headlines, including a big IMF bailout for Argentina and a White House led effort to boost American coal. Those stories and more after the break.

The International Monetary Fund has agreed to provide Argentina with a new $20 billion loan, which, if approved, would boost President Javier Millet's free market overhaul. The U.S. is the biggest shareholder of the IMF, with the Trump administration holding significant influence over the approval of new financing programs.

The International Monetary Fund has agreed to provide Argentina with a new $20 billion loan, which, if approved, would boost President Javier Millet's free market overhaul. The U.S. is the biggest shareholder of the IMF, with the Trump administration holding significant influence over the approval of new financing programs.

No region of the world is being spared, though many Southeast Asian nations are hardest hit, with Vietnam, Laos and Cambodia on the receiving end of tariff hikes north of 45 percent, moves likely to upend supply chains, dent growth forecasts and ripple through to consumers in the form of higher prices.

No region of the world is being spared, though many Southeast Asian nations are hardest hit, with Vietnam, Laos and Cambodia on the receiving end of tariff hikes north of 45 percent, moves likely to upend supply chains, dent growth forecasts and ripple through to consumers in the form of higher prices.

Millet has praised Trump and drawn close to Elon Musk while moving to align Argentina's foreign policy with Washington. Argentina is the country most in debt to the IMF, and the new loan would be on top of a current $40 billion bailout Argentina received following the 2018 financial crisis.

Millet has praised Trump and drawn close to Elon Musk while moving to align Argentina's foreign policy with Washington. Argentina is the country most in debt to the IMF, and the new loan would be on top of a current $40 billion bailout Argentina received following the 2018 financial crisis.

President Trump has signed a series of executive orders aimed at expanding the production and use of coal in the U.S. after years of decline.

President Trump has signed a series of executive orders aimed at expanding the production and use of coal in the U.S. after years of decline.

Analysts and executives say it's unlikely new coal plants will be built in the U.S., though some operators may delay plans to wind down existing plants if Trump rolls back certain environmental regulations. Energy experts say any boost for coal is likely to be temporary, as renewables like wind and solar farms and gas-fired power plants are significantly cheaper alternatives.

Analysts and executives say it's unlikely new coal plants will be built in the U.S., though some operators may delay plans to wind down existing plants if Trump rolls back certain environmental regulations. Energy experts say any boost for coal is likely to be temporary, as renewables like wind and solar farms and gas-fired power plants are significantly cheaper alternatives.

Meanwhile, the Trump administration has frozen more than a billion dollars in federal funding for Cornell University and $790 million for Northwestern University.

Meanwhile, the Trump administration has frozen more than a billion dollars in federal funding for Cornell University and $790 million for Northwestern University.

That is according to a Trump administration official and comes as the federal government is investigating both schools for alleged civil rights violations, part of a rapidly expanding crackdown on elite research universities across the U.S.,

That is according to a Trump administration official and comes as the federal government is investigating both schools for alleged civil rights violations, part of a rapidly expanding crackdown on elite research universities across the U.S.,

A Northwestern University spokesman said the school hasn't received any official notification about the freeze, while the president of Cornell said in a letter that the university hadn't received information confirming the $1 billion figure, but had received more than 75 stop-work orders from the Department of Defense related to national defense, cybersecurity, and health research.

A Northwestern University spokesman said the school hasn't received any official notification about the freeze, while the president of Cornell said in a letter that the university hadn't received information confirming the $1 billion figure, but had received more than 75 stop-work orders from the Department of Defense related to national defense, cybersecurity, and health research.

And a federal judge has ordered the White House to restore the Associated Press's access to presidential events, saying the decision to limit AP's access violated the news organization's free speech rights.

And a federal judge has ordered the White House to restore the Associated Press's access to presidential events, saying the decision to limit AP's access violated the news organization's free speech rights.

AP sued in February after its journalists were barred from the White House press pool because the outlet refused to change its style guidance for the Gulf of Mexico, which President Trump renamed the Gulf of America. The White House didn't immediately respond to a request for comment. And despite yesterday's ruling, AP journalists weren't permitted to join the press pool on Tuesday evening.

AP sued in February after its journalists were barred from the White House press pool because the outlet refused to change its style guidance for the Gulf of Mexico, which President Trump renamed the Gulf of America. The White House didn't immediately respond to a request for comment. And despite yesterday's ruling, AP journalists weren't permitted to join the press pool on Tuesday evening.

Thank you.

Thank you.

And on such a consequential day for global trade, it's fitting we've got a pair of journal reporters with us this morning from opposite ends of the world. Kim McRae is in Brussels and Jason Douglas is in Singapore.

And on such a consequential day for global trade, it's fitting we've got a pair of journal reporters with us this morning from opposite ends of the world. Kim McRae is in Brussels and Jason Douglas is in Singapore.

Jason, you have been putting out a number of big reports in recent days, reckoning with the enormity of the changes coming to the global trade system, a new reality that is now very much upon us.

Jason, you have been putting out a number of big reports in recent days, reckoning with the enormity of the changes coming to the global trade system, a new reality that is now very much upon us.

Tripti Lahiri is The Wall Street Journal's South Asia bureau chief. Tripti, India is claiming these strikes were retaliation for an incident in April when gunmen killed more than two dozen people in a popular tourist spot within Indian-administered Kashmir.

Tripti Lahiri is The Wall Street Journal's South Asia bureau chief. Tripti, India is claiming these strikes were retaliation for an incident in April when gunmen killed more than two dozen people in a popular tourist spot within Indian-administered Kashmir.

Prime Minister Narendra Modi had vowed justice and deployed troops to hunt down the assailants, which India had accused Pakistan of having links to. So I guess we expected some sort of response here. What do you make of what we've now seen?

Prime Minister Narendra Modi had vowed justice and deployed troops to hunt down the assailants, which India had accused Pakistan of having links to. So I guess we expected some sort of response here. What do you make of what we've now seen?

How might we expect Pakistan to respond to this?

How might we expect Pakistan to respond to this?

This story, Tripti, is obviously of foremost importance to India and Pakistan, though the world is certainly watching closely given that these are both nuclear states. How should we understand the risk here that this could escalate, potentially spiraling into something much more severe?

This story, Tripti, is obviously of foremost importance to India and Pakistan, though the world is certainly watching closely given that these are both nuclear states. How should we understand the risk here that this could escalate, potentially spiraling into something much more severe?

Have we heard anything from Beijing on this?

Have we heard anything from Beijing on this?

Tripti Lahiri is The Wall Street Journal's South Asia bureau chief. Tripti, thank you so much for the update.

Tripti Lahiri is The Wall Street Journal's South Asia bureau chief. Tripti, thank you so much for the update.

For the first time since the start of the trade war between the U.S. and China, both countries are signaling a willingness to move forward. Treasury Secretary Scott Besant and U.S. Trade Representative Jameson Greer are heading to Switzerland tomorrow, where they'll meet with China's vice premier over the weekend.

For the first time since the start of the trade war between the U.S. and China, both countries are signaling a willingness to move forward. Treasury Secretary Scott Besant and U.S. Trade Representative Jameson Greer are heading to Switzerland tomorrow, where they'll meet with China's vice premier over the weekend.

Bilateral trade has all but dried up in recent weeks after China responded to President Trump's 145% tariffs on Chinese goods with its own 125% retaliatory tariffs. Speaking on Fox News' The Ingram Angle, Besson said the meetings in Switzerland could be the start of de-escalation.

Bilateral trade has all but dried up in recent weeks after China responded to President Trump's 145% tariffs on Chinese goods with its own 125% retaliatory tariffs. Speaking on Fox News' The Ingram Angle, Besson said the meetings in Switzerland could be the start of de-escalation.

Well, news of the meeting between U.S. and Chinese officials, paired with a raft of new policy easing measures from Beijing, have seen Chinese shares shoot higher this morning. To help boost the economy, the People's Bank of China said it would lower key rates including for mortgages and relax requirements on the amount of cash that lenders must hold in reserve.

Well, news of the meeting between U.S. and Chinese officials, paired with a raft of new policy easing measures from Beijing, have seen Chinese shares shoot higher this morning. To help boost the economy, the People's Bank of China said it would lower key rates including for mortgages and relax requirements on the amount of cash that lenders must hold in reserve.

India hits Pakistan with military strikes, ratcheting up tensions between the nuclear-armed states. Plus, the U.S. and China schedule talks in a trade war first.

India hits Pakistan with military strikes, ratcheting up tensions between the nuclear-armed states. Plus, the U.S. and China schedule talks in a trade war first.

The measures were Beijing's first concrete steps since President Trump ratcheted up tariffs on Chinese goods in April. The UK and India have struck a long-awaited trade deal ensuring the tariff-free exchange of goods within a decade. Among the terms of the agreement, most British goods to India won't be taxed, and the UK is making it easier for Indian professionals to enter the country.

The measures were Beijing's first concrete steps since President Trump ratcheted up tariffs on Chinese goods in April. The UK and India have struck a long-awaited trade deal ensuring the tariff-free exchange of goods within a decade. Among the terms of the agreement, most British goods to India won't be taxed, and the UK is making it easier for Indian professionals to enter the country.

Journal reporter Kim McRae in Brussels says the breakthrough comes as many other countries are doubling down on free trade as the US erects new barriers.

Journal reporter Kim McRae in Brussels says the breakthrough comes as many other countries are doubling down on free trade as the US erects new barriers.

And Kim says those EU deals represent a two-pronged approach to trade.

And Kim says those EU deals represent a two-pronged approach to trade.

Coming up, we'll hit the rest of the day's markets news, including Novo Nordisk downgrading its guidance and cardinals gather at the Vatican to start the process of electing a new pope. We've got those stories and more after the break.

Coming up, we'll hit the rest of the day's markets news, including Novo Nordisk downgrading its guidance and cardinals gather at the Vatican to start the process of electing a new pope. We've got those stories and more after the break.

In other markets news today, Danish pharma giant Novo Nordisk has downgraded its guidance amid U.S. competition from copycat versions of its blockbuster weight loss and diabetes drugs. That competition, though, should theoretically let up soon, as the U.S. Food and Drug Administration has told anyone distributing copies of Novo's Ozempic and Wegovi to stop by month's end.

In other markets news today, Danish pharma giant Novo Nordisk has downgraded its guidance amid U.S. competition from copycat versions of its blockbuster weight loss and diabetes drugs. That competition, though, should theoretically let up soon, as the U.S. Food and Drug Administration has told anyone distributing copies of Novo's Ozempic and Wegovi to stop by month's end.

compounded versions of the drugs had been allowed during an earlier supply crunch. Weight Watchers has filed for bankruptcy. Founded in 1963, the health and wellness company has struggled to adjust to the increased use of drugs for weight loss, despite offering them alongside its legacy food consumption and exercise plans.

compounded versions of the drugs had been allowed during an earlier supply crunch. Weight Watchers has filed for bankruptcy. Founded in 1963, the health and wellness company has struggled to adjust to the increased use of drugs for weight loss, despite offering them alongside its legacy food consumption and exercise plans.

Weight Watchers intends to be taken over by the institutions that own its loans and bonds, and its stock will largely be wiped out. U.S. electric vehicle sales declined by 5 percent in April, in spite of 10 percent growth in the broader car market, according to research firm Motor Intelligence. Tesla, which accounts for half of all U.S. EV sales, reported a drop of nearly 13 percent.

Weight Watchers intends to be taken over by the institutions that own its loans and bonds, and its stock will largely be wiped out. U.S. electric vehicle sales declined by 5 percent in April, in spite of 10 percent growth in the broader car market, according to research firm Motor Intelligence. Tesla, which accounts for half of all U.S. EV sales, reported a drop of nearly 13 percent.

though Kia, Hyundai, Ford, and Rivian also saw sales declines. Dealers cited multiple factors for the pullback, from cooling customer interest to fewer promotions and discounts that had juiced sales in the past. Well, we will get more insights into the state of the auto market when used car dealer Carvana reports earnings later today.

though Kia, Hyundai, Ford, and Rivian also saw sales declines. Dealers cited multiple factors for the pullback, from cooling customer interest to fewer promotions and discounts that had juiced sales in the past. Well, we will get more insights into the state of the auto market when used car dealer Carvana reports earnings later today.

And Novo Nordisk cuts its guidance as copycat versions of Ozempic hit sales. It's Wednesday, May 7th. 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.

And Novo Nordisk cuts its guidance as copycat versions of Ozempic hit sales. It's Wednesday, May 7th. 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.

Updates are also due from Uber and Walt Disney this morning, and the Federal Reserve will announce its latest interest rate decision at 2 p.m. Eastern. It's widely expected to hold rates steady, though investors will be listening for clues on how policymakers gauge the risks of tariff-induced inflation pressure against the odds of an economic slowdown.

Updates are also due from Uber and Walt Disney this morning, and the Federal Reserve will announce its latest interest rate decision at 2 p.m. Eastern. It's widely expected to hold rates steady, though investors will be listening for clues on how policymakers gauge the risks of tariff-induced inflation pressure against the odds of an economic slowdown.

And heads up that we have got a bonus episode coming later today. In the next What's News in Earnings, we'll dig into the latest quarterly results from the aforementioned automotive sector, including how car companies are reacting to President Trump's tariff plans, and whether and when consumers might see higher prices passed along to them.

And heads up that we have got a bonus episode coming later today. In the next What's News in Earnings, we'll dig into the latest quarterly results from the aforementioned automotive sector, including how car companies are reacting to President Trump's tariff plans, and whether and when consumers might see higher prices passed along to them.

That'll be in the feed around midday, ahead of our usual PM show tonight. And finally, cardinals will close themselves in the Vatican's Sistine Chapel today to cast their first ballots in the conclave to choose a new pope. Journal editor Stacey Maitry says that after weeks of alliance building and unusually blunt campaigning, all eyes are on this year's frontrunner.

That'll be in the feed around midday, ahead of our usual PM show tonight. And finally, cardinals will close themselves in the Vatican's Sistine Chapel today to cast their first ballots in the conclave to choose a new pope. Journal editor Stacey Maitry says that after weeks of alliance building and unusually blunt campaigning, all eyes are on this year's frontrunner.

Speaking of dark horses, Stacey says there has been an unusual amount of intrigue around this conclave rivaling a recent Oscar nominated dramatization.

Speaking of dark horses, Stacey says there has been an unusual amount of intrigue around this conclave rivaling a recent Oscar nominated dramatization.

And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. I'm Luke Vargas for The Wall Street Journal. And as always, thanks for listening.

And that's it for What's News for this Wednesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. I'm Luke Vargas for The Wall Street Journal. And as always, thanks for listening.

The confrontation between India and Pakistan has intensified after India carried out strikes on nine sites in Pakistan overnight, and Pakistan claimed to have shot down five Indian aircraft. The fighting came despite diplomatic efforts by the U.S. to dial back tensions between the nuclear-armed neighbors, which have fought several wars over the disputed Kashmir region.

The confrontation between India and Pakistan has intensified after India carried out strikes on nine sites in Pakistan overnight, and Pakistan claimed to have shot down five Indian aircraft. The fighting came despite diplomatic efforts by the U.S. to dial back tensions between the nuclear-armed neighbors, which have fought several wars over the disputed Kashmir region.

So what did the record hour and 40 minute address tell us about what's in store? WSJ economic policy reporter Brian Schwartz said more protectionism.

So what did the record hour and 40 minute address tell us about what's in store? WSJ economic policy reporter Brian Schwartz said more protectionism.

Speaking after a volatile day of trading in which the S&P 500 closed below its final election day level as US tariffs went into effect on Mexico, Canada and China, Trump acknowledged that retaliatory measures, especially those from China targeting American farmers, could trigger an adjustment period, but he defended the necessity of continuing his approach.

Speaking after a volatile day of trading in which the S&P 500 closed below its final election day level as US tariffs went into effect on Mexico, Canada and China, Trump acknowledged that retaliatory measures, especially those from China targeting American farmers, could trigger an adjustment period, but he defended the necessity of continuing his approach.

Trump filled in some additional details about so-called reciprocal tariffs, saying the measures to equalize US duties with the tariff and non-tariff barriers imposed by other nations would be imposed on April 2nd, though administration officials have told industry groups they could take six months or more to fully implement.

Trump filled in some additional details about so-called reciprocal tariffs, saying the measures to equalize US duties with the tariff and non-tariff barriers imposed by other nations would be imposed on April 2nd, though administration officials have told industry groups they could take six months or more to fully implement.

Well, Brian said Trump was equally enthusiastic about continuing the hunt for cuts to the government budget, even as top House Republicans urged GOP lawmakers to stop holding in-person town halls after confrontations with constituents and Democratic activists over government layoffs and feared Medicaid cuts went viral.

Well, Brian said Trump was equally enthusiastic about continuing the hunt for cuts to the government budget, even as top House Republicans urged GOP lawmakers to stop holding in-person town halls after confrontations with constituents and Democratic activists over government layoffs and feared Medicaid cuts went viral.

Präsident Trump verteidigt seine Handels- und Regierungsagenda und eine unabhängige Anmerkung an den Kongress. Und wir fangen gerade an. Plus, Commerce Secretary Howard Ludnick hints at a looming deal to reduce tariffs on Canada and Mexico. And China sets a strong growth target and doubles down on homegrown AI. It's Wednesday, March 5th. I'm Luke Vargas for The Wall Street Journal.

Präsident Trump verteidigt seine Handels- und Regierungsagenda und eine unabhängige Anmerkung an den Kongress. Und wir fangen gerade an. Plus, Commerce Secretary Howard Ludnick hints at a looming deal to reduce tariffs on Canada and Mexico. And China sets a strong growth target and doubles down on homegrown AI. It's Wednesday, March 5th. I'm Luke Vargas for The Wall Street Journal.

In a speech that has traditionally served as a White House wish list for congressional action, Trump did present some specifics. He called for a repeal of the 2022 CHIPS Act, which pumped billions of dollars into domestic semiconductor development and manufacturing, and which was backed by 17 Republicans in the Senate and 24 in the House.

In a speech that has traditionally served as a White House wish list for congressional action, Trump did present some specifics. He called for a repeal of the 2022 CHIPS Act, which pumped billions of dollars into domestic semiconductor development and manufacturing, and which was backed by 17 Republicans in the Senate and 24 in the House.

Trump hat auch die Gesetzgeber gefragt, große neue Ressourcen in den Bord zu versorgen. Und er hat die Anrufe geäußert, große neue Taxikosten zu sehen, aufgrund von extenderen, ausländischen, Schritte, die die Revenue von 2 Trillionen Dollar über eine Dekade weiter reduzieren könnten.

Trump hat auch die Gesetzgeber gefragt, große neue Ressourcen in den Bord zu versorgen. Und er hat die Anrufe geäußert, große neue Taxikosten zu sehen, aufgrund von extenderen, ausländischen, Schritte, die die Revenue von 2 Trillionen Dollar über eine Dekade weiter reduzieren könnten.

Diese letzte Anrufung könnte die GOP-Effekte komplizieren, um auf eine bereits sprachlose Taxibille zu stimmen, unter konservativen Sorgen über solche großen Steuern ohne entsprechende Reduktionen in der Spende. Damian told us that debate in Congress is likely to become a major theme to watch in the second half

Diese letzte Anrufung könnte die GOP-Effekte komplizieren, um auf eine bereits sprachlose Taxibille zu stimmen, unter konservativen Sorgen über solche großen Steuern ohne entsprechende Reduktionen in der Spende. Damian told us that debate in Congress is likely to become a major theme to watch in the second half

Und als für ein Politik-Domain, das in der Präsidenten-Kurse, Forum-Polizei, square ist, hat Damien gesagt, dass Trump einige der mehr bombastischen Kommentare, die er in den letzten Wochen gemacht hat, zurückgeleitet hat.

Und als für ein Politik-Domain, das in der Präsidenten-Kurse, Forum-Polizei, square ist, hat Damien gesagt, dass Trump einige der mehr bombastischen Kommentare, die er in den letzten Wochen gemacht hat, zurückgeleitet hat.

And before we move on, we should point out that after Trump's address to Congress, Commerce Secretary Howard Ludnick spoke to reporters and said the administration could announce a deal today to reduce, though not eliminate, tariffs on Canada and Mexico. He added that the agreement could include increased border security, but the details were still being discussed.

And before we move on, we should point out that after Trump's address to Congress, Commerce Secretary Howard Ludnick spoke to reporters and said the administration could announce a deal today to reduce, though not eliminate, tariffs on Canada and Mexico. He added that the agreement could include increased border security, but the details were still being discussed.

Coming up, China shrugs off looming trade tensions as it targets yet another year of 5% economic growth. And our AI editor drops by to discuss the race to stop AI chatbots from hallucinating. Those stories and more after the break.

Coming up, China shrugs off looming trade tensions as it targets yet another year of 5% economic growth. And our AI editor drops by to discuss the race to stop AI chatbots from hallucinating. Those stories and more after the break.

China hat seine 2025-Growth-Target bei rund 5 Prozent gesetzt, das gleiche wie letztes Jahr, signalisierend, dass es seine Ökonomie erwarten würde, um den steigenden Handelsdruck aus Washington abzuhalten. Es hat auch eine Deficit-Target von rund 4 Prozent der GDP gesetzt, die höchst in Jahren, was zeigt, dass mehr Stimulus vielleicht auf dem Weg ist, um ihre flaggierende Ökonomie zu starten.

China hat seine 2025-Growth-Target bei rund 5 Prozent gesetzt, das gleiche wie letztes Jahr, signalisierend, dass es seine Ökonomie erwarten würde, um den steigenden Handelsdruck aus Washington abzuhalten. Es hat auch eine Deficit-Target von rund 4 Prozent der GDP gesetzt, die höchst in Jahren, was zeigt, dass mehr Stimulus vielleicht auf dem Weg ist, um ihre flaggierende Ökonomie zu starten.

WSJ-Tech-Reporter Raphael Huang sagt, dass China auch seine ökonomischen Ziele zu erhöhten Ereignissen zu erreichen, insbesondere in der KI.

WSJ-Tech-Reporter Raphael Huang sagt, dass China auch seine ökonomischen Ziele zu erhöhten Ereignissen zu erreichen, insbesondere in der KI.

And in other business and markets news, the Senate has voted to repeal a Biden-era rule that would have required decentralized cryptocurrency exchanges to report their customers' transactions to the Internal Revenue Service as of tax year 2027. The 70-27 vote delivers a bipartisan victory to the crypto industry, teeing up the measures to be signed into law soon.

And in other business and markets news, the Senate has voted to repeal a Biden-era rule that would have required decentralized cryptocurrency exchanges to report their customers' transactions to the Internal Revenue Service as of tax year 2027. The 70-27 vote delivers a bipartisan victory to the crypto industry, teeing up the measures to be signed into law soon.

And here is the AM edition of What's News. The top headlines and business stories moving your world today.

And here is the AM edition of What's News. The top headlines and business stories moving your world today.

And we're exclusively reporting that Goldman Sachs is preparing its annual round of layoffs and this time is focusing on its vice presidents. According to people familiar with the matter, Goldman CEO David Solomon told senior executives that the firm hired too many VPs in recent years in relation to its overall hiring. About three to five percent of the firm's workforce is expected to be cut.

And we're exclusively reporting that Goldman Sachs is preparing its annual round of layoffs and this time is focusing on its vice presidents. According to people familiar with the matter, Goldman CEO David Solomon told senior executives that the firm hired too many VPs in recent years in relation to its overall hiring. About three to five percent of the firm's workforce is expected to be cut.

And as tech industry leaders continue to meet at this year's Mobile World Congress in Barcelona this week, artificial intelligence has unsurprisingly been in focus. But as journal AI editor Ben Fritz reports, AI's utility, especially in sensitive corporate or legal contexts, is being held back by the seeming inability of chatbots to admit, I don't know, when presented with difficult questions.

And as tech industry leaders continue to meet at this year's Mobile World Congress in Barcelona this week, artificial intelligence has unsurprisingly been in focus. But as journal AI editor Ben Fritz reports, AI's utility, especially in sensitive corporate or legal contexts, is being held back by the seeming inability of chatbots to admit, I don't know, when presented with difficult questions.

It's a lesson that Ben found out when he asked, who am I married to?

It's a lesson that Ben found out when he asked, who am I married to?

Und als ein relativ kleines Problem verabschiedet, hat Ben gesagt, dass Forscher ständig Fixationen durchführen, obwohl die Arbeit schwierig ist.

Und als ein relativ kleines Problem verabschiedet, hat Ben gesagt, dass Forscher ständig Fixationen durchführen, obwohl die Arbeit schwierig ist.

In his first major speech since the inauguration, President Trump told a joint session of Congress last night that his agenda, which he described as swift and unrelenting and which has included an immigration crackdown, cuts to the federal workforce and stiff tariffs on imports, had already succeeded in revitalizing America's momentum. Gone were appeals to unity.

In his first major speech since the inauguration, President Trump told a joint session of Congress last night that his agenda, which he described as swift and unrelenting and which has included an immigration crackdown, cuts to the federal workforce and stiff tariffs on imports, had already succeeded in revitalizing America's momentum. Gone were appeals to unity.

Und für viel mehr über diese Bemühungen, AI-Halluzinationen zu beenden, sowie andere Dispatches aus der ganzen Kutting-Edge der Artificial Intelligence-Welt, können die Journal-Subscriber den WSJs-Spezialreport auf What's Ahead for AI schauen. Wir haben einen Link dazu in unseren Show Notes gelegt. And that's it for What's News for this Wednesday morning.

Und für viel mehr über diese Bemühungen, AI-Halluzinationen zu beenden, sowie andere Dispatches aus der ganzen Kutting-Edge der Artificial Intelligence-Welt, können die Journal-Subscriber den WSJs-Spezialreport auf What's Ahead for AI schauen. Wir haben einen Link dazu in unseren Show Notes gelegt. And that's it for What's News for this Wednesday morning.

Today's show was produced by Kate Boulevent and Daniel Bach with supervising producer Christina Rocca. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.

Today's show was produced by Kate Boulevent and Daniel Bach with supervising producer Christina Rocca. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.

Trump attacked Democrats as radical left lunatics and blamed former President Joe Biden for the country's problems. At multiple points, Democrats broke out in boos. And just seven minutes into the speech, Democratic Representative Al Green of Texas was escorted out after rising from his seat and shouting at the president, prompting an intervention by House Speaker Mike Johnson.

Trump attacked Democrats as radical left lunatics and blamed former President Joe Biden for the country's problems. At multiple points, Democrats broke out in boos. And just seven minutes into the speech, Democratic Representative Al Green of Texas was escorted out after rising from his seat and shouting at the president, prompting an intervention by House Speaker Mike Johnson.

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.

While South Korea's corporate giants are big investors in the U.S., China remains the country's largest trading partner. Elon Musk says that SpaceX is on track to record another significant revenue increase this year, reaching $15.5 billion.

While South Korea's corporate giants are big investors in the U.S., China remains the country's largest trading partner. Elon Musk says that SpaceX is on track to record another significant revenue increase this year, reaching $15.5 billion.

The company's launch operation, which revolves around its partially reusable Falcon 9 rocket, as well as its satellite internet business Starlink, have been fueling revenue growth in recent years. In a social media post, Musk said that commercial revenue at SpaceX would exceed the entire budget of NASA next year.

The company's launch operation, which revolves around its partially reusable Falcon 9 rocket, as well as its satellite internet business Starlink, have been fueling revenue growth in recent years. In a social media post, Musk said that commercial revenue at SpaceX would exceed the entire budget of NASA next year.

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.

The White House has proposed cutting NASA's budget to $18.8 billion for its next fiscal year from nearly $25 billion currently. SpaceX is a major contractor at NASA, with Musk saying that about $1.1 billion of the company's expected revenue this year would come from the agency.

The White House has proposed cutting NASA's budget to $18.8 billion for its next fiscal year from nearly $25 billion currently. SpaceX is a major contractor at NASA, with Musk saying that about $1.1 billion of the company's expected revenue this year would come from the agency.

And federal regulators have moved to lift an asset cap of around $2 trillion placed on Wells Fargo in 2018, an unprecedented punishment that had handcuffed the bank's growth after its fake accounts scandal erupted nearly a decade ago.

And federal regulators have moved to lift an asset cap of around $2 trillion placed on Wells Fargo in 2018, an unprecedented punishment that had handcuffed the bank's growth after its fake accounts scandal erupted nearly a decade ago.

That was finance editor Alex Frankos, who says the U.S. bank will now be able to grow its balance sheet and redirect resources it had been pouring into efforts to fix itself and repair its tarnished reputation.

That was finance editor Alex Frankos, who says the U.S. bank will now be able to grow its balance sheet and redirect resources it had been pouring into efforts to fix itself and repair its tarnished reputation.

Coming up, as Republicans push to pass President Trump's so-called Big Beautiful Bill, one stumbling block dividing some GOP senators, besides increased spending, is what to do about clean energy tax credits. We have got that story after the break.

Coming up, as Republicans push to pass President Trump's so-called Big Beautiful Bill, one stumbling block dividing some GOP senators, besides increased spending, is what to do about clean energy tax credits. We have got that story after the break.

Members of the U.S. Senate returned from recess this week with a major item on their to-do list, passing President Trump's big, beautiful bill, as some are calling it. House Republicans narrowly passed the spending legislation last month, and they've urged GOP senators to go easy on any changes, lest they introduce issues that could crop up when the bill returns to them in the House.

Members of the U.S. Senate returned from recess this week with a major item on their to-do list, passing President Trump's big, beautiful bill, as some are calling it. House Republicans narrowly passed the spending legislation last month, and they've urged GOP senators to go easy on any changes, lest they introduce issues that could crop up when the bill returns to them in the House.

But that could be tricky, as we report at least four Senate Republicans have voiced issues with elements of the text, which would increase the debt ceiling by at least $4 trillion as a result of increased border spending and tax cuts. Another issue that's dividing Republicans is what to do about clean energy tax credits, which the House bill set to phase out in 2028.

But that could be tricky, as we report at least four Senate Republicans have voiced issues with elements of the text, which would increase the debt ceiling by at least $4 trillion as a result of increased border spending and tax cuts. Another issue that's dividing Republicans is what to do about clean energy tax credits, which the House bill set to phase out in 2028.

And here to talk about that is Jason Grimay, the CEO of the American Clean Power Association, an industry group representing wind, solar and energy storage companies. Jason, remind us quickly, if you could, where clean energy tax credits broadly stand now. What policy could we see shaken up here?

And here to talk about that is Jason Grimay, the CEO of the American Clean Power Association, an industry group representing wind, solar and energy storage companies. Jason, remind us quickly, if you could, where clean energy tax credits broadly stand now. What policy could we see shaken up here?

So the House bill being looked at by the Senate now would phase out these credits in 2028. What are you hearing about this from the companies you represent? How could they stand to be affected?

So the House bill being looked at by the Senate now would phase out these credits in 2028. What are you hearing about this from the companies you represent? How could they stand to be affected?

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.

Mentioning the economics of clean energy sources now, I'm looking at research by Bloomberg New Energy Finance here showing that almost everywhere in the world now, new wind and solar farms can undercut coal and gas plants on production costs. What would you say to folks who say, well, given that these clean energy tax credits, what's the point?

Mentioning the economics of clean energy sources now, I'm looking at research by Bloomberg New Energy Finance here showing that almost everywhere in the world now, new wind and solar farms can undercut coal and gas plants on production costs. What would you say to folks who say, well, given that these clean energy tax credits, what's the point?

They should be able to and maybe already can stand on their own.

They should be able to and maybe already can stand on their own.

Are you optimistic that is an argument that will be received well in the Senate?

Are you optimistic that is an argument that will be received well in the Senate?

Jason Grumet is the CEO of the American Clean Power Association. Jason, thanks so much for being with us on What's News.

Jason Grumet is the CEO of the American Clean Power Association. Jason, thanks so much for being with us on What's News.

And that's it for What's News for this Wednesday morning. Today's show was produced by Daniel Bach and 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 Wednesday morning. Today's show was produced by Daniel Bach and 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.

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.

And we do know, Maya, 15 countries are likely to be targeted here, just a few out of the whole world. And yet there could be some massive economies directly affected here with repercussions for a big chunk of global trade.

And we do know, Maya, 15 countries are likely to be targeted here, just a few out of the whole world. And yet there could be some massive economies directly affected here with repercussions for a big chunk of global trade.

Namely, to go after the services sector, right, taking this beyond goods.

Namely, to go after the services sector, right, taking this beyond goods.

And we'll look at a potential TikTok takeover deal just days ahead of a deadline to sell the platform or shut it down. It's Wednesday, April 2nd. 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 mere hours away from the announcement of new U.S.

And we'll look at a potential TikTok takeover deal just days ahead of a deadline to sell the platform or shut it down. It's Wednesday, April 2nd. 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 mere hours away from the announcement of new U.S.

A bit of a messy outlook there. What does that mean for markets? Small stocks, for instance, on the Russell 2000 have been suffering more than other corners of at least the U.S. markets lately.

A bit of a messy outlook there. What does that mean for markets? Small stocks, for instance, on the Russell 2000 have been suffering more than other corners of at least the U.S. markets lately.

Investors hold their breath ahead of President Trump's long-awaited tariff announcement later today. Plus, a liberal judge wins the Supreme Court race in Wisconsin in a rebuke of Trump and Elon Musk.

Investors hold their breath ahead of President Trump's long-awaited tariff announcement later today. Plus, a liberal judge wins the Supreme Court race in Wisconsin in a rebuke of Trump and Elon Musk.

Maya Bandari is the chief investment officer for multi-asset EMEA at asset manager Neuberger Berman. Maya, thank you so much for joining us on What's News.

Maya Bandari is the chief investment officer for multi-asset EMEA at asset manager Neuberger Berman. Maya, thank you so much for joining us on What's News.

Voters in Wisconsin have elected liberal judge Susan Crawford to a seat on the battleground state's Supreme Court, cementing its four to three liberal majority. The result could suggest a voter pushback against President Trump 10 weeks after his inauguration and deals a blow to Elon Musk, who, along with groups tied to him, spent at least $20 million to support Crawford's conservative opponent.

Voters in Wisconsin have elected liberal judge Susan Crawford to a seat on the battleground state's Supreme Court, cementing its four to three liberal majority. The result could suggest a voter pushback against President Trump 10 weeks after his inauguration and deals a blow to Elon Musk, who, along with groups tied to him, spent at least $20 million to support Crawford's conservative opponent.

Here was Crawford after her victory.

Here was Crawford after her victory.

Meanwhile, in Florida yesterday, Republicans Jimmy Patronis and Randy Fine won a pair of special House elections, though the results in traditionally deep red congressional districts were closer than expected. The win bolsters the GOP's majority in the House of Representatives to 220 to 213.

Meanwhile, in Florida yesterday, Republicans Jimmy Patronis and Randy Fine won a pair of special House elections, though the results in traditionally deep red congressional districts were closer than expected. The win bolsters the GOP's majority in the House of Representatives to 220 to 213.

Well, back in Washington, New Jersey Democrat Cory Booker set a record for the longest speech in Senate history after wrapping up 25-plus hours of remarks in protest of the president's actions.

Well, back in Washington, New Jersey Democrat Cory Booker set a record for the longest speech in Senate history after wrapping up 25-plus hours of remarks in protest of the president's actions.

The speech, which attracted cable news attention and was spliced into clips for TikTok, comes as Democrats struggle over whether and how to resist Trump and rebuild their brand, a challenge that Booker acknowledged after leaving the Senate floor.

The speech, which attracted cable news attention and was spliced into clips for TikTok, comes as Democrats struggle over whether and how to resist Trump and rebuild their brand, a challenge that Booker acknowledged after leaving the Senate floor.

tariffs, which President Trump is set to unveil at a White House press conference after the close of markets. We report that so-called reciprocal tariffs are expected and that whatever measures are announced will take effect immediately, though the precise contours of the likely sweeping announcement remain under wraps.

tariffs, which President Trump is set to unveil at a White House press conference after the close of markets. We report that so-called reciprocal tariffs are expected and that whatever measures are announced will take effect immediately, though the precise contours of the likely sweeping announcement remain under wraps.

We are exclusively reporting that the Trump administration is trying to strike agreements with several more countries to take in migrants deported from the U.S.

We are exclusively reporting that the Trump administration is trying to strike agreements with several more countries to take in migrants deported from the U.S.

Officials say the desired model would be similar to a deal struck with Panama in February, in which over 100 migrants, mostly from the Middle East, were sent there for detention and processing in order to be sent back to their home countries.

Officials say the desired model would be similar to a deal struck with Panama in February, in which over 100 migrants, mostly from the Middle East, were sent there for detention and processing in order to be sent back to their home countries.

Some countries have been slow to take back their nationals or simply refuse to, leading the administration to explore whether the likes of Libya, Rwanda, Benin, Eswatini, Moldova, Mongolia, and Kosovo would take in migrants, possibly in exchange for financial arrangements. Meanwhile, the Pentagon is rapidly expanding its forces in the Middle East as the U.S.

Some countries have been slow to take back their nationals or simply refuse to, leading the administration to explore whether the likes of Libya, Rwanda, Benin, Eswatini, Moldova, Mongolia, and Kosovo would take in migrants, possibly in exchange for financial arrangements. Meanwhile, the Pentagon is rapidly expanding its forces in the Middle East as the U.S.

military continues air strikes against Houthi militants in Yemen and looks to put pressure on Iran. In recent days, President Trump has threatened to bomb Iran if Tehran doesn't agree to a deal to roll back its nuclear program. Two officials said the deployments aren't preparation for an imminent attack on Iran, but rather to bolster the U.S. campaign in Yemen.

military continues air strikes against Houthi militants in Yemen and looks to put pressure on Iran. In recent days, President Trump has threatened to bomb Iran if Tehran doesn't agree to a deal to roll back its nuclear program. Two officials said the deployments aren't preparation for an imminent attack on Iran, but rather to bolster the U.S. campaign in Yemen.

Iran has provided arms and training to the Houthis, who've been attacking ships transiting the Red Sea and nearby sea lanes. President Trump will be briefed today on a potential deal to keep TikTok operational ahead of a pending U.S. deadline to sell it or shut it down.

Iran has provided arms and training to the Houthis, who've been attacking ships transiting the Red Sea and nearby sea lanes. President Trump will be briefed today on a potential deal to keep TikTok operational ahead of a pending U.S. deadline to sell it or shut it down.

That's according to people familiar with the matter who said that cloud computing company Oracle, along with several others, would join with existing U.S. investors to make an offer to TikTok owner ByteDance. Blackstone is among the investors in talks to potentially participate in the deal.

That's according to people familiar with the matter who said that cloud computing company Oracle, along with several others, would join with existing U.S. investors to make an offer to TikTok owner ByteDance. Blackstone is among the investors in talks to potentially participate in the deal.

The exact value of TikTok and the size of investments are expected to be ironed out in later negotiations once the general structure is agreed upon, though journal reporter Raphael Huang says the deal could still face extended delays or even fall apart.

The exact value of TikTok and the size of investments are expected to be ironed out in later negotiations once the general structure is agreed upon, though journal reporter Raphael Huang says the deal could still face extended delays or even fall apart.

And we are exclusively reporting that Visa is offering Apple roughly $100 million to operate the tech giant's co-branded credit card, which is up for grabs as Goldman Sachs exits consumer lending. Apple is expected to select a network before it picks the bank to replace Goldman, a competition pitting Visa against incumbent MasterCard as well as American Express.

And we are exclusively reporting that Visa is offering Apple roughly $100 million to operate the tech giant's co-branded credit card, which is up for grabs as Goldman Sachs exits consumer lending. Apple is expected to select a network before it picks the bank to replace Goldman, a competition pitting Visa against incumbent MasterCard as well as American Express.

According to Journal Reporting, Visa offered a similar upfront payment when Costco was selecting a network for its credit card about a decade ago. And that's it for What's News for this Wednesday morning. Additional sound in this episode was from Reuters. Today's show was produced by Kate Bullivant and Daniel Bach with supervising producer Sandra Kilhoff.

According to Journal Reporting, Visa offered a similar upfront payment when Costco was selecting a network for its credit card about a decade ago. And that's it for What's News for this Wednesday morning. Additional sound in this episode was from Reuters. Today's show was produced by Kate Bullivant and Daniel Bach with supervising producer Sandra Kilhoff.

Well, as we await the news, we've got Maya Bondari with us to preview the coming trading day and beyond. She is the chief investment officer for multi-asset EMEA at asset manager Neuberger Berman. Maya, we half expected that by this point we would have a sense of what was going to be announced today. Alas, as it stands, we don't.

Well, as we await the news, we've got Maya Bondari with us to preview the coming trading day and beyond. She is the chief investment officer for multi-asset EMEA at asset manager Neuberger Berman. Maya, we half expected that by this point we would have a sense of what was going to be announced today. Alas, as it stands, we don't.

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 I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.

Could you read the tea leaves, though, a bit on what might be coming?

Could you read the tea leaves, though, a bit on what might be coming?

demand. However, journal reporter Vipal Manga in Ottawa said the road ahead won't be easy.

demand. However, journal reporter Vipal Manga in Ottawa said the road ahead won't be easy.

U.S. tariffs could heap further economic pressure on Carney, with Canada's auto sector, one of the country's largest employers, pressured to relocate south. That sets up closely watched talks with President Trump, who's repeatedly said that Canada would be better off as America's 51st state.

U.S. tariffs could heap further economic pressure on Carney, with Canada's auto sector, one of the country's largest employers, pressured to relocate south. That sets up closely watched talks with President Trump, who's repeatedly said that Canada would be better off as America's 51st state.

And while Vipal said that Carney pledged to enter economic and security negotiations with the knowledge that Ottawa has other relationships it can turn to, patching up the relationship with Washington is priority number one.

And while Vipal said that Carney pledged to enter economic and security negotiations with the knowledge that Ottawa has other relationships it can turn to, patching up the relationship with Washington is priority number one.

Despite last night's victory, Carney's liberals are likely to fall short of a parliamentary majority, potentially forcing him to seek help from rival politicians in order to execute his agenda.

Despite last night's victory, Carney's liberals are likely to fall short of a parliamentary majority, potentially forcing him to seek help from rival politicians in order to execute his agenda.

Well, speaking of trade, we exclusively report that President Trump is expected to soften his automotive tariffs in an effort to stop carmakers from being hit by overlapping levies, such as duties on steel and aluminum. We report that the policy shift would also be retroactive, allowing companies to be reimbursed for tariffs that they've already paid.

Well, speaking of trade, we exclusively report that President Trump is expected to soften his automotive tariffs in an effort to stop carmakers from being hit by overlapping levies, such as duties on steel and aluminum. We report that the policy shift would also be retroactive, allowing companies to be reimbursed for tariffs that they've already paid.

A useful bit of relief for an industry that Journal Auto's reporter Stephen Wilmot told me has been battered by recent trade moves.

A useful bit of relief for an industry that Journal Auto's reporter Stephen Wilmot told me has been battered by recent trade moves.

Liberal Mark Carney wins election in Canada on an agenda designed to contain fallout from President Trump's trade war.

Liberal Mark Carney wins election in Canada on an agenda designed to contain fallout from President Trump's trade war.

Trump is expected to announce the tariff shift ahead of a rally outside of Detroit this evening. Coming up, even as trust in AI declines, more of us are experimenting with new tools in the workplace, even without the permission of our employers. We have got that story and more after the break.

Trump is expected to announce the tariff shift ahead of a rally outside of Detroit this evening. Coming up, even as trust in AI declines, more of us are experimenting with new tools in the workplace, even without the permission of our employers. We have got that story and more after the break.

Public trust in AI is declining, but that is not stopping people from using it more and more, including for sensitive tasks at work. That's one of the findings of a brand new study of more than 48,000 people conducted across dozens of countries and carried out by the University of Melbourne and KPMG. And here to talk about that study is KPMG's global head of AI, David Rowlands.

Public trust in AI is declining, but that is not stopping people from using it more and more, including for sensitive tasks at work. That's one of the findings of a brand new study of more than 48,000 people conducted across dozens of countries and carried out by the University of Melbourne and KPMG. And here to talk about that study is KPMG's global head of AI, David Rowlands.

David, trust down, use up. Explain that to me.

David, trust down, use up. Explain that to me.

I want to get to that point in a second, but there's clearly something here that people find valuable, enjoyable. Is the benefit that people are describing in this study mostly around, I don't know, being more efficient, making more money, saving time? What explains this uptick in use?

I want to get to that point in a second, but there's clearly something here that people find valuable, enjoyable. Is the benefit that people are describing in this study mostly around, I don't know, being more efficient, making more money, saving time? What explains this uptick in use?

Plus, relief in Detroit as we report President Trump plans to soften his auto tariffs. And a new study sheds light on the risks and rewards of AI as it becomes firmly embedded in our lives. It's Tuesday, April 29th. 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.

Plus, relief in Detroit as we report President Trump plans to soften his auto tariffs. And a new study sheds light on the risks and rewards of AI as it becomes firmly embedded in our lives. It's Tuesday, April 29th. 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 study found that the emerging economies are seeing greater AI adoption than more developed ones. How would you explain that?

The study found that the emerging economies are seeing greater AI adoption than more developed ones. How would you explain that?

Big opportunities here in everything from public health to efficiency within corporations. And yet, a few things jumped out to me. One that I imagine folks in legal departments will not be too pleased to hear, which is that you found that almost half of employees admit that they've used AI in ways that violate company policies.

Big opportunities here in everything from public health to efficiency within corporations. And yet, a few things jumped out to me. One that I imagine folks in legal departments will not be too pleased to hear, which is that you found that almost half of employees admit that they've used AI in ways that violate company policies.

This is things like uploading sensitive company information into free AI tools and that they've been relying on AI outputs at work without evaluating the accuracy of those results. These don't sound good.

This is things like uploading sensitive company information into free AI tools and that they've been relying on AI outputs at work without evaluating the accuracy of those results. These don't sound good.

David Rowlands, Global Head of AI at KPMG. Thank you so much for being with us on What's News.

David Rowlands, Global Head of AI at KPMG. Thank you so much for being with us on What's News.

We are exclusively reporting that a group of Wall Street's biggest banks, including Morgan Stanley, Bank of America, and five others, have finally dug themselves out of the $13 billion debt that they lent to Elon Musk for his takeover of Twitter, now X, in 2022. The $1.2 billion of unloved loans sold at 98 cents on the dollar.

We are exclusively reporting that a group of Wall Street's biggest banks, including Morgan Stanley, Bank of America, and five others, have finally dug themselves out of the $13 billion debt that they lent to Elon Musk for his takeover of Twitter, now X, in 2022. The $1.2 billion of unloved loans sold at 98 cents on the dollar.

Woodside Energy has given the go-ahead to the $17.5 billion development of an LNG gas export project in Louisiana. The Australian company is betting on strong ongoing demand for traditional fuels and the U.S. as a key supplier of natural gas to the global market. This includes customers in Asia and Europe who've been buying U.S. gas to counter dependence on Russia.

Woodside Energy has given the go-ahead to the $17.5 billion development of an LNG gas export project in Louisiana. The Australian company is betting on strong ongoing demand for traditional fuels and the U.S. as a key supplier of natural gas to the global market. This includes customers in Asia and Europe who've been buying U.S. gas to counter dependence on Russia.

In a move to ensure that cancer drugs are available to U.S. consumers, drugmaker Merck is investing in a $1 billion plant in Delaware ahead of potential tariffs targeting the industry. The facility will produce Merck's blockbuster cancer drug Keytruda, which treats lung cancer, melanoma and other tumors and accounts for roughly half of the company's revenue.

In a move to ensure that cancer drugs are available to U.S. consumers, drugmaker Merck is investing in a $1 billion plant in Delaware ahead of potential tariffs targeting the industry. The facility will produce Merck's blockbuster cancer drug Keytruda, which treats lung cancer, melanoma and other tumors and accounts for roughly half of the company's revenue.

And finally, it's going to be another busy day for markets, with a slew of earnings and data out later this morning. Finance editor Alex Frangos says these are the first economic readings following Trump's tariff announcements and will be closely watched for any indications of a U.S. downturn.

And finally, it's going to be another busy day for markets, with a slew of earnings and data out later this morning. Finance editor Alex Frangos says these are the first economic readings following Trump's tariff announcements and will be closely watched for any indications of a U.S. downturn.

Canada's Mark Carney has capped a dramatic electoral turnaround, holding on as the country's prime minister after voters returned his Liberal Party to power for a fourth consecutive term. Carney's party had been headed for defeat earlier this year, before the former central bank chief positioned himself as the best candidate to stand up to President Trump and reshape an economy dependent on U.S.

Canada's Mark Carney has capped a dramatic electoral turnaround, holding on as the country's prime minister after voters returned his Liberal Party to power for a fourth consecutive term. Carney's party had been headed for defeat earlier this year, before the former central bank chief positioned himself as the best candidate to stand up to President Trump and reshape an economy dependent on U.S.

And if you can't get enough earnings, check out the bonus episode we've got coming later today. In the next What's News in Earnings, we'll be looking at defense contractors. and how they expect the U.S. tariffs and a changing geopolitical environment to affect their business. That'll be in this feed around midday before our usual PM show tonight.

And if you can't get enough earnings, check out the bonus episode we've got coming later today. In the next What's News in Earnings, we'll be looking at defense contractors. and how they expect the U.S. tariffs and a changing geopolitical environment to affect their business. That'll be in this feed around midday before our usual PM show tonight.

And that's it for What's News for this Tuesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. I'm Luke Vargas for The Wall Street Journal. And as always, thanks for listening.

And that's it for What's News for this Tuesday morning. Today's show was produced by Kate Boulivant and Daniel Bach. Our supervising producer is Sandra Kilhoff. I'm Luke Vargas for The Wall Street Journal. And as always, thanks for listening.

Administration officials say President Trump was frustrated by the episode and directed ire at Waltz, though it wasn't immediately clear if he'd move to oust him. Beyond representing a breach of security protocols, the chat exposed policy differences within the administration and candid views about U.S. allies. Vance, in particular, was skeptical of striking the Houthis, given that little U.S.

Administration officials say President Trump was frustrated by the episode and directed ire at Waltz, though it wasn't immediately clear if he'd move to oust him. Beyond representing a breach of security protocols, the chat exposed policy differences within the administration and candid views about U.S. allies. Vance, in particular, was skeptical of striking the Houthis, given that little U.S.

trade passes through the Suez Canal and that the move would benefit Europe far more, saying, quote, I just hate bailing Europe out again. CIA Director John Ratcliffe and Director of National Intelligence Tulsi Gabbard, both of whom were included in the signal chat, are set to testify before the Senate Intelligence Committee at 10 a.m. Eastern.

trade passes through the Suez Canal and that the move would benefit Europe far more, saying, quote, I just hate bailing Europe out again. CIA Director John Ratcliffe and Director of National Intelligence Tulsi Gabbard, both of whom were included in the signal chat, are set to testify before the Senate Intelligence Committee at 10 a.m. Eastern.

We are exclusively reporting that Boeing is looking to withdraw from an earlier agreement to plead guilty in a long-running criminal case that blamed the company for deceiving regulators before two deadly crashes of its 737 MAX jets.

We are exclusively reporting that Boeing is looking to withdraw from an earlier agreement to plead guilty in a long-running criminal case that blamed the company for deceiving regulators before two deadly crashes of its 737 MAX jets.

According to people familiar with the matter, the aerospace giant is seeking more lenient treatment from the Justice Department after pleading guilty during the Biden administration. Journal aviation reporter Ben Katz says Boeing is hoping to benefit from the Trump administration's announcement that it's reviewing numerous criminal cases at the DOJ.

According to people familiar with the matter, the aerospace giant is seeking more lenient treatment from the Justice Department after pleading guilty during the Biden administration. Journal aviation reporter Ben Katz says Boeing is hoping to benefit from the Trump administration's announcement that it's reviewing numerous criminal cases at the DOJ.

Plus, Boeing eyes a chance to withdraw from a Biden-era guilty plea deal, and Canadians get cold feet about traveling to the U.S. It's Tuesday, March 25th. 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.