A.M. Edition for Mar. 5. After a volatile day of trading as U.S. tariffs kicked in, President Trump previews further trade action while acknowledging his policies could trigger an "adjustment period." The WSJ's Brian Schwartz and Damian Paletta break down the speech. Plus, China sets a strong economic growth target and doubles down on home-grown AI. And WSJ AI Editor Ben Fritz shares how researchers hope to stop chatbots from “hallucinating.” Luke Vargas hosts. Check out WSJ’s special report, What's Ahead for AI. Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: What is the main topic of this episode?
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.
And here is the AM edition of What's News. The top headlines and business stories moving your world today.
Chapter 2: What did Trump discuss in his recent speech?
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.
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.
Finding that members continue to engage in willful and concerted disruption of proper decorum, the chair now directs the sergeant-at-arms to restore order. Remove this gentleman from the chamber.
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.
He touched on how he was going to move ahead with 25% tariffs on copper and 25% tariffs on imports of aluminum, lumber and steel.
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Chapter 3: How are tariffs impacting the US economy?
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.
Wir müssen uns erinnern, dass Tarifte nicht nur um die Schutz der amerikanischen Jobs, sondern um die Schutz der Seele unseres Landes. Tarifte sind um Amerika wieder reich zu machen und Amerika wieder groß zu machen. Und es passiert und es wird ziemlich schnell passieren. Es wird ein bisschen Verlust sein, aber wir sind okay damit.
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.
Chapter 4: What budget cuts did Trump propose?
In front of hundreds of members of Congress live on television, WSJ Washington Coverage Chief Damian Paletta described what followed from Trump.
He listed a bunch of government programs by name that this Department of Government Efficiency, led by Elon Musk, has identified for cuts. And he went through a number of African countries, for example, that have gotten millions of dollars for specific programs. And he listed them in great detail.
By identifying these programs in places like Lesotho, he's trying to show Americans, this is not where your tax money should be going. This money should stay within the United States. Eine interessante Teil der Rede war, als er die Demokraten getötet hat und sagte, z.B. : Zivilbewerber sind unerwählte Bürokraten und sie sollten keinen Wunsch haben, wie die Regierungen laufen.
Einige Demokraten haben zu diesem Punkt Elon Musk angemerkt, dass er ein unerwählter Bürokrat ist. Sie wollten auf ihn die Türen öffnen. Aber ganz ehrlich gesagt, es gab nicht genug von ihnen, und es war nicht effektiv, weil die Kameras nicht wirklich zu ihnen gedreht haben. Es war also nur ein Show, dass Präsident Trump wirklich den Mikrofon hatte und er die Nacht hatte.
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.
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Chapter 5: What are Trump's future policy goals?
You should get rid of the CHIP Act and whatever is left over, Mr. Speaker, you should use it to reduce debt. oder für irgendeinen anderen Grund.
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
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.
Er hat darüber geredet, einen Deal zwischen Russland und der Ukraine zu bekommen. Er war nicht so gegenwärtig, wenn er über die Ukraine in dieser Rede gesprochen hat, wie er es in den letzten Tagen war. Er hat es so gemacht, als wäre ein Deal in Berührung.
Gleichermaßen hat er in dieser Rede nicht darüber geredet, den Gaza-Strip zu übernehmen, was etwas war, was den Mittleren Osten ein paar Wochen hervorragte. Er hat gesagt, dass Greenland, wenn sie es wollen, in den Vereinigten Staaten einsteigen kann. In der Vergangenheit hat er gesagt, dass wir Greenland übernehmen werden.
Und er hat auch nicht erwähnt, dass er mehrere Male darüber gesprochen hat, dass er Kanada der 51. Staat machen wird. Es ist also interessant zu sehen, ob er in dieser Aussprache intensiv eine weibere Außenpolitik präsentieren wollte als in den letzten Wochen. or if he'll be back making those same pledges.
But it seemed like he was intentionally trying to soften his foreign policy that has made many world leaders in Europe, Asia and around the world very uncomfortable.
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.
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