A.M. Edition for May 16. We’ll get the latest from White House reporter Alex Leary in the United Arab Emirates as President Trump winds down a four-day trip to the Middle East. Plus, a veteran FAA air-traffic controller, shaken after averting a midair collision, opens up about stress, staffing and tech problems. And with two weeks until hurricane season, the new head of FEMA admits to not having a fully formed disaster-response plan. Luke Vargas hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
What was President Trump's Middle East tour about?
And Trump sort of snapped a little bit at the question and, you know, quickly referred back to the trillions of dollars he says he's obtaining for the U.S. here in the East Gulf states.
Alex Leary is a Wall Street Journal White House reporter and joined us from Abu Dhabi today. Alex, safe travels back to the U.S. Thank you so much for the update. My pleasure. The Trump administration is targeting the EU's rules to protect online users, framing a new pressure campaign as a defense of free speech and U.S. commercial interests.
We exclusively report that last week, the State Department asked its offices around Europe for, quote, examples of government efforts to limit freedom of speech, end quote, according to a copy of the request reviewed by The Wall Street Journal. with another department communication seeming to refer to the EU's digital rules as part of the, quote, global censorship industrial complex.
The EU's Digital Services Act, adopted in 2022, requires that digital platforms show they're taking steps to stop the spread of illegal content, as well as the use of disinformation to manipulate elections. EU officials say the law, which only applies in the EU, doesn't threaten free speech and and is designed to protect Europeans' basic rights and to keep children safe online.
Meanwhile, Europe is struggling to attract global capital, with foreign direct investment to the region dropping to its lowest level in nine years, according to accounting firm EY. The UK, France, and Germany all saw double-digit declines. though they remain the three largest recipients of inflows, with London holding on to the title of Europe's most attractive city for investment.
EY's Julie Tagland told me that 37% of businesses surveyed said they had scaled back their European investment plans, citing high energy costs, a sense of diminished growth prospects, and broader geopolitical uncertainty.
If there's anything that kills investment, in my mind, it's uncertainty from a political environment. Investors like to know that they can calculate with the tax regime. They can calculate with the laws. They can calculate with export controls and tariffs and understand what's coming so that their business case is solid.
If you can't do a business case, it gets very difficult to plan for future investment.
There are some positives, though, as Central, Eastern, and Southern Europe all saw a surge in FDI thanks to cheaper energy and labor costs, as well as ample available land. A majority of respondents also said they expect Europe will become increasingly attractive for investment over the long haul, especially for AI and renewables.
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