The Journal.

Ryan Knutson and Molly Ball unpack the administration’s onslaught of new tariffs and break down what election results in Florida and Wisconsin mean for each party. Plus, they speak with WSJ’s Michelle Hackman about Trump’s aggressive immigration efforts including student deportations. Further Listening: -Trump’s Tariffs Force a New Era in Global Trade -Trump 2.0: Group Chat Fallout -Three Federal Workers Hit by DOGE Learn more about your ad choices. Visit megaphone.fm/adchoices

Yesterday, in the Rose Garden, President Trump sent out a clear message: the era of globalization is over. Trump announced sweeping tariffs on trillions of dollars of imports. The new duties immediately shook Wall Street and sent stocks plummeting. WSJ’s White House economic policy reporter Brian Schwartz explains how President Trump has wanted this day to happen for decades. And we talk to an American business owner who is deeply worried about what these tariffs mean for his company’s survival. Kate Linebaugh hosts. Sign up for WSJ’s free What’s News newsletter. Further Listening: - The Trade War With China Is On - Trump’s Tariff Whiplash Learn more about your ad choices. Visit megaphone.fm/adchoices

Charlie Javice sold her financial aid startup Frank to JPMorgan Chase for $175 million. But soon after the ink on the deal was dry, the bank discovered that their new acquisition was not at all what it seemed. WSJ’s Alexander Saeedy explains how a trial about fraud committed against JPMorgan resulted in the bank feeling the heat. Kate Linebaugh hosts. Sign up for WSJ’s free What’s News newsletter. Further Listening: - A $175 Million ‘Huge Mistake’ - JP Morgan CEO Jamie Dimon on What’s Next for the Economy Learn more about your ad choices. Visit megaphone.fm/adchoices

Gap Inc. was once the king of mall-brand fashion. In recent years though, its Gap, Old Navy, Banana Republic and Athleta chains have been outmaneuvered by discount stores like Target and fast-fashion brands like Zara and Shein. Ryan Knutson speaks with the new CEO Richard Dickson who is translating his previous experience resurrecting the Barbie brand into a new era for the iconic clothing seller. Further Listening: Rent the Runway’s CEO on How it Survived the Pandemic Shein: Fast Fashion, Slow IPO How Target Got Off Target Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year, a popular Utah influencer with six children went to prison for child abuse. Now the state has put a new law into place to protect the children in these videos. WSJ’s Zusha Elinson on the Ruby Franke scandal and her daughter’s efforts to keep it from happening again. Further Reading: - A Former Child Star Is Taking On the Dark Side of Utah’s Mommy Bloggers Further Listening: - The Rise of the Tween Shopper - Readers Can’t Get Enough of BookTok. Publishers Are Cashing In. Learn more about your ad choices. Visit megaphone.fm/adchoices

A family of deep-cover Russian spies hiding in the heart of Europe. A Slovenian spycatcher with a daunting mission. After months of reporting, WSJ's Drew Hinshaw and Joe Parkinson unspool the story of the global hunt for Vladimir Putin's sleeper agents, and how it culminated in the biggest game of hostage diplomacy since the Cold War. Further Reading: -The Global Hunt for Putin’s ‘Sleeper Agents’ -Inside the Secret Negotiations to Free Evan Gershkovich Further Listening: -The Historic U.S.-Russia Prisoner Swap -Inside Russia’s Spy Unit Targeting Americans Learn more about your ad choices. Visit megaphone.fm/adchoices

A journalist was added to a text thread with high-level Trump administration officials revealing plans for the timing and weapons to be used in a military strike against Houthi militants. Administration officials disputed that any classified information about the military operation had been shared. WSJ’s Nancy Youssef joins the chat with Ryan Knutson and Molly Ball to discuss the fallout of the group chat pinged ‘round the world. Further Reading: -An Annotated Analysis of Signal Group Chat With Top Trump Officials -Hegseth Comes Under Scrutiny for Texting Strike Details as Fallout Grows -Democrats Are Taking Their Anger Out on Chuck Schumer Further Listening: -Trump’s Attack on Big Law -Trump’s College Crackdown -Trump 2.0: A Showdown with the Judiciary Learn more about your ad choices. Visit megaphone.fm/adchoices

President Trump’s unprecedented effort to shrink the federal labor force is impeding work at government sites across the country. Three laid-off federal employees tell their story and WSJ’s Lindsay Ellis reports on the wider impact of the layoffs. Further Listening: - Inside DOGE's Campaign of Secrecy - Inside USAID as Elon Musk and DOGE Ripped It Apart Further Reading: - The Collateral Damage of Trump’s Firing Spree - The Federal Workers Who Are Not Quite Fired, Not Quite Working Learn more about your ad choices. Visit megaphone.fm/adchoices

The White House is waging a pressure campaign against some of the country’s most prominent law firms. WSJ’s Erin Mulvaney on how the firm Paul, Weiss came to the decision to make a deal with President Trump. Further Reading: -Trump Signs Order Targeting Law Firm Jenner & Block -Law Firms Scramble to Avoid Being Trump’s Next Target -Why Law Firm Paul Weiss Pleaded Its Case With Trump, and Not With a Court Further Listening: -Trump 2.0: A Showdown With the Judiciary Learn more about your ad choices. Visit megaphone.fm/adchoices

After nearly three decades as creative director, Donatella Versace is stepping down from her role at her family’s fashion house. The announcement comes after years of clashes between the designer and the American businessman who acquired her family’s brand. WSJ’s Suzanne Kapner unpacks the drama and discusses what it means for the fashion house. Further Reading: -Inside the Versace Clash Between Donatella and the ‘American Cowboy’ CEO -Donatella Versace to Step Down as Chief Creative Officer of Versace -The Plan to Revive Michael Kors and Versace Tanked Their Sales Instead Further Listening: -The Resurrection of Abercrombie & Fitch -Old Navy Tried to Make Sizes for All. It Backfired. Learn more about your ad choices. Visit megaphone.fm/adchoices

Columbia University gave in to President Trump’s demands after he revoked roughly $400 million in federal funding. WSJ’s Douglas Belkin explains how the university made its decision, and the impact that may have on campuses across the country. Further Reading: - Universities Sprint from ‘We Will Not Cower’ to Appeasing Trump - Columbia Yields to Trump in Battle Over Federal Funding Further Listening: - Pro-Palestinian Protests and Arrests at U.S. Colleges - The 2024 College Financial Aid Mess Learn more about your ad choices. Visit megaphone.fm/adchoices

After it was approved in 2019, Spravato, a depression treatment derived from the club drug ketamine, was looking like a dud. But recently it has taken off, and it surpassed $1 billion in annual sales last year for its maker, Johnson and Johnson. Further Listening: -A Lawyer Says He Doesn't Need Help for Psychosis. His Family Disagrees. -America's Maternal Mental Health Crisis Further Reading: -J&J’s Ketamine-Derived Drug Is Taking Off -Big Pharma Walked Away From Mental Health. Why Some Are Coming Back. Learn more about your ad choices. Visit megaphone.fm/adchoices

A battle has been brewing between President Trump and the judicial system as courts delay some of the administration's rapid fire executive orders. WSJ’s Jess Bravin joins Ryan Knutson and Molly Ball to discuss the recent clashes between Trump and the courts. Further Reading: - Chief Justice Roberts Criticizes Trump’s Call to Impeach Judges - Trump Escalates Push Against Legal Norms - A Presidency of Upheaval Emboldens Trump Further Listening: - A New Phase in Trump’s Immigration Fight - Trump 2.0: The Uncertainty Economy Learn more about your ad choices. Visit megaphone.fm/adchoices

Greenland could satisfy the world’s hunger for minerals, if miners could just start digging. WSJ’s Sune Rasmussen explains why Greenland’s minerals remain mostly untapped, and what bringing these rare earths to the surface could mean to the global supply chain. Further Reading: - Greenland Has the Makings of a Mining Boom. So Where Is Everyone? - Greenlanders Reject Trump’s Overtures at the Ballot Box Further Listening: - Why Trump Wants Ukrainian Minerals - Why an Arctic Treasure Is Spurring Hope and Dread Learn more about your ad choices. Visit megaphone.fm/adchoices

Immigrants who took advantage of a Biden-era program to enter the U.S. are now being targeted by the Trump administration, including people who fled the Russia-Ukraine war. WSJ’s Michelle Hackman explains how the program came to be and how Trump cancelled it. Further Reading: - They Thought They Came to the U.S. Legally. Now They’re at Risk for Deportation. - What Green Card and Visa Holders Need to Know About Recent Deportations Further Listening: - Trump's Immigration Overhaul Learn more about your ad choices. Visit megaphone.fm/adchoices

Walmart has been America’s largest retailer by revenue for over three decades. But that title might change hands this year, with Amazon hot on the supercenter’s heels. WSJ’s Sarah Nassauer explains how Walmart has fought hard to keep its crown. Further Reading: -How Walmart Built the Biggest Threat Amazon Has Faced -Walmart’s Reign as America’s Biggest Retailer Is Under Threat Further Listening: -The 20,000 Steps to a Walmart Manager’s Six-Figure Salary -What Walmart’s Aisles Say About the American Consumer Learn more about your ad choices. Visit megaphone.fm/adchoices

Matthew Van Andel’s ordinary life unraveled when he accidentally downloaded a trojan horse that gave a hacker access to his entire computer. But the hacker didn’t just get Van Andel’s information. It also got his employer: Disney. Further Reading: -A Disney Worker Downloaded an AI Tool. It Led to a Hack That Ruined His Life. -How to Keep Hackers From Destroying Your Digital Life Further Listening: -Six Days of Chaos at MGM's Casinos -Hack Me If You Can Learn more about your ad choices. Visit megaphone.fm/adchoices

Gloria Allred’s lifelong crusade against men accused of sexual misconduct has made her a high profile feminist lawyer. But little is known about what happens between Allred and her clients, mostly women, behind the scenes. WSJ’s Khadeeja Safdar reports. See the Journal live! Take our survey! Further Reading: -The High-Pressure Tactics Attorney Gloria Allred Uses—On Her Own Clients Learn more about your ad choices. Visit megaphone.fm/adchoices

The Federal Reserve has been focused on cooling inflation and achieving a so-called soft landing. President Trump’s trade policies have sent markets reeling and fears of a recession are on the rise. WSJ’s Nick Timiraos joins Ryan Knutson and Molly Ball to discuss Trump’s economic vision. Plus, the Trump administration is moving to deport a permanent legal resident of the United States and the possibility of a government shutdown has Democrats in a pickle. Further Listening: - What’s Going On With the Economy - Tesla Has a Problem: Elon Musk - The Fight to Kick Soda Out of Food Stamps Further Reading: - How Trump 2.0 Is Shifting Its Tone on Markets - A Presidency of Upheaval Emboldens Trump Learn more about your ad choices. Visit megaphone.fm/adchoices

In 2023, crypto exchange Binance and its CEO and founder, Changpeng Zhao, pled guilty to violating U.S. money laundering laws. Now, an investigation finds that representatives of President Trump’s family have been in talks to take a financial stake in the U.S. arm of Binance. At the same time, Zhao has pushed the Trump administration to grant him a pardon. WSJ’S Rebecca Ballhaus brings exclusive reporting. Further Reading: - Trump Family Has Held Deal Talks With Binance Following Crypto Exchange’s Guilty Plea - How the Trumps Turned an Election Victory Into a Cash Bonanza Further Listening: - Love Trump? Now You Can Buy His Meme Coin - Inside the Trump Crypto Bromance Learn more about your ad choices. Visit megaphone.fm/adchoices