The Journal.

In 2003, Jeffrey Epstein got a gift for his 50th birthday, a leather-bound album containing letters, poems, photos and greetings from friends. One of the letters was from Donald Trump. The president says the letter "is a fake thing." WSJ’s Khadeeja Safdar reveals what’s in the letter and Sadie Gurman explores what it means for Trump and the Department of Justice. Jessica Mendoza hosts. Further Listening: -JPMorgan's $75 Million Jeffrey Epstein Settlement Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Amazon warehouses are more automated than ever. The company, a key bellwether for the U.S. labor market, now has over a million robots packing and shipping goods in its fulfillment centers. While some employees are finding ways to transition into higher-paying technical roles that manage the robots, the company’s CEO Andy Jassy has said it plans to cut the size of its overall workforce. Sebastian Herrera explains Amazon’s vision for the warehouse of the future. Jessica Mendoza hosts. Further Listening: - AI Is Coming for Entry-Level Jobs. - The Battle to Be the King of Retail: Walmart vs. Amazon Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

After talks with NATO allies, President Donald Trump gave Russia 50 days to broker peace with Ukraine. If they can’t make it happen, he says he’ll impose tariffs on Russian goods to ratchet up economic pressure. The move underscores Trump’s growing anger with Russian President Vladimir Putin. WSJ’s Lara Seligman unpacks the latest and explores the evolving relationship between Trump and Putin. Jessica Mendoza hosts. Further Listening: -Inside the Hunt for Putin’s Sleeper Agents -How Ukraine Built a Weapon to Control the Black Sea -Ukraine Makes a Deal With Wall Street Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

After the passage of President Trump’s “Big Beautiful Bill,” renewable energy companies are bracing for more challenging times. The law is set to end Biden-era subsidies for clean energy, with the Congressional Budget Office estimating that the industry could lose half a trillion dollars in tax incentives over the next decade. WSJ’s David Uberti reports on the renewable energy pullback. And Annie Minofftalks to a co-owner of a North Carolina-based solar-panel-installation company about what the winding down of subsidies means for his business. Further Listening: - The Healthcare Costs of Trump’s ‘Big Beautiful Bill’ - How Trump’s Megabill Squeaked Through the Senate Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last week, Grok went rogue. The AI chatbot – which users can interact with on X – posted antisemitic comments and graphic descriptions of violence before being deactivated, leaving users with a question: Where were Grok’s guardrails? WSJ’s Alexander Saeedy breaks down what happened and what it means for Musk’s company’s plans for an AI future. Annie Minoff hosts. Further Listening: - How Elon Musk Pulled X Back From the Brink - The Musk-Twitter Saga Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The man of steel is back in a new $225 million reboot. Riding on this weekend’s release is the hope that DC Studios will finally begin to match the past successes of its archrival Marvel. Its parent company Warner Bros. Discovery views DC Studios as critical to its success or failure. WSJ’s Ben Fritz talks to Jessica Mendoza about whether or not Superman can be the savior that DC and Warner are hoping for. Further Listening: - With Great Power: The Rise of Superhero Cinema - Ron Howard and Brian Grazer on Longevity in Hollywood Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

For years, President Trump has feuded with the Federal Reserve and Chair Jerome Powell over interest rates. And now, two Republicans named Kevin (Kevin Hassett, one of Trump’s closest economic advisers and Kevin Warsh—a former Fed governor) are vying to be the next chairman of the Federal Reserve. WSJ’s Nick Timiraos takes us inside the contest for the next Fed Chair and what the President might be looking for with his choice. Jessica Mendoza hosts. Further Listening: - Why Trump Pushed His Tariff Deadline - Is the Economy…OK? - Trump 2.0: Where Is the Economy Headed? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Trump’s megabill cuts over $1 trillion in healthcare spending over the next decade, mainly from Medicaid. Experts project nearly 8.7 million fewer people covered by Medicaid, and hospitals face reduced payments and higher costs. WSJ’s Dominique Mosbergen reports on the bill’s historic cuts. Annie Minoff hosts. Further Listening: - How Trump’s Megabill Squeaked Through the Senate - Can the GOP Unite Around Trump's 'Big, Beautiful Bill'? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

When President Trump paused most of his “Liberation Day” tariffs for 90 days last spring, the administration had hoped to cut dozens of trade deals. As trade advisor Peter Navarro put it, there could be "90 deals in 90 days." But as Trump’s deal deadline approached, it became clear that the administration’s deal-making push has hit some snags, resulting in only a handful of agreements with the UK, China, and Vietnam. This week, Trump extended his deadline to August 1st and sent public letters to many U.S. trading partners. WSJ’s Gavin Bade explains the sticking points that have gotten in the way of “90 deals in 90 days.” Annie Minoff hosts. Further Listening: - Trump's Plan B After Trade Court Setback - Inside the Surprise U.S.-China Trade Deal - Taking Stock of the 'Sell America' Trade Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Artificial intelligence is shaking up business in a big way, and recent college graduates are feeling the pinch. WSJ’s Chip Cutter explores the new corporate philosophy emerging around hiring and explains how the promise of artificial intelligence is putting entry-level jobs on the chopping block and less experienced applicants may be forced to pivot. Jessica Mendoza hosts. Further Listening: - The Company Behind ChatGPT - The Hidden Workforce That Helped Filter Violence and Abuse Out of ChatGPT - OpenAI’s Weekend of Absolute Chaos Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the battle for AI supremacy, Meta’s models have lagged. Now CEO Mark Zuckerberg is racing to hire new AI talent to close the gap with rivals. He’s dangling huge pay packages to lure experts away from OpenAI, Google, and Anthropic. WSJ’s Meghan Bobrowsky explains how Meta’s AI efforts fell short, and who will be joining the company’s new “Superintelligence Labs” to turn things around. Annie Minoff hosts. Further Listening: -The Battle Within Meta Over Chatbot Safety -Why the New Pope Is Taking on AI Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

After a marathon 27-hour session, Senate Republicans passed their version of President Trump's “big, beautiful bill.” Getting enough senators on board meant last-minute wrangling over key issues, including Medicaid, clean energy and the deficit. WSJ's Richard Rubin explains how Senate Republicans got to a “yes” vote, and what needs to happen before Trump can sign the bill into law. Annie Minoff hosts. Further Listening: - Can the GOP Unite Around Trump's 'Big, Beautiful Bill'? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

JPMorgan Chase recently announced that it was raising the annual fee on its popular Sapphire Reserve credit card by 45%. The company believes enough customers will stick around because of the status and exclusivity the card conveys. WSJ’s Imani Moise reports on how credit card companies have increasingly attracted customers by offering perks. Jessica Mendoza hosts. Further Listening: - The Unusual Economics of the Bilt Credit Card - The Fight Over Your Credit Card Swipe Sign up for WSJ’s free What’s News newsletter . Learn more about your ad choices. Visit megaphone.fm/adchoices

SCOTUS wrapped up a busy session, giving states room to restrict transgender medical care for minors, allowing the federal government to strip legal status for Venezuelan migrants and, in one of its final acts on Friday, clipping the power of federal judges to block President Trump’s policies nationwide. Jessica Mendoza speaks to WSJ’s Jess Bravin about the emergency cases filling the Supreme Court schedule and what that signals for the future. Further Listening: -Is There an Ethics Problem at the Supreme Court? -Trump 2.0: A Showdown With the Judiciary Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

To renowned travel guru Rick Steves, “fear is for people who don’t get out very much.” The travel mogul has built an empire on a philosophy of travel that builds bridges. Recently, he sat down with Ryan Knutson at the Cascade PBS Ideas Festival in Seattle for a conversation about his business, his politics and how the two intersect. Further Listening: The Love Triangle Over Spirit An Air Traffic Controller Speaks Out About Newark Airport Learn more about your ad choices. Visit megaphone.fm/adchoices

NYC mayoral candidate Zohran Mamdani has won over legions of rent-strapped young voters with a platform focused on making housing more affordable — including by freezing rents. This week he cleared an important hurdle, winning the Democratic primary in an upset of former New York Governor Andrew Cuomo. But his success has panicked the New York real estate industry, which is now in a mad scramble to assess its options. WSJ’s Rebecca Picciotto explains how the city’s housing crisis is driving the election. Annie Minoff hosts. Further Listening: -How Eric Adams Became New York City’s First Indicted Mayor -The Rise of the Yimbys -The Downfall of a Real Estate Empire Sign up for WSJ’s free What’s News newsletter . Learn more about your ad choices. Visit megaphone.fm/adchoices

Gary Rohwer owns Glenn Valley Foods and lends his name to the company’s signature product: Gary’s QuickSteaks. He says he built his business with the help of mostly immigrant workers, whose legal status he says his company vetted using the government’s E-Verify System. This month, his plant was raided by ICE. He speaks with Annie Minoff about what happened, his industry and what’s next for his company. Further Listening: - Why Latino Consumers Are Spending Less - Inside ICE’s Aggressive Approach to Arresting Migrants - Deportations Could Upend This Parachute Factory Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The new head of the Catholic Church, Pope Leo XIV, is making artificial intelligence a signature issue. Last week, the Vatican hosted tech leaders at a two-day international AI conference in Rome. WSJ’s Margherita Stancati reports on why Silicon Valley is watching to see if Leo will use the Church’s moral authority to push for stronger AI rules. Jessica Mendoza hosts. Further Listening: - The Financial Mess Facing the Vatican - Pope Francis Has Died. What’s Next for the Catholic Church? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jessica Mendoza speaks to NCAA president Charlie Baker about the landmark settlement that is ushering in a new professional era for college sports. The deal will create a new system for college athletes to get paid directly by schools. They discuss how payments will be regulated, what impact Title IX could have and how the deal could change college sports. Further Listening: - The TikTok That Changed College Hoops - California Takes On the NCAA Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, Iran fired missiles at a U.S. military base in Qatar. Officials said Iran also fired on Iraq. The attacks were in retaliation for a strike over the weekend that hit three of Iran’s nuclear facilities, authorized by President Trump. WSJ’s Shayndi Raice reports on how Iran got backed into a corner and has been forced to decide whether or not to escalate into a broader war. Jessica Mendoza hosts. Further Listening: -Iran May Be Running Out of Options -Iran and the U.S. Were Set to Negotiate. Then Israel Attacked Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices