Earlier this month, President Donald Trump announced the U.S. would impose up to a 200% tariff on imported pharmaceuticals, though he would give them up to a year and a half before fully implementing the tariffs. Trump’s goal is to bring more manufacturing to the United States, but one pharmaceutical CEO, Richard Saynor of Sandoz, says there is little incentive to build in the U.S. Jessica Mendoza hosts. Further Listening:- Why Trump Pushed His Tariff Deadline - Inside the Surprise U.S.-China Trade Deal  Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last week, CBS cancelled “The Late Show with Stephen Colbert.” The network said that ending the show was “purely a financial decision.” Over the years, late-night audiences and profits have dwindled. But some fans have suggested the move was partly political: CBS pulled the plug just days after Colbert criticized Paramount, CBS’s parent company, for agreeing to settle a lawsuit with President Trump for $16 million. WSJ’s Joe Flint delves into the controversy and the economics of late-night TV. Annie Minoff hosts. Further Listening: -Will Paramount Settle With Trump? -Why Buying Paramount Global Won't Be Easy  -’Love Is Blind' Is Back. Not All the Drama Is On-Screen. Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Global diamond company De Beers spent decades convincing couples that true love required a diamond. But now, lab-grown diamonds that are identical to naturally-mined ones are flooding the market with cheaper options and reshaping the diamond business completely. WSJ’s Jenny Strasburg takes us inside the showdown in the diamond market, and we speak to a ring shopper weighing her options. Jessica Mendoza hosts. Further Listening:-One American Company Taking on China's Rare-Earth Dominance-Can Pepsi Make a Comeback?-How Target Got Off TargetSign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jamie Dimon, the cautious head of JPMorgan Chase, has consistently warned that private credit, the hottest trend on Wall Street, could trigger a financial blowup. So why is America’s biggest bank pouring money into it? WSJ’s Alexander Saeedy explains JPMorgan’s strategy and why you should care. Annie Minoff hosts.  Further Listening: - JP Morgan CEO Jamie Dimon on What’s Next for the Economy - Is the Economy… OK?  Sign up for WSJ’s free What’s News newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Buc-ee's — the chain of road stops with a beaver mascot and a die-hard fanbase — is looking to expand westward. Its next stop is Palmer Lake, Colorado: a small, rural town known for its lush greenery and outdoor recreation. But some local residents are looking to “heave the beave.” And they have a powerful billionaire backing them: ‘cable cowboy' John Malone. WSJ’s Jim Carlton reports on this standoff over development and the future of the American West. Annie Minoff hosts.   Further Listening: - The Fight Over Water in the West - The Rise of the Yimbys Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Tiny rare-earth magnets are used for building phones, electric cars, and submarines, but nearly all of them are mined and made in China. One U.S. company is trying to change that. WSJ’s Jon Emont spoke with MP Materials’ CEO about his goals for the mine, which has now made deals with the Pentagon, General Motors, and Apple. Can this industry come back the U.S.? Jessica Mendoza hosts.  Further Listening: -Why Trump Wants Ukrainian Minerals  -Greenland Has Tons of Minerals. So Where Are All the Miners?  Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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