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For World’s No. 1 Player, a First Wimbledon Title Kyiv Will

What’s
News Get Patriot
Business & Finance
Missiles,
 Economists expect stron-
Trump
Pledges
ger growth and job creation,
lower risk of recession and
cooler inflation than they did
three months ago, according
to The Wall Street Journal’s President says the
quarterly survey of profes-
sional forecasters. A1 defense systems
 Earnings season appears will be sent by U.S.
likely to pose a test for stock- and paid for by EU
index records as investors con-
sider what companies say about
BY TARINI PARTI
their success in navigating
AND BRETT FORREST
the turmoil in global trade. B1
 Elon Musk’s SpaceX President Trump said Sun-
agreed to invest $2 billion in day the U.S. will send Patriot
KIRILL KUDRYAVTSEV/AGENCE FRANCE-PRESSE/GETTY IMAGES

his artificial-intelligence air-defense systems to Ukraine

company xAI, nearly half of that will be paid for by the
the Grok chatbot maker’s re- European Union, and he again
cent fundraising total. B1 criticized Russian President
Vladimir Putin.
 Chinese manufacturers
“It’ll be business for us,
are pivoting to Vietnam to
and we will send them Patri-
take advantage of the 20%
ots, which they desperately
tariff the U.S. dangled in front
need, because Putin really sur-
of Hanoi, a rate representing
prised a lot of people,” Trump
a relative bargain compared
said.
with duties of twice that or
“He talks nice, and then he
more on Beijing’s exports. A8
bombs everybody in the eve-
 Apple offered Formula One ning,” he added on his way
as much as $150 million a IN BLOOM: Italy’s Jannik Sinner celebrates Sunday in London after his men’s singles championship win over Spain’s Carlos back to the White House from
year for the U.S. rights to air Alcaraz. Poland’s Iga Swiatek defeated Amanda Anisimova of the U.S. to take the women’s singles title on Saturday. A14 New Jersey. “There’s a little
its races and is the top con- bit of a problem there, and I
tender to secure a deal. B3 don’t like it.”
Trump said he hadn’t de-

Recession Risk Seen Cooling

 “Superman” grossed an
cided how many Patriot air-
estimated $122 million in the
defense systems he will send.
U.S. and Canada on the
He is expected to meet with
movie’s opening weekend, in
North Atlantic Treaty Organi-
line with expectations from

Even Amid Turmoil on Tariffs

zation Secretary-General Mark
prerelease surveys. B1
Rutte at the White House
 Consumers are paying Monday morning.
high prices for a new gener- Trump said that the EU will
ation of convincing counter- pay for the weapons but didn’t
feit handbags—”super- provide any details.
fakes”—distributed through BY PAUL KIERNAN sional forecasters. weekend, when he posted let- Trump has indicated he will
sophisticated channels. A1 AND ANTHONY DEBARROS The reason: The Journal’s Trade Tension ters to social media saying the have a “major announcement”
previous survey was con-  Trump threatens tariffs on U.S. would charge a 30% tariff related to Russia on Monday.
 Chinese automaker BYD
The economic fallout from ducted at the height of the EU, Mexico............................. A2 on goods from the European The president, a Republican,
is cutting prices by wringing
President Trump’s policies may president’s threats to impose  U.S. allies grapple for Union and Mexico next month. had been considering sending
suppliers and dragging out
prove less dire than feared. eye-watering tariffs on Amer- response to levies............. A2 Although economists’ out- more Patriots, The Wall Street
payment periods, often by
Economists expect stronger ica’s biggest trading partners.  Heard on the Street: Pharma look improved slightly from Journal reported last week.
novel means, those in the
growth and job creation, He paused some of the tariffs tariffs shrugged off.......... B10 the prior survey, they still are Sending more Patriots would
supply chain say. B6
lower risk of recession and shortly thereafter. relatively downbeat—most be a significant step for the
cooler inflation than they did Whether the improved likely because of the persis- White House, marking the first
World-Wide three months ago, according mood lasts remains to be seen. that they would face much tence of trade uncertainty and time the president has ap-
to The Wall Street Journal’s In the past week, Trump told higher tariffs starting Aug. 1. muted growth to date. proved providing a major
quarterly survey of profes- numerous trading partners His latest threat came over the Please turn to page A2 weapons system to Kyiv be-
 President Trump said the yond the number authorized
U.S. will send Patriot air-de- by the previous administration.

A Battle for the Soul of the West

fense systems to Ukraine Ukraine currently has only
that will be paid for by the a handful of Patriot systems,
European Union, and he donated by the U.S. and other
again criticized Putin. A1 countries, and has been seek-
 The U.S. will charge a 30% ing more to fend off escalat-
tariff on goods from the Eu- ing Russian attacks. Each Pa-
ropean Union and Mexico ef-
Dispute over plans for a mammoth highway rest stop divides a small Colorado town triot consists of multiple
fective Aug. 1, Trump said in launchers, a radar, a com-
BY JIM CARLTON side, shivering in the rain. nearly 800 cars, open 24 hours a day. mand and control element
letters to the leaders of each
trading partner posted on Mayor Glant Havenar snapped back: Some residents display “Heave the and interceptor missiles.
PALMER LAKE, Colo.—Trina Shook “Trina, you’re done.” Shook stepped Beave” signs in their front yards. They Ahead of Trump’s com-
his Truth Social platform. A2
took to the podium during a town hall away to cheers and supporters waving have a powerful ally: billionaire media ments Sunday, Sen. Richard
 U.S. allies are grappling
meeting here in May to denounce a anti-Buc-ee’s signs. mogul John Malone, America’s second- Blumenthal (D., Conn.) re-
with how to respond to an
plan to locate a Buc-ee’s, a colossal Emotions have boiled over in Palmer largest private landowner. His nearby vealed a planned arms agree-
administration that is using
roadside rest stop, on the outskirts of Lake (population 2,500) since the Greenland Ranch is one of the largest ment for Ukraine in advance of
trade policy for a range of
the tiny town. Texas-based Buc-ee’s chain—featuring a stretches of open land between Denver meetings Monday and Tuesday
political and economic objec-
“I’m disgusted by you personally, grinning beaver mascot—targeted unde- and Colorado Springs. that lawmakers and adminis-
tives and appears increas-
and by the company,” Shook informed veloped land along Interstate 25 for a “This would really ruin it for people tration officials have scheduled
ingly difficult to pin down. A2
the mayor in the packed meeting room, new outlet: a 74,000-square-foot store driving between the metros wanting to in Washington with Rutte.
 Trump in talks with Ne- while an overflow crowd listened out- with 60 gas pumps and parking for Please turn to page A10 Please turn to page A8
tanyahu signaled support for
further Israeli attacks on
Iran if Tehran continues to
pursue a nuclear weapon. A6
 A 20-year-old Palestinian-
‘Superfake’ INSIDE Spending Law Adds
American was killed by Israeli
settlers in a melee in the West
Bank, Palestinian authorities
Bags Take New Ways to Reduce
and the man’s family said. A6
 Voluntary departures
Sales From Capital-Gains Tax
from the U.S. government
have thinned the ranks so
much that some agencies
Real Thing BY RICHARD RUBIN geted tax relief,” said Dave
say more cuts imposed from Kautter, the Treasury Depart-
the top aren’t necessary. A3 BY CAROL RYAN WASHINGTON—Congress ment’s top tax-policy official
 Parts of Grand Canyon Na-
U.S. NEWS BUSINESS & FINANCE expanded opportunities for during the first Trump ad-
Sandor Walkup was waiting In Texas RV park hit Car buyers are turning taxpayers to postpone, mini- ministration. “You see Con-
tional Park remained closed
for a table at an expensive res- mize or avoid capital-gains gress and the administration
to the public because of wild-
taurant in Charlotte, N.C., when
by deadly flooding, a cold shoulder to new taxes in President Trump’s identifying initiatives where
fires and the release of chlo- many families lost EVs—but flocking to
he noticed a woman checking new tax law, giving boosts to they think change can make a
rine gas from a North Rim
water-treatment facility. A4
out his Himalayan Birkin. It is a everything. A3 used models. B1 investors without cutting the significant difference com-
rare crocodile-skin handbag headline rate. pared to a broad across-the-
 More men than women that maker Hermès charges While Trump-era Republi- board cut.”
have returned to the office tens of thousands of dollars for cans have cut taxes on wages, Republicans nearly in-
since the Covid-19 pandemic
ushered in an era of wide-
and sells only to top clients.
“As I was walking through
At ‘Billionaire Summer Camp,’ business income, corporations
and estates, they have left the
cluded a capital-gains tax
break in their new school-
spread remote work, a Labor
Department survey found. A3
the restaurant she stopped me
and said, ‘I love your bag, it’s
The Humble Baseball Cap Rules top capital-gains rate exactly
where it sat on Jan. 1, 2013:
choice tax credit but changed
course at the last minute.
the perfect size. It probably i i i 23.8%. But behind that stasis, Still, the new law’s estate-
 Died: Muhammadu Buhari,
cost you a fortune.’” Congress continued shrinking tax cut and blessing for busi-
82, twice leader of Nigeria. A10
When the woman asked if Tech and media elite in Sun Valley, Idaho, the capital-gains tax base. ness paths around the cap on
he would consider an offer for In the tax-and-spending the state and local tax de-
CONTENTS
Arts in Review..... A13
Markets Digest...... B7
Opinion................ A15-17
it, Walkup, a TikTok influencer, distinguish themselves with variety of hats legislation that Trump signed duction indirectly lighten the
Business & Finance.. B2,6 Personal Journal A11-12
leveled with her: “Ma’am, the into law July 4, Republicans tax load on capital gains. So
Business News........B3 Sports.......................... A14 bag is a fake.” The woman was reupped the Opportunity Zone do enhanced health savings
Crossword................ A14 Technology................ B4 surprised at how convincing BY SAM SCHUBE in Sun Valley, Idaho, for the tax break for investments in accounts and corporate tax
Heard on Street.... B10 U.S. News.............. A2-5 the Birkin was and asked annual conference thrown by low-income areas and made it cuts, including the 2017 tax-
Markets..................... B10 World News... A6,8,10
where she could buy one for How do you show your per- the investment bank Allen & permanent, letting investors rate reduction and this
herself. So he gave her the de- sonality in a room full of bil- Company, colloquially known defer and reduce taxes. year’s expanded investment
> tails of a private dealer who lionaires, each of whom can as “billionaire summer camp.” They also expanded a break deductions.
sells top-notch fakes. afford as much designer fash- Most attendees dressed in the often used by venture-capital “All of this is expanding
Counterfeiters have per- ion as they care to buy? Try a off-duty CEO uniform—light- investors that can wipe out Please turn to page A5
fected the knockoff handbag— baseball cap. weight down vests and quar- capital-gains taxes when a
s 2025 Dow Jones & Company, Inc.
and it is disrupting the eco- This week, members of the ter-zip sweaters, sometimes startup is sold.  New tax law upends
All Rights Reserved Please turn to page A8 tech and media elite gathered Please turn to page A12 “What you see there is tar- student loans..................... A11
A2 | Monday, July 14, 2025 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Trump Warns of 30% Levies on EU, Mexico
President sets Aug. 1 would be the case with Can- up at night, according to peo-
ada. Trump threatened Canada ple familiar with the bilateral
deadline as he seeks with a tariff hike earlier last discussions.
new deals with two week. The White House didn’t Sheinbaum’s administration
reply to a request for com- has worked to address U.S. de-
big trading partners ment. mands, including the deploy-
The tariffs would hit prod- ment of 10,000 troops to the
The U.S. will charge a 30% ucts from two of the U.S.’s border to stop migrants from
tariff on goods from the Euro- largest and most important entering the U.S. She has
pean Union and Mexico effec- trading partners. Taken to- boosted enforcement efforts,
tive Aug. 1, President Trump gether, the 27-nation EU is the dismantling drug labs, captur-
said in letters to the leaders of U.S.’s largest trading partner, ing hundreds of suspected car-
each trading partner posted on with $975.9 billion in two-way tel members and expelling 29
Truth Social. goods trade in 2024, according imprisoned drug bosses to the
to the U.S. Trade Representa- U.S. Her government has ex-
By Gavin Bade, tive’s office. On a nation-by- tracted minor concessions from
Kim Mackrael and nation basis, Mexico is the the Trump administration.
Santiago Pérez U.S.’s largest trading partner, European Commission Presi-

ANDREW LEYDEN/ZUMA PRESS

with nearly $840 billion in dent Ursula von der Leyen, who
The letters are the latest two-way goods trade in 2024. leads the bloc’s executive body,
missives in Trump’s global Trump’s threat to put a 30% said the EU is ready to keep
trade wars, upping the ante in tariff on the EU comes after working to reach a deal with
intensive negotiations aimed weeks of intense negotiations the U.S. by Aug. 1 and has con-
at lowering the tariffs before between U.S. and EU officials sistently given priority to a ne-
the first of next month. aimed at reaching an outline gotiated solution. “At the same
Trump has made U.S. trade agreement on trade. It wasn’t President Trump has made goods trade deficits with the U.S. a focus of his demands. time, we will take all necessary
deficits a focus of the letters. immediately clear how the let- steps to safeguard EU interests,
He said he would consider ter might affect the status of Top goods imports from Top goods exports from including the adoption of pro-
lowering the tariffs if the EU those talks, which EU officials the EU to the U.S., 2024 the U.S. to the EU, 2024 portionate countermeasures if
offers “complete, open Market had said they aimed to con- required,” she said Saturday.
Access to the United States, clude before Aug. 1. 0 25 50 $%5B 0 25 $50B The EU has some retaliatory
with no Tariff being charged to A delegation of senior Mexi- Immunological Crude oil tariffs ready to use if it decides
us,” and if Mexico does more can officials led by Economy products that is necessary. EU member
to combat drug cartels, which Minister Marcelo Ebrard is in states earlier approved a pack-
Civilian aircraft
he said are trying to turn “all Washington for another round Dosed medication age of tariffs that would target
and parts
of North America into a Narco- of trade talks and bilateral dis- €21 billion worth of U.S. im-
Trafficking Playground.” cussions with the Trump ad- Cars and trucks Immunological ports, equivalent to about $25
The new 30% tariffs would ministration. Ebrard said on X products billion, although those tariffs
replace Trump’s existing 10% that his delegation was noti- Goods previously imported
have been on hold during ne-
Petroleum gas
blanket tariffs on most goods fied of the letter on Friday. for repairs or alterations and natural gas
gotiations. The EU also pro-
from the EU. He has previously “We said in the working group posed a separate package that
threatened levies of 20% and that it was unfair and that we Hormones Medical, surgical and it said could target up to €95
50% against the bloc. disagreed,” he said. “Mexico is and steroids dental instruments billion worth of U.S. imports.
The new tariffs also would already negotiating.” European officials have
replace the 25% tariff on Mexi- Mexico—which provides Note: Total trade is imports plus exports. Source: U.S. Census Bureau been frustrated by Trump’s fo-
can goods that don’t comply goods ranging from beer and cus on the U.S. goods trade
with the U.S.-Mexico-Canada tequila to cars and flat-screen Mexico President Claudia sharing the world’s busiest The most explosive bilateral deficit with the EU. They say it
free-trade agreement. TVs—has backtracked from Sheinbaum has been pushing border. The desire for an issue has been security. The reflects structural differences
It remains unclear if initial plans to impose retalia- for a framework bilateral agreement was seen as a sign constant threat that an impa- between the two economies
USMCA-compliant goods tory tariffs in part because of agreement on trade, security of Mexico’s frustration and fa- tient U.S. might take unilateral and isn’t the result of trade
would still be exempt from the the damage that such mea- and migration to bridge the tigue with the Trump adminis- military action against the barriers, and doesn’t take into
Mexico tariffs after Aug. 1, as sures could inflict on Mexico’s differences, which often rock tration, according to senior country’s powerful criminal account the surplus the U.S.
the White House has said export-led economy. ties between two countries Mexican officials. groups keeps Mexican officials has in services trade.

U.S. Allies Grapple for Response to Tariff Squeeze

BY KIM MACKRAEL Trump sent letters containing Ambassadors from the EU’s viewed Trump’s letters as a Macron on Saturday said the sponding to the Trump
fresh tariff threats to about member states met on Sunday negotiating tactic that aims to EU should speed up prepara- administration, said Dmitry
BRUSSELS—America’s big- two dozen countries. with commission officials to put more pressure on govern- tion of its countermeasures in Grozoubinski, senior trade ad-
gest trading partners have Some, including Japan and discuss Trump’s letter, which ments before that deadline. case a deal isn’t reached, “by viser at Aurora Macro Strate-
tried tactics ranging from ap- the EU, had sought to address threatened to increase blanket Dan Mullaney, a former as- mobilizing all the instruments gies.
peasement to retaliation to his concerns in recent months, tariffs on most European goods sistant U.S. trade representa- at its disposal.” He said that in- Mexico and Canada had a
avoid higher tariffs. Most have said Simon Evenett, a profes- to 30% from the current 10%. tive for Europe and the Middle cludes the EU’s so-called anti- pre-existing trade relationship
come away bruised and sor at IMD Business School On Monday, the commis- East, said he thinks Trump’s coercion instrument, a legal with the U.S. based on the
empty-handed. who runs Global Trade Alert. sion is expected to present letter to the EU is about push- tool that could allow the bloc U.S.-Mexico-Canada Agree-
Mexico took Trump’s drug- But he said it is unclear member states ing the bloc to- to impose levies on U.S. ser- ment, a deal Trump himself
enforcement demands seriously whether engagement has re- with a second ward a better vices, among other measures. had pushed for during his first
and boosted security measures. sulted in better treatment. package of re- deal. Trump Von der Leyen on Sunday term as president, he said.
The European Union paused re- “They found out that it’s not a taliatory tariffs Most countries previously said the anticoercion instru- The EU appeared to be ne-
taliation plans to focus on negotiation—it’s a take-it-or- that could be will probably still threatened im- ment exists for extraordinary gotiating constructively. And
trade talks. Canada hit back leave-it situation,” he said. deployed if ne- minent 50% tar- situations. “We are not there Brazil, which Trump threat-
with tariffs several months ago Most countries will proba- gotiations fail. try to negotiate a iffs on the EU in yet,” she said. “This is now ened to put 50% tariffs on
before shifting to a more con- bly still try to negotiate a deal Diplomats were May, in a move the time for negotiations.” based on grievances not re-
ciliatory approach. ahead of Aug. 1, Evenett said. told it will tar-
deal ahead of that appeared Just two countries have se- lated to trade, imports more
All are faced with tariffs But they should also start get about 72 Aug. 1. to speed up ne- cured outline trade deals with American goods than it ex-
that have risen sharply since thinking about how to adapt billion euros of gotiations. the Trump administration: the ports to the U.S., resulting in a
President Trump took office. to Trump’s tariffs by support- U.S. imports, Still, Mul- U.K. and Vietnam. China and trade surplus for the U.S.
This past week he threatened ing their exporters and help- equivalent to laney said the the U.S. reached a tariff truce “I legitimately do not know
most of them with further es- ing companies find new mar- about $84 billion, people fa- letter is likely to embolden after a tit-for-tat escalation what you could possibly advise
calation. kets, he said. miliar with the matter said. those in the EU who want to this year. someone in terms of best nego-
Now they are grappling European Commission Presi- An earlier package of tariffs retaliate and have argued that The range of U.S. trading tiating approach, when it is
with how to respond to a U.S. dent Ursula von der Leyen on affecting about €21 billion of the U.S. isn’t serious about do- partners facing new tariff very, very clear that what con-
administration that is using Sunday said the bloc would U.S. imports has been on hold ing a deal. “Those people will threats from the U.S. shows stitutes an acceptable landing
trade policy for a range of po- keep on hold its retaliatory tar- since its approval in April. feel like they’re now justified how difficult it is to draw con- zone is entirely within one per-
litical and economic objec- iffs until early August while it The results could change in their beliefs,” he said. clusions from the different ap- son’s mind and constantly
tives. Over the past week, negotiates with the U.S. before Aug. 1. Some analysts French President Emmanuel proaches countries took in re- shifts,” Grozoubinski said.

CORRECTIONS 
Recession Probability the U.S. is in a recession in next 12 months
including today
100%
CPI, change
h ffrom a year earlier
(actual and forecasts)
%%
l ter-cost inflation,” said Bill
Adams, chief economist at
Comerica Bank. AMPLIFICATIONS
Risk Cools 6
July '25 forecast
Apr '25 forecast
The ultimate level of tariffs,
and thus the economic impact,
remains a wild card. JPMor-
Readers can alert The Wall Street
Journal to any errors in news
articles by emailing

In Survey
%5
Jan. '25 forecast gan economists estimate the [email protected] or by calling
888-410-2667.
average U.S. tariff on May 12,
5
after Trump rolled back levies
50 on China, was 12.2%. Tariffs THE WALL STREET JOURNAL
Continued from Page One 4 Actual since announced on steel, alu-
(USPS 664-880)
On average, they expect minum, copper, Vietnam and (Eastern Edition ISSN 0099-9660)
gross domestic product ad- 25 other countries have boosted (Central Edition ISSN 1092-0935)
justed for inflation to grow 1% 3 that to 14.6%, and other tariffs (Western Edition ISSN 0193-2241)
in the fourth quarter from a floated by Trump would add Editorial and publication headquarters:
1211 Avenue of the Americas,
year earlier. That is 0 RECESSION 2 another 6.1 percentage points, New York, N.Y. 10036
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they estimate. Published daily except Sundays and general
OUTLOOK forecast of 0.8%, The labor market’s outlook legal holidays. Periodicals postage paid at
but just half of Note: Average of economists' answers. Gaps indicate question not asked or data unavailable. has also recovered since April, New York, N.Y., and other mailing offices.
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They see growth rebounding Economists expect employers Rd., Chicopee, MA 01020.
to 1.9% in 2026, little changed encouraging data. Job growth lier, the lowest in four years, to read the tea leaves.” to add an average of 74,070 to All Advertising published in The Wall
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from 45% in April, but higher in June from 4.2% in May, are affecting behavior. Goods iffs took effect, according to December, down from an April Journal reserves the right not to accept
an advertiser’s order. Only publication of
than January’s 22%. staying within its range of the imports surged 26% in the first minutes of their June meeting. projection of 4.7%. an advertisement shall constitute final
“Despite numerous head- past year. quarter from a year earlier as The average economist in the That may give the Fed a lit- acceptance of the advertiser’s order.
winds, the U.S. economy is Weekly claims for initial un- consumers and firms rushed Journal’s survey expects tle more time before cutting Letters to the Editor:
proving stubbornly resilient,” employment benefits, an al- to get ahead of tariffs. After Trump’s tariff plans to add 0.7 its interest-rate target from its Fax: 212-416-2891; email:
said Chad Moutray, chief econ- most-real-time indicator of the duties took effect in April, percentage point to inflation current 4.25%-to-4.5% range. [email protected]
omist at the National Restau- layoffs, show no cause for con- imports plunged. as measured by the consumer- On average, economists see Need assistance with your subscription?
By web: customercenter.wsj.com;
rant Association. “Consumers cern. Business and consumer Diane Swonk, chief econo- price index in the fourth quar- the midpoint of that range By email: [email protected]
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the mood has clearly shifted fall this year, appear to have that official economic indica- Nonetheless, their average from 3.79% in April. (1-800-568-7625)
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sponses from 69 economists at Perhaps most important, mates, often struggle to cap- forecast of 3.6%—though point to economic growth in WSJ back issues and framed pages:
outfits ranging from Wall the tariff-driven inflation ture inflection points. higher than the 2.7% predicted 2025 and 0.3 in 2026. But they wsjshop.com
Street banks to universities to surge that economists widely “As good as our stats are, in January. also see stepped-up deporta- Our newspapers are 100% sourced from
small consulting firms from predicted hasn’t materialized. they just weren’t made for “While tariff hikes still tions and decreased immigra- sustainably certified mills.
July 3-8. Not every forecaster Core consumer prices, which these kinds of very large seem likely to raise inflation in tion fully offsetting that, shav-
answered every question. exclude volatile food and en- moves in policy that cause a the second half of the year, ing 0.2 and 0.3 percentage GOT A TIP FOR US?
The improved outlook fol- ergy components, were up knee-jerk reaction,” Swonk their impact will be partially point from annual GDP growth SUBMIT IT AT WSJ.COM/TIPS
lows three months of generally 2.8% in May from a year ear- said. “It makes it even harder offset by less energy and shel- in 2025 and 2026, respectively.
THE WALL STREET JOURNAL. Monday, July 14, 2025 | A3

U.S. NEWS

Federal
Job Cuts
Women Return to Office Less Than Men
Permitted, BY TE-PING CHEN

America’s return to the of- Economists See Career Costs of Working From Home
better in person, since there
are more chances to speak
with colleagues immediately

But Many fice is unfolding unevenly for

men and women.
Five years ago, Covid-19
Economists think remote-
work flexibility has helped
She co-authored re-
search examining chat logs
ing,” says Nicholas Bloom, a
Stanford economist who
afterward to clear up any mis-
understandings. But she is
grateful she gets to strike a

Have Left ushered in an era of wide-

spread remote work. Since
then, many workers have
more women join the labor
force. But they also risk
steep costs, including fewer
where software engineers
review each other’s code at
a Fortune 500 company.
studies remote work.
A survey of 5,000 work-
ing-age adults in the U.S.
home-and-office balance.
“We go through so many
transitions in life and we need
headed back to their cubicles— promotion opportunities or The researchers found each month he conducts that flexibility,” she said.
BY LINDSAY ELLIS but surveys show more men chances to get hands-on women are less inclined to with two other economists— Some people can benefit
AND KEN THOMAS have returned than women. guidance from colleagues. ask questions while remote Jose Maria Barrero of Insti- professionally from remote
The gap reflects both Women who don’t work than their male peers. tuto Tecnológico Autónomo work, but these are most likely
WASHINGTON—Nearly six women’s preferences, but also alongside their peers get “If you have workplaces de México and Steven J. Da- to be seasoned workers, said
months into President the balance they are often less feedback on their work where it’s more likely men vis of the Hoover Institution Federal Reserve economist Na-
Trump’s second term, volun- striking between work and than similarly situated go in, and women work at Stanford University— talia Emanuel, who studies
tary departures from the gov- family demands, according to men, according to Emma from home, does that shows the difference be- women and remote work. In
ernment have thinned the economists. More women than Harrington, an assistant mean some are getting left tween male and female re- their case, staying home can
ranks so much that some ever are working outside the economics professor at the behind in terms of career mote-work rates is currently make it easier for them to fo-
agencies are saying more cuts home, but they are also likely University of Virginia. progression? That’s worry- about 3.3 percentage points. cus on their most direct tasks,
aren’t necessary after all. to bear the biggest share of compared with things like
The Department of Veter- responsibilities for child care mentorship demands that pop
ans Affairs and the Labor De- and chores. up in offices, she said.
partment say retirements and Among employed men, 29% prefers working remotely, at Share of days spent ecutives polled said they “That takes time, effort and
volunteer attrition have said they spent time working least while her children—ages working from home planned to reward employees attention,” Emanuel said. At
helped the agencies meet the from home in 2024, down 4 to 9—are still young. She re- who come into the office with the same time, she said, more
administration’s desired effi- from 34% the prior year, ac- cently turned down an in-per- 50% favorable assignments, raises senior workers’ absence from
ciencies and reductions. And cording to a new Labor De- son offer with a $100,000 sal- Women or promotions. the office can be detrimental
Trump’s pick to lead the Na- partment survey. For women, ary because she estimated she %5 Remote work has been a for younger workers who need
Men
tional Oceanic and Atmo- that figure stayed largely flat would lose about half her in- boon, particularly for mothers support.
spheric Administration has at 36%. come for child care. The deci- %0 who have long paid a penalty Many men are also looking
said he plans to actually add While the flexibility can be sion “almost broke me,” she in the workplace. “The woman for the right balance. Gabe
staff to the National Weather a big help for working parents, said. 35 who thought she’d go on leave Marans heads from his subur-
Service after previous cuts. it also means women risk los- Labor Department data re- when she had her first or sec- ban New Jersey home to his
Tens of thousands of federal ing out on career advance- leased in late June and drawn 30 ond child can now decide, job in New York City most
workers took a buyout deal ment by working from home, from an annual survey of ‘Hell no, I can still earn money weekdays, but he tries to limit
that offered pay through Sept. according to researchers. 7,700 people measure what 25 and work from home,’ ” said his time in the office so that
30 to employees who left their “It creates that barrier percentage of employed work- Claudia Goldin, a Harvard he will see his three children
2020 ’21 ’22 ’23 ’2% ’25
positions. Many signed up as where they don’t know who ers spent any amount of time economist who studies women more. The 39-year-old, a vice
the threat of layoffs loomed, you are and why they should working at home on an aver- Note: Numbers reflect percentage of paid days in the workforce. chair at real-estate brokerage
worked fully at home.
policy priorities changed and try not to lay you off,” said age day. The survey shows the Christine Chen, 37, plans to Savills, pads his schedule with
Source: U.S. Survey of Working Arrangements
agencies enacted in-office Katt Guadarrama, a 31-year- remote-work gender gap wax- and Attitudes, Jose Maria Barrero, Nicholas start spending more time at extra work at home in the
work requirements. old mother of three in Canby, ing and waning in recent Bloom and Steven J. Davis home because she recently evening and between 4:30
Others have retired early or Ore., who recently lost her re- years, but also a consistent gave birth to her first child. a.m. and 5:30 a.m., before his
have been pushed out through mote human-resources job. trend: The gap has been wider Companies from Amazon.com She has a hybrid human-re- children get up.
layoffs targeting probationary Her husband works in person since the pandemic than it to Alphabet’s Google have or- sources job in Chicago. He said he benefited from
employees, amounting to po- for a school. “I wasn’t able to was beforehand. dered workers back to offices, Being in the office helps her more time with his family dur-
tentially hundreds of thou- show how good I could be at A cooling white-collar labor saying it improves collabora- feel more visible and boosts ing the pandemic. “I wasn’t
sands of departures overall my job,” she said. market has reduced workers’ tion and efficiency. In a recent her sense of morale, she said. willing to give that part of my
this year, said Max Stier, chief Still, Guadarrama said she work-from-anywhere leverage. KPMG survey, 86% of chief ex- She also finds meetings are life up,” Marans said.
executive of the better-govern-
ment group Partnership for

In RV Park Hit by Flood, Many Lost Everything

Public Service.
The Supreme Court last
week lifted a court order that
had halted the administration’s
plans for large-scale reduc-
tions in the federal workforce. BY HARRIET TORRY
At the State Department, the AND BENOÎT MORENNE
sprawling agency announced
Friday that it would lay off KERRVILLE, Texas—Two
more than 1,300 employees as decades ago, Hurricane Rita
part of an effort to modernize destroyed Keith and Karel Hal-
the agency after the Supreme bert’s house in Silsbee, Texas.
Court move. It isn’t clear how They moved about 300 miles
many agencies will follow west to Texas Hill country,
State’s lead. thinking it was safer ground.
Unions said the layoffs have “That’s what brought us to
been poorly designed and rash Kerrville, the hurricanes,” said
in nature, and urged agencies Keith Halbert, a 59-year-old
to consider the impact of the mechanic. They lived just out-
voluntary departures before side town in a 24-foot recre-
deciding to move ahead with ational vehicle, a common
plans for layoffs. sight in a community packed
“There should not be a rush with RVs. Full-time residents,
to implement these extreme retirees, vacationers, traveling
plans that were created by nurses and pipeline workers
Elon Musk before there has formed their own communi-
been time to review and evalu- ties in RV parks alongside the
ate the consequences,” said Ev- Guadalupe River.
erett Kelley, national president On July 4, the Halberts
of the American Federation of awoke in the early morning
Government Employees, refer- hours to the local fire depart-
ring to the Tesla and SpaceX ment ordering an evacuation
SALGU WISSMATH FOR WSJ (2)

leader who led the Department as flash flooding swept

of Government Efficiency. through. They escaped with
The Trump administration their dog, Chico, but once
has criticized government bu- again lost their home.
reaucracy, saying staff aren’t Many others parked near
accountable and pledging to the river didn’t get away, and
streamline operations. Layoffs an unknown number are
of so-called probationary among the more than 120 Above, Jake Richards and Julia Hatfield, who lost their RV in the flash flooding, are helping in the recovery effort in Kerrville,
workers—typically with less dead and 160 recently missing Texas. At bottom, Hatfield, on left, hugs Blue Oak RV Park owner Lorena Guillen. Below, a mangled RV trailer is taken away.
than a year or two in their cur- after the floods.
rent roles—were soon followed “It happened so fast,” Blue Oak in April. They loved dramatically swelling its nor-
by Trump’s order in February Keith Halbert said. The fire taking their green kayak out mal population of about 24,000,
that sought to reduce the fed- department gave them four on the river and singing kara- local officials said.
eral workforce by “eliminating minutes to leave, and within oke with other RV residents at
waste, bloat, and insularity.” “3½ minutes [the water] was Howdy’s. Hatfield, a singer,
The order directed agencies in the park.” was set to perform there on Harrowing night
to work with DOGE to develop Texas is still taking stock of Independence Day. Tommy Ireland, grounds-
the layoffs—called a reduction- staggering losses that include The couple managed to flee keeper at a local lodge, was
in-force, or RIF. It was blocked the deaths of dozens of chil- in their SUV that morning, but sleeping in his 39-foot RV
in May by a federal judge in dren. The floods have also hol- their RV was swept away with there when a neighbor roused
San Francisco. The Supreme lowed out a year-round com- their gear, clothing and a cher- him by banging on his door.
Court this week said its deci- munity parked on the ished golf ball from Richards’s The 70-year-old scrambled out
sion was based on the legality riverbank in mobile homes grandfather. They have been and managed to help others
of Trump’s executive order and and RVs. staying at an Airbnb in another escape their vehicles, but “I
didn’t rule on whether any re- town while helping with the lost my smoker, lost my
organization plans broke the recovery effort, including help- pickup, my house, all my
law. The order affected roughly Many uninsured ing to recover two bodies. clothes,” he said.
20 federal agencies, including Survivors are left with little Richards said they consider Ireland, a former welder
the Commerce, Labor and Vet- beyond the belongings they themselves lucky. “There’s so from Dumas, Texas, moved
erans Affairs departments. grabbed on the way out. Many many people who can’t re- into the RV full-time about
The VA said last Monday, RV and mobile-home owners place family members, you seven months ago, after his
before the court’s ruling, that say they have little or no in- can’t replace pets.” wife died. He said the motor
layoffs wouldn’t be necessary surance coverage for floods. The storms hit a population home lacked insurance cover-
because roughly 30,000 em- The Halberts lived in an RV that is both vulnerable to di- age, and he doubts he can re-
ployees will depart the agency park filled with retirees in the sasters and prevalent in place the vehicle.
by the end of the fiscal year. tiny town of Ingram, Texas. Texas. About one to two mil- The night of the flood, “all
These cuts came from volun- The storm also flooded out the lion Americans live in RVs you could hear was just peo-
tary early retirement, attrition nearby HTR TX Hill Country, full-time and an additional ple screaming and crying out
and the resignation program. another RV park, in Kerrville. million or so part-time, ac- for help, that water was just
A Labor Department Guests at the Blue Oak RV cording to Andrew Rumbach, so high,” Ireland said.
spokesperson said voluntary Park watched powerlessly as senior fellow at the Urban In- Adrian Garcia, a 31-year-old
attrition reduced the work- raging waters swallowed more stitute. Of that, some 200,000 pipeline inspector, set up his
force by 20%, “achieving our than two dozen recreational to 300,000 are in Texas, a 40-foot, $50,000 camper at Blue
goal to promote efficiency and vehicles. state flush with RV parks Oak in June. He loved being
eliminate redundancies, while They described the park as thanks to warm weather and able to fish after work and chit-
retaining critical positions.” akin to a neighborhood. Many relatively relaxed land-use chatting with other residents. “I
Within the Commerce De- were long-term residents. regulations. can’t even tell you their name
partment, NOAA has outlined “They’re my family. I mean, Losing a full-time home on because everyone called each
plans to reduce its current I saw them every single day,” wheels can mean losing stabil- other ‘buddy,’ ” he said.
workforce of more than 12,000 said Lorena Guillen, who owns ity, with no land on which to of nexus of vulnerability,” said of ‘last rung before homeless- He was with family 300
full-time employees to about the Blue Oak and adjacent rebuild, especially for more- Rumbach. “You see a big vari- ness’ kind of RV.” miles away in McAllen, Texas,
10,000 staffers and reassigned Howdy’s Restaurant. vulnerable seniors and low-in- ation there between folks who The loss was compounded when the storm struck. He
workers because of the loss of Jake Richards, 29, and wife come residents. are relatively well-to-do retir- by the fact that Kerrville typi- learned via phone that his RV
employees at the Weather Julia Hatfield, 27, parked their “All of those things com- ees who live in really nice RVs, cally attracts some 20,000 visi- was destroyed. He moved to a
Service. RV near a big pecan tree at bine where you have this sort versus those who it was a sort tors over the July 4 weekend, motel temporarily afterward.
 A4 | Monday, July 14, 2025 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

Projects New and Old Make Trump’s List

BY JOHN KEILMAN An Anduril spokeswoman Announced investments on the White House’s list* Investment size, $250 ministration priorities.”
AND HARRIET TORRY said while planning for the in billions Pratt Industries, a packag-
factory preceded Trump’s Technology Trump mentioned in the announcement 100 ing manufacturer owned by
The White House has an ex- presidency, he helped to build Pharmaceuticals Trump backer Anthony Pratt,
planation for the nearly $2 momentum around the proj- Other industries said at a White House event in
10
trillion of manufacturing-re- ect. “The Trump administra- April that it would invest $5
lated projects announced since tion is creating conditions for billion and create 5,000 U.S.
ANNOUNCEMENT DATE
the start of the year. innovation and manufacturing manufacturing jobs to support
It’s the Trump Effect. to thrive,” she said. January February March April May June Trump’s call to reindustrialize
“They’re really coming in In February, Apple said it 2025 America.
fast,” Trump said at an April would spend $500 billion in INAUGURATION Eli Lilly Hyundai Kraft Heinz In 2022, when Biden was
event with business leaders. the U.S. over the next four DAY $27B $21B $3B president, Pratt pledged to in-
“Some of them don’t bother years to support efforts in ar- vest $5 billion, spread over 10
calling us. Some of them don’t tificial intelligence, silicon en- GlobalFoundries years. Since then, according to
NVIDIA $16B
even want meetings. They just gineering and skills develop- $500B
the company’s website, it has
start their plants and start ment for students and Apple opened four new plants,
their factories.” workers. $500 billion spending between $120 mil-
The White House maintains Apple’s spending pledge, lion and $700 million on each.
Micron
a running list of U.S.-based in- which later made the White Technology The April commitment,
vestments it says have been House list, is roughly on track $200B Pratt said, comes on top of its
IBM
spurred by Trump’s commit- with its recent investments. $150B earlier pledge. “Because of our
ment to revitalizing American The company has spent about TSMC confidence in President
GlobalWafers
industry. Nearly 80 projects $1.1 trillion over the past four $100B $4B
Trump, we’re doubling down
are included, from factories to fiscal years on operating ex- on the investment, in the
data centers to a liquefied nat- penses and capital expendi- Bristol Myers Squibb same period of time,” a com-
ural gas facility. tures, and analysts project $40B pany spokesman said.
The Wall Street Journal ex- about $1.3 trillion in spending Pratt Industries $5B In April last year, semicon-
amined the manufacturing-re- over the next four years. ductor company Micron Tech-
lated projects on the adminis- About 40% of Apple’s reve- Manufacturing workers† Manufacturing construction nology said it received $6.1
tration’s list that involved nue comes from the Americas, spending billion in Chips Act funding to
investments of at least $1 bil- and a similar proportion of support its roughly $50 billion
lion. Of those 33 projects, projected expenses would 20 million $250 billion investment in manufacturing
some involve R&D, equipment equal a little over $500 billion. facilities in New York and
and machinery investments “Some of that’s just exist- June 3-month Idaho, part of a potential $125
that are in line with the com- ing R&D that would have been 12.75 million moving avg. billion investment over the
200
panies’ typical spending. Oth- spent anyway,” said William 15 next two decades. The com-
ers were in the works well be- Kerwin, senior equity analyst pany thanked the Biden ad-
fore Trump was elected. at Morningstar. Apple didn’t 150 ministration for supporting
A White House spokesman respond to a request for com- investments that “will ensure
said Trump has been “a criti- ment. 10 U.S. semiconductor competi-
cal catalyst converting hypo- Ketchup and macaroni 100 tiveness for generations to
thetical discussions into firm maker Kraft Heinz in May told come.”
investment commitments.” Reuters it would spend $3 bil- This June, Micron an-
Defense technology com- lion to upgrade its U.S. plants, 5 nounced an expanded U.S. in-
50
pany Anduril Industries, seeking efficiency gains that vestment commitment of ap-
founded by Trump supporter could help offset Trump’s tar- proximately $200 billion. That
Palmer Luckey, said last Au- iffs. The company, which nor- included $30 billion in manu-
0 0
gust that it had raised more mally invests $1 billion a year facturing investment beyond
than $1 billion to build a plant on capital projects, said the 1940 ’50 ’60 ’70 ’80 ’90 2000 ’10 ’20 2005 ’10 ’15 ’20 ’25 its earlier plans, along with
that will make autonomous investment would stretch over *Manufacturing-related investments with stated values of at least $1 billion †Seasonally adjusted $50 billion for research and
weapons systems. Just before five years but wouldn’t result Sources: WSJ analysis (announced investments); Labor Department via St. Louis Fed (workers); U.S. Census Bureau via St. Louis Fed (spending) development. The company
Trump’s January inaugura- in new jobs beyond construc- thanked President Trump for
tion, Anduril said it would put tion work. nouncements that it said checked Trump in their an- said in May it intends to his support.
the factory in Ohio. The White The White House a day showed that Trump’s policies nouncements. Taiwan-based spend $4 billion to expand a The Trump administration
House later added the project later included the company’s are paying off. GlobalWafers, which makes just-opened, $3.5 billion Texas added Micron’s $200 billion
to its list of manufacturing planned investment among a Some companies on the the silicon wafers used in factory “in alignment with total to its list. The company
wins. number of corporate an- White House list have name- semiconductor manufacturing, market growth and Trump ad- declined to comment further.

U.S.WATCH
ARIZONA
Grand Canyon’s
North Rim Closes
Parts of Grand Canyon Na-
tional Park remained closed to
the public on Sunday because
of wildfires and the release of
FROM TOP: VICTOR J. BLUE/BLOOMBERG NEWS, UNITED STATES DISTRICT COURT FOR D.C.

chlorine gas from a North Rim

water-treatment facility, the
National Park Service said.
The North Rim access
point in Arizona was closed
to support firefighter opera-
tions as first responders bat-
tled the White Sage Fire and
nearby Dragon Bravo Fire.
The White Sage Fire forced
the evacuation of about 500
guests from the North Rim,
the Park Service said. It had
burned roughly 40,000 acres
by Sunday, officials said.
The Dragon Bravo fire
erupted this month and
reached 5,000 acres by Sun-
day, authorities said. It grew
quickly over the weekend,
Demonstrators swarmed into the Capitol after breaching barricades on Jan. 6, 2021. Below, photographs of Treniss Evans drinking whiskey inside the Capitol. and jumped several fire con-
trol lines, the National Park

Jan. 6 Rioters Find an Audience at GOP Clubs

Service said.
Inside the park, the North
and South Kaibab Trails were
closed. Those areas were
shut down after the North
BY JAMES FANELLI months since President Trump “We literally watched it in Rim water-treatment facility
granted pardons and commu- real time on television,” Goos caught fire on Saturday and
Former Jan. 6 defendants tations to the roughly 1,500 said of Jan. 6. “Now we are leaked chlorine gas.
are the new draw at local Re- people criminally charged in being told something com- —Ginger Adams Otis
publican fundraisers, helping the attack on the Capitol. The pletely different.”
fill seats at normally sleepy pardons initially unsettled About 200 people attended OBITUARY
events while getting a plat- some Republicans who the GOP event, which served
form to tell their version of the thought Trump was showing meatballs, charcuterie and an-
Presidential Adviser
Capitol riot. leniency to defendants who at- tipasto. It grossed $5,160 and David Gergen, 83
The Davis County Republi- tacked law-enforcement offi- netted the Berrien County David Gergen, a veteran of
can Party in the Salt Lake City cers, but the GOP is increas- GOP $3,433, said Tom Washington politics and an
suburbs held its annual Abra- ingly willing to reintegrate Macigewski, the party’s trea- adviser to four presidents in
ham Lincoln Day Dinner in these former defendants into surer. His local GOP is among a career spanning decades in
March at $75 a plate. One mar- the fold. the top Republican chapters government, academia and
quee speaker was a pardoned While some Jan. 6 defen- for fundraising in the state, media, has died. He was 83.
defendant who federal prose- dants have kept low profiles $5,000 plus travel expenses for “We as a public, I don’t including by raking in money Gergen worked in the ad-
cutors said knocked back a since the reprieve, others are his appearance. think we are hearing directly selling Trump socks at its ministrations of Presidents
shot of Fireball whiskey in the finding a receptive audience at Trevor Cain, an Ohio wood- from the people charged in all events. He said this was a Richard Nixon, Gerald Ford,
conference room of then House local GOP clubs around the worker and musician who of this,” said Liebrecht. The successful event for them. Ronald Reagan and Bill Clin-
Speaker Nancy Pelosi. country, from California to pleaded guilty to two misde- event was a success, he said, “We thought that the sto- ton. Over the years, he
“This was not an insurrec- Missouri. meanor charges related to en- though he got pushback from ries of the Jan. 6 people served as a speechwriter,
tion,” the speaker, Treniss Ev- Former defendants have tering the Capitol, played an a few members of his party would be a good draw,” he communications director and
ans, told the crowd. “This was used the events to try to re- original work at the Ohio who questioned why the for- said. “We wanted to hear counselor to the president,
Kent State. This was Tianan- cast the day as a largely event, “Alone Stands a Pa- mer defendants were given a from their mouths.” among other roles.
men Square.” peaceful gathering, despite a triot.” platform. About 50 to 60 pro- Evans, the keynote speaker Dean Jeremy Weinstein of
A local GOP chapter in bipartisan Senate report in “This is like the main mis- testers held a demonstration at the event in Utah, pleaded the Harvard Kennedy School,
southwestern Michigan held a 2021 finding that about 140 sion of so many Jan. 6ers now: outside the venue. “I kinda guilty to a misdemeanor tres- with which Gergen had a
panel discussion in May pro- Capitol and Washington, D.C., Let the public know what ac- knew in the back of my mind passing at the Capitol and long relationship, said Gergen
moted as the “untold stories of police officers were injured de- tually happened,” Cain said in it was going to cause some was sentenced to 20 days in died of a long illness.
January 6th, 2021.” For $30 at fending Congress. The report an interview. grumblings,” Liebrecht said. prison and three years of pro- David Richmond Gergen
the door, attendees could hear tied seven deaths to the attack Tom Liebrecht, the Hancock The Berrien County GOP’s bation. was born in North Carolina
from a former Jan. 6 defen- and its aftermath, including a County GOP chair, said he be- panel in Michigan drew about He said he has spoken hun- and graduated from Yale Uni-
dant who, according to the rioter shot by police. lieved that while some people a dozen protesters, as well as dreds of times over the past versity and the Harvard Law
event poster, “was charged In Ohio, over 290 people at- behaved poorly on Jan. 6, oth- condemnation from local Dem- four years. He recalled that School, according to a biogra-
with six felonies and three tended a Hancock County Re- ers were wrongfully indicted, ocrats. Laura Goos, vice chair early on some members of the phy.
misdemeanors because his flag publican Party event in March, including defendants who of the Berrien County Demo- Republican party would walk Gergen founded the Center
touched an officer.” nibbling on chips, pretzels and didn’t set foot in the Capitol. cratic Party, said the GOP out when he got up to talk at for Public Leadership at the
(Federal prosecutors said cookies while listening to a The intent of his party’s event billed the event as champion- similar events. That’s not the Harvard Kennedy School and
the defendant used a wooden half-dozen former Jan. 6 de- was to let attendees decide for ing free speech, but in her case now, he said. remained there as professor
flagpole to strike the officer fendants, including Brandon themselves after hearing di- view it promoted misinforma- “It’s a total 180,” he said. of public service emeritus un-
three times on his helmet.) Straka, a social-media star in rectly from people who were tion about a violent attempt to “It’s not just a one-sided nar- til his death.
It has been nearly six the MAGA-verse who was paid there. overturn the 2020 election. rative anymore.” —Associated Press
THE WALL STREET JOURNAL. * * * * * Monday, July 14, 2025 | A5

U.S. NEWS

Investors law gives investors more

flexibility.
Congress also expanded the
The Biden administration
tried and failed to raise capi-
tal-gains rates and change
Listen to a Podcast: The Healthcare Costs
Of President Trump’s Big Beautiful Bill
Get Breaks estate-tax exemption to $15
million per person, tied that
figure to inflation and re-
the tax treatment of gains at
death.
“We increasingly have in-
Scan this
code to

In Tax Law moved the expiration date

that threatened to cut the ex-
emption roughly in half.
come that simply never gets
taxed, and it won’t get taxed
either through the capital-
listen to a
podcast on
how the
The changes mean more gains tax system or the es- megabill
Continued from Page One than 99.8% of people dying tate tax,” said Kamin, now a cuts more
choice for sophisticated tax- annually will avoid the estate New York University law than $1
payers in order to get the tax. It is now easier for al- professor. trillion in
best deal they can out of the most everyone to hold tax- Some people will adjust healthcare
tax system, and in ways that able assets and take advan- prior plans because of the spending
don’t make a lot of sense,” tage of the law that wipes estate-tax change, said over the
said David Kamin, a senior out capital-gains taxes on ap- Joshua Landsman, a senior next decade,

CHIP SOMODEVILLA/GETTY IMAGES

tax-policy official in the preciated assets at death. wealth strategist at Wil- mainly from
Obama and Biden adminis- Heirs pay only on subsequent mington Trust. They could Medicaid.
trations. capital gains, and only if they swap investments so that as-
Capital-gains taxes—the sell assets. sets with a lot of unrealized
levy on investment profits— “If you can hold it, even capital gains move to per-
are among the U.S. taxes with though a 23.8% rate is pretty sonal accounts and get the
the most concentrated effects good, zero is better,” said tax-free treatment of gains
on the highest earners. People Kautter, now at accounting at death while other assets
earning $10 million or more firm RSM. go into trusts.
reported receiving 39% of
long-term capital gains in
2022, according to Internal
Revenue Service data.

Maximum revenue
Collections of the tax are
particularly sensitive to rates,
and the current 23.8% level
may be close to revenue-maxi-
mizing. When Congress raises
rates, people tend to hold ap-
preciated assets instead of
selling. When Congress lowers
rates, people sell to lock in
lower-taxed gains.
Republicans tried for de-
cades to drive down capital-
gains tax rates, arguing that
it was an important way to
spur investment and risk-tak-
ing. They succeeded, reduc-
ing the top rate to 20% from
28% in a deal with then-Pres-
ident Bill Clinton, a Demo-
crat, and then to 15% under
President George W. Bush, a
Republican.
The top rate jumped to
23.8% in 2013 because a new
3.8% investment tax from the
2010 Affordable Care Act took
effect and because a biparti-
san agreement returned the
basic top rate to 20%. The
new changes leave those
rates alone while carving out
more breaks. Beyond the new
law, there are periodic at-
tempts by conservatives to
get the Treasury Department
to take the legally question-
able move of adjusting capital
gains for inflation.
“Republicans are utilizing
these other policies to provide
exclusions or exemptions, and
maybe politically, that relieves
some of the pressure on the
rate,” said Daniel Bunn, presi-
dent and CEO of the Tax
Foundation, which favors a
simpler tax system with lower
rates and fewer breaks.

Opportunity calling
Opportunity Zones, which
have bipartisan roots, help in-
vestors reduce capital-gains
taxes. Investors roll gains into
a special fund to defer taxes.
They get a 10% tax reduction
if they hold the Opportunity
Zone investment for five
years—and triple that for ru-
ral investments under a new
provision. The Opportunity
Zone investment itself can be
free of capital-gains taxes af-
ter 10 years.
“Somebody who’s planning
an exit, selling a family busi-
ness, it’s a good opportunity
to shelter your gains, and
they’ve made it even more en-
ticing,” said Dan Ryan, a tax
attorney at Sullivan &
Worcester in Boston.
The Opportunity Zone
changes are projected to save
taxpayers $41 billion through
2034.
The other major new

BUY
change expands the break for
qualified small-business stock
under tax code Section 1202.
That provision has enjoyed
bipartisan support and back-
ing from the venture-capital
and high-tech industries, and
it is used to entice investors

100% RECYCLED BOXES

in startups with growth po-
tential. The break can let in-
vestors eliminate all capital-
gains taxes when they sell
stock that meets specified
criteria. The new law en-
hances several features and
is projected to save taxpayers
$17 billion.
The break is now capped at
$15 million or 10 times the
original investment, which-
ever is greater. That $15 mil-
lion was increased from $10
million. Slightly larger busi-
nesses can now qualify, and
investors can get a partial tax
break if they hold stock for
three years instead of waiting
for five.
Howard Wagner, a manag-
ing director at accounting
WWW.PRATTINDUSTRIES.COM
firm Forvis Mazars, called
Section 1202 “about as pow-
erful an incentive as you can
get,” and said that the new
A6 | Monday, July 14, 2025 THE WALL STREET JOURNAL.

WORLD NEWS
Gazans’ Choice Is to Risk Death or Starve
Hundreds have been tinians not to cooperate with
it. GHF accused Hamas of an
killed on trek through attack on a busload of its Pal-
combat zones to the estinian employees in June
that left at least eight dead.
few food-aid sites More than 20 countries and
the U.N. have criticized the Is-
BY SUHA MA’AYEH raeli-American-backed plan
AND SUDARSAN RAGHAVAN for placing civilians in unnec-
essary danger, and aid groups
For many in Gaza, it is an have refused to cooperate
agonizing daily choice. Should with it. Aid is still going into
they risk a trip through com- Gaza through the U.N., but in
bat zones to visit one of the significantly smaller amounts.
enclave’s four functioning aid- Saher al-Sabbagh, 22, regu-
distribution sites that are fre- larly visited a GHF site in Ra-

EYAD BABA/AGENCE FRANCE-PRESSE/GETTY IMAGES

quently scenes of chaos and fah in the south of the Gaza
violence? Or should they try Strip. He said he witnessed
to make it another 24 hours, chaotic scenes virtually every
or more, without food? time. Once, he said, a crowd
Mahmoud al-Tarifi’s 22- pushed past people seriously
year-old son, Osama, set out wounded by gunfire to get
for a Gaza Humanitarian into the queue for food.
Foundation center near the “I saw a man next to me,
Netzarim corridor, an Israeli- dying. Nobody was paying at-
patrolled zone that bisects tention to him, nobody re-
Gaza. His family hadn’t eaten moved him or asked him how
a filling meal in weeks, Tarifi he was,” Sabbagh said. “When
said, and Osama wanted to get Palestinians hospitalized after Israeli troops opened fire at a Gaza Humanitarian Foundation aid-distribution point last month. we returned from the aid
rice, beans or other supplies. point, we saw him still in the
He never came back. Osama titude of dangers. In addition Aid-distribution centers in the Gaza Strip cused of being associated with same place.”
was shot in the chest on June to the risks posed by Israeli Hamas and that they repre- Sabbagh said he had made
24, Tarifi said, after Israeli troops, gangs of armed thieves sent only a tiny fraction of its the trip with his three broth-
troops opened fire toward a prey on those who manage to Med. Sea
Beit
B
Beeeitt LLa
Lah
Lahia
ahhia
hiiaa employee base. ers, and each came back with
surging crowd. Tarifi was told secure aid cartons. WEST Israel rolled out the new about 2 pounds of flour, some
Osama died on his way to the Tarifi and his extended fam- BANK Beit Hanoun system, built around GHF, in pasta and some cooking oil.
GAZA
hospital. Israel’s army says it ily live in a single room in cen- JORD. what it says is an attempt to Despite the risks, he went
is reviewing reports that its tral Gaza. Before Israel moved Gaza City keep Hamas from stealing aid back alone two weeks later af-
ISRAEL NETZARIM
troops caused civilian casual- to channel nearly all aid EGYPT
CORRIDOR and using it to fund and sup- ter the family’s food ran out.
ties in the area that day. through the GHF, Tarifi was port its militants. “I still had to go and risk it
Since GHF, backed by Israel able to get food such as chick- Before the blockade in in order to live,” he said. He
Blocks with
and the U.S., began delivering peas, cooking oil and lentils evacuation orders March, Hamas had been seiz- came back with another 2
aid in late May, hundreds of from United Nations agencies ing and selling humanitarian pounds of flour, a can of beans
Palestinians have been killed with depots close to his home. Mediterranean Sea goods, according to Arab, Is- and a few other items.
Aid-distribution center
and thousands more wounded The nearest GHF site is GAZA STRIP raeli and Western officials. By late June, the pattern of
while trying to get food, Pal- about a mile away. Osama set The restrictions created a cash violence had grown worse, he
estinian health authorities say. out with friends in the early crunch for the group, leaving said. His mother saw the ris-
Israeli forces say troops morning, hoping to get a box it struggling to pay salaries ing number of deaths at food-
stationed around aid sites of food, doled out one per per- ISRAEL and fund other needs, Arab in- distribution sites reported on
MORAG
have opened fire toward peo- son by GHF. He needed to CORRIDOR telligence officials have said. the news in Germany, where
ple who deviate from approved cross the militarized Netzarim Khan Younis A State Department spokes- she lives, and ordered him to
access routes, ignored warning corridor, a no-go zone for Pal- 5 miles
person said the Trump admin- stop going.
shots and approached soldiers. estinians most of the time. istration supports GHF as “the “My mental state is zero. I
5 km
The Israeli army says it is in- “After what happened to only pipeline that denies live under constant stress,”
stalling fences and better sign- my son, no one in the family Rafah Hamas resources and control.” said his mother, Erfat Abu
age, among other things, in an goes to collect aid,” Tarifi How aid will be distributed Alkeir, 47. “A part of me is bur-
effort to improve safety. said. “It has become a death Note: As of July 8; locations in Gaza is one of the main ied beneath death and hunger.
“GHF is doing everything it trap for young men.” EGYPT and areas are approximate. sticking points in talks to se- That’s why I prefer my children
can to provide food quickly, It has been this way since Sources: Coordinator of Government cure a new cease-fire, Arab stay alive for one last moment
PHILADELPHI Activities in the Territories (distribution centers);
safely and at scale,” said a late May, after Israel partially CORRIDOR Israel Defense Forces (evacuation blocks) mediators say. Hamas wants of hope, even if they don’t find
spokesperson for the group, removed a nearly three-month aid to flow in through human- a single piece of bread.”
adding that GHF has asked Is- blockade on aid and commer- itarian groups and the former “She said it is better that
rael’s military to do more to cial goods into the Gaza Strip. Israeli officials have said ians to deliver food, medicine U.N. system, arguing that is we are hungry than losing one
protect civilians. At the same time, it replaced the United Nations Relief and and other humanitarian aid in the only way to get the neces- of her sons,” said Sabbagh.
Still, Palestinians keep dy- hundreds of food-distribution Works Agency for Palestinian Gaza, is too closely tied to sary volumes. The family is down to its last
ing. Many, like Osama, are points run by humanitarian Refugees in the Near East, or Hamas to act neutrally. The militant group has crit- several pounds of flour. “If
young men willing to brave agencies with four GHF sites, Unrwa, which relies on a staff Unrwa has said it has taken icized the GHF system as dan- that runs out, we’ll go back to
stampeding crowds and a mul- not all consistently open. of thousands of local Palestin- action against employees ac- gerous and has warned Pales- starvation.”

Palestinian-American Dies
In West Bank Settler Attack
BY SUDARSAN RAGHAVAN Palestinians American-Arab
JOHN WESSELS/AGENCE FRANCE-PRESSE/GETTY IMAGES

AND SUHA MA’AYEH that escalated Anti-Discrimi-

into a violent Sayfollah nation Commit-
A Palestinian-American was clash that “in- Musallet, born tee said.
killed by Israeli settlers in the cluded vandal- He was in the
West Bank, Palestinian author- ism of Palestin- in Florida, was West Bank visit-
ities and the man’s family said. ian property, ing relatives for
Sayfollah Musallet, 20, was arson, physical
visiting the summer. On
beaten to death by settlers who clashes, and relatives. Friday, he
attacked the town of Sinjil, 10 rock hurling.” joined a protest
miles northeast of Ramallah, An Israeli against the con-
the Palestinian Ministry of m i l i t a r y struction of a
Health and his family said. An- spokesperson on Saturday new Israeli settler outpost near
other Palestinian man, Moham- said the incident was under Sinjil, the ADC said.
mad al-Shalabi, also in his review. “We are devastated that Mourners on Sunday carried Sayfollah Musallet’s body during his funeral in the West Bank.
early 20s, disappeared during A U.S. Embassy spokesper- our beloved Sayfollah Musallet
the attack and was found dead son in Jerusalem on Saturday (nicknamed Saif) was brutally occupied by Israel and Israeli estinian militants outside a Palestinians and Israelis have
hours later with a gunshot confirmed Musallet’s death, beaten to death by Israeli set- settlements there are illegal. Is- supermarket in the West become more frequent.
wound to the chest, the minis- describing him as an Ameri- tlers while he was protecting rael considers the West Bank to Bank, Israeli authorities said. Settlers have caused ten-
try said. The circumstances of can citizen. The embassy has his family’s land from settlers be disputed territory and most Israeli settler violence sions among Israelis as well.
his death weren’t clear. asked Israeli authorities for who were attempting to steal of the settlements to be legal. against Palestinians in the Israelis from West Bank set-
Israel’s military said it was further information, the it,” the family said. “We de- Around three million Pales- West Bank has increased since tlements attacked Israeli
aware of reports that a Pales- spokesperson said. mand justice.” tinians live in the West Bank the Hamas-led attacks of Oct. troops and vandalized military
tinian civilian had been killed Musallet was born in Port Israel captured the West alongside roughly half a mil- 7, 2023. Large groups of sites in the territory in June,
and others injured in the me- Charlotte, Fla., and helped run Bank from Jordan in the 1967 lion Israeli settlers. armed Israeli settlers have after the military took steps to
lee on Friday, which it said be- his family’s ice-cream shop, war. Palestinians and most of On Thursday, a 22-year-old targeted Palestinian villages, combat assaults on Palestin-
gan with rock throwing by the Washington, D.C.-based the world say the territory is Israeli man was killed by Pal- and violent clashes between ians.

Trump Signals Support for Israeli Attack if Iran Pursues Bomb

BY ALEXANDER WARD
calculations all three countries gram was, Netanyahu could with Netanyahu. The Iranian Israeli official said. in the short term, the senior
AND LAURENCE NORMAN
are facing since Israeli and face pushback from Trump to mission to the United Nations Tehran wouldn’t be able to Israeli official said, including
U.S. attacks on Iran’s nuclear preserve the diplomatic track didn’t respond to requests for retrieve the uranium from its by continuing covert opera-
WASHINGTON—Sitting facilities in June. with Tehran. comment. two other nuclear sites at Na- tions targeting top Iranian nu-
across from Israeli Prime Min- Trump is counting on the For Iran’s leaders, the Before last month’s strikes, tanz and Fordow because of clear scientists and other na-
ister Benjamin Netanyahu last threat of further attacks to stakes are even more momen- Israel assessed that Iran could the damage inflicted on those tional leaders that already
Monday at the White House, pressure Tehran into an tous: If they rebuff Trump’s produce a crude nuclear de- facilities by U.S. bunker-buster have inflicted major blows on
President Trump said he agreement that would fore- demand to give up nuclear en- vice within a matter of bombs, the official said. Iran, the official said.
hoped there would be no more close it from building a nu- richment and resume their months and construct a usable Any effort by Iran to re- The danger for Trump is
U.S. bombing of Iran. “I can’t clear weapon. Israel is skepti- nuclear activities, renewed at- weapon within a year. Top Is- trieve the uranium from Is- that Israel could effectively
imagine wanting to do that,” cal a diplomatic settlement tacks by Israel and even the raeli officials said they fahan or revive the decimated dictate the next moves against
Trump said. would prevent Iran from se- U.S. could threaten the re- thought the U.S. and Israeli nuclear program would be Iran, analysts said.
Netanyahu later told him in cretly rushing toward a nu- gime’s survival. military strikes had set back quickly detected by Israel, the “It was tough enough to
private, however, that if Iran re- clear weapon. And Tehran is President Masoud Pezesh- Tehran’s ability to build a nu- senior Israeli official said. achieve an agreement before
sumed moving toward a nuclear demanding guarantees it kian, like other top Iranian clear weapon by up to two ad- “The Iranians are going to the strikes. Now it will be
weapon, Israel would carry out won’t face more bombing in leaders, has said Tehran is ditional years, matching a re- be extremely cautious,” said tougher still,” said Dan Sha-
further military strikes. Trump return for resuming talks with open to resuming nuclear cent Pentagon assessment. Dennis Ross, who served as a piro, a former U.S. ambassador
responded that he favored a Washington. talks with the U.S. with assur- Israel has concluded that senior official on Middle East to Israel who was part of the
diplomatic settlement with Teh- Israel wouldn’t necessarily ances there will be no re- some of Tehran’s stockpile of issues during Democratic and U.S. team that negotiated with
ran, but didn’t otherwise object seek explicit American ap- newed attacks during the ne- near-bomb-grade enriched Republican administrations. Iran under the Biden adminis-
to the Israeli plan. proval to resume strikes on gotiations. Iran will insist on uranium at Isfahan survived “They are going to take the tration. “Trump can’t back
Their talks, described to Iran, a senior Israel official what it says is its right to en- the attacks and that with con- threats the Israelis make very down on zero enrichment, and
The Wall Street Journal by se- said. But depending on how rich uranium, he added. siderable effort Iran could re- seriously.” Iran will feel it can’t concede
nior U.S. and Israeli officials, significant the Iranian attempt The White House declined cover some of the fissile mate- Israel can prevent Iran that as a result of being at-
underscored the conflicting to rekindle its nuclear pro- to comment on Trump’s talks rial from that site, the senior from sprinting toward a bomb tacked.”
A8 | Monday, July 14, 2025 * **** THE WALL STREET JOURNAL.

WORLD NEWS

Tariffs Prompt a Pivot to Vietnam China Fills

In as Voice
Chinese firms rush to
shift manufacturing
don’t have high enough mar-
gins to use air conditioning in
their high-ceilinged factories,
Of America
to where the U.S.
levies are lower
says Li.
“The hot weather makes
them very sleepy,” Li said of
Retreats
his workers. He said they also
BY JON EMONT don’t have air conditioning at For years, one of Indone-
home, so they don’t rest well sia’s most popular news chan-
THAI NGUYEN, Vietnam— during Vietnam’s summers. nels hosted a weekly segment
In May, hundreds of workers The work culture in Viet- for the country’s Chinese
at a furniture factory here got nam is different from China. diaspora that often featured
a nice surprise. Their Chinese Chinese workers are known to reports in Mandarin from both
bosses were giving them a show up at 7 a.m. in the hopes the U.S.-government backed
nearly 45% raise. of getting started early and Voice of America, and China’s
Factory owner Ren Li said earning extra commissions. In state-run television.
so many other Chinese facto- Vietnam, workers tend to stick
ries were moving to Vietnam to standard hours. By Aruna Viswanatha,
to avoid high U.S. tariffs that Luke Lu, who heads the Alexandra Wexler
he needed to give his workers company’s North American and Clarence Leong
a big increase to keep them sales, said the company’s Viet-
from getting poached. namese workers operate at a Since the Trump adminis-
“They just flood in,” Li said more deliberate pace when tration moved to dismantle
of Chinese companies. “And weaving wicker furniture. most of the U.S. Agency for
that will cause a tsunami.” The company recently in- Global Media in March, only
For factory owners, the troduced extra pay for highly the reports from Chinese state
economic logic is simple. A subsidiary of China’s Letright Industrial has a furniture warehouse and factory in Vietnam. efficient workers, but Viet- media show up.
Goods made in China gener- namese workers remain about In his second term, Presi-
ally face tariffs of 40% to 50% war. In trade talks, the U.S. 30% less productive than Chi- dent Trump has blown up de-
when imported into the U.S. has called on Southeast Asian nese workers, Lu said. cades of U.S. foreign-policy ef-
Vietnam is a relative bargain nations to take a hard line on In China, every raw mate- forts, eliminating billions of
after President Trump this economic ties with China, in- rial can be easily acquired. But dollars of foreign aid pro-
month announced a new tariff cluding by stopping Chinese in Vietnam, materials such as grams, saying the money was
rate of 20%, upholding expec- companies from setting up certain metal pipes used in being misused. Trump’s March
tations that Vietnam would manufacturing and export op- chairs and fabrics for seat executive order called for the
get more-lenient treatment. erations in their countries. cushions need to be imported $900 million media agency,
Western buyers such as The goal is to reduce U.S. de- from China. which not only funds VOA but
Lowe’s and Hasbro have pendence on Chinese compa- When ports fill up, parts also other media outlets, in-
promised to cut their expo- nies regardless of where they can be trucked over the Chi- cluding Radio Free Asia, to do
sure to China. are located. nese border, five hours away. only the things it was legally
The rush to produce in But for the first half of this Trump has pledged a dou- required to do.
LINH PHAM FOR WSJ (2)

Vietnam and other lower-tariff year, China—including Hong ble tariff rate of 40% on for- The official overseeing its
countries, far from wiping Kong—was responsible for eign goods, including Chinese retrenchment, Kari Lake, ac-
China off the map, keeps Chi- more than 800 new invest- goods, transshipped through cused the agency at a hearing
nese companies at the center ment projects in Vietnam, far Vietnam, without specifying in June of being incompetent,
of the export trade. Chinese more than any other country. what counts as transshipment. politically biased and itself a
businesspeople typically have Much of the investment was Lu said some 70% of the mate- national-security threat. Most
the edge when it comes to concentrated in manufactur- ers use laser-welding tools to hiring hundreds more workers rials that go into the com- of the staff has been either
building factories anywhere in ing. construct sofa frames. Others while trimming the workforce pany’s Vietnam-made furni- fired or put on administrative
the world—even in the U.S. Li is the founder of Letright hunch over waist-high tables, at its home base in Hangzhou, ture are sourced locally, and it leave and has filed lawsuits
“They have all the technol- Industrial, one of China’s larg- hand-weaving wicker chairs. China. is working to find Vietnamese over the shutdown.
ogy, all the know-how,” said est outdoor-furniture manu- With faux-natural materials Teams of Chinese welders producers for the rest. In its wake, China’s per-
Le Hong Hiep, a senior fellow facturers, with a customer list popular in the U.S. this sea- and weavers have been dis- Li said not all companies spective on global events has
at Singapore’s ISEAS-Yusof that includes Walmart and son, a team of workers uses patched to train the Vietnam- operating abroad should be begun to dominate broadcasts
Ishak Institute think tank. “It Lowe’s. His factory in Thai brown spray paint to make ese. considered transshippers. “He around the world. In Thailand,
will take them less time to set Nguyen, near Hanoi, opened in metal chairs resemble wooden The company’s ambitious has to separate the good peo- for example, VOA’s regular ap-
up factories in Vietnam than 2021 and today employs ones. goal: move 100% of U.S.-bound ple from the bad people,” Li pearances on the state-owned
for local companies to develop around 1,200 workers making At the company’s testing production to Vietnam this said of Trump. MCOT broadcaster went to a
their own capabilities.” lounge chairs, coffee tables center, a machine slams a year, up from 30% last year. Overall, Lu estimates that it Chinese media outlet.
The Hanoi airport on a re- and sofas. heavy weight into the seat of a But getting work done in is about 10% to 15% more ex- In Africa, another Beijing-
cent visit was clogged with A set of six pieces can retail finished chair more than Vietnam is tougher than in pensive to produce outdoor backed network, CGTN, said in
Chinese workers and manag- at American stores for around 10,000 times, to prove its du- China, and the first factory furniture in Vietnam com- March that it would expand its
ers coming to collect their vi- $700 to $2,000. Teams of U.S. rability. has yet to turn a profit. pared with China—which operations on the continent,
sas. buyers have visited recently to Anticipating demand from The intense heat and hu- gives Vietnam the edge for following others that have in-
For Trump administration tour the factory and review U.S. clients, the company is midity of the region saps U.S. exports, assuming Trump creased their reach there.
officials, that isn’t exactly the their products. building a second factory here worker productivity, especially doesn’t throw any more tariff China Radio International, for
desired outcome of a trade On the factory floor, labor- a 10-minute drive away and is because furniture factories curveballs. example, mainly broadcasts in
English but has expanded its
coverage with some of Nige-

Ukraine to chasing those military assets

from the United States,” Blu-
menthal said on CBS.
but Trump reversed the deci-
sion last week, indicating his
rising frustrations with Putin.
Graham said the U.S. had
reached “a turning point re-
garding Russia.”
that’s the money Putin uses to
prosecute the war,” Graham
said. He described the bill,
ria’s widely spoken languages.
The departure of Voice of
America from Nigeria “created

Get Patriot The U.S. has attempted to

effectuate a cease-fire in the
war between Russia and
Blumenthal, Sen. Lindsey
Graham (R., S.C.) and Trump’s
Ukraine envoy Keith Kellogg
Blumenthal and Graham are
co-sponsoring a bill that Gra-
ham said would be “the most
which he said has 85 co-spon-
sors, as a “sledgehammer” that
Trump can use in his stymied
a perceptible void, especially in
terms of trusted, independent
international news content,”

Missiles Ukraine, but while Kyiv has

aligned with Trump on the ef-
fort after early turbulence,
discussed the strategy of sell-
ing U.S. arms to NATO with
European leaders in Rome last
consequential sanction pack-
age in the history of the coun-
try,” giving Trump the ability
efforts to end the conflict.
“This moment of unity must
be seized, and the timing is ab-
Nigeria’s information minister,
Mohammed Idris, said in a
written response to questions.
Moscow has only intensified week, Blumenthal said. to impose a 500% tariff on any solutely critical,” Blumenthal While VOA’s coverage empha-
Continued from Page One its aerial assault of the Ukrai- “Stay tuned for a plan country that is aiding the said about the collective mea- sized free speech, human
“Part of the plan that I think nian capital in recent weeks. where America will begin to Kremlin in its war against sures. “We need to really ex- rights and open democratic
will be sought in this meeting Earlier this month, the U.S. sell to our European allies tre- Ukraine. press the strength of the discourse, Chinese media is fo-
involving the secretary-general suspended the delivery of air- mendous amount of weapons “China, India and Brazil buy United States, because only cused on development success
is for Ukraine to be given as- defense interceptors and other that can benefit Ukraine,” Gra- oil and petroleum products strength can get Putin to the stories, economic cooperation
sets by NATO and their pur- weapons intended for Ukraine, ham said on CBS. and other goods from Russia— table.” and social stability, he said.

‘Superfake’ claims made in the videos are

bogus.
But the posts reinforced
THE ENGRAVINGS
The ‘HERMES-PARIS’
engraving on the
Forensic of a
Superfake
THE DATE OR ‘BLIND’ STAMP
Birkins have a code on the inside
to show the year the bag was
handbag. Some of the com-
pany’s former employees were
convicted in 2020 for running a

Bags Sting doubts in the minds of Gen Z Birkin's closure made. The date should match counterfeit ring outside their
consumers about the industry’s strap is hard for the leather shades that Hermès day job.
counterfeiters to was known to produce that year.
steep markups and whether perfect and can look Most fakes are still made

Real Thing people who buy genuine luxury

goods are getting a raw deal.
Popular handbags such as a
sloppy under a
microscope.
the old-fashioned way: A coun-
terfeiter buys an authentic bag,
rips it apart to see how it is
Lady Dior sell for up to 15 THE METAL made and then reverse engi-
Continued from Page One times what they cost to manu- HARDWARE A FUNNY SMELL neers a fake.
nomics of the luxury industry. facture, according to Bernstein, Authenticators use a Fakes can The best superfake purses
Fake purses have always been a brokerage. machine to test the sometimes be are often produced in factories
around, but they were the Buying a replica is becoming metal elements in a detected by their in China that run legitimate
cheap and plasticky kind that a way “to give big brands the bag’s hardware. odor if the maker businesses for mass-market
could be picked up for a few middle finger,” says Marian Counterfeiters cut has used cheap fashion retailers during the
corners by using materials to
bucks from a sidewalk seller. Makkar, a luxury marketing ex- cheap metals. make the bag.
day, according to James Gode-
A new generation of “super- pert based in Australia who froy, a Guangzhou-based inves-
fakes,” as they are known in has researched the superfake tigator with brand-protection
THE PAPERWORK THE ‘CLOU,’ OR FEET
the industry, look as good as phenomenon. agency Rouse. By night, a ghost
Counterfeiters sometimes Counterfeiters often screw in
the real thing and cost any- There are early signs that include phony receipts with a bag. the four studs on the base of shift produces knockoffs.
where from $500 to $5,000. young shoppers’ cooling atti- Authenticators check the fonts, a Birkin rather than hammer Counterfeiters boost de-
Counterfeiters take your order tude toward authentic luxury is codes and dates for clues the them in. Authenticators can mand by paying social-media
through encrypted services hitting the industry’s top line. bag could be fake. Source: The RealReal ADRIENNE TONG/WSJ spot this in an X-ray. personalities to review fake
such as WhatsApp or Tele- Last year, Gen Z shoppers handbags. The feed of one In-
gram, give real-time customer spent roughly $5 billion less on identified with the naked eye. Real. “It could be a tiny detail make a carbon copy. The risk stagram account, @davidslife-
service and deliver the goods luxury brands than they did in Luxury resale website Fash- such as how a nail head is that this information leaks out style, is full of videos of coun-
straight to your door in a 2023, data from consulting ionphile has a counterfeit Louis hammered in.” of a factory has risen as brands terfeit unboxings. Followers
branded box. firm Bain & Co. shows. This Vuitton handbag on display Anticounterfeit profession- outsource more production. can click a link to the influ-
They pay social-media influ- might simply be a sign they are alongside a real one at its New als have theories about how Counterfeiters also try to encer’s direct.me page, where
encers to promote illicit goods feeling pinched by rising bills, York flagship store—an “au- the fakes got so poach workers they will find affiliate links to
directly to American and Euro- or that they are defecting to thenticity challenge” to see if good. One is in- from genuine more than 150 fake goods in-
pean consumers. The technique fakes in high numbers. shoppers can tell the real from dustrial theft. factories to get cluding Louis Vuitton Neverfull
is proving so good at sanitizing The attitude shift about su- the fake. The company’s Luxury brands Buying a replica inside knowl- totes and Hermès Birkin bags.
counterfeiters’ shady image perfakes is a gift to counterfeit- founder, Sarah Davis, says peo- store the in- is becoming a edge. People The links lead to a Hong
that the language used to talk ers who now market their ple who work as sales assis- structions about who stitch lux- Kong-based website called Save
about the bags is changing. The goods as a financially savvy al- tants for top luxury brands ha- how to make way ‘to give big ury handbags Bullet. The influencer earns
word “fake” isn’t used any- ternative to overpriced luxury ven’t been able to tell the bags authentic hand- for a living earn 10% from any sale his videos
more. Instead, fans call the brands: Why pay $11,000 for an apart. bags on digital
brands the a decent but not generate, based on information
purses replicas, mirror bags, authentic Chanel classic flap Rival reseller The RealReal templates middle finger.’ extravagant about Save Bullet’s affiliate
superclones or 1:1s (“one to purse when you can get a had to invest in XRF technol- known as tech wage, so might program. So in the case of a
ones”). nearly identical $600 replica ogy to test the metal composi- packs. be lured by an $789 fake yellow Hermès Bir-
In a red flag for luxury from a Chinese factory that tion of handbags’ buckles to These master offer from an il- kin, the influencer pockets
brands, young shoppers are claims to source its leather spot the new fakes. The com- manuals contain a spreadsheet licit manufacturer. nearly $80 for every bag his
embracing the superfakes. A from the same European sup- pany also bought X-ray ma- with the purse’s exact mea- Hermès pays its France- followers order.
social-media storm erupted in plier as the Parisian brand? chines to examine their in- surements, a technical drawing, based handbag artisans the @davidslifestyle said that
April when Chinese counter- People in the secondhand- nards. Counterfeiters have details of the threads, trim- equivalent of $40,000 a year he reviewed real as well as rep-
feiters posted videos claiming luxury business first noticed a perfected the outside of the mings and leather used, and including bonus payouts, based lica luxury goods on his chan-
that major luxury brands are new strain of counterfeits bags, but might still leave a even the precise number of on Glass Door salary reviews. nel, and bought authentic prod-
secretly manufacturing their around five years ago. Some of trace on the inside, according stitches per seam. If a brand’s That is less than what the ucts until a year-and-a-half
handbags for next to nothing in the superfake handbags were to Hunter Thompson, director tech pack falls into the wrong brand charges its U.S. custom- ago, when he felt the quality
China. In most cases, the so good that they couldn’t be of authentication at The Real- hands, counterfeiters can easily ers for a single crocodile Birkin went down.
 A10 | Monday, July 14, 2025 THE WALL STREET JOURNAL.

WORLD WATCH
NIGERIA FRANCE UKRAINE
Two-Time Leader Macron Announces Russian Agents
Buhari Dies at 82 Boost for Military Killed, Kyiv Says
Muhammadu Buhari, who Citing threats ranging Ukraine’s security agency
led Nigeria twice—first as from Russia to nuclear prolif- said Sunday it tracked down
military head of state and eration, terrorists and online and killed Russian agents sus-
later as elected president— attacks, French President pected of shooting one of its
died Sunday in London at age Emmanuel Macron on Sun- senior officers to death in the
MARCO BERTORELLO/AGENCE FRANCE-PRESSE/GETTY IMAGES

82, his press secretary said. day announced extra military Ukrainian capital. They were
When elected in 2015, on spending for the next two killed in the Kyiv region after
his fourth attempt, he be- years of 6.5 billion euros, resisting arrest, the agency
came the first opposition equivalent to $7.6 billion. said. It released a video show-
candidate to win a presiden- In the traditional speech to ing two bodies on the ground.
tial election in Africa’s most the military on the eve of the Ivan Voronych, a Security
populous nation, which he led Bastille Day holiday, Macron Service of Ukraine colonel,
until 2023. Buhari’s presi- called for intensified efforts to was assassinated Thursday in
dency was plagued by ex- protect Europe, and support a bold daylight attack. Media
tremist killings, a plunging Ukraine in its war against reports said he was involved
economy and burgeoning cor- Russia’s invasion. He said in covert operations in Russia-
ruption. He had faced similar France can find the money to occupied territories of Ukraine
circumstances when he first spend more on the military and helped organize Ukraine’s
took power in 1983, after a even as it tries to bring down surprise incursion into Rus-
WATER WHEELS: Spectators on Sunday cheered from a makeshift swimming pool along the military coup. massive national debts. sia’s Kursk region last year.
route of the ninth stage of the 112th Tour de France between Chinon and Châteauroux. —Associated Press —Associated Press —Associated Press

FROM PAGE ONE

FROM LEFT: DREW ANGERER/GETTY IMAGES; DANIEL BRENNER FOR WSJ

Mogul John Malone, above in 2016, has been a powerful
ally for opponents of a colossal roadside rest stop; a view
of the proposed Buc-ee’s site in Palmer Lake, right.

Town of greater Denver, began bro-

kering deals to conserve land.
The county eyed a prize—the
boring town to annex the
county parcel so their complex
could receive municipal ser-
Denver
Austin acknowledged the
call but denied making any
threats or referring to Ma-

Battles 22,000-acre Greenland Ranch. vices. COLO. lone’s resources.

Colorado GREENLAND
“That allowed us to go to Over breakfast at Rosie’s Springs
John Malone and say, this is Diner, Stan Beard, Buc-ee’s di- OPEN SPACE
GREENLAND RANCH
‘A hired gun’
Buc-ee’s an important public benefit,”
said Brooke Fox, then-director
of the county’s open space
rector of real-estate develop-
ment, told Waller he wanted a
“temperature check” of op-
Proposed
Buc-ee’s site
Opponents—led by Integ-
rity Matters—launched new
program. tions, including being annexed challenges, including a recall
Continued from Page One Malone was receptive. by Monument, the closest Palmer Lake petition against Stern and two
see a little of the Old West,” In 2000 he acquired 17,000 town to the parcel. other Palmer Lake trustees
Malone, 84, said in a Zoom in- acres of the land east of I-25, Waller wasn’t encouraging. who had voted for the annexa-
terview from one of his sum- while the county bought much In the past, he had represented 25 tion eligibility. In March, Buc-
mer homes in Ireland. of the rest on the Rockies side. a developer who struggled to ee’s withdrew its annexation
It has become an epic bat- Both properties are now under get Monument to annex a pro- request, citing technical er-
tle over the soul of the Ameri- conservation easements that posed subdivision on the same rors, but soon resubmitted it.
Monument
can West—and it has de- prohibit development. property. Waller suggested an Integrity Matters and oth-
scended into accusations of In all, $120 million—much alternative: Palmer Lake, 2 1 mile
To Colorado Springs ers also made a written re-
harassment, slashed tires, of it from Malone—has been miles away. Beard left the quest asking Colorado’s attor-
crude name-calling and vi- invested to create a corridor diner persuaded. Source: U.S. Department of Agriculture (imagery) CARL CHURCHILL/WSJ ney general to investigate
cious private texts made pub- of sage and ponderosa pine. A few weeks later, Havenar, dozens of cases of alleged ha-
lic. Havenar said she sits with As the conservation deals who was Palmer Lake’s mayor, Waller, now retained by Buc- the anti-Buc-ee’s speakers at rassment of anti-Buc-ee’s ac-
her back to the wall in public. took shape, small towns on raised the idea during a ee’s, said the new wells would town hall. “They are married tivists. This included “stalking
The Buc-ee’s brouhaha re- the sprawl’s periphery sought closed-door meeting of the increase the town’s water sup- and terrorists,” Havenar mes- of two plaintiffs’ homes by the
flects rising backlash against new revenue sources to help Palmer Lake trustees. They ply and that store lights would saged about one couple. Of an- same car, a yellow Mercedes
sprawl in the West, where pay for their own growth. later heard from the Buc-ee’s be aimed downward to mini- other attendee, Havenar tex- with a black stripe, slowly
population growth is devour- Palmer Lake has grown by team, and learned how the mize glow. Beard said some ted, “fat ass is there…” driving by each of their
ing open land. Between 2017 about 15%, to 2,500 residents, deal would work. Palmer Lake Buc-ee’s customers would Noticing Shook enter the homes, on the same day, and
and 2022, the region lost 6.6 since 2000. Known for its rus- would do a “flagpole annexa- likely patronize local shops. room, Schoening texted, “They taking photos.” A spokesman
million acres of farm and tic character—some unpaved tion,” meaning the trustees The Buc-ee’s representatives let the sex workers in.” for the attorney general’s of-
ranch land, according to the streets and a mountainside would extend the city limits tried to outline the plan for Shook, 53, who owns a fice declined to comment.
American Farm Bureau Feder- star that lights up for Christ- only narrowly along County about 300 locals packed into medical spa in Palmer Lake, Stern, who said he and the
ation. And Colorado is ground mas—the town lacked enough Line Road to the Buc-ee’s. the cafeteria at Palmer Lake later called the jab disappoint- other trustees did nothing
zero: No state in the nation money for water-system up- In return, Palmer Lake could Elementary School on Dec. 3. ing. “Glant and Darcy are very wrong, calls Integrity Matters
lost more farm and ranch land grades and to modernize an expect at least $1 million annu- But they were met with jeers. much bullies,” she added. “a hired gun to come in here
during that period. old ballfield and a fire station. ally in new sales tax revenues, A week later, more tension Schoening responded that and make trouble.” Schoening
As sprawl creeps outward, Mark Waller, a lawyer and a 30% boost in what the town erupted in Palmer Lake’s town Shook has disparaged her and called the group’s attorneys
more fights are breaking out political lobbyist who lives in typically sees in a year. Few hall. Residents filled every her family online as well. “nothing but grifters” in an
over whether to welcome de- Palmer Lake, studied how trustees saw downsides. Plus, seat and the overflow crowd Asked about that, Shook re- email blast. (Integrity Matters
velopment. Local boosters con- nearby communities like Lark- they reasoned, no one in town spilled outside. The town’s plied: “I’m pretty certain that had issued a warning notice to
tend growth is inevitable and spur, with its new ballfields, would even see the Buc-ee’s. trustees had convened to de- I have said nothing more than Schoening and others not to
that they need the new tax had built their tax base by an- “My gut was it seemed like termine whether the store site she is a low-vibrating human.” harass citizens who signed the
revenue. Others see an erosion nexation. “I drive through this a good possibility,” said Den- was eligible for annexation. Buc-ee’s opponents enlisted recall petition.)
in their way of life, and of the town and I’m jealous every nis Stern, one of the trustees. On a 4-1 vote, they determined Integrity Matters, a local Havenar said Buc-ee’s sup-
very essence of Colorado. time,” he said while motoring it was—despite protests. watchdog group. The organiza- porters, including herself, have
The anti-Buc-ee’s forces fear through the town of 200. Supporters emerged, too. tion, along with other plain- had their tires slashed and
harm to water supplies and A year ago, Waller got a call Texting scandal “It’s just not fair to say, ‘I’m tiffs, sued Palmer Lake in Janu- have been threatened online.
light pollution obscuring the asking him to meet with Buc- As word spread, detractors here and I want to close the ary asking that the annexation Dana Duggan, president of
starry night skies. They argue ee’s representatives about a emerged. Fierce opposition door behind me,’ ” said Darcy decision be reversed for alleged Integrity Matters, said the
that elk, deer and other mi- possible new location nearby. came from Woodmoor, a sub- Schoening, 43, a Monument violations of open-meetings nonprofit works pro bono and
grating animals will be fright- division across the freeway resident who formerly lived in laws, among other issues. she questioned the tire-slash-
ened by the up to 11,000 cars a from the proposed Buc-ee’s. Palmer Lake and attended the Around this time, Malone ing reports, since only one is
day that a Palmer Lake study A game changer Some Palmer Lake residents meeting. heard about the fight from Rye on file with police. “ ‘Twin
predicts Buc-ee’s would draw. Founded by Arch “Beaver” grew alarmed, too. They envi- She was also good friends Austin, the manager of his land Peaks’ was one of my favorite
Wildlife-vehicle crashes are al- Aplin III in 1982, Buc-ee’s has sioned it glowing like an alien with Mayor Havenar, who preservation foundation. “The shows,” she said in an email. “I
ready a problem—a $15 million grown to more than 50 loca- city. They said it would dam- wasn’t at town hall that night citizens were stirred up,” the wondered if there was a beauty
wildlife overpass on Interstate tions, mostly in the South. The age local businesses. And they but was watching a live feed billionaire said. “If they put queen who had been murdered
25 is under construction 2.4 first Colorado Buc-ee’s opened noted that the daily water use from vacation in New Zealand. enough heat on their political and a log lady running around
miles north to keep animals last year in Johnstown—100 of 37,000 gallons would require In communications later made representatives, maybe some- in Palmer Lake. I have never
from getting hit by traffic. miles up I-25—and like other drilling new wells in an already public, Schoening and Have- thing can be done to convince seen anything like it.”
locations, quickly gained a cult strained aquifer. nar exchanged texts insulting Buc-ee’s to go somewhere else, On May 29, the trustees
following for its bris- which we would cer- again decided the Buc-ee’s land
‘The cable cowboy’ ket sandwiches, spar- tainly prefer.” was eligible for annexation and
Malone, raised in Connecti- kling bathrooms and Malone said he of- the matter is being sent to the
cut, moved to Colorado a half- kitschy merchandise. fered to foot legal planning commission for a re-
century ago with his wife, Les- “People think it’s bills for opponents if port. A final vote is expected
lie, and fell in love with the ‘just a gas station,’ needed, and to buy this summer. Havenar won’t be
land. Encouraged by friend but honestly, it’s be- the land in question there. She resigned as mayor
and fellow media mogul Ted come a way of life,” rather than have Buc- after Schoening made their
Turner, Malone—known as said Rickie Marie Be- ee’s develop it. texts public on social media in
“the cable cowboy” for build- tancis, 32, a flight at- In February, Wal- early June, following a per-
ing Tele-Communications, Inc. tendant from Or- ler said he got a call sonal dispute between the two
into a giant—began buying lando, Fla. from Austin, wanting women. The texts were refer-
ranches for conservation in Waller said the to meet about the enced in the lawsuits against
Colorado, New Mexico and representatives deal. “At the end he the town. Stern was appointed
Wyoming. He owns 2.2 million sought advice on the said, ‘By the way, we mayor in her place, in a pro-
acres across the U.S. chain’s plan to build are very opposed to cess the Buc-ee’s opponents
“The land talks to me,” said on 41 acres of unde- what you’re doing also disputed.
DANIEL BRENNER FOR WSJ

Malone, chairman of Liberty veloped land it had and we’re going to “We are being cyberbullied
Media Corp. under contract in the use Mr. Malone’s vast day in, day out over a gas sta-
In the late 1990s, subdivi- county. No rules pre- resources against tion,” Havenar said in an inter-
sions sprouted south from vented a business you,’ ” Waller re- view before the texts surfaced
Denver along I-25 toward Col- from going there. called, adding he and she stopped returning
orado Springs. Douglas Still, Buc-ee’s needed never agreed to a calls. “This is something out of
County, the southernmost part to convince a neigh- The Buc-ee’s in Johnstown, Colo., quickly gained a cult following. meeting as a result. a movie, craziness going on.”
 PERSONAL JOURNAL.
© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, July 14, 2025 | A11

cause of things I found I could do

with AI,” says Mette, 52. Since
January, he has independently ad-
vised small businesses on go-to-
market strategies.
He feels he owes his primary
employer 40 hours every week.
But he also thinks it’s reasonable
to reclaim time beyond the full-
time standard and put it into
something of his own.
At his primary job, he now
budgets an hour for coffee meet-
ings he once crammed into 30
minutes. The slower pace pro-
duces more creative sparks, he
says.

Burning out
It’s one thing to transfer time
saved to a second job or profes-
sional-development course. It’s
another to actually work less.
History is not on employees’
side in this regard.
“New technologies that speed
up aspects of knowledge work
tend to just lead to faster-paced
knowledge work,” says Cal New-
port, the “Slow Productivity” au-
thor who advocates working at a
natural pace to do fewer tasks
well. “The advent of PCs and
email to the office, for example,
led only to explosions in the aver-
age employee’s workload.”
This is partly because output
is hard to measure in many jobs,
so companies often use time as a
proxy.

Your Prize for Saving Time

The best bet for people hoping
to truly cut back might be for
businesses to realize employees
have limited reserves of deep con-
centration. AI is supposed to free

At Work With AI: More Work

us of mundane tasks so we can
focus on the important things,
but can we really think big
thoughts eight hours a day, five
days a week?
Tech allows workers to accomplish more, in less time, but that creates a new conflict on the job “It’s quite possible that by tak-
ing the low-demand stuff off our
plates we’re piling up too much
BY CALLUM BORCHERS how to get more done with scrap- They need to minimize secrecy Consider Jeff Mette. While high-demand stuff,” says econo-

W
pier teams” using AI. and resentment to get the most some people shave minutes by us- mist and sociologist Juliet Schor,
e’re past the The clear message from him out of emerging technology, says ing ChatGPT to draft emails, he is whose new book, “Four Days a
point of imagin- and other business leaders is that Autumn Krauss, chief scientist on an AI ninja who saves substan- Week,” chronicles companies’ ex-
ing how artificial we can’t simply do as much work SAP’s market insights and cus- tially more time by employing periments with reduced schedules.
intelligence as we’ve been doing, in less time, tomer engagement team. That multiple tools, each for a specific She worries U.S. workers’
could help us and clock out early. If we do, we means making employees feel as purpose. already-high rates of stress and
work more effi- risk being replaced by someone though they receive something Mette, a manag- burnout could get
ciently. The question now is who uses AI to increase output. more enticing than a heavier ing director at a worse if they are
whether we can keep the hours Still, workers aren’t just going workload. software consulting expected to work
we save, or whether the reward to accept this without a fight. “We have customers in legal firm in Atlanta, Nearly half of long hours at AI-
for working faster is…more work. A recent survey found nearly and professional services who leans on Gemini for workers believe aided levels of
Breezing through the tedious half of workers believe their AI have taken a more progressive, research. He relies efficiency. Most of
items on our to-do lists is sup- time savings should belong to strategic approach,” she says. on Perplexity to their AI time the businesses she
posed to make us see AI as an them, not their employers. That “They’re saying, ‘We’re not just summarize the studied that tried
ally, instead of a threat. But un- survey, conducted by business- going to require more billable news. He trained
savings should four-day workweeks
less finishing early comes with software maker SAP, also found hours. We’re going to allow you Claude to mimic his belong to them. found their
extra downtime or other gains, that workers using AI save almost to reallocate that time to profes- writing style. employees could
the real beneficiaries are likely to an hour a day on average. sional development.’” Altogether, he es- accomplish as much
be businesses looking to squeeze More than one-fifth of the sur- That way, employees can use timates what used as they used to, or
more productivity out of their vey respondents said they would the time AI frees up to position to be 60 hours of work can now more, if given an extra day to
teams. rather hide that hour than give themselves for future promotions be completed in 30. This is recharge.
It doesn’t sound, for example, managers a reason to expect more. and raises. largely because AI gets him up to But pared-down schedules re-
EMIL LENDOF/WSJ, ISTOCK

as though lighter workloads are Cue the Zillow browsing while speed on prospective clients and main far from mainstream. For
in store for Amazon employees. pretending to work and other Taking it back their competitors much faster that to change, workers might
Chief Executive Andy Jassy re- forms of “productivity theater.” Of course, not every company will than his old process of poring first have to be pushed to their
cently urged them to “figure out How can companies keep this use that approach. Or employees over financial documents and me- breaking points. Companies will
how to invent for our customers from turning into a new work- will just take things into their dia reports manually. respond if—perhaps only if—their
more quickly and expansively, and place battleground? own hands. “I started a side hustle be- AI productivity drives backfire.

New Tax Law Upends Student Loans

BY DALVIN BROWN AND OYIN ADEDOYIN

T
he federal government is re-
treating from its central role in
financing higher education.
President Trump’s big tax-and- new borrowing limits. Here’s what is those who borrowed be-
spending law includes new restric- changing on July 1, 2026: tween July 2014 and
tions on how much students can July 2026 will pay 10%
borrow and how they repay. The  Graduate loans are capped at of discretionary income.
provisions begin to reverse the gov- borrowing $100,000 for master’s Currently, borrowers
ernment’s near takeover of the $1.7 degrees, and $200,000 for can qualify to have their
trillion student lending market over professional degrees (law, medical, student loan payments
the last six decades. dental). Currently, students can paused if they are earn-
As a result, families are reassess- borrow up to the full cost of ing less than minimum
ing the costs and risks of college. attendance minus other aid. wage, on welfare or lost
Many are likely to turn to private their jobs. Under the
lenders, which typically charge  Parent PLUS loans, which new law, those unem-
higher interest rates and require currently let parents borrow up to ployment and economic
creditworthy cosigners. Those lend- the full cost of attendance for their hardship deferments are
ers recently accounted for some 8% child’s undergraduate education, are eliminated for borrow-
of outstanding loans, according to capped at $20,000 annually, and ers who take out loans
data from Enterval Analytics. $65,000 total per child. after July 2027.
In particular, as many as half of During the pandemic,
graduate student borrowers may  The Graduate PLUS loan millions of borrowers
take private loans to cover funding program, which allowed graduate were put into forbear-
gaps, according to Jordan Matsu- students to borrow up to the full ance, meaning their stu-
daira, director of the Postsecondary cost of attendance, is being dent loan payments
Education & Economics Research eliminated. were paused. Under the
Center at American University, and new law, forbearance
former chief economist at the Edu- Borrowers like Candice Weather- will be capped at nine
cation Department. spoon believe the caps will push make money, and pay off your debt  Republicans say they want to months within a 24-month period
Republican lawmakers say they them into the private student lend- during school, but not do well in reduce taxpayer risk while forcing for new loans.
want to reduce taxpayer risk from ing market. The 36-year-old nursing your classes?’ ” Weatherspoon said. colleges to curb their prices. Some are skeptical that reducing
the ballooning federal student loan student, at Chamberlain University “Who can choose from that?” federal financing will drive down
portfolio while forcing colleges to in Georgia, started her accelerated Private lenders have been largely currently offers. college costs, which have more than
curb their prices. nursing program in May and ex- shut out of the graduate lending The new law will also eliminate doubled at private institutions over
Higher education observers and pected to rely on federal loans market since the government began most current repayment options for the past 30 years, according to the
borrowers worry the changes will through her May 2028 graduation. offering unlimited borrowing federal loans, including the SAVE nonprofit College Board.
price out middle-class families and Now she says she has to switch to through Grad PLUS loans. But many and Pay As You Earn plans that ad- Instead, students may take the
reduce access to careers that re- private loans partway through of them see opportunity. just monthly bills based on income, private debt or drop out entirely,
quire expensive graduate training. school, since she will hit the SoFi, for example, has said it and can lead to forgiveness after 20 says Justin Draeger, senior vice
“Congress has never removed $100,000 cap before graduating. wants to expand lending to quali- or 25 years. president for affordability at Strada
benefits from existing borrowers Her program costs about fied borrowers. “If the government Borrowers will have two choices: Education Foundation.
like this,” said Betsy Mayotte, presi- $90,000 total, and will layer on top backs away from providing in- a fixed standard plan or a new in- Advisers say some prospective
dent of the Institute of Student of loans she already took out for a school loans, Grad PLUS, etc., we’ll come-driven option called the Re- students may consider lower-cost
Loan Advisors. “This is really un- master’s degree in marketing. She absolutely capture that opportu- payment Assistance Plan, which has alternatives, such as starting at
precedented.” believes she will pay more out of nity,” Anthony Noto, CEO of SoFi, a $10 minimum monthly payment community colleges before transfer-
SOPHIE PARK/BLOOMBERG NEWS

The Trump administration has pocket because of the extra interest said in an April earnings call. “We’d and forgives loans after 30 years of ring to four-year schools, or choos-
separately been pushing borrowers on the private loans, and she may be very happy to step in for the payments. ing less expensive programs.
to resume payments on loans after have to pick up part-time employ- government.” Existing borrowers who bor- The law has also sought to en-
a pandemic pause, threatening to ment to fill the gap. In addition to typically higher rowed before July 2014 will face courage alternatives to college, such
garnish wages of those who are in “I thought: ‘Do you want to do rates, private lenders often have payments capped at 15% of discre- as by expanding Pell Grant eligibility
default. well in school and leave with a lot less generous repayment options tionary income under a modified in- for students enrolled in workforce
Now, the law imposes a series of of debt or do you want to work, than what the federal government come-based repayment plan, while training programs.
A12 | Monday, July 14, 2025 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Here’s the Skinny on ‘Thin’ Influencers

After TikTok restricted videos about thinness, creators are still finding ways to sell weight-loss tips to their followers

BY SARA ASHLEY O’BRIEN provoke viewers. The 36-year-old,

L
who has over a million followers
ast year, Marina Za- on TikTok, has promoted walking
lyashko was a stay-at- 35,000 to 40,000 steps a day—
home mom raising three something she said she used to do
boys in Washington state. when she was grappling with
Now she’s an influencer binge-eating disorder in her 20s.
with 1.4 million TikTok “Unfortunately, to grow in this
followers, thanks to her unapolo- industry, there has to be rage bait.
getic posts about being skinny. There has to be conflict. There has
Zalyashko, 31, has spoken to be controversy,” she said. She
openly on her account @minazalie said she now understood how
about losing 30 pounds after her those posts could be harmful to
last pregnancy and how she’s young women.
never been happier in her body. “I The National Alliance for Eat-
was getting some hate at first,” ing Disorders said many Skinny-
she said, “but I was also resonat- Tok creators were likely to be
ing with a lot of women.” struggling themselves with disor-
To her, the word “skinny” was a dered eating. “With the feedback
way to boost engagement. “Diet loop of likes, shares, and moneti-
culture is so toxic,” she said. Za- zation, they’re motivated to keep
lyashko, who said she used to have going, sometimes even when they
an unhealthy relationship with know it’s harmful,” the organiza-
food, sees her content as an anti- tion said in a recent blog post.
dote. “Eating less and moving more A TikTok spokesperson said the
will help you so much,” she said. company had detected an increase
Zalyashko is part of a burgeon- in use of the #SkinnyTok hashtag
ing online ecosystem of “skinny” early this year and that the con-
creators. Some are spokeswomen tent largely had not violated the
for a skinny lifestyle, inking deals company’s policies.
with clothing and supplement But by the spring, the company
brands and earning affiliate reve- began setting limits on the
nue by recommending diet- hashtag—teenage users could not
friendly snacks, workout gear and find it in their feeds—and direct-
household essentials. Others are ing viewers to eating-disorder re-
selling themselves as experts, sources. Since the #SkinnyTok ban
charging for weight-loss tips and in June, some are posting under
access to private group chats. the hashtags #skinny and #calorie-
Their rise has sparked debate and deficit, recasting their content
spotlighted the challenges of mod- with terms like “hot and healthy”
erating online weight-loss advice. or “skinni,” and using alternate
In June, TikTok banned the accounts to post the content.
hashtag #SkinnyTok, where much “We regularly review our safety
of this content was collected, cit- measures to address evolving risks
ing the company’s policy against and have blocked search results
content that promotes dangerous for #skinnytok since it has become
weight-loss behaviors. That hasn’t linked to unhealthy weight loss
stopped creators from posting just what your body looks like, but  Clockwise from top left: Liv only “Skinni Société” chat on a content,” the company said at the
about thinness. how you feel, how you function, Schmidt, Sonya Sedaghatmehr, platform that she declined to name. time of the ban. The company de-
Stephanie Kile, a registered how you’re doing everything else Amanda Dobler and Brooke In February, Schmidt received a clined to comment further.
dietician at eating-disorder treat- in your life.” Molyneaux are part of a “weight loss specialization” certifi-
ment provider Equip, said some of burgeoning online ecosystem of cation from the National Academy Pays the bills
her patients had mentioned ‘Rage bait’ ‘skinny’ creators. of Sports Medicine. Brooke Molyneaux, a 26-year-old
#SkinnyTok and messages they Liv Schmidt, a 23-year-old influ- Schmidt does not consider her- SkinnyTok creator in Phoenix, said
were seeing on other platforms encer in New York City who began self part of #SkinnyTok. “I didn’t she’d started feeling insecure about
about thinness. Kile said the posts making videos about how to be the contents of Schmidt’s sub- engage in the style of content that her body as a teenager.
promoted unrealistic standards skinny last year, is widely consid- scriber-only chats. It also re- later became associated with it— Now, she shares her “skinny”
and could normalize disordered ered the catalyst for #SkinnyTok, stricted her account to users who things like multiple daily work- grocery hauls and what she eats
and restrictive behaviors. a hashtag that took off after her are 18 and over. Meta said it had outs, calorie counting, public with her 261,000 followers on Tik-
“Thinness does not always rise on the platform. In viral recently expanded its policies on weigh-ins,” she said. Tok. In a recent post, she shared a
equal health,” Kile said. “It’s not posts, she described “how to avoid disordered-eating content in re- “My content is not for every- dinner recipe for a “125 calorie”
the freshman 15” and sponse to the recent trends. one,” she said. “It’s for women who Greek yogurt, egg white and spin-
“how to stop emotional On Wednesday, YouTube re- want standards, not shortcuts or al- ach concoction.
eating at your 9-5 job.” moved Schmidt from its partner ternatives found in diet culture or Molyneaux said she was mak-
Schmidt had more program, which allowed her to weight-loss prescription drugs.” ing enough money from the Tik-
than 670,000 followers earn advertising revenue, accord- Ali Ambrose, a 25-year-old col- Tok Creator Fund to cover her
on TikTok when her ac- ing to YouTube spokesperson Ni- lege student in Oklahoma City, rent and car bills.
count was removed in cole Bell. In her videos, Schmidt stumbled upon Schmidt’s TikTok Amanda Dobler, who describes
September after a Wall preaches portion control and posts last fall. “We were so body- herself as a “fat loss and mindset
Street Journal reporter shares tips for “how to create a positive and so health-focused for coach,” said the point of her blunt
contacted the company skinni body on a budget.” After a a few years that when I saw it, it TikTok posts was to find potential
about it. She had thou- Journal reporter reached out for felt like I was just totally defense- clients.
sands of paying sub- comment, Bell said the company less against it,” she said. The 32-year-old sells a four-
scribers to private had removed three of Schmidt’s Ambrose said the diet tips on month virtual mentorship program
chats on Instagram be- videos for violating its suicide, TikTok reminded her of “thinspi- called “Fat Loss Formula,” which
fore Meta disabled her self-harm and eating disorders ration” posts she saw on Tumblr costs $4,500.
ability to make revenue policy. as a teenager struggling with an- In October, Brittany Potter, 32,
from her account. The Schmidt is selling a planner orexia. The posts encouraged ex- signed up for Dobler’s Fat Loss
company took action in called the “30-Day New Me treme calorie restriction. On her Formula. The weight loss has been
May in response to re- Tracker” ($50), which has been TikTok accounts, @geniusgirlalert pretty immediate, she said.
porting from New York purchased 3,300 times since its and @geniusgirlsecret, she has “I paid attention so little that I
magazine’s The Cut on January launch, through the cre- criticized creators including didn’t understand calories, and it’s
ator e-commerce platform Gum- Schmidt for promoting unhealthy embarrassing to say I was in my
road. She said she had made “over thinking and behaviors. 30s and I didn’t understand that
BROOKE MOLYNEAUX

 Brooke Molyneaux six figures” on Gumroad this year. Sonya Sedaghatmehr, a Skinny- wasabi has calories or soy sauce
posts ‘skinny’ grocery Gumroad declined to comment. Tok creator and owner of a hair- has calories,” she said.
hauls and what she The influencer is also offering product business, conceded that She said she had lost nearly 30
eats on TikTok. memberships to an application- some of her posts are designed to pounds.

Baseball Caps ice cream shop in California’s

Sonoma County, a few hours north
of Silicon Valley. In an email, a No-
that reminds me of the great fans in
this wonderful city who support our
club for every match.”

Rule in ble Folk co-founder explained that

Gottesman had no formal connection
to the shop beyond being “a big fan
Some guests leaned into the so-
called “quiet luxury” style that’s
crested in recent years: NBA com-

Sun Valley of our ice creams.”

And Bret Taylor, co-founder of
the artificial intelligence startup Si-
missioner Adam Silver, sports team
owner Stan Kroenke, and former Ac-
tivision Blizzard chief executive
erra and the chairman of OpenAI’s Bobby Kotick all wore the muted-
Continued from Page One board, showed up wearing a black- color unbranded baseball hats of the
paired together. and-white mesh-backed trucker hat sort favored by Kendall Roy on “Suc-
As at conferences past, many emblazoned with a golden bear. The cession.” Silver described his hat as
topped their looks off with baseball logo’s provenance wasn’t immedi- “purely functional” to guard against
caps. But based on photos from the ately obvious, and didn’t seem in- sunburn.
scene this year, the breadth of ball tended to send a message to his fel- A significant number of attendees,
caps—new and vintage, logoed and low titans of industry. What was including tech industry leaders Mi-
blank—was striking. crystal clear, though, was that Tay- crosoft chief executive Satya Nadella
A hat is the ideal vehicle for pre- lor had seemingly worn his hat a and Uber chief Dara Khosrowshahi,
cisely dosed self-expression, particu- few thousand times before. stuck with the “SV 25” cap distrib-
larly if it’s logoed. It doesn’t scream At least one cap seemed to send a uted by the conference. The confer-
status like a branded T-shirt, nor more pointed message: longtime ence issues a similar hat to guests
does it (usually) cost more than a movie producer Brian Grazer wore a each year; the 2025 edition came in
nice lunch. It’s a way for the 1% to cap bearing the logo of the Free navy. After the conference, it will be-
act like everyone else, if only from Press, a media startup founded by come a collectors’ item: On eBay, a
GETTY IMAGES

the forehead up, and without risking the journalist Bari Weiss. The Free white hat from the 2011 conference
a style faux pas. “It doesn’t shout Press has built its reputation with a was listed for $125. (The same seller
he’s wearing too many bracelets, political perspective not always is also offering a few of the confer-
he’s wearing a necklace,” style con- shared by Grazer’s peers in Holly- The breadth of caps was striking. Clockwise from top left: Michael Eisner, ence’s branded vests for $395.)
sultant Andrew Weitz said. wood, but which is perhaps more Stan Kroenke, Adam Silver, Casey Wasserman. If most of the hats on display
Easily the most intriguing hats popular among the one-percenters spoke quietly of their owners’ prides
were those that expressed an inter- in Sun Valley. Weiss participated in and ambitions, at least one shouted
est, affinity or bit of personality on one of the conference’s sessions. Casey Wasserman pulled double burgundy and gold, while former at higher volume. On Thursday, WB-
behalf of folks known for carefully Other executives wore hats em- duty, swapping from a tan hat with Disney chief executive Michael Eis- Discovery head Zaslav swapped out
guarding their privacy and image. blazoned with their own company’s his company’s emblem to one bear- ner repped his ownership stake in his company gear for a hat bearing
Electric-car startup founder RJ logos: Warner Bros. Discovery chief ing the logo for the 2028 Olympics British soccer club Portsmouth FC, the logo of his movie studio’s just-
Scaringe gave a nod to a Southern executive David Zaslav wore a WB- in Los Angeles. (Wasserman is the known as Pompey. released tentpole film, and perhaps
California surf shop not far from his branded hat, while Major League chairman of the Games’ organizing “I happen to have a lot of Pompey hinting at his mood after a few days
Rivian headquarters. Baseball commissioner Rob Manfred committee.) Some used headwear to baseball hats,” Eisner said. “And at Billionaire Summer Camp. Across
Tech investor Yoav Gottesman wore the sort of MLB-stamped cap highlight their other businesses: since a balding executive in the sun his forehead was the iconic yellow-
shouted out the Noble Folk Ice more often seen on the sport’s um- Washington Commanders co-owner in Sun Valley needs protection and and-red “S” of none other than Su-
Cream and Pie Bar, a well-reviewed pires. Sports agent and executive Mitchell Rales proudly rocked the thus needs a hat, I picked the one perman.
THE WALL STREET JOURNAL. Monday, July 14, 2025 | A13

ARTS IN REVIEW

EXHIBITION REVIEW significant spots on board—for in- September 1910 menu from the SS
stance, the grand dining hall on

Appetizing Artifacts
La Provence, above left;
the Normandie. Meanwhile, archi- installation view, above right.
tectural details of the ship’s mu-
rals adorned menu covers on the
Queen Mary. Some covers carried attendant’s hat designed by Oleg
an illustrated likeness of a vessel Cassini; and a 1911 breakfast
The New York Historical tracks the evolution of meals enjoyed en route proudly moving through the menu from the Lusitania, the ship
waves. that was sunk by a German U-
“It was very self-referential,” boat four years later during
BY JOANNE KAUFMAN a canny investment. It was a way aboard the Cameronia on Nov. 20, Ms. Nazionale said. “It was all so World War I.

T
for carriers to create a distinct 1929, not long after Black Tuesday, you would remember the full ex- There are also movie clips—
hose who are routinely identity in an increasingly com- they enjoyed sardines de Nantes, perience.” The food offerings were Cary Grant and Eva Marie Saint’s
subject to the caprices petitive sector. It also helped sirloin of beef with horseradish sometimes equally self-referential. dining-car flirtation in the Hitch-
of trains, boats and them to attract new business sauce, dressed green kale, Ameri- Menus on the SS United States, cock thriller “North by North-
planes—the queues, the while still managing to keep vet- can ice cream, Oxford pudding and which went into service in 1952, west” and a snippet from the
crowds, the delays and, eran passengers coming back for French pastry, among other treats. always included items that origi- breathtakingly patronizing 1949
most particularly, the more. Very continental. nated in the U.S.: California aspar- training film “Airline Glamour
food, often ranging from over- For example, the vaunted The front covers of shipboard agus and a “baked Idaho.” Girls.” Among other things, it edu-
priced to underwhelming to non- French chef Auguste Escoffier was menus often featured images of Train lines and airlines would cated stewardesses about the
existent—would be stunned to hired to supervise operate from a simi- graceful and safe way to carry a
learn of a time when getting there the kitchens on the lar playbook. For a meal tray.
was half the fun. SS Amerika and the time in the late Early food offerings on com-
Doubters should journey to the Kaiserin Auguste 1930s, the Pennsyl- mercial flights tended toward the
New York Historical for the ex- Victoria during the vania Railroad bot- basic. Passengers would have been
hibit “Dining in Transit.” An- first decade of the tled its signature forgiven for thinking they were on
chored by a selection of menus 20th century—a lure salad dressing, a a picnic. The inflight experience
from the museum’s cache, the for the first-class concoction that in- was elevated in the mid-1930s
show, an engaging bite-size Bae- crowd. But the pros- cluded tomato soup, when United Air Lines opened its
deker, charts the evolution of pect of excellent vinegar and Worces- first onboard kitchen. Soon after,
meals en route during the first fare, even when pre- tershire sauce, and the carrier started hiring Swiss
half of the 20th century. pared by lesser sold it to passen- chefs—a clear signal of lofty culi-
During that period, “ships, lights, proved to be gers. Souvenir plane nary ambitions.
trains and airlines pulled out all an effective tool for menus with the logo With the surge in air travel af-
the stops and made food the cen- expanding ship lines’ of the carrier dou- ter World War II, carriers were
ter of their marketing campaigns,” customer base be- bled as postcards. also able to take advantage of two
the show’s curator, Nina Nazion- yond the well- Flight attendants of- devices that had recently been in-
ale, said in a phone inter- heeled. When U.S. fered to stamp and vented for the military: Sky Plate,
view. “Going through our menu laws sharply cut im- send them. Presum- a compartmentalized tray that
collection I thought ‘look at all migration from East- ably via air mail. held flash-frozen meals, was
the time and artistry and thought ern and Southern The exhibition heated on board in a “Whirlwind
that went into this.’ The compa- Europe in the early comprises vintage Oven,” an early gloss on the con-
nies never made a profit on food 1920s, thus leaving photographs, maga- vection oven.
and food service. They lost money modestly priced cab- zine and newspaper The subject matter makes the
on all these efforts, but they stuck ins vacant, a passen- ads; collectable ta- exhibit a good fit for its quarters,
with them. They believed—and ger group that had bleware, like East- the intimate Pam & Scott Schafler
they were right—that there was previously been la- ern Air Lines tum- gallery. “It feels like you’re travel-
something about having a great beled steerage be- blers and New York ing on a vessel of some kind,” Ms.
meal when you were traveling.” came the somewhat Central Railroad Nazionale said. “A train car or the
Thus, langouste froide sauce Vin- classier-sounding crockery; promo- cabin of a plane.”
cent (translation: cold lobster Tourist third class. tional recipe book- Pro tip: Eat before you go.
THE NEW YORK HISTORICAL (3)

with a mayonnaise sauce) on the To be sure, there lets; a TWA flight

French ship SS Normandie. And was nothing second- Dining in Transit
grenadines de veau Milanaise rate about the din- The New York Historical, through
(breaded veal to you) on the Brit- nertime options for August 1905 menu Oct. 26
ish liner RMS Cameronia. denizens of the from the RMS
Actually, bringing food to the lower decks. If, say, Campania of the Ms. Kaufman writes on culture
fore would ultimately prove to be they happened to be Cunard Line. and the arts for the Journal.

FILM REVIEW | KYLE SMITH nearly a stock figure—

Growing Pains
the dignified, gentle care-
giver who uncomplain-
ingly does what white
people tell her—but Ms.

On a Global Stage
Bali’s restrained perfor-
mance invests her with
gravitas. Sarah’s husband
warns that the guerillas
are bound to see her as

M
eet Bobo, an eight-year-old delightfully unselfconscious perfor- a collaborator for doing
girl growing up in southern mance, “Dogs” simply plants us so much to help the
Africa in 1980. She roars without judgment in this startling white people, but, having
around unsupervised on a motor- lifestyle. Despite being about child- no children of her own,
bike, rarely bathes, steals her hood, it’s rated R, which is just as she is unable to stave off
father’s cigarettes and smokes well: Having recently witnessed a maternal feelings for this
them, sings bawdy songs while teen fleeing in horror from a single feral, smelly, adorable lit-
sticking her head out the car harmless insect in a New York tle kid. Though she is
window, and sneaks the occasional apartment, I can hardly imagine to- given very little expres-
beer. Her verdict on her own day’s American youth emerging sive dialogue, Ms. Bali el-
character: “There’s nothing wrong from this movie without trauma. evates her part into a co-
with me, I’m perfect!” Never mind the land leading role; the new
she says. Who could mines and the roving nationalism that is com-
disagree? bands of gunmen; ing to the place is going
Oh, and in the bril- The movie even venturing out to reroute her life too,
liantly evocative follows a child to soccer practice is the way she is so embarrassed Lexi Venter in ‘Don’t Let’s Go to and not for the better.
memoir-based film alone would seldom by being the victim of a brief sexual the Dogs Tonight,’ based on the That the film briefly switches to
“Don’t Let’s Go to the in 1980 amid be permitted for (or assault that she denies it. memoir by Alexandra Fuller. her point of view at the end is the
Dogs Tonight,” when
she gets up in the
southern Africa’s cross the mind of)
the average eight-
Writer-director Embeth Davidtz,
an experienced actress, makes a Davidtz proves ideally suited to the
only major misstep here in what is
otherwise a stellar achievement.
middle of the night violent turmoil. year-old today. strong debut as a filmmaker in this story, which she handles with sensi- Bobo (and we) can’t really know
to tinkle, she worries Which makes the adaptation of Alexandra Fuller’s tivity that doesn’t lapse into senti- Sarah because of the barriers be-
about lurking terror- film a fascinating 2001 memoir and also turns in a mentality. Nor does she indulge in tween them, so it seems like cheat-
ists. We’re in a place portrait of a vanished gritty performance as Bobo’s alco- clichés about the friction between ing to be allowed access to the lat-
(temporarily) called Zimbabwe Rho- era as well as an unfamiliar subcul- holic, philandering mother, Nicola. races. Nicola is fiercely protective of ter’s mind.
desia, where British families like ture. “Dogs” avoids the usual cine- Mum, a reserve police officer, sleeps her farmland and vows to die on it: Until then, though, except for one
Bobo’s are getting slaughtered by matic flattery of children by pre- with an automatic weapon (which “I’ve buried children here,” she or two moments that feel forced
guerillas who are seeking to seize senting Bobo and her teenage she doesn’t hesitate to use to dis- screams at poachers. She isn’t an (“Are we racists?” Bobo asks her
control of the country. A trip from sister, Vanessa (Anina Reed), the patch a snake that pops up on the entitled colonialist, but rather some- mother), “Dogs” is a beguiling recre-
her farm to town means joining a way kids actually are: confused, property), cheats on her soldier hus- one with deep ties to this land. ation of one irrepressible childhood.
SONY PICTURES CLASSICS

convoy of soldiers trained to look self-centered, often dishonest, in- band (Rob van Vuuren) while he’s With her mother so often lost to The movie is sometimes funny,
out for land mines; from the child’s clined to brattiness. The way the away, rarely misses an opportunity booze and emotional instability, sometimes heartrending, but always
point of view, however, this merely older sister nervously examines her- to get soused and sometimes Bobo sometimes wanders off to visit invitingly candid and relatable. In its
means long, boring waits. self in a full-length mirror while seems on the edge of a mental her neighbors, Jacob (Fumani Shi- specificity it winds up being univer-
Narrated by Bobo, who is ebul- frowning is one of dozens of per- breakdown. Born in Indiana but lubana) and Sarah (Zikhona Bali). sal: As children, we really were odd
liently portrayed by Lexi Venter in a fectly pitched observations; another raised in part in South Africa, Ms. Sarah, effectively Bobo’s nanny, is little beasts, weren’t we?
A14 | Monday, July 14, 2025 THE WALL STREET JOURNAL.

SPORTS
Jannik Sinner Wins Wimbledon Title
The world’s top two players produced another scintillating match. This time, the 23-year-old Italian came out on top.

BY JOSHUA ROBINSON a court: absurd levels of inven-

tiveness from Alcaraz, some of
London the purest groundstrokes in ten-
The possibility of Jannik Sin- nis from Sinner, and a standard
ner and Carlos Alcaraz squaring of tennis as brilliant as the All
off in the Wimbledon final had England Club has ever seen.
become a tennis obsession long But for all the talk of a grow-
before they stepped on Centre ing rivalry, their recent battles
Court on Sunday. It had begun had all gone Alcaraz’s way. He
the moment they closed out their came into Sunday’s final on a
5.5-hour duel at the French Open five-match winning streak against
last month. Sinner that dated back to Indian
That match had confirmed Wells in early 2024. And as for
them beyond doubt as the two their meetings at major tourna-
men defining a new era of tennis. ments, Sinner’s most recent vic-
The question here was whether tory was in the round of 16 here
they could possibly deliver an- in 2022.
other spectacle as taut, as tense, “I think we evolve as players,
and as brilliantly executed as and we get better as competi-
their duel in Paris five weeks ear- tors,” Sinner said before the final.
lier. “So of course, you try to do some-
They didn’t disappoint. The dif- thing different. You don’t want to
ference this time was that Sinner, be predictable.”
the 23-year-old from Italy, was the For unpredictable, see: Sin-
one left holding the trophy. ner’s shot between his legs at the
He edged past Alcaraz 4-6, net while facing a break point at
6-4, 6-4, 6-4 after a 3-hour, 4- 2-3 in the third set. Not only did
minute mano-a-mano of impossi- pull off a shot that isn’t in any
bly high standards. The victory, textbook, he then followed it up
Sinner’s first at the All England with a smash winner and a cru-
Club, marked his fourth Grand cial hold of serve.
Slam and denied Alcaraz a third Even as Alcaraz ramped up the
consecutive title here. pressure, Sinner found solutions
It also meant that in the grand when he needed them most. He
accounting of their rivalry, their kept points short and his ground-
series in major finals is now tied strokes deep. The eye test said
at one apiece. And considering that momentum was swinging
where they are in their respective gently toward Alcaraz as Sinner’s
careers, Alcaraz and Sinner’s body appeared to tense up. But
business here is far from done. the scoreboard soon showed
Their combined age was the low- something else: a 2-1 lead for the
est for a men’s final at Wimble- Italian.
don since 2006, when a young Still, Alcaraz didn’t go quietly.
Roger Federer (24) defeated an The serving master class contin-
TOBY MELVILLE/REUTERS
even younger Rafael Nadal (20). ued into the fourth set, with both
Back then, fans on Centre players ratcheting up to over 120
Court could already tell they were miles per hour. It took Sinner’s
witnessing tennis history. And on lone break at 2-1 to make the dif-
Sunday, the expectations were ex- ference. When he finally sealed
actly the same. Jannik Sinner edged past Carlos Alcaraz 4-6, 6-4, 6-4, 6-4 to claim the Wimbledon men’s singles title. the match, the clock was just
Alcaraz took it upon himself to ticking over three hours. The
drive the spectacle in the first show hadn’t lasted as long as
set, coming back from 2-4 down 23—were on. as play is about to resume,” the track. Paris, because no Alcaraz come-
to lead 5-4 before closing it out But in the second, nothing chair umpire announced.) He “For me, sharing the big tour- back quite materialized.
with a point that seemed lost at could derail Sinner, not even a closed it out with a pair of win- naments with Jannik, I think it’s So this time, it was a Wimble-
least twice. He scrambled to his rogue champagne cork that shot ners struck so sweetly that Cen- great,” Alcaraz had said here. don title for Sinner, the achieve-
left to dig out a short backhand out of the crowd with an audible tre Court replied with a standing “We’re just fighting for the tennis ment of a lifelong goal, but it
winner. Alcaraz’s title defense— pop and landed on the grass be- ovation. The fans had come to to be bigger.” hardly felt like the culmination of
and his hunt for a sixth major hind him. (“Please refrain from Southwest London expecting an By now, a few things are guar- something. This series is only get-
championship before the age of opening champagne bottles just epic and now they knew it was on anteed any time these two share ting started.

The WSJ Daily Crossword | Edited by Mike Shenk JASON GAY

26 Caffeine

Dream Run Ends With

1 2 3 4 5 6 7 8 9 10 11 12 13
source
14 15 16 27 Timecard
figs.

A ‘Double Bagel’ Loss

17 18 19
29 Lucy of “Kill
20 21 22 Bill”
33 One day ___
23 24 25 26 27 time Amanda Anisimova had a nightmare afternoon in the final
28 29 30 34 Honda model
for more than
London
31 32 33 34 35 50 years Tennis is
36 Pop icon, to cruel. Every sport
36 37 38 members of is cruel in its own
JOHN PATRICK FLETCHER/ACTION PLUS SPORTS/ZUMA PRESS

her “Hive” way, but tennis

39 40 41 42 43 44 45 cruelty is a bar-
37 Stubborn
ren place, because of the
46 47 48 49 50 38 Pickleball forced isolation. It’s really just
divider you. You triumph alone, you
51 52 53 54 39 Cooling suffer alone.
units, for Saturday at Wimbledon, it
55 56 57 was Amanda Anisimova’s
short
turn to suffer. Until then it
58 59 60 61 40 When had been a dream tournament
repeated, a for the 23-year-old American,
62 63 64 ballroom who’d reached the first major
dance final of her career after top-
65 66 67 41 Roman army pling World No. 1 Aryna Sa-
units balenka in the semis. Amanda Anisimova lost 6-0, 6-0 to Iga Swiatek in the final.
Match of a lifetime, that
SEASON OPENER | By Mike Torch 43 Everywhere
stunner was. Knocking off Sa-
Across 28 Holstered 55 With 8 Prepare for a 44 Strongly balenka was both a highlight vorite. On the other end was sociates. Anisimova walked
item 14!Across, bodybuilding disapprove of and evidence of the 13th- Iga Swiatek, who’d never won over to a chair and covered
1 “Likewise!”
body of water competition 45 Stuck fast seeded Anisimova’s continued Wimbledon but had five ma- her face in a towel. She left
6 Cpls. and 29 Place: Abbr.
surrounding recovery after leaving the jors and blitzed through the court to collect herself for
sgts. 30 Casino worker 9 Oozed 47 Despondent sport due to burnout. Belinda Bencic in the semis, a few minutes, but returned.
the Maldives
10 Hall of Fame 31 Word after 10 Express roads 48 Decrees “It’s become unbearable 6-2, 6-0. That’s another thing: Ten-
56 Do some shoe being at tennis tourna- Swiatek, who’d made her nis makes both finalists stick
quarterback photo or black repair 11 Gecko or 52 Boast about
Tarkenton iguana ments,” Anisimova candidly name on the French Open around for a ceremony. The
32 Author 58 Messy eater 53 First part of announced in May 2023. “At clay, had historically strug- runner-up has to spend 20
14 See Asimov 12 Oscar winner a ski jump this point my priority is my gled to adapt her game to more minutes in the last place
55!Across 60 Request to ramp
35 Votes from borrow a cup Mahershala mental well-being and tak- grass. Her best Wimbledon on Earth he or she wants to
15 Port of supporters of spice mix? 13 Big Apple 54 Japanese beer ing a break.” was a quarterfinal in 2023. be. It’s like being invited to
northwest initials brand She returned in early It became as routine as the wedding of your ex. And
36 See 24!Across 62 Sharpen 2024, crawling out of the hin- the fickle weather and straw- having to give a speech.
Pennsylvania 57 Young
39 Rights org. 63 Letter-shaped 18 Stand terlands of the Top 200 and berries—the annual, baffled Anisimova handled it with
16 Depend (on) against salamanders
42 Le ___ fastener winning a tournament earlier dismissal of Iga Swiatek. grace. She began by praising
17 Suspended 22 Start for heat 58 That woman this year in Doha, but this Not anymore. Swiatek Swiatek, who was brilliant all
(French port) 64 Yonder
artwork or historic 59 Mauna ___ magical run at the All-Eng- looked like peak Swiatek. She day. She had kind words for
made of 43 Pioneering 65 Simple land Club was the richest re- leapt on Anisimova immedi- tournament organizers and
aromatic programmer 66 RR stops 25 Digital money 61 QB protectors minder of Anisimova’s talent. ately, breaking her serve and the crowd that pushed her
herbs? Lovelace Previous Puzzle’s Solution Not long ago, Anisimova continuing to pounce. It was along. This double bagel
67 Fathered
19 Heroic tale 46 It’s said to C O U N T MA AM D A R N had been one of tennis’s rough to watch. aside, it had been an unfor-
Down teenage comets, a New Jer- This is when tennis is at gettable tournament.
20 Totally cause a smile O P R A H I P S O O T O E
1 Opera’s R A N G E S P A R E R I B S sey-born daughter of Rus- its loneliest—when nothing’s Anisimova said what ev-
committed 49 Money Plácido E L S S E C T P R I M E S sian emigres who charged working, and you’re helpless eryone who loses a final
21 Kermit or earned on B E A U C H A S E to the fourth round at Aus- and floating out to sea. It’s says, that they’ll use the
an acct. 2 Freezing over P R I V A T E E Y E S T O Y
Gonzo, for R A N D N AM E OWE
tralia and then the semis at hard enough when you’re a loss as motivation. She’d al-
50 Went first 3 Bone-muscle Roland-Garros. hacker at the chain-link ready recovered from the
example I D O S S C E N E E D N A
connectors S I R B E AM D I E T She was the next big courts. Imagine doing it in tennis depths. Why couldn’t
23 Habitat for 51 Guidance for thing. Then she stopped, be- front of 15,000 people. At she do it again?
4 Crispy cookie MO D L A D Y F I N G E R S
Humanity and someone I T E M S I S A Y cause she had to. Wimbledon. “I’m going to keep putting
brand
Greenpeace, preparing A N N U A L E G O S T A G Anisimova walked away to Anisimova, who’d begun in the work,” she said. “I al-
for two: Abbr. turkey 5 “My treat!” G E A R T E E T H C A I R O
E S T O S L A T A C R I D save Amanda, and now she her tournament with her own ways believe in myself and I
24 Followed by stuffing? 6 It’s south of S T EW S I T S R E E D S was playing better than ever. 6-0, 6-0 victory, would end hope to be back one day.”
36!Across, 54 River of S. Dak. The contest answer is BODY. As suggested by It was a useful message in a her run on the opposite side A cruel sport, tennis
cayenne that Xanadu, in 7 Create waves 1!Across (COUNT, “Tally of parts”), take the sport that routinely punishes of that brutal score. doesn’t always work that
count in the human body of each theme young talent, and burnout is 0-6, 0-6. way. Sometimes you don’t
wants Coleridge’s in, as hair or pie answer’s final word: RIBS (24), EYES (2),
information? “Kubla Khan” crust edges FINGERS (10), TEETH (32). The letters in the worn as a badge. When it was over, Swiatek get back. But who doesn’t
correspondingly numbered grid squares spell Then Saturday. fell to the ground and skipped want to believe in Amanda
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. the contest answer. Anisimova was not the fa- over to celebrate with her as- Anisimova?
THE WALL STREET JOURNAL. Monday, July 14, 2025 | A15

OPINION
Trump’s Brazilian Trade War BOOKSHELF | By Nancy Rommelmann

President
Trump fired
to blame for the fiscal and
economic crisis that was al-
nent.” He promised to be
“watching the WITCH HUNT.”
Last month the court voted
8-3 to declare tech companies
Breeding Ground
For Killers
off a letter to ready under way. Two days later he sent his tar- like Google and Meta liable for
Brazilian Pres- Three months after Mr. iff letter. content posted on their plat-
ident Luiz Ina- Trump’s “Liberation Day,” an- Whether Mr. Bolsonaro is forms that the court declares
cio “Lula” da nouncing a spike in U.S. tar- guilty of some or all of what “illegal.”
AMERICAS Silva Wednes- iffs, we still don’t know the he’s accused of might come This power to censor politi-
day announc- objective of White House out in a fair trial. But he’s un- cal speech has gone into effect
By Mary
ing new 50% trade policy. Some weeks it’s likely to get one. In a clear despite a 2014 law passed in
Murderland
Anastasia
tariffs on im- about ridding the U.S. of cur- overreach of its jurisdiction Congress that absolves tech By Caroline Fraser
O’Grady
ports from the rent account deficits. Some- since 2019, Brazil’s Supreme companies from liability for Penguin Press, 480 pages, $32
South Ameri- times the administration Court has empowered itself to content. Mr. Trump also com-

I
can behemoth. Lula immedi- seems happy enough to be col- investigate, prosecute and plained about it in his tariff t’s 1970 and Caroline Fraser is 9 years old, living outside
ately pledged to retaliate. lecting “billions and billions” judge political cases. The lead letter. of Tacoma, Wash. That local refineries are dumping 8.5
If both sides carry through in new tax, er tariff, revenue justice in the Bolsonaro case, A possible provocation be- million gallons of smelter discharge a day, including 2,500
on their threats, a trade war to offset fiscal deficits. In Alexandre de Moraes, hasn’t hind the Trump tariff blast pounds of toxic metals, into nearby Commencement Bay is
is on between the two largest other instances the big, beau- was last week’s 17th summit of not yet of widespread concern. The Environmental Protection
countries in the Western tiful endgame appears to be the Brics block of nations— Agency will not be established until year’s end, and it will be
Hemisphere. Lucas Ferraz, a autarky. U.S. tariffs will give Brazil, Russia, India, China four years before the blood levels of 300 of 333 children liv-
former Brazilian secretary of The sharp tariff hike on and South Africa—held in Rio ing near an Idaho smelter will be found to contain abnor-
foreign trade, estimates that Brazil is a reminder of another Lula a scapegoat de Janeiro. Lula’s statements mally high amounts of lead.
the new tariffs could spark a use Mr. Trump has for tariffs: for his own fiscal there, calling for the Brics to “Lead is a vampire,” Ms. Fraser writes. “Invite it in and it
75% drop in Brazilian exports They’re a way to settle scores, work to reduce the role of the will drink your blood and live forever.” But the local children
to the U.S. But it won’t be a geopolitical and personal. A mismanagement. dollar in the world, seem to and young women have a more immediate problem: They
party for American busi- U.S. court has already said he have irritated Mr. Trump. Un- start turning up dead, murdered by a panoply of serial killers
nesses either. Brazilian com- doesn’t have such power but, til now he’s wanted a weaker either raised in the Pacific Northwest or using it as their kill-
modities fuel American con- under a stay, he continues to hidden his prejudicial zeal to greenback. But midweek he ing grounds—men whose appetite for murder is so mon-
sumption and production. wield it. convict. noted the dump-the-dollar strous one imagines some
Notwithstanding Mr. Trump’s Mr. Trump’s letter listed Lots of Brazilians feel, ambition of the nonaligned outside alchemic force cata-
assertions to the contrary, the two other grievances besides with good reason, that Mr. countries and warned, “I can lyzing their need to hunt and
U.S. has a trade surplus with the phantom trade deficit. The Bolsonaro is being railroaded. play that game too.” to kill.
Brazil. American exporters, first is the looming trial of He’s already been banned The deterioration of demo- Ms. Fraser does imagine
particularly industrial manu- Brazil’s former President Jair from running for office until cratic norms in Brazil is as much, citing, toward the
facturers, will be harmed if Bolsonaro and his allies for al- 2030 because he criticized alarming. So is Lula’s coziness end of “Murderland: Crime
they lose market access to legedly plotting a coup against the electronic voting system with China. But the Trump and Bloodlust in the Time of
this huge middle-income Lula. Mr. Trump thinks it mir- before and after the 2022 50% tariff is likely to make Serial Killers,” the “lead-
economy. rors his own struggle against presidential election. In real matters worse. It undermines crime hypothesis.” After
Both sides have incentives lawfare. democracies that’s called free U.S. leadership authority be- superimposing “graphs of lead
to continue trading, and at As part of the case, Team speech. If convicted of trying cause it violates its commit- and crime over each other,”
some point we’re likely to Bolsonaro is being investi- to overthrow Lula, he could ments at the World Trade Or- epidemiologists found “the
hear of “negotiations.” Lula gated for playing a role in the go to prison. ganization and it creates lines rising and falling in tan-
said Thursday that he would Jan. 8, 2023, antigovernment Even some Brazilians who greater space for Beijing. In a dem so closely” that a theory
form a committee of business riots at Congress and the Su- don’t support Mr. Bolsonaro nation that has long mis- was born.
leaders to reconsider trade preme Court in Brasilia. In a see his case as reflective of trusted U.S. hegemony in the A bracing conclusion, if not
policy with the U.S. But he social-media post last week the wider collapse of the rule region and used it as an excuse as transfixing as the larger phys-
also expressed indignation at Mr. Trump called the case of law as the Brazilian Su- for protectionism, it also risks ical and cultural landscape Ms. Fraser presents here, that of
Mr. Trump’s demands and against Mr. Bolsonaro “noth- preme Court has moved to si- strengthening Lula’s hand at an ecosystem, one dependent on physical destruction, pro-
wrapped himself in the Brazil- ing more, or less, than an at- lence political criticism by la- home. ducing inhabitants who cannot be expected to act otherwise.
ian flag. He now has someone tack against a Political Oppo- beling it “antidemocratic.” Write to O’[email protected]. “What is a smelter? It is a commercial volcano,” writes Ms.
Fraser. She extends the region’s instability to its people: the
engineers who build spectacularly lethal local bridges and,

Al Gore Helped the U.S. Surpass Europe when those fail, build the same ones again; the plant workers
who see the massive holes in their septa, known as “smelter
nose,” as no big deal; the children who, since their time in
In the spirit that fluctuations caused a the U.S. Army put out a press Doubtful. It’s more likely to the crib, are exposed to airborne arsenic, selenium and lead,
of Bastille Day massive blackout in April, tak- release and called for a con- come from higher taxes, steal- and become “crazy-like”—including a 6-year-old who “sticks
on July 14, it’s ing parts of Portugal down ference with details of its ing more capital away from a fork into another boy’s face, steals pencils and pens, and
a good time with it. Central planning kills. Eniac computer. Open inquiry entrepreneurs. The Trump ad- sets his apartment on fire twice.”
to ask: What’s The U.S. uses 21% renewables. wins. ministration announced Satur- All of which, during Ms. Fraser’s girlhood, seems like not
wrong with Jay Clayton, the first Even if Europe enabled a day that 30% EU tariffs begin much more than the wallpaper. Toddlers disappear, high-
Europe? In Trump administration’s Secu- real high-tech industry, I’m Aug. 1. Let’s also add Europe’s school classmates are murdered or themselves become mur-
INSIDE
1790, France’s rities and Exchange Commis- not sure they’d have the work dysfunctional immigration derers, hitchhikers and partyers head to the lake and are
VIEW
Marquis de sion chairman, told me that ethic. France and Belgium policy led by former German never seen again. It is the ’70s and, with the exception of
By Andy
Lafayette gave when he met with European have “Right to Disconnect” Chancellor Angela Merkel to Charles Manson, serial killers do not take up space in the
Kessler
George Wash- central bankers, “they often the recipe for flatlining. national psyche. It’s gas lines and Richard Nixon and young
ington the key only wanted to talk about Despite self-inflicted people cruising in VW bugs, including Ted Bundy, whose
to the Bastille prison—still one thing, reducing carbon Americans didn’t buy wounds like last week’s cop- journey from Seattle suicide-hotline operator to stalker
displayed at Mt. Vernon—sym- emissions.” One way to do per tariffs and our on-again, and murderer of dozens of women Ms. Fraser charts with
bolizing a “token of victory by that is to limit economic into his economy- off-again going goo-goo for chilling specificity.
Liberty over Despotism.” Eu- growth. Mission accom- destroying climate- greens, the U.S. is a relative If “Murderland” does not sensationalize these killings, nei-
rope needs the key back. plished. They should have free-market paradise. What- ther does it shy away from the slaughters committed by
In 2008, the U.S. and Euro- been encouraging a digital change nonsense. ever the Europeans did on Bundy, Gary Ridgway (the Green River Killer), Randall Wood-
zone economies were about economy instead. their road to stagnation, let’s field (the I-5 Killer) and others. These men dumped hundreds
the same size. Since 2010, Eu- Quick, name a valuable Eu- make sure we don’t. The in- of bodies in the forests and rivers of Washington, Oregon and
rope’s per capita gross do- ropean technology company. laws that outlaw or discourage gredients include large gov- California, which, as the land did for 19th-century industrial-
mestic product has basically Nokia? Ericsson? OK, how communications outside work ernment, socialized medicine, ists, provided munificence, this time in reverse—an endless
flatlined. Today, the U.S. nom- about this century? Here you hours. Does that include 1!- limited-hour workforce, anti- “kingdom of the fungi” dematerializing the bodies with sav-
inal GDP per capita is almost go: Germany’s SAP is growing hour lunches? Portugal has a innovation Luddite policies, age efficiency, able to make girl after dismembered girl all
twice as large as Europe’s. again because of cloud com- “right to rest” law—bosses rabid regulatory mandarins, but disappear.
Why? Recently, this paper ran puting. Great. Dutch ASML, could get fined for off-hour unaccountable plutocrats and Did this environment also create serial killers? The lead-
side-by-side headlines: “EU which makes specialized texts or emails. Then add Eu- antirisk capital markets con- crime hypothesis can only extend so far. Bundy grew up
Moves to Extend Climate equipment to manufacture rope’s “outta here” tradition trolled by large banks. downwind of Tacoma’s smelters, but so did Bill Gates. And
Goals” and “Eurozone Job- semiconductors, is worth $313 of taking all of August off. Tell Shedding central planning’s the pollution-choked air of El Paso, Texas, that produced
lessness Reached 6.3% in billion, down 20% from its that to coders who spend 80- jackboot works. Ask Poland, Richard Ramirez (the Night Stalker) also gave us Sandra Day
May.” (It’s 4.1% in the U.S.) As year-ago peak. Novo Nordisk to 100-hour weeks at their San which instituted market re- O’Connor. A perhaps more reliable commonality, which Ms.
the Romans used to say: Cau- and its diabetes-busting Francisco AI startups. forms and a digital focus. Its Fraser details in her meticulously researched book, is that the
sae et effectus. weight-loss drug, Ozempic, When it was still flying, I nominal GDP per capita has killers all grew up poor, unwanted and themselves brutalized.
I never thought I’d write was for a while worth more took the supersonic Concorde grown approximately eight-
these words, but Al Gore is re- than the GDP of Denmark but to Paris for lunch at a French fold since the last Soviet
sponsible for America’s suc- has since halved due to com- company interested in buying troops left in 1993. It is Eu- A ‘lead-crime hypothesis’ posits a connection
cess in leaving Europe in our petition from Eli Lilly and oth- U.S. chip companies. A too-cli- rope’s sixth-largest country by between industrial pollution and serial
dust. He spewed climate- ers. Meanwhile, search, social ché-to-make-up discussion en- GDP and the EU’s fastest-
change rhetoric based on networks and artificial intelli- sued: “Should we open red or growing large country. murder in America’s Pacific Northwest.
flawed models, and Europeans gence are a multitrillion-dol- white?” The wine was good, In April, in a discussion
believed him. The German Re- lar U.S. phenomenon. Our top but the company didn’t make about currencies, Larry Sum-
newable Energy Sources Act four publicly traded compa- any acquisitions. Along with mers said, “Europe’s a mu- A great writer can make art of the most grotesque mate-
pushed solar panels in not-al- nies are worth more than all most of Europe, it focused on seum in some ways, Japan’s a rial, and Ms. Fraser does. As crushing as many of the stories
ways-sunny Düsseldorf and 402 in the MSCI Europe Index. the fake peril of Mr. Gore’s po- nursing home, China’s a jail are, we are held in thrall. Still, “Murderland” is not for the
elsewhere. High-cost renew- Ouch. lar bears. and Bitcoin’s an experiment.” weak of stomach. Discovering the sheer number of victims,
ables are 55% of the Germans’ I trace back the original It gets worse. European Sadly, I think Europe is the and the viciousness with which they were killed, can be as
energy generation—a burden- sin of low-tech Europe to the North Atlantic Treaty Organi- jail—at least its economy is unsettling for the reader as it was for those charged with
some tax on citizens. And British literally destroying zation countries have prom- stuck in a Bastille-like prison, searching for bodies. One detective, Ms. Fraser writes, is
Russian natural gas is their their Bletchley Park code- ised the Trump administration ruled by climate despotism. “haunted not only by the violence of the crimes but by the
backup strategy! breaking computer, Colossus, they’ll spend 5% of GDP on de- Where is the key to unlock Eu- blond hair in the bird’s nest, the indifferent dismantling of
Spain (56% renewables) has in 1945 for fear the Soviets fense. Will the money come rope’s economy? once vibrant young women, now reduced to disparate objects.
so much wind and solar power would steal it. Meanwhile, out of welfare state spending? Write to [email protected]. Kleptotrichy, they call it: the stealing of hair by birds.”
While the scenes of kidnapping and torture are terrifying
(readers may, as this reader did, find themselves reminding

BDS Will Be Bad for Irish Business children not to get into cars with strange men), Ms. Fraser
holds steady. To her credit, and as Robert Kolker did in his
magnificent “Lost Girls: An Unsolved American Mystery”
By Eugene Kontorovich would require American compa- The Irish legislation would discriminate impermissibly. (2013), she introduces us to the murdered women—we learn
nies with a substantial presence apply even to areas that the Even representing to Irish en- their names, what they looked like, what they aspired to. And

I
reland’s low corporate tax in Ireland to violate federal U.S. recognizes as fully under forcement authorities that a when we come upon a 12-year-old who, after being raped
rate has made it an attrac- statutes designed to combat the Israeli sovereignty, such as Je- company hasn’t conducted twice and left in the wilderness near Washington’s Mount
tive place to do business. earlier boycott. rusalem. The U.S. Embassy is any forbidden trade would be Rainier, escapes her sleeping would-be killer by swimming
American companies including The bill’s sponsors claim in an area of Jerusalem the a violation. across the Carbon River, we feel a spark of hope, a sense that
Accenture, Apple, Google, Mi- such rules are required for Irish bill treats as an illegal The first Trump administra- maybe we can get out of this nightmare.
crosoft and Pfizer have a signif- “compliance” with an Interna- “settlement.” tion helped block the passage Maybe we can. Beginning in 1992, “the fever breaks. Lead
icant presence on the Emerald tional Court of Justice advi- The Arab League boycott, of a predecessor bill. Even the levels in American children and adults are seen to be declin-
Isle. But the country’s parlia- sory opinion from last year. adopted in 1951, coerced third- Biden administration warned ing rapidly,” Ms. Fraser writes. “At the same time, the crime
ment is considering legislation But advisory opinions create country companies to refuse Dublin of “consequences.” rate falls, the largest plunge in recorded history.” Data show a
that would put American com- no legal obligations. Even as- trade with Israel. In 1977, with The federal antiboycott commensurate decline in the number of serial killers: In the
panies in a legal bind. broad bipartisan support, Con- statute helped end the Arab 1990s, there are 669 serial killers nationwide; in the 2010s,
The Occupied Territories gress enacted a law that pro- League boycott. Now, as Israel there are 117.
Bill, which has the support of U.S. antiboycott laws hibited American companies negotiates normalization with In a climate where killers can be romanticized, Ms. Fraser
both the governing coalition will put American from taking actions “with in- Syria, which used to host the performs the necessary service of showing them as the trou-
and the opposition, would tent to comply with, further, league’s Central Boycott Of- bled, pathetic and deeply dangerous people they are. If her
make it a crime to trade with firms in a tough spot. or support any boycott fos- fice, Dublin seeks to take the need to find causation is honorable, and the lead-crime con-
Israelis in Judea, Samaria and tered or imposed by any for- place of Damascus as the cen- clusion perhaps even true, one should not mistake this for
parts of Jerusalem. Ireland’s eign country, against a country ter of Israel boycott efforts. compassion, which Ms. Fraser reserves for the killers’ victims
volume of trade with Israel is suming the territories in ques- which is friendly to the United But Syria was an economic and for the land itself, which was not given a choice in abet-
small. But the government tion are occupied as a matter States and which is not itself backwater. Ireland has a lot ting those it poisoned.
hopes to make a point—and to of law, trade with them is legal the object of any form of boy- more to lose. “Unmelt the slag, unbreak the rock, unbreathe the air,” Ms.
encourage other countries to under international law. The cott pursuant to United States Fraser concludes. “Now and forever, let it all be over.”
join its boycott of the Jewish European Union and the U.S. law or regulation.” Mr. Kontorovich, a profes-
state. explicitly allow for the impor- The antiboycott law is sor at George Mason Univer- Ms. Rommelmann wrote of interviewing the serial killer
The bill harks back to the tation of such goods, with about preventing American sity Scalia School of Law, is a John Wayne Gacy prior to his execution (“Destination
long-since abandoned Arab America labeling them “Made companies from being pres- senior research fellow at the Gacy”) and is, more recently, the author of “To the Bridge:
League boycott of Israel. It in Israel.” sured by foreign countries to Heritage Foundation. A True Story of Motherhood and Murder.”
A16 | Monday, July 14, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Return of the Housing Monsters The Best Judge of ‘Real Peace’ in the Mideast
The most important thing to note the destruction of Israel, not state-

A
merica in the 21st century sometimes That’s still about $320 billion short of FHFA’s
seems destined to repeat all of the mis- capital requirements, which are more lax than about “A Hebron ‘Emirate’ or a Colo- hood. Palestinians have repeatedly re-
nial Deception?” (op-ed, July 10) is jected two states and will also reject
takes of the 20th. The latest is President the Fed’s for big banks. Delinquencies are low in
that the author, Mahmoud Jabari, the emirates proposal because their
Trump’s desire to release Fan- a growing economy. Fannie and writes from Geneva. He lives there, only acceptable solution is no Jewish
nie Mae and Freddie Mac from Private profit but Freddie have also encouraged while the Palestinians whose peace state. That rejectionism is reflected in
government captivity—along taxpayer risk. What mortgage servicers to waive proposal he criticizes live in Hebron or the ubiquitous shouts of “from the
with a government guarantee. and reduce monthly payments part time in East Jerusalem. Mr. Jabari river to the sea,” and so forth.
Didn’t we learn this was a bad could go wrong? for delinquent borrowers, re- claims to have left during the second Jordan, which contains about 78%
idea the first time? ducing defaults. intifada. That was 20 years ago. Surely of Balfour Mandate Palestine, is ma-
The President teased on so- Fannie and Freddie back $7.7 those on the ground have a better grip jority Palestinian, albeit with a Ha-
cial media recently that “I am working on TAK- trillion in loans and account for half of the single- on life there and how to improve it shemite monarchy. The country con-
ING THESE AMAZING COMPANIES PUBLIC,” re- family mortgage market. Loans they’ve guaran- than he. trolled the West Bank until 1967 but
ferring to Fannie and Freddie. “I want to be clear, teed in recent years have become increasingly Mr. Jabari writes that his family had refused to set up a second Palestinian
long lived in Hebron and “didn’t leave state there. Likewise, Egypt controlled
the U.S. Government will keep its implicit GUAR- risky, though at least the Biden FHFA last year
by choice. The violence of the second the Gaza Strip until 1967 but pre-
ANTEES, and I will stay strong in my position on nixed a Freddie plan to guarantee second mort- intifada and the relentless aggression vented Palestinian independence.
overseeing them as President.” Their share gages, which are effectively consumer loans. of Israeli settlers made staying impos- When Israel left Gaza in 2005, Gazans
prices surged. Yet hedge funds that own common shares in sible.” The area where Mr. Jabari lived, elected Hamas, knowing its genocidal
Investors are elated that Mr. Trump plans to Fan and Fred are pressuring the Trump Adminis- H2, is populated by about 35,000 Pal- charter. From the 1930s until now, ev-
re-privatize these firms—especially because he tration to release them, and you can see why. Their estinians who actually “didn’t leave by ery Palestinian faction has rejected co-
has now made their government backstop ex- profits will be private but the risks will be social- choice” and didn’t find “staying impos- existence. Thus Yasser Arafat rejected
plicit. The President may think the feds can keep ized on taxpayers. FHFA Director Bill Pulte has sible.” They’re still there. President Clinton’s 2000-01 plan for
the housing monsters on a regulatory leash, but floated letting the firms have public stock offer- Mr. Jabari tells us “what real peace statehood in the West Bank, while his
the political and financial incentives mean they ings and use them “for what they are, which are looks like” and sets out the usual con- successor, Mahmoud Abbas, didn’t re-
ditions, including “a reformed and em- spond to the 2008 Olmert plan.
will invariably revert to their reckless ways. assets for the American people.”
powered Palestinian Authority and PLO Rival Palestinian factions, especially
i i i That sounds ominous. Is the idea for the gov- for a credible and irreversible path to Hamas and Fatah, have never cooper-
During the housing bubble in the 2000s, Fannie ernment to keep its preferred shares (currently a two-state solution.” We have heard ated on anything beyond attacking Is-
and Freddie used their implicit government back- valued at $355 billion) while using the dividends those lines for decades, and they ha- rael. Regional powers such as Iran,
stop to borrow at low rates to buy and securitize to finance Mr. Trump’s mooted sovereign wealth ven’t improved the life of one Palestin- Syria, Egypt and Saudi Arabia have
risky mortgages. No proof of borrower income? fund or strategic crypto reserve? Such a plan ian. For my money, I’ll listen to the supported rival Palestinian factions
No problem. When housing prices dropped, sub- could spur regulators to ease up on the firms so sheikhs. while using the Palestinian issue as a
prime borrowers sank underwater. Delinquencies they can mint bigger profits for the government ELLIOTT ABRAMS distraction from domestic failures.
and losses rose. The mortgage giants needed a even while increasing the risk for taxpayers. Council on Foreign Relations Meanwhile, Israel is demonized for
government bailout. Bill Ackman, whose Pershing Square Capital Washington fighting wars of survival, started by
We argued that the monsters should be put manages funds that own shares in Fannie and its enemies.
Mr. Jabari omits that the overriding DORON LUBINSKY
into receivership so they couldn’t rise again. But Freddie, has pitched a plan that involves the gov-
obsession of the Palestinian cause is Atlanta
Treasury Secretary Hank Paulson placed them ernment taking the two firms public, canceling
in government conservatorship. In return for a its preferred shares, and easing their capital re-
$190 billion capital infusion and $200 billion line quirements. This would be a $355 billion gift to
of credit, Treasury received senior preferred current shareholders and increase the risk of a
shares in the companies that entitled the gov- future bailout.
Trump Proves the ‘Restrainers’ Wrong—Again
ernment to dividends as well as warrants to buy The American Enterprise Institute’s Ed Pinto H.R. McMaster and Bradley Bow- to our support for Israel’s military
up to 79.9% of their common stock. sensibly argues the GSEs should be shrunk and man make a fine case for why the U.S. campaign against Iran and fiercely op-
The government life-support was crucial as well-capitalized before a release. They should shouldn’t cut off weapons to Ukraine posed U.S. military action to destroy
the un-dynamic duo lost a combined $265 billion also pay the government a fee for their implicit (Letters, July 11). Here’s another: Fail- Iran’s nuclear program. They argued
between January 2008 and March 2012. Their guarantee that would account for their mortgage ing to deliver promised weapons after that these operations would impair
President Trump’s successful North the president’s hand to deal with
losses would have been larger if not for the Fed- risk and the U.S. government’s higher borrowing
Atlantic Treaty Organization summit China and inevitably cause uncon-
eral Reserve’s mortgage-backed securities pur- costs because Fannie and Freddie securities where allies committed to investing trolled escalation. Neither has hap-
chases. The Obama Administration also stanched compete with Treasurys as “safe” assets. 5% of gross domestic product on de- pened, as China is weakened when
their losses with rules making it difficult to fore- Mr. Pinto estimates such a fee would cost Fan fense would have undermined our Russia and Iran are weakened.
close on delinquent borrowers. and Fred $46 billion a year. To mint dividends for credibility at a geopolitical high The better course for such analysts
The Federal Housing Finance Agency (FHFA), investors, they’d have to raise their guarantee point. The decision wouldn’t merely now is to put aside emotion, recog-
the regulator that now oversees the duo, con- fees, which would lift mortgage rates. Trump offi- risk demoralizing Ukraine and em- nize these hard realities and priori-
tained them for a while. But over time they have cials insist they won’t release the godzillas if do- boldening the Kremlin; it could cause tize the safety of Americans by sup-
been allowed to ease underwriting standards ing so would raise costs for homebuyers. European allies to question our word porting the president’s wise decision
and expand the mortgages they guarantee, in- i i i as Mr. Trump is trying to get them to to arm Kyiv and rebuild the defense
In a better Washington, Congress would boost defense procurement by buying industrial base.
cluding vacation homes.
American weapons. REBECCAH HEINRICHS
In 2019 the Trump Administration let them shrink Fan and Fred and encourage more private Opponents of aiding Ukraine who Hudson Institute
retain profits, rather than remit them to Trea- competitors. But the worst of all worlds would call themselves “restrainers” objected Washington
sury, so they could build a capital cushion for an be to unchain the monsters in a way that would
eventual release. Ballooning home prices plus a give the government and private investors a mu-
tsunami of sales and refinancing in the pandemic tual incentive to expand risk at taxpayer ex-
boosted their guarantee fee income. This has let pense. Americans have seen this horror movie
The Hipsters in Brooklyn Don’t Speak for Gen Z
Fan and Fred accumulate some $160 billion. before, and it didn’t end well. Mark Penn and Andrew Stein’s op- As Messrs. Penn and Stein ac-
ed “Gen Z, the Useful Idiot Genera- knowledge, my generation can’t be
tion” (July 8) oversimplifies my compared with others that shifted
Palestinian Terrorism, American Funds? peers. While Brooklyn, N.Y., influenc-
ers may have naively cast their bal-
right once they got married and
started families. Give us time. My
lots for a socialist, don’t forget that peers will live longer and have kids

T
he U.S. press is all over the Israeli-Pales- own, Naji Arrar, when he was released by Israel millions of Gen Zers swung to the later. Despite long-term trends
tinian conflict, but there are certain sto- after serving 18 years for shooting attacks dur- right last November and voted for away from religion, young people
ries for which it has strangely little in- ing the Second Intifada. Dressed in a PASF uni- Donald Trump. Other young people are bucking hipster atheism, and
terest. On Thursday it was the terrorist murder form, he was welcomed back to his unit as a feel politically homeless and disaf- young men especially are engaged
of an Israeli civilian security guard, Shalev Zvu- hero. The PA’s Governor of Ramallah, Laila fected with the two-party system. with Catholicism.
luny, at a supermarket in a West Bank suburb Ghannam, posed with him for a photo. The Park Slope Food Coop doesn’t Sympathy for terrorist organiza-
of Jerusalem. The two killers, who stabbed and On March 26, according to the study, the PA’s speak for everyone. tions doubtless exists among some
shot Zvuluny after arriving in a stolen car, were daily paper reported that the PA General Intelli- students, but broad swaths of Gen Z
Palestinian Authority police officers. gence Service had made extra cash grants to 38 are tired of their radicalized friends.
Ramallah pledged to investigate, which is families of “Martyrs and prisoners from among A Soap Opera of Trade Deals Weary of protests and word polic-
ing, they are increasingly speaking
good for a laugh. The Palestinian Authority (PA) the Forces’ members” in Jenin. It did so, the pa- “Asian Allies Seek Wiggle Room on
up in defense of our country, capi-
glorifies terrorism by its security forces, as is per said, on orders of Maj. Gen. Majed Faraj, a Tariffs” (U.S. News, July 9) shows
talism and allies abroad. They vote
documented in a new study by Palestinian Me- confidant of PA President Mahmoud Abbas. Mr. how tangled trade policy has become.
too. Don’t lump them in with the
dia Watch, an Israel-based research institute. Faraj has called such “martyrs” and prisoners For American companies working in
bad apples.
The PA also subsidizes terrorists, paying them “the most honorable, the best, and the most su- Asia, the soap opera of President
SAM RAUS
Trump’s trade deals isn’t merely a
or their families monthly salaries for life. This preme among us.” Philadelphia
diplomatic sideshow; it’s changing
costs more than $300 million a year, about 8% The terrorists who killed Zvuluny have been the way companies operate on the
of the PA budget. lionized by the PA newspaper in similar fashion. ground.
The 2018 Taylor Force Act stops direct U.S. The study concludes that “the PA and Fatah,” U.S. multinationals face a growing
Socialism Won’t ‘Go South’
economic aid to the PA. But support for the PA Mr. Abbas’s party, “make no effort to hide the backlash in Asia, sometimes explicitly Matthew Hennessey writes that
Security Forces (PASF) is another matter, the involvement of the PA security officers in ter- in reciprocal tariff arrangements, but capitalism allows human nature’s
State Department tells us: “The United States rorism—instead, they openly publicize and also more subtly implied through fu- self-interest to flourish to everyone’s
has continued to provide limited assistance to boast about it.” A 2022 Fatah video sums up the ture regulatory or market-access de- benefit (“Capitalism Needs Champi-
the PASF for the purpose of maintaining stabil- phenomenon: “By day Security Forces, and by cisions. At the same time, for every ons,” July 1). The system fosters com-
ity in the West Bank, apprehending terrorists night self-sacrificing fighters”—martyrs. overture U.S. executives make to their petition and efficiency. Mr. Hennessey
and militants and supporting related criminal A State Department spokesman agreed to Asian stakeholders, they’re required adds: “I’d like to hear Mr. Mamdani
to reassert their commitment to the explain how he plans to keep New
prosecutions, and keeping Israel secure.” provide numbers on U.S. aid to the PASF, even
White House and American jobs. Ev- Yorkers captive when his experiment
On May 1, the Palestinian Media Watch study offering a “hard deadline,” but then reneged. ery decision—from where to invest to goes south.”
says, the PA Security Forces honored one of its Taxpayers and the public deserve to know. how to price products—risks upset- Capital is mobile, and we South-
ting someone. erners have watched it flow here for

Now Trump Says Forget Jeffrey Epstein The rules of engagement have
changed. The unsung heroes of Amer-
ica’s multinationals in this new cli-
years, searching for better tax climes
and politicians who respect busi-
nesses. Many economic failures exist

D
onald Trump has traded in conspiracy Department and FBI said last week. At a cabinet mate are the government-affairs in the North or out West in liberal
stories for years: Barack Obama was meeting Tuesday, the AG insisted that in Febru- teams, building relationships, gather- bastions. Perhaps it’s time to update
born in Kenya. Ted Cruz’s father had a ary she only meant the Epstein case files were ing intelligence and informing busi- that unfortunate phrase.
link to JFK’s killer. The 2020 election was stolen. ness strategy. Success in Asia now FRED COOK
on her desk. Alleged videos, she said, “turned out
hinges not only on what firms can Myrtle Beach, S.C.
Migrants are barbecuing people’s pets. He seems to be child porn downloaded” by Epstein. Mr. Pa- produce but on how effectively they
to think this is good show business, with appeal tel, wearing official FBI big boy pants, agrees. “If can communicate their value to dis-
in certain niches of a fragmented culture. there was a video of some guy or gal committing cerning government stakeholders.
Yet now he’s upset that the Jeffrey Epstein felonies on an island, and I’m in charge,” he re- JAMES LAMBERT
Pepper ...
theories he fanned are proving hard to tamp cently said, “don’t you think you’d see it?” Oxford Economics And Salt
down. Mr. Trump lamented online Saturday that The Trump Administration backs the assess- Singapore
THE WALL STREET JOURNAL
his Administration is taking heat “over a guy ment that Epstein killed himself in prison. But the
who never dies, Jeffrey Epstein. For years, it’s jailhouse tape it released has a minute gap near
Epstein, over and over again.” His advisers are midnight. Ms. Bondi said it’s a daily glitch, when CORRECTION
suggesting this was a snipe hunt, but the MAGA the aging surveillance system resets. Yet to con-
base is in furious disbelief, since the same people spiracy raconteurs, it’s one more clue. Nothing Rystad Energy reports that more
pledged to catch some snipe. will satisfy them, because they live in a world of than three-quarters of foreign parts for
Asked on a podcast in 2024 about Epstein’s storytelling, not evidence. GE Vernova’s South Carolina plant come
“list of clients,” Mr. Trump said he’d have “no Maybe podcast provocateurs think it’s fun to from China. The denominator was mis-
problem” releasing it. Attorney General Pam spin joking-not-joking yarns about Taylor Swift stated in the July 9 editorial “The Tariff
Damage in Profile: Energy.”
Bondi said in February that “it’s sitting on my rigging the Super Bowl to help President Biden.
desk right now to review.” FBI Director Kash Pa- What about the truth? By the way, Mr. Trump
Letters intended for publication should
tel has been on this beat, too. “Put on your big now says the Epstein furor can’t distract Ms. be emailed to [email protected]. Please
boy pants and let us know who the pedophiles Bondi from the real conspiracy: “The 2020 Elec- include your city, state and telephone
are,” he told a podcast two years ago. tion was Rigged and Stolen, and they tried to do number. All letters are subject to
But Ms. Bondi’s and Mr. Patel’s review “re- the same thing in 2024—That’s what she is look- editing, and unpublished letters cannot “Well, technically it was ChatGPT
be acknowledged.
vealed no incriminating ‘client list,’” the Justice ing into as AG, and much more.” that plagiarized, not me.”
THE WALL STREET JOURNAL. Monday, July 14, 2025 | A17

OPINION

Democrats’ Russia Intensifies Its Drone War

School Choice By Jillian Kay Melchior Daria Kaleniuk, a co-founder of the In-

Dilemma ternational Centre for Ukrainian Vic-

I
Kyiv, Ukraine tory, an advocacy group. Yet in this
t’s 8:30 p.m. Friday, and I’m war technology becomes obsolete
writing from my hotel’s bomb about every three months. Ukraine’s
By Michael J. Petrilli shelter, relieved I got here fast. procurement cycle is much faster than
We had only about 20 minutes’ the North Atlantic Treaty Organiza-

O
ne of the first rules of partisan notice before the explosions tion’s, but Kyiv needs to do more to
politics is to promote issues started. The pops above are report- make contracts flexible enough for
that unify your own coalition edly from Ukraine intercepting a breaking software upgrades and hard-
while dividing the other party’s. drone. More are en route. A wailing ware improvements.
That’s why the Medicaid cuts in the baby is among those taking refuge In the air, “of course we’re over-
One Big Beautiful Bill Act are a gift down here. stretched,” says Serhii Kuzan, head of
to Democrats. Over the past 15 years, Russia’s massive drone attacks on the Ukrainian Security and Coopera-
40 states opted for Medicaid expan- Ukrainian cities the past week should tion Center, a Kyiv think tank. Ukrai-
sion, including 20 that Trump won in be a wake-up call to the West. But nians have already developed drone
2024; lots of Republican governors they aren’t prompting the same level interceptors that cost less than
proved unwilling to turn down an of- of introspective concern as Ukraine’s $10,000, compared with $50,000 or

REUTERS
fer that had Uncle Sam paying 90% Operation Spiderweb, which targeted more for a Shahed-type drone. But
of the costs. Congressional Republi- air bases deep inside Russia and de- Kyiv hasn’t yet produced them on a
cans have reversed much of Obama- stroyed dozens of strategic bombers Ukrainians take shelter in a Kyiv metro station Saturday. scale that matches Moscow’s. Ukraine
Care’s Medicaid expansion and last month. That mission made Eu- has only about $10 billion to spend
thereby handed Democrats an elec- rope and the U.S. recognize they missiles, says Oleksandr Humeniuk, dered inefficient,” he says. producing weapons this year, though
tion issue. share vulnerabilities with Russia. Do an air-force expert at the Sahaid- Ukraine has long relied on mobile it has the capacity to manufacture
With much less notice, the act they realize they share vulnerabilities achnyi Security Center, a think tank. ground groups to shoot down Sha- three times that or more. “Our pro-
created a school-choice program that with Ukraine, too? That “makes it very hard to do differ- hed-type drones far from their tar- duction capacities are underutilized,
poses a headache for elected Demo- Last Tuesday night Russia entiated detection and interception.” gets. This was a good solution until and we are running around putting
crats. It provides a dollar-for-dollar launched a record-breaking 741 Sha- Ukraine sometimes has to use its Russian drones recently began flying out fires,” Mr. Kuzan says. “This is a
tax credit for individual taxpayers hed-type and decoy drones at fighter jets to intercept drones, which higher than the range of their ma- war of resources, and at this point we
Ukraine, focusing its attack on the consumes scarce aviation assets and chine guns. The drones’ trajectory are losing or have lost the war of re-
western city of Lutsk. The next night puts pilots at risk. has also changed: Before, they de- sources.”
The Medicaid expansion it was Kyiv’s turn to bear the brunt of scended gradually on their target, Ukraine is imploring its partners
nearly 400 drones. The city burned in like a commercial plane landing, but to invest in its domestic weapons
put GOP governors in a several places above me, and when I It launched 332 of them now they dive down “almost like a production. The West may have the
tough spot. Republicans emerged at about 5 a.m. Thursday af-
against Ukraine in June ballistic missile,” Mr. Sak says. Inter- money Kyiv lacks, but “this is the
ter the all-clear, smoke soured my ceptions often occur over cities, fastest war in history in terms of
have flipped the script. nostrils and clouded the cotton-candy 2024. The nightly number where debris can wound people and newly developed technology,” Mr. Ku-
dawn. The alarms sounded again less damage infrastructure. zan says. Russian drones have the
than an hour later. Overnight on Fri- can now be double that. To waste Ukraine’s scarce air-de- range to hit NATO members. Are the
who donate up to $1,700 annually to day, Russia conducted its third com- fense resources, Russia is churning allies ready?
“scholarship granting organizations,” bined strike of the month involving out decoy drones with radio signa- Ukrainian experts say no. Russia is
which give money to students to more than 500 drones. The targets Ukrainian experts worry that by tures identical to Shaheds and no on a wartime footing, but NATO
cover private-school tuition and included Kyiv and cities far west in the end of the summer, Russian strike payload. They’ve also been working countries are still budgeting as if it’s
other education expenses. Ukraine. packages will include 1,000 drones or on drones with “an increased number the end of history. Procurement takes
Republicans sought to make the To put the size of these attacks in more. “An assault of this magnitude of components that makes them bet- years when it should take months or
provision mandatory nationwide but context, the Kyiv Independent reports could overwhelm Ukraine’s defenses ter able to withstand electronic war- weeks. Shahed-style drones are
the Senate parliamentarian ruled that through the entire month of on a strategic level, not just a tactical fare,” says Yuriy Ihnat, a spokesman cheap, and the West’s interception
that such a dictate would violate the June 2024, Russia launched a total of one,” Mr. Humeniuk says. If Ukrainian for Ukraine’s air force. The scale is solutions are expensive.
Byrd rule, so it was stripped out. 332 drones. Last week Moscow counterdrone technology doesn’t limited but will increase. Ukraine’s air-raid warning app fea-
Now states have to opt in. That launched more than twice that num- keep pace, air defense could be “un- Earlier in the war, Ukraine advised tures alerts recorded by Mark Hamill,
could be fortuitous for Republicans, ber in a night. Experts here estimate able to filter or stop the sheer vol- civilians to ensure there were at least who played Luke Skywalker in Star
because the issue sharply divides that Russia is producing between 100 ume of incoming threats.” two solid walls between them and the Wars. “Don’t be careless,” he warns.
Democratic voters. Teachers unions and 170 drones daily. They’re rolling The massive attacks come as the street during an attack. That is no “Your overconfidence is your weak-
and white progressives overwhelm- off the assembly line and into the U.S. has spent months pushing Mos- longer enough to keep safe. Ukrainian ness.” That advice served me well on
ingly oppose any public support for Ukrainian skies every few days, with cow and Kyiv toward peace talks. The experts say the Russians sometimes Friday night, and it would serve the
private schools. But school choice is Russia concentrating its deadly atten- Russians are “bulls— us, they’re pack drones with cluster munitions West well as it thinks about the emerg-
popular within the black and His- tion on one city at a time. bulls— Trump, they’re buying time, and dramatically increased the pay- ing drone threat. Kyiv needs Western
panic communities, especially These attacks terrorize civilians, and they’re weaponizing,” says Yuriy load, making them more lethal. support, and the West may soon need
among parents. but the scale and narrow focus also Sak, an adviser to Ukraine’s minister Ukraine’s struggle to respond to the Ukraine’s hard-won expertise.
It’s a tough dilemma. Will Demo- make Ukraine’s high-value targets of strategic industries. Even so, “no changing drone threat is a failure of
cratic leaders opt their states into more vulnerable. Russia sends huge one anticipated the Russians would procurement and finances, not inge- Ms. Melchior is a London-based
the new federal school choice pro- numbers of drones “to exhaust the improve their drones so much that nuity. “The front line is like a Silicon member of the Journal’s editorial
gram, allowing families to accept air defense,” then follows it up with our countermeasures would be ren- Valley for defense innovation,” says board.
scholarships that are funded by
charitable donations from taxpayers
nationwide—scholarships that don’t
cost their state a penny, and there-
fore can’t be said to be taking any
Newsom’s Politically Dubious Defense of Pot Growers
money from their public schools? Why does Gavin vulnerable people, all the while doing dollar marijuana trafficking ring drug in the preceding month, accord-
Or will they bow to the demands Newsom insist on grave damage to public health and across the Northeast. The government ing to the state report. Annual per
of the teachers unions and bar the playing into Donald society. Californians in 2016 passed a claims that Chinese migrants were capita consumption among California
schoolhouse door instead, creating a Trump’s hands? voter initiative legalizing marijuana smuggled across the southern border adults increased to 56 grams in
grand opportunity for GOP candi- The California gov- for recreational use, but producing, to work at the grow houses and had 2024—equivalent to 100 to 160 joints
dates running against them? ernor mounted a selling and using the drug remain il- their passports withheld until they re- per person—from about 32 when li-
There’s no excuse for blue states feckless response to legal under federal law. Mr. Newsom paid their smuggling debt. censed sales began in 2018.
LIFE
that want to get to a “yes,” espe- the riots against and other progressives then claimed Many traditional farms employ None of this augurs well for public
SCIENCE
cially since jurisdictions can set immigration en- that legalizing weed would shrink the large numbers of undocumented health. Studies repeatedly show that
By Allysia
their own requirements for scholar- forcement in Los black market. Illegal operators have workers who have been in the U.S. for cannabis use among pregnant women
Finley
ship-granting organizations. They Angeles. Now he’s instead grown and prospered as Cali- years. Pot farms tend to employ increases the risk of behavioral and
can target their state’s program on standing up for fornia and other states have legalized cognitive problems in their children.
poor and working-class families. marijuana growers who may have the drug. A study last year found that fetal ex-
They can also add requirements been exploiting illegal immigrant Only 38% of cannabis consumed in Marijuana isn’t as popular posure to THC—the psychoactive in-
that participating students take workers. California comes from licensed grow- gredient in weed—may turn on and
standardized tests, allowing com- Federal agents last week arrested ers and retailers. “Some consumers in middle America as off key genes associated with autism
parisons with traditional public more than 300 allegedly illegal immi- still purchase cannabis from illicit in California. Is this any spectrum disorders.
schools. grants at pot farms in the Santa Bar- operations and illicit cannabis pro- A retrospective study published
Pennsylvania’s Gov. Josh Shapiro bara area. The Homeland Security duction moves across state lines into way to seek higher office? this spring found that cannabis users
has indicated limited support for Department says Glass House Farms different markets,” a state report had a sixfold higher risk of heart at-
school choice, while Illinois’s JB is under investigation for child-labor found this winter. tacks, fourfold of ischemic strokes
Pritzker and Kentucky’s Andy violations and 10 undocumented mi- Cartels have set up farms and more-recent entrants who labor ac- and double of heart failure compared
Beshear have been dead set against nors were found there. Glass House grow houses in states where mari- tivists say are often mistreated. The with nonusers. The study examined
it. What about California’s Gavin has a state license to grow marijuana juana is legal under state law, under- immigrant workers and the country records of 4.6 million patients youn-
Newsom and Maryland’s Wes Moore? and denies knowingly employing un- cutting licensed operators whose would surely be better off if they ger than 50 who lacked co-morbidi-
As with Republicans and Medicaid documented workers or minors. costs are higher from taxes and regu- were picking tomatoes or grapes in- ties that could have put them at
expansion, it will be fascinating to A violent clash ensued at Glass lations. State and local law enforce- stead of their labor being squandered heightened risk for such events. Per-
watch Democratic governors—poten- House between federal agents and ment has lacked sufficient resources producing a drug that harms society. haps Robert F. Kennedy Jr. could di-
tial presidential candidates—grapple protesters. Mr. Newsom was in South to crack down on illegal operators, Harvard Medical School psychobi- rect the Health and Human Services
with this conundrum. Carolina last week, fertilizing the and the Biden administration took a ology professor Bertha Madras ex- Department to investigate such links
If past is prologue, congressional ground for a 2028 presidential bid. permissive approach to the industry. plained in these pages why oft-heard rather than simply blame rising ill-
Democrats will work to extinguish But wherever there’s a fight with the Crime has cropped up alongside claims that marijuana is no more ness among young people on food ad-
the federal school choice provision feds, Mr. Newsom is there. marijuana trafficking. In 2020, seven dangerous than alcohol are wrong. ditives and vaccines.
once they are back in power, just as “Instead of supporting the busi- Laotian workers at an illegal farm in Not only is pot more addictive; it per- Marijuana may be cool in Califor-
congressional Republicans have nesses and workers that drive our Southern California were killed. In- meates the brain and can impair its nia, but it isn’t in middle America,
clawed back much of Medicaid ex- economy and way of life, Stephen vestigators suspect the perpetrators development. and last week’s raids won’t rouse
pansion. Political scientists used to Miller’s tactics evoke chaos, fear and were Laotian gang members. And while alcohol consumption much sympathy for pot growers
think that social assistance—such as terror within our communities at ev- The Justice Department last week has been falling, marijuana use is ris- there. Mr. Miller seems to understand
healthcare and school scholar- ery turn,” his office tweeted, referring charged seven Chinese nationals for ing fast as its stigma vanishes. More this. Mr. Newsom, on the other hand,
ships—would be impossible to re- to the White House adviser driving allegedly operating a multimillion than 20% of Californians had used the still lives in a San Francisco bubble.
peal once real live Americans had the administration’s immigration
become beneficiaries. But as in so agenda. He’s right about Mr. Miller’s
many other areas these days, the
old laws of politics no longer seem
to apply.
motives. But is he really claiming that
pot farms are integral to California’s
economy and way of life?
From Joe Lieberman to Elon Musk
Mr. Trump has floated a deporta- By Matthew Lieberman The America Party seems to have didates who will listen to them more
Mr. Petrilli is president of the tion “pass” for farmers, hotels and tweaked the anger of Republicans than they listen to us. It’s blatantly

E
Thomas B. Fordham Institute and a other businesses that employ illegal lon Musk and the America more than Democrats, at least for undemocratic.
visiting fellow at the Hoover Institu- workers. But why should pot farms Party he announced July 5 now. Whether these early Republi- If not for Ralph Nader’s third-
tion. get one? They profit from addicting promise a well-funded chal- can concerns prove warranted, it’s party presence on the ballot in 2000,
lenge to the two-party status quo. telling that critics so far have largely Al Gore would have been elected
My late father, Joe Lieberman, spent ignored Mr. Musk’s claim that “80% president and my dad would have
much of his last energy on preparing of people” would welcome a third, been elected vice president that year.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY a third-party challenge in 2024. more centrist choice. While the real My dad, consequently, would have
Lachlan Murdoch Known as the No Labels Insurance number is probably lower—58% of had a decent chance of becoming
Executive Chairman, News Corp Policy, the effort would have run a Americans said a third party is president in 2008. Even so, I never
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp bipartisan unity ticket for president “needed,” according to a 2024 Gal- heard him disparage Mr. Nader for
Emma Tucker Almar Latour and vice president if the two major lup poll—it is still substantial. In- running that year. He understood
Editor in Chief Chief Executive Officer and Publisher parties produced candidates that stead, critics revive the same tired that we live in a democracy, and that
Liz Harris, Managing Editor DOW JONES MANAGEMENT: most Americans could do without. arguments from 2023 and 2024 a democracy at its best is a contest
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, The unity ticket didn’t materialize, against No Labels: You’re a spoiler; of ideas you need to win to get
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; largely because both parties—mainly you can’t win; how irresponsible of elected. He understood that saying
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; the Democrats—thoroughly demon- you. Mr. Nader shouldn’t have run would
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; ized the effort. They called it a By making these arguments, the be tantamount to saying America
Writing; Michael W. Miller, Features &
Weekend; Bruce Orwall, Enterprise; Artem Fishman, Chief Technology Officer; threat to democracy because they foes of the America Party prove the shouldn’t be a democracy.
Philana Patterson, Audio; David Martin, Chief Revenue Officer, Business thought it could lead to Mr. Trump’s need for it. The arguments are all The two major parties should
Intelligence; Dan Shar, EVP, General Manager,
Wealth & Investing; Ashok Sinha, Chief
election. No Labels employees were about who will hold on to power and keep this in mind: What are they re-
Paul A. Gigot
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & publicly identified and doxxed. Do- not what the powerful can do to re- ally doing when they try to kill third
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; nors grew leery. Potential candidates flect better a deeply dissatisfied parties?
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer were openly threatened with political public they supposedly represent. To
1211 Avenue of the Americas, New York, N.Y., 10036 oblivion if they became part of the put it more bluntly, party leaders Mr. Lieberman is publisher of The
Telephone 1-800-DOWJONES bipartisan effort. want to limit us to preselected can- Lieberman Files on Substack.
 BUSINESS & FINANCE
© 2025 Dow Jones & Company. All Rights Reserved.

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* ** * *

S&P FIN g 1.91% S&P IT À 0.16%

THE WALL STREET JOURNAL.
DJ TRANS À 1.01% WSJ $ IDX À 0.82% 2–YR. TREAS. yield 3.913% NIKKEI 39569.68 g 0.61%
Monday, July 14, 2025 | B1
See more at WSJ.com/Markets

Earnings to Test Stock Records Musk’s

SpaceX
Investors look for
details on how
S&P 500 price/earnings ratio,
next 12 months*
S&P 500 quarterly earnings,
change from a year earlier
In the week ahead, inves-
tors will parse results from
banks including JPMorgan
To Invest
$2 Billion
24 times %00%
companies cope Chase, Wells Fargo and Citi-
group. BlackRock, the world’s
with trade turmoil 22 75 2Q 2025
estimate largest asset manager, also re-

BY KRYSTAL HUR 20 50
4.8% ports earnings.
Analysts expect profits
from companies in the S&P
In His xAI
A barrage of tariff threats 500 to climb 4.8% in the sec-
%8 25
from President Trump didn’t ond quarter, according to BY BERBER JIN
keep investors from driving FactSet. That would mark the AND BECKY PETERSON
stocks to records this past %6 0 lowest year-over-year growth
week. The coming earnings since 2023, and a steep drop Elon Musk’s SpaceX has
season could make the trade %4 –25 from the 13% jump during the agreed to invest $2 billion in
war harder to ignore. first three months of this year. his artificial-intelligence com-
Strong corporate profits Just as important, analysts pany xAI, investors close to
%2 –50
have helped the S&P 500 re- will study earnings and execu- the companies said, nearly
bound from the depths of 2020 ’2% ’22 ’23 ’24 ’25 2020 ’2% ’22 ’23 ’24 ’25 tive commentary for clues on half of the Grok chatbot
April’s turmoil to a gain of *Data through July 10 Source: FactSet the health of U.S. consumers maker’s recent equity raise.
6.4% this year. The broad in- and their ability to weather Musk has repeatedly mobi-
dex notched records in recent pose a fresh test. Investors are growth and corporate profits in the markets,” said Marta tariff-related price increases. lized his business empire to
days even as the White House seeking clarity from corporate when stocks already look ex- Norton, chief investment Economists at Goldman Sachs boost the AI startup, which is
threatened tariffs on goods leaders about how the back- pensive relative to history. strategist at financial-services estimate consumers will ab- racing to catch up with Ope-
from a host of trade partners, and-forth on trade has af- “It’s hard not to think that firm Empower. “My concern is sorb 70% of the direct costs nAI. Earlier this year, he
including Brazil and Canada. fected their businesses, wor- there hasn’t been some head- that maybe there’s more to it from tariffs. merged xAI with X, combining
Now, the coming reports ried it will hurt economic in-the-sand type of euphoria than people think.” Please turn to page B2 what was a small research lab
with a social-media platform
that helps amplify the reach of

The Best EV Deals Are Now on Used Market

its Grok chatbot. The merger
valued the new company at
$113 billion.
The SpaceX investment is
part of xAI’s $5 billion equity
BY IMANI MOISE fundraise announced by Mor-
gan Stanley last month. It is
Car buyers are turning a the rocket maker’s first known
cold shoulder to new electric investment into xAI and one
vehicles these days, but they of its largest in another com-
are flocking to used models. pany.
Sales of used EVs topped Since leaving his role in the
100,000 for the first time in Trump administration, Musk
the second quarter, according has turned his attention to
to industry-services business training the latest version of
Cox Automotive. It is a rare Grok, which earned high
bright spot for the EV industry, marks from AI-benchmarking
which is contending with lack- service Artificial Analysis for
luster demand and the looming its performance following its
elimination of federal tax cred- release last Wednesday.
its. Sales for new EVs fell in Musk called it “the smart-
each of the past three months. est AI in the world,” though
What buyers are finding in the chatbot it powers hasn’t
the used market are deals. gained nearly as much trac-
Prices for used EVs fell nearly tion as OpenAI’s ChatGPT. It
AMY OSBORNE/BLOOMBERG NEWS

32% in 2024 from 2023, almost recently posted racist and

10 times the drop in prices for controversial comments in re-
used gas-powered cars, ac- sponse to users on X. “We
cording to iSeeCars.com, an deeply apologize for the hor-
automotive research site. rific behavior that many expe-
Last year, the average used rienced,” xAI said, adding that
EV cost around $30,900, in line it investigated and took steps
with the average used gas car, to resolve the issue.
even though a new EV sells for Electric vehicles lose value faster than gasoline-powered cars once they drive off the lot. A used Tesla at a California CarMax. Grok powers customer-sup-
$17,300 more than a compara- port features for SpaceX’s sat-
ble gas model on average. mon. New technology could of more than $900 annually Compact SUV annual cost ellite internet service, Star-
Discounts have drawn in quickly make a used EV anti- versus a gas car, according to link, The Wall Street Journal
buyers like Christopher An- quated. The vehicles also re- an analysis of AAA data. EVs Electric $%2,58% reported. Musk’s representa-
drzejczak, a systems engineer quire specialized parts and la- have lower fuel and mainte- Gas $%0,656 tives have said more business
from Orlando, Fla., who has bor that make them more nance costs, but cost more to partnerships between SpaceX
owned five EVs over the past expensive to repair when insure. Compact SUV cost FUEL and xAI are likely in the fu-
decade. Last year, he picked something goes wrong. In 2024, charging an EV at breakdown per year, $5,000 ture, according to investors
up a 2021 Ford Mustang “I was like, ‘You know home worked out to the equiv- 15K miles/year who spoke with them.
Mach-E with 6,000 miles on it what? I’m willing to take a alent of about $1.41 a gallon of During Musk’s release of
for $36,000—less than half of risk on that,’ ” Andrzejczak gas, according to the Energy Grok 4 last week, he said he
its sticker price. said. The previous owner Department. That is less than FINANCE $2,500 MAINTENANCE also aims to embed Grok into
That price included an ex- “probably took a terrible de- half of what most drivers paid CHARGES humanoid robots, like Tesla’s
tended warranty and several preciation hit.” at the pump last year. Gas Optimus fleet.
upgrades like tinted windows In the new-car market, EV owners spend roughly Musk has long used SpaceX
that the previous owner had higher sticker prices and the half as much on upkeep and to support his other busi-
paid for. fast pace of depreciation can repairs compared with gas-car nesses. He personally bor-
Deals on used EVs are espe- make it hard for many car drivers, according to Con- rowed $20 million from the
cially pronounced because EVs shoppers to justify going green. sumer Reports. Over the life of company to help fund Tesla
LICENSE,
lose value faster than gaso- New electric vehicles cost the car, that adds up to about DEPRECIATION early in its history and also
REGISTRATION, Electric
line-powered cars once they about $800 more a year to $4,600 in maintenance costs TAXES
used SpaceX’s equipment to
drive off the lot. The deprecia- own than gas-powered cars for an EV compared with Depreciation is what set up his tunneling venture,
tion often reflects concerns when factoring in fuel, main- Please turn to page B4 makes owning an EV more Please turn to page B4
about battery life and longev- tenance, insurance and fees. expensive than gas.
ity. Replacing a battery out of But removing the cost of de-  How BYD squeezes FULL,COVERAGE  Tim Higgins: Musk burns
warranty is costly but uncom- preciation results in a saving suppliers in price war..... B6 Source: AAA Exchange INSURANCE through execs again........ B4

A Private-Equity Maneuver INSIDE ‘Superman’ Soars

Lets More Investors Cash Out In Opening Weekend
BY MIRIAM GOTTFRIED Secondary-market Jefferies. BY JOSIE REICH help its performance in the
transaction volume Private-equity managers coming weeks.
In April, private-equity firm “need to manufacture liquidity “Superman” flew up, up DC has lagged behind rival
$200 billion
New Mountain Capital agreed in today’s environment, and and away at the box office Marvel Studios for more than
to sell Real Chemistry for $3 Firm-led the easiest route is really during its opening weekend, a a decade as it has struggled to
billion after owning the rap- Investor-led through continuation funds,” solid start for the first movie settle on a winning business
idly growing medical-market- %50 said Martha Heitmann, a part- in Warner Bros. Discov- strategy. “Superman” is the
ing agency for six years. ner on the secondaries team at ery’s overhaul of its DC brand. first test of a new business
The buyer: New Mountain LGT Capital Partners. The latest reboot for the unit called DC Studios led by
Capital. %00 Continuation funds often man of steel grossed an esti- “Superman” director James
Real Chemistry is one of a contain just a single, top-per- mated $122 million in the U.S. Gunn and producer Peter Sa-
growing number of companies forming company. These sin- and Canada on its opening fran. The two men have a
being sold to a continuation gle-asset funds typically buy weekend, in line with expecta- slate of superhero content
50
fund, a vehicle that lets pri- the companies from the origi- tions from prerelease surveys. coming in the new movie’s
vate-equity firms hold on to a nal fund at the value where Including foreign ticket sales, wake, including a Supergirl
business while giving investors the private-equity firm has the eighth movie about Amer- spinoff, a Green Lantern TV
in the original fund a chance 0 marked them or even for a ica’s original superhero has show, and numerous Batman
to cash out. 20%8 ’2% ’25 small premium, investors and BUSINESS NEWS grossed an estimated $217 movies.
Higher interest rates and Note: 2025 data are estimates. advisers say. Airbnb’s services million globally. Warner Bros. Discovery
uncertainty over tariffs have Source: Jefferies With Real Chemistry, New The film from Warner Bros. Chief Executive David Zaslav
made many firms reluctant to Mountain rolled its ownership
offering unnerves Pictures stars little-known ac- sees revamping DC as a cru-
sell companies or take them son the secondary market is stake, profits and some addi- some of the company’s tor David Corenswet as a phil- cial value opportunity for the
public, even after the typical booming. Private-equity firms tional capital into a new vehi- hosts. B3 osophical Superman squaring half of the parent company he
five-year holding period. That themselves are also increas- cle with a five-year lifespan his alien and human moral will keep running when it
has led their cash-starved in- ingly turning to continuation and gave its original investors values after stepping into an splits in two next year.
vestors to turn in droves to funds to give investors a way the option to stay in. About HEARD ON international conflict. It cost “Superman” grossed less
the secondary market to sell to cash out in a tough market. 80% chose to cash out, earning THE STREET about $225 million to produce. internationally than domesti-
their private-markets holdings, Sales to continuation funds ac- four times their money, a hefty Audiences gave “Super- cally, which is unusual for a
typically at a discount. counted for a record 13% of return for private equity, ac-
Wall Street shrugs at man” a grade of A-, according big-budget event movie. Jeff
But an uptick in sales by in- private-equity exits globally in cording to a person familiar pharmaceutical to pollster CinemaScore, a Goldstein, president of global
vestors like pension funds and 2024, up from 5% in 2021, ac- with the matter. tariffs. B10 sign the film will have good distribution for Warner Bros.
endowments isn’t the only rea- cording to investment bank Please turn to page B2 word-of-mouth, which could Please turn to page B2
B2 | Monday, July 14, 2025 * **** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

‘Superman’ The film is propelling a

summer movie market that
has been buoyed mostly by
Earnings to polled by FactSet expect cor-
porate profits to jump 8.8%.
The S&P 500’s communica-

Soars in movies attached to known

franchises. “A Minecraft
Movie” and “Lilo & Stitch” are
Test Stock tion-services sector—which in-
cludes companies such as Al-
phabet and Meta Platforms—

Opening both based on popular chil-

dren brands. “Jurassic World
Rebirth” also had a strong
Records is expected to report the
highest second-quarter growth
with a roughly 30% jump from
opening over the Fourth of a year earlier, followed by in-
Continued from page B1 July weekend. Continued from page B1 formation technology at 17%.

MICHAEL M. SANTIAGO/GETTY IMAGES

Pictures, said that the movie The box office is up 15% Many U.S. companies last The S&P 500’s energy sec-
is in line with global splits for year-to-date compared with quarter pulled or lowered tor, battered this year by a de-
superhero movies. “Tradition- 2024, but down 24.1% from their outlook for the rest of cline in crude prices, is ex-
ally Superman has had a 2019, before the pandemic the year, with some saying pected to log the biggest
heady U.S. audience,” he closed theaters, according to that the tariff whiplash leaves decline, with a 26% slide in
added. box-office tracker Comscore. the future more uncertain profit.
than usual. Some analysts say Some investors are looking
they expect more doubt from for signs that the “Magnifi-
Estimated Box-Office Figures, Through Sunday corporations about their for- Nike expects tariffs to pose a cost rise of about $1 billion. cent Seven” tech stocks—Al-
Sales, In Millions ward projections this time phabet, Meta, Amazon.com,
Film Distributor Weekend* Cumulative % Change around. FedEx said it saw some of its The packaged-food company Apple, Microsoft, Nvidia and
1. Superman Warner Bros. $122.0 $122.0 — “You’ll probably start to see largest declines in shipping projects core cost of goods to Tesla—are continuing to fun-
executive commentary get across the Pacific Ocean dur- rise about 4%. nel cash into artificial intelli-
Jurassic pretty creative,” said Clayton ing its most-recent quarter. Strategists at Deutsche gence, which Wall Street con-
2. Universal $40.0 $232.1 -57
World Rebirth Allison, portfolio manager at The package-shipping com- Bank expect that tariffs siders key to maintaining their
3. F1 The Movie Warner Bros. $13.0 $136.2 -50 Prime Capital Financial. pany didn’t provide a full-year dragged down earnings lofty valuations. Several said
How to Train Early reports suggest tariffs outlook. growth by 2 percentage points that solid reports and confi-
4. Universal $7.8 $239.8 -31 are hurting corporate balance Conagra Brands said during the most-recent quar- dent outlooks from the index
Your Dragon
sheets. Nike said in June that Thursday that it expects stag- ter, and that the effect of lev- heavyweights, whose earnings
5. Elio Disney $3.9 $63.7 -33 it expects tariffs to pose a nant organic sales because of ies on profits will grow in the kick off July 23 with results
*Friday, Saturday and Sunday in North American theaters Source: Comscore gross incremental cost in- factors including inflation and second half of the year. from Tesla, could provide an-
crease of about $1 billion. a weakening U.S. consumer. For the full year, analysts other leg up for the stock rally.

Investors began realizing they could use

the same strategy to hold on
to their best companies, earn-

Turn to ing another two or three times

their money, instead of selling
to a competitor. A tough mar-

Secondaries ket gives firms an additional

incentive to use them.
The Institutional Limited
Partners Association in 2023
Continued from page B1 introduced guidelines for con-
The company’s cash flows tinuation funds to address
grew sixfold to more than concerns, including about con-
$250 million during the firm’s flicts of interest. The recom-
ownership, and New Mountain mendations included that
believes it can earn another firms provide a rationale for
four times its money, the per- the move, give investors at
son said. least 20 business days to de-
New Mountain raised $3.05 cide whether to stay in and al-
billion from a group of second- low them to rollover into the
ary investors led by Coller new fund at the same terms as
Capital, a record for a single- in the original vehicle.
asset continuation vehicle. In Firms with big businesses
an unusual buying up in-
twist, about vestor portfo-
half of that will lios also invest
be used to pay Continuation in continuation
out investors funds may vehicles, includ-
while the rest ing Black-
will finance contain just one stone’s Strate-
Real Chemis- gic Partners
try’s growth,
top-performing unit and Car-
including ac- company. lyle’s AlpInvest.
quisitions. But some advis-
Continua- ers and inves-
tion funds re- tors say the
turned a median of 1.4 times amount of money raised for
the initial investment net of the strategy hasn’t kept pace
fees, slightly higher than the with firms’ desire to use con-
returns for buyout funds, ac- tinuation funds. That has
cording to a March analysis by largely prevented them from
Morgan Stanley, which in- being used to unload inferior
cludes on-paper values for assets, they say.

Trade US Stocks and ETFs,

companies that haven’t been “There are so many firms
sold. They also had lower that want to do this, and there
losses as a percentage of the is limited capital,” said Katrina
initial investment than buy- Liao, a partner at Coller who

Index Futures and Options,

outs. focuses on continuation vehi-
Continuation funds rose to cles. “You can be so picky
prominence in the aftermath about what it is you want to
of the 2008-09 financial crisis, go for.”

and Bonds Around the Clock

when firms were stuck with That could be changing.
assets they couldn’t sell and To get exposure to compa-
didn’t have enough fee reve- nies that aren’t being put up
nue to sustain their opera- for sale, a growing list of buy-
tions. These so-called zombie out firms—including TPG,
funds restructured into new Leonard Green and New

React immediately to market-moving

funds with a new set of inves- Mountain itself—are launching
tors and renewed fees. strategies to focus on continu-
A decade or so later, firms ation vehicles.

news and trade over 10,000 US Stocks

INDEX TO BUSINESSES and ETFs, US Equity Index futures and
options, US Treasuries, global corporate
These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
Airbnb...............................................B3
Empower.......................................B3
Expedia Group..........................B3
Nike....................................................B2
Nvidia................................................B2 bonds, European government bonds and
UK gilts when it’s convenient for you.
Alphabet.........................................B2 H S
Amazon...........................................B2 Hasbro.............................................A8 SpaceX..............................................B1
Apollo Global Management Hermès.............................................A1 State Street................................B3
............................................................B3
J T
Apple.........................................B2,B3
JPMorgan Chase.....................B1 Tesla...................................B1,B2,B4
B TPG.....................................................B2
L
BlackRock.......................................B1 V
Blackstone....................................B2 Leonard Green..........................B2
Liberty Media............................B3
Verona Pharma.....................B10 The best-informed investors choose Interactive Brokers
Blue Owl Capital.....................B3
Verve Therapeutics............B10
BYD....................................................B6 Lowe’s..............................................A8
Voya Financial...........................B3
C M
W
Carlyle..............................................B2 Merck.............................................B10
Walmart.........................................A8
Carvana...........................................B4 Meta Platforms.......................B2
Walt Disney................................B3
Citigroup.........................................B1 Microsoft.......................................B2
Warner Bros. Discovery....B1
Conagra Brands.......................B2 Morgan Stanley........................B1 Wells Fargo..................................B1
E N X
Eli Lilly..........................................B10 New Mountain Capital.......B1 X............................................................B4

INDEX TO PEOPLE
A K T
ibkr.com/otclock
Afshar, Omead..........................B4 Kopelman, Kevin.....................B3 Tay, Erica.....................................B10
Allison, Clayton........................B2 L Tewari, Akash.........................B10
C Lane, Jamie.................................B3 V
Chesky, Brian.............................B3 Li, Ren..............................................A8
Vance, Ashlee............................B4
Chuan, Guo..................................B6 Liao, Katrina...............................B2
Cook, Eli..........................................B4 Lipschultz, Marc......................B3 W Member - NYSE, FINRA, SIPC – Any discussion or mention of a stock or ETF is not to be construed as recommendation,
Cui, Ernan.....................................B6 Lu, Luke..........................................A8 Walkup, Sandor........................A1
promotion or solicitation. All investors should review and consider associated investment risks, charges and expenses
of the investment company or fund prior to investing. Before acting on this material, you should consider whether it is
G M-N Wallace, Jason..........................B4
suitable for your particular circumstances and as necessary, seek professional advice. Options involve risk. For more
Goldstein, Jeff............................B1 Musk, Elon............................B1,B4 X-Z info see ibkr.com/occ
H Norton, Marta............................B1 Xu, Jianwei................................B10 02-IB25-1726CH1717
Heitmann, Martha.................B1 S Yaccarino, Linda......................B4
Huang Yiping..........................B10 Stevenson, Nigel.....................B6 Zaslav, David...............................B1
THE WALL STREET JOURNAL. Monday, July 14, 2025 | B3

BUSINESS NEWS

Perks Airbnb Offers Unnerve Some Hosts

Property owners ted. arranging for extras like surf- tions.
The services are part of board rentals and deliveries. Marie Moreau has done
fret about liabilities CEO Brian Chesky’s goal to But Maynor says there is massages for tourists staying
and not getting a make the company the no way for her to indepen- at vacation rentals in the Or-
“Airbnb of anything.” This dently vet the services or lando, Fla., area for years,
cut from services spring, it reintroduced “Expe- check if a service provider is long before Airbnb ap-
riences,” geared toward one- properly licensed or insured. proached her about listing
BY ALLISON POHLE of-a-kind excursions like an She says her own home- her mobile massage business
Italian bike tour with an owners insurance policy only on the platform.
Airbnb not only wants to Olympian. Chesky predicted covers registered guests—not, So far, she says, she has
rent you a vacation home this services bookings could be- say, a massage therapist. had a few bookings through
summer—it wants to help you come bigger than Airbnb’s “I don’t want to get the the platform, and they all
add a private chef or massage core short-term rental busi- oils all over the couch or the went smoothly.
session. ness. beds, or what have you,” Moreau says she under-
The hosts who own the An Airbnb spokesman says Maynor says. stands why hosts might be
condos, cottages and houses the launch is in the early Other hosts cited fears hesitant to allow third-party
aren’t so sure. stages, and will over time over personal chefs starting providers. “But the more re-
The short-term rental gi- benefit hosts by boosting kitchen fires or people dam- strictions you put on some-
ant in May introduced a new bookings and making Airbnb aging floors by dropping thing, the more it doesn’t re-
“services” offering, letting more attractive and valuable weights during personal ally look appealing to the
travelers book in-home add- for guests. The company says training sessions. public,” she says.
ons that Airbnb says can it couldn’t comment on On Reddit forums and in Airbnb, which has active
make a trip more unique. For guests’ initial use of the ser- Facebook groups for Airbnb listings in more than 150,000
the company, it is another vices ahead of its August hosts, posts about opting out cities and towns, debuted its
way to compete with hotels, earnings report. of services have generated offering with 10 categories of

PRESTIGE MASSAGE
which offer perks like gym Charging extra at vacation hundreds of comments. Peo- services in 260 cities. The
access or spa appointments. rentals for perks like bike ple share messages—in some company has said it plans to
Hosts, though, don’t get a rentals or fridge stocking cases written by ChatGPT— eventually include hundreds
cut of the commissions from isn’t new. they sent to Airbnb to request of service categories in new
services booked for their But the option hasn’t been Marie Moreau has done massages for Orlando-area guests. that no services be allowed cities.
rentals, and aren’t alerted if as available to smaller opera- on their properties. Locals also can request
one is booked at their place. tors who rely on platforms “If they found a massage ing them to submit licenses Airbnb didn’t comment on services at their own homes
Their properties are automat- like Airbnb to drive bookings, therapist that would come to and credentials before letting the number of hosts who have or book an activity that re-
ically enrolled in Airbnb’s says Jamie Lane, chief econo- the house, those would be them on the platform. opted out, but says those who quires going to a spa or gym.
program, requiring hosts to mist of market-research firm wonderful services,” Sawicky The added verification do won’t be penalized in Other online travel compa-
opt out. AirDNA. says. But overall she thinks hasn’t convinced Amy Maynor search results. Hosts also can nies, like Expedia and Book-
“Most hosts don’t need Betsy Sawicky books stays the services make the most to permit services at her choose to only allow specific ing.com, offer experiences,
more headaches, and that’s at her rural home in Michigan sense in more urban areas. three Airbnb properties in the services. but in-home services sets
what this feels like,” says through Airbnb and Vrbo. Some hosts, Lane says, Jacksonville, Fla., area. Airbnb says service provid- Airbnb apart, says Kevin Ko-
Rhonda Stephens, who lists Services aren’t currently worry about the added liabil- Maynor has superhost status, ers must have liability insur- pelman, an analyst at TD Co-
on Airbnb her historic farm- available in the secluded area, ity that comes from a third- an Airbnb designation for top ance appropriate for their wen.
house near Nashville, Tenn. she says, but if they launch party provider entering the performers. She says she business. The company’s The challenge for Airbnb
She has changed the rules on nearby, she has no issues space. Airbnb says it vets ser- aims for a concierge level of AirCover policy also includes will be convincing travelers
her listing to explicitly state with guests booking personal vice providers for quality and attention, including personal- liability coverage. Hosts say to embrace the offering, Ko-
that services aren’t permit- chefs or other providers. reputation as well as requir- ized recommendations and the policy has many excep- pelman says.

Apple Makes an Offer for Formula One U.S. Rights

BY ISABELLA SIMONETTI

Apple has offered Formula

One as much as $150 million a
year for the U.S. rights to air
its races and is the top con-
tender to secure a deal, ac-
cording to people familiar
with the matter.
The bid puts F1—which Lib-
erty Media purchased in
2017—on track for a signifi-
cantly more lucrative deal
than it has with its current
partner, Walt Disney’s ESPN.
Though F1’s popularity has
grown dramatically in the
U.S., the company had seen
lukewarm interest in a rights
package for which it was
seeking between $150 million
and $180 million, The Wall
Street Journal previously re-
ported.
ESPN is paying around $90
million a year. Its deal ends
this fall, after the current rac-
ing season. ESPN told F1 to
LEE FLOYD/AVALON/ZUMA PRESS

explore other options around

the time its exclusive bargain-
ing window lapsed at the end
of 2024.
Signing a deal with Apple—
which owns the Apple TV+
streaming service—would al-
low F1 to lock in a big payday Apple bid up to $150 million a year to broadcast F1 races in the U.S. after the sport’s deal with Walt Disney’s ESPN expires later this year.
but risks limiting the exposure
the sport can get with a major races. Apple landed a major win starring Brad Pitt, has ESPN isn’t planning to sub- network is focused on fiscal
brand like ESPN. Last year, The Financial Times earlier with its “F1” film, distributed grossed $309 million world- mit a counteroffer, according responsibility and felt the
ESPN averaged roughly 1.1 reported that Apple had bid by Warner Bros. and released wide, according to Box Office to a person familiar with the price Formula One was seek-
million live U.S. viewers for F1 for the U.S. rights. last month. So far, the film, Mojo. matter. That person said the ing was too high.

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to Claims against the O&F Entities) or D&O Proof
fined-contribution plans, the of the main reasons employers of Claim (with respect to D&O Claims) with KSV
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B4 | Monday, July 14, 2025 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

TIM HIGGINS

Musk Burns Through Executives Again

T
he sun is shining was seen as a potential re-
bright again in the placement for Musk if the
Elon Musk busi- board needed it.
ness empire. Don’t These days, it is rare for
get burned. Tesla to highlight its bench
The billionaire entrepre- far beyond Musk. And again,
neur may still be pining for Tesla, and now X, are down
a political revolution with key deputies when Musk
talk of starting his own third faces major challenges
party to punish spendthrift across his companies. Tesla
Republicans, but recent recently launched a limited
high-profile departures at robotaxi service amid a car-
his companies underscore sales slump.
that the Boss is back.

A
“Thank you for your con- few weeks ago, Musk
tributions,” Musk—who has was in a three-hour-
a way with goodbyes—told plus meeting that ran
his exiting chief executive at well past midnight at his
X, Linda Yaccarino, last brain-implant startup, Neu-
Wednesday. ralink, when his SpaceX

BENJAMIN GIRETTE/BLOOMBERG NEWS

She announced her depar- rocket blew up, according to
ture after two years on the biographer Ashlee Vance,
hot seat, running the billion- who was with him. “Meeting
aire’s social-media platform. ended,” Vance posted on X.
Yaccarino’s role was largely “I assume that’s when he
about trying to revive adver- learned about it. And then …
tising for a guy who seems he went back to work.”
allergic to the art of the sale. Hours after Yaccarino’s
Just days earlier, it was re- departure announcement
vealed that Omead Afshar, Linda Yaccarino announced her departure after two years on the hot seat, running the billionaire’s social-media platform. Wednesday, Musk was lean-
who was heading sales and ing into the wonky side of AI
manufacturing for Tesla in tric sedans. That last part could be has long had a strong No. 2 tively short period. In some to sell xAI’s newest model,
North America and Europe, And these days, Musk is hard to swallow. Musk’s own to handle the parts of the cases, a high-profile hire Grok 4.
had left Musk’s electric-car acting like the AI chatbots actions could promote con- business that interest him would join only to quietly During a nearly hourlong
company. and cars will sell them- tentious content on the plat- less—like sales. leave a few weeks later. reveal streamed online,
Both departures reflect an selves. form and his “Go F— Your- Some of the churn was natu- Musk talked about the AI’s

D
old saying among Musk That Yaccarino stayed as self” ways could be off- espite his objections ral attrition as options advanced book smarts and
alumni: To survive with the long as she did beat the putting to big brands to being X CEO, he vested. Some of it was Musk practical applications. One
mercurial leader is to avoid guesses of some Madison worried about negative asso- clearly wanted to be growing tired of people. demonstration included a
flying too close to the sun. Avenue insiders. They had ciations. the Boss. This point was Some of it was employees voice AI with an English ac-
Musk being the sun. privately speculated she This past week, “Mecha- driven home when his xAI growing tired of his grueling cent being asked to write
Finding shade was easier wouldn’t last long under Hitler” trended on X after startup acquired X earlier pace. and sing an opera about Diet
when his Department of Musk. She surprised the in- Musk’s chatbot, Grok, gener- this year. Yaccarino’s role In 2023, amid investor Coke, Musk’s preferred bev-
Government Efficiency effort dustry by leaving her cushy ated antisemitic content. was largely diminished as concerns that Musk was too erage:
was churning 120 hours a gig at NBCUniversal in That only renewed concerns part of a company more distracted from Tesla’s day- “Oh, Diet Coke
week for the Trump admin- 2023. about safeguards. broadly aiming to use Grok to-day with his then-recent Thou elixir divine
istration. That came to an Together, she and Musk When Musk took over to compete against AI rivals purchase of Twitter, he pre- With bubbles that dance
end for Musk in late May. were seen as a real-life Odd Twitter, he said he didn’t such as OpenAI and Alpha- sided over an unusual inves- In a sparkling line
Now he is burning hot—if Couple. want to be CEO. It was a bet. tor meeting. Sixteen execu- Thy crisp, cool kiss
not always 100% focused. common refrain from him Over the years, I have of- tives flanked him on stage to On lips so fine …”

M
The latest executive de- usk has long shown over the years, something he ten heard insiders talk about discuss their areas of the car As Musk sat on the dark
partures also underscore disdain for tradi- has said about Tesla where how it has grown increas- company. stage flanked by young xAI
Musk’s complicated relation- tional sales methods, he has led the company ingly hard to recruit sea- It was as if Musk was try- employees dressed in black
ship with the sales functions arguing over the years that since taking the reins in soned business leaders to ing to show that Tesla was T-shirts, he wound things
at his companies. He is the quality products should sell 2008 during financial diffi- work for Musk because of more than just him. “We ob- down, asking: “Anything you
ultimate salesman of the fu- themselves. Meanwhile, Yac- culties. his reputation for burning viously got significant bench guys want to say?”
ture vision. But he tends to carino was Ms. Sales— He has often complained through people. strength here,” Musk said at One engineer, near Musk,
churn through sales leaders whether it was her polished that the company can’t find During one stretch at the time. quickly applied a sort of
responsible for moving to- image or pitch that Twitter- somebody to run things for Tesla, the company saw Flash forward two years, sunscreen, blurting out: “It’s
day’s inventories—whether turned-X was a safe place him, unlike at his rocket more than 50 vice presidents and many are gone. That in- a good model, sir.”
that means ad spots or elec- for brands. company, SpaceX. There, he or higher depart in a rela- cludes the then-CFO, who The UV index is high.

SpaceX
To Invest in
Musk’s xAI
Continued from page B1
The Boring Company. More re-
cently, he turned to SpaceX
for a $1 billion loan around
the time he was acquiring
MARK FELIX/BLOOMBERG NEWS

what was then called Twitter,

which he paid back shortly af-
ter taking it out.
SpaceX’s investment in xAI
may pose risks for Musk’s
space company. SpaceX’s reve-
nue has jumped in recent
years, but the company is in- Musk has long used SpaceX to support his other businesses.
vesting billions to develop a Above, construction in Texas in front of a SpaceX facility.
new rocket called Starship.
The experimental vehicle is ported. The company has levels at rival AI startups,
behind schedule and has suf- rarely made investments in which have similarly garnered
fered multiple setbacks this outside ventures. A major one high valuations but face almost
year, including three consecu- occurred in 2021, when it ac- constant pressures for cash.
tive failures in flight and a quired a satellite-communica- The startup raised $5 bil-
large explosion during an en- tions firm for $524 million. lion in debt alongside its eq-
gine test last month. At xAI, Musk is spending uity financing, and it is ex-
SpaceX recently had more billions of dollars every year pected to raise even more
than $3 billion in cash on training AI models, an effort money later this year, one of
hand, the Journal has re- that mirrors the high spending the investors said.

Where the Used retail electric-

vehicle sales
icy. A $4,000 federal tax credit
for used EVs is set to expire at

Read the Paper

the end of September as a re-

Best Deals
120,000
sult of the new tax law passed
earlier this month. The $7,500

You Love
100,000 federal tax credit for new EVs,

On EVs Are 80,000

which made new models more
affordable and helped keep
prices down in the used mar-

on Any Device Continued from page B1

$9,200 for a traditional one.
60,000

40,000
ket, is also expiring at the
same time.
Eli Cook decided to buy an
Used cars also don’t depre- electric vehicle after re-
Access your daily paper anytime, anywhere with our Print ciate as quickly. In January, searching gas prices in the
Edition app or website. Enjoy convenient access to full-page
articles for easy reading and more. Andrzejczak purchased a used 20,000 Bay Area. He and his wife,
2021 Audi E-Tron Prestige for both recent college graduates,
WSJ subscribers have exclusive access. If you haven’t yet, $27,000, with the intent to get 0 plan to move there from Mis-
activate your digital account today at WSJ.com/connect to
start exploring.
ahead of tariffs and eventually souri later this year for work.
gift it to his teenage son. 2023 ’24 ’25 Expecting far higher gas
When his son made it clear he Source: Cox Automotive prices in California than Mis-
D OW N L OA D T H E A P P VISIT ON DESK TOP wasn’t interested in March, souri, the couple wanted
WSJ.com/printapp WSJ.com/ereader
Andrzejczak sold the car to been in Wallace’s family since something affordable and effi-
Carvana for $26,000. 1975 when his grandfather cient. As newlyweds, they are
“It’s like I borrowed it for a opened it, but Wallace and his determined to avoid going
few months for $1,000,” he brother made the decision to into debt.
said. focus exclusively on selling They could have waited un-
Jason Wallace, who owns electric vehicles last year. So til after the move, but worried
Electrified Autos, a used-EV far, it has paid off. they would miss out on the
dealership in Joplin, Mo., says “There’s demand for EVs at tax credit. Last month, they
more buyers are realizing they the right price,” he said. “Not paid $15,000 cash for a 2020
can save money by making the everyone is going to spend Tesla Model 3. The window
switch to electric. In an econ- $60,000 on a car but they will sticker, Cook said, showed it
omy pinched by years of infla- look harder when it’s $20,000 had sold for nearly $40,000
tion and high interest rates, or less, and we have no prob- four years earlier.
he said, “that’s all that mat- lem selling those.” “It really seems like we’re
©2025 Dow Jones & Co, Inc. All rights reserved. 3DJ0214 ters to them.” Another reason for the rush buying the dip for used EVs
The used-car dealership has is looming changes in EV pol- right now,” he said.
B6 | Monday, July 14, 2025 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

How BYD Squeezes Suppliers in EV Price War

Chinese automaker
often pays with an
IOU; some wait
months to cash in
BY REBECCA FENG
AND RAFFAELE HUANG

China’s electric vehicle-mak-

ers are locked in a spiraling
price war. Their suppliers say
they are bearing the brunt.
The country’s biggest auto-
maker, BYD, recently lowered
the price of a starter electric
vehicle to the equivalent of less
than $8,000. To hit such a low
price point, suppliers say the
company and others like it are
squeezing them by demanding
lower prices and dragging out
payment periods.
BYD, or Build Your Dreams,
often pays suppliers at first
with an electronic IOU it calls
D-chain, after the Dreams in its
name. The suppliers may wait
for the better part of a year be-
fore the notes can be cashed in.

LIU XIAO/XINHUA/ZUMA PRESS

Suppliers say such payment
methods are a nightmare for
cash flow. But they are falling
into line, desperate to keep or-
ders coming.
Overcapacity and lackluster
consumer demand are driving
the trend. China’s car business China’s car business has been hit by a deflationary wave that threatens the country’s economy. An assembly line at a BYD plant in Xi’an, in Shaanxi province.
is one of many industries hit by
a deflationary wave that manding information on what China price indexes, BYD’s liabilities year, accounting for nearly a
threatens the country’s econ- suppliers pay for materials. The year-over-year change quarter of total liabilities.
omy as trade relations with the carmakers ask suppliers to sub- Consumer prices 600 billion yuan BYD’s annual report doesn’t
U.S. remain tense. mit electricity bills, worker Producer prices say to whom the $20 billion
The phenomenon has come shift records and other cost is owed.
to be known by the Mandarin data to justify their prices, sup- 15% 500 Accounts & notes The government has begun
word neijuan, which has be- pliers say. And carmakers go to payable to show concern. In late
come widely used to refer to a the suppliers’ factories to check 10 400 June, China’s legislature re-
situation in which people work whether the reported number vised its competition law to
hard and compete fiercely of workers on production lines 5 %00 add clauses that ban large
without anyone getting ahead. is accurate. companies from setting “ob-
Other payables
Frustrated with such prac- viously unreasonable pay-
tices, some auto suppliers have 0 200 ment conditions” or forcing
Slimmer margins begun to speak up. Guo Chuan, Interest-bearing suppliers to sign exclusivity
“Neijuan often arises when chairman of KH Automotive 100 debt agreements.
-5
an economy experiences unex- Technologies, last month
pected downturns, particularly penned an open letter titled “I 0
Other
Crackdown
-10
during deflationary periods,” Have a Dream,” which went vi- Chinese leader Xi Jinping
said Jianwei Xu, a senior China ral for capturing their con- 2020 ’21 ’22 ’2% ’24 ’25 2016 ’17 ’18 ’19 ’20 ’21 ’22 ’2% ’24 has urged officials to crack
economist at Natixis, a French cerns. Note: 100 billion yuan=$14 billion down on neijuan. Officials are
investment bank. Chinese EV “I have a dream that one Sources: Wind (indexes); the company financials via Wind (liabilities) looking into the risks posed
makers, stuck with big facto- day in China’s auto industry, by financial instruments used
ries that they need to keep go- leading automakers and large In the past five years, BYD months, but the payment pe- poor cash flow. The company by carmakers, including D-
ing, are “trapped in neijuan,” suppliers will have a social con- has sextupled its revenue. riods are stretched out even said a month or two after its chain, people familiar with
Xu said. science,” he wrote. Over the same period, its ac- further in China. deliveries to BYD, it was re- the matter said.
Prices for goods leaving Chi- In a survey by the China Au- counts payable, notes payable BYD suppliers say they ceiving D-chain—which usu- Under government pres-
nese factories have fallen year- tomobile Dealers Association, and other payables—which typically get something ally had a term of six to eight sure, more than a dozen Chi-
over-year for 32 consecutive 84% of dealers said they sold analysts say are essentially within a few months of send- months. nese automakers, including
months. cars last year at prices lower the money it owes to suppli- ing a bill—but it is D-chain, Suppliers can sell the D- BYD, pledged in June to pay
Profit margins in China’s than the wholesale prices they ers—surged ninefold to $54 the electronic IOU issued by a chain to a broker or bank, but suppliers within 60 days of
auto-manufacturing industry paid carmakers. billion, accounting for two- BYD finance subsidiary, that typically means losing a product deliveries—a pledge
nearly halved over the past de- thirds of its total liabilities at rather than cash. few percentage points of the that many suppliers are skep-
cade to 4.3% in the first five the end of last year. The initial public offering face value to fees, say people tical will be upheld.
months of 2025, according to Seeking price cut “None of BYD’s recent prospectus of a BYD supplier, in the industry. The government moves
government data. Last November, BYD asked growth has been financed Guangdong Huazhuang Tech- Stevenson, the analyst, don’t address the fundamen-
Lower prices might look nice some suppliers to lower prices with conventional debt,” said nology, offers a glimpse into pointed to an item on BYD’s tal reasons for the price war,
to consumers, but the race to by 10% as the carmaker was Nigel Stevenson, an analyst the payment system. As of balance sheet labeled “other said Ernan Cui, an analyst at
the bottom is corrosive for negotiating contracts for 2025, at Hong Kong-based GMT Re- mid-2023, BYD accounted for external current accounts,” Gavekal Dragonomics.
growth, economists say. according to a letter seen by search. Instead, he said, the a quarter of the revenue of which he said looks like a “While the leading auto-
Squeezed suppliers have little The Wall Street Journal. company squeezed suppliers the supplier, which makes form of supply-chain financ- makers are profitable, there
room to raise wages, and inse- “Market competition will to make money available for auto parts such as brake-sys- ing. The item was included is a long tail of struggling
cure workers aren’t likely to grow fiercer in 2025, ushering new factories and equip- tem controllers and cooling for the first time under liabil- firms that should probably
splurge on purchases. in a final showdown, a knock- ment. fans. Needing capital for a ities in 2021, the year before exit the market, yet continue
Suppliers say they are now out round,” BYD wrote, calling Large companies around new factory, the fast-growing the carmaker’s subsidiary to produce thanks to ample
asked for price cuts as often as for a “concerted effort from the world often take advan- company filed for an IPO in started issuing D-chain on a government and private-sec-
once a month. Carmakers are our entire supply chain to tage of their position to delay June 2023. large scale. It ballooned to tor financing,” she wrote in a
tightening their audits and de- achieve sustained cost-cutting.” paying suppliers by a few One of its problems was $20 billion by the end of last recent research note.

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THE WALL STREET JOURNAL. Monday, July 14, 2025 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
44371.51 t 457.02, or 1.02% last week Trailing P/E ratio 25.16 27.72 6259.75 t 19.60, or 0.31% last week Trailing P/E ratio * 24.69 24.37 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 21.57 19.46 High, low, open and close for each of P/E estimate * 23.72 22.72
the past 52 weeks Dividend yield 1.64 2.13 the past 52 weeks Dividend yield * 1.23 1.30 IPOs in the U.S. Market
All-time high 45014.04, 12/04/24 All-time high 6280.46, 07/10/25
None expected this week

Current divisor 0.16268413125742 Lockup Expirations

46000 65-day moving average 6200
Below, companies whose officers and other insiders will become eligible
to sell shares in their newly public companies for the first time. Such
65-day moving average
44000 5900
sales can move the stock’s price.
Lockup Offer Offer amt Through Lockup
expiration Issue date Symbol price($) ($ mil.) Friday (%) provision
42000 5600 July 13 Jan. 15, ’25 HongKongPharmaDigitalTechnologyHoldings HKPD 4.00 5.6 –66.0% 180 days
July 14 Jan. 16, ’25 Flowco Holdings FLOC 24.00 491.3 –23.8% 180 days
Jan. 16, ’25 PicoCELA PCLA 4.00 7.0 –18.8% 180 days
40000 5300
Week's high July 15 April 17, ’25 Everbright Digital Holding EDHL 4.00 6.6 7.5% 90 days
DOWN UP 200-day moving average Sources: LSEG Data and Analytics; Dow Jones Market Data
Monday's open Friday's close
t

38000 5000
Friday's close Monday's open
IPO Scorecard
t

Performance of IPOs, most-recent listed first

200-day moving average
Week's low 36000 4700 % Chg From % Chg From
Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
Bars measure the point change from Monday's open IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
34000 4400 Bluemount Hldgs 4.00 ... ... EQV Ventures Acquisition II 10.03 0.3 0.2
J A S O N D J F M A M J J A S O N D J F M A M J J BMHL July 11/$4.00 EVACU July 2/$10.00
Delixy Hldgs 4.13 3.3 –16.6 Origin Investment I 10.01 0.1 0.3
Primary
NYSE weekly volume, in billions of shares market Composite DLXY July 9/$4.00 ORIQU July 2/$10.00
t
t

Scan this code Globa Terra Acquisition 10.07 0.7 0.3 Vendome Acquisition I 9.99 –0.1 0.2
36
24 Get real-time U.S. stock quotes and track GTERU July 9/$10.00 VNMEU July 2/$10.00

12 most-active stocks, new highs/lows, mutual Masonglory 4.51 12.8 5.6 Cohen Circle Acquisition II 10.16 1.6 0.2
funds and ETFs.. MSGY July 8/$4.00 CCIIU July 1/$10.00
0
Rich Sparkle Hldgs 3.51 –12.3 –0.3 Grande Grp 5.22 4.3 13.4
J A S O N D J F M A M J J Available free at WSJMarkets.com ANPA July 8/$4.00 GRAN July 1/$5.00
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
Ten-League Intl Hldgs 4.89 22.3 31.1 Indigo Acquisition 10.05 0.5 0.4
Major U.S. Stock-Market Indexes Nasdaq Composite TLIH July 8/$4.00
MaxsMaking 3.37 –15.8 –8.7
INACU July 1/$10.00
NMP Acquisition 10.00 ... 0.4
Latest Week 52-Week % chg t 15.57, or -0.08% MAMK July 7/$4.00 NMPAU July 1/$10.00
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann.
Dow Jones
last week 1RT Acquisition 10.41 4.1 1.7 FIGX Capital Acquisition 10.02 0.2 0.2
ONCHU July 2/$10.00 FIGXU June 27/$10.00
Industrial Average 44803.36 44160.32 44371.51 -457.02 -1.02 37645.59 • 45014.04 10.9 4.3 12.5
Transportation Avg 16480.65 15724.00 16208.86 162.03 1.01 12637.04 • 17754.38 4.4 2.0 7.0
20600
CapsoVision
CV July 2/$5.00
4.57 –8.6 30.6 Yorkville Acquisition
YORKU June 27/$10.00
11.03 10.3 1.6

Utility Average 1067.96 1034.63 1063.06 10.08 0.96 929.85 • 1079.88 12.4 8.2 3.2
Empro Grp 3.05 –23.7 –29.8 Cantor Eqty Ptnrs III 10.57 5.7 0.7
Total Stock Market 62277.68 61337.96 61905.76 -230.59 -0.37 49067.76 • 62167.25 11.6 6.0 17.0
EMPG July 2/$4.00 CAEP June 26/$10.00
Barron's 400 1353.01 1331.17 1331.84 -20.27 -1.50 1058.38 • 1356.99 13.7 6.4 15.1 20500
Sources: Dow Jones Market Data; FactSet
Nasdaq Stock Market
20400
Nasdaq Composite 20655.39 20323.02 20585.53 -15.57 -0.08 15267.91 • 20630.66 11.9 6.6 21.9 Public and Private Borrowing
Nasdaq-100 22915.33 22587.48 22780.60 -86.37 -0.38 17090.40 • 22866.97 12.0 8.4 24.3
S&P
20300 Treasurys
4 7 8 9 10 11
500 Index 6290.22 6201.00 6259.75 -19.60 -0.31 4982.77 • 6280.46 11.5 6.4 17.5 July Monday, July 14 Wednesday, July 16
MidCap 400 3217.76 3139.55 3172.40 -18.91 -0.59 2560.93 • 3390.26 5.0 1.6 11.4 DJ US TSM Auction of 13 and 26 week bills; Auction of 17 week bill;
announced on July 10; settles on July 17 announced on July 15; settles on July 22
SmallCap 600 1399.79 1350.89 1376.56 -3.66 -0.27 1106.12 • 1544.66 1.9 -2.2 6.9
t 230.59, or -0.37%
Tuesday, July 15 Thursday, July 17
Other Indexes last week
Auction of 6 week bill; Auction of 4 and 8 week bill;
Russell 2000 2275.70 2204.31 2234.83 -14.21 -0.63 1760.71 • 2442.03 4.0 0.2 8.9
announced on July 10; settles on July 17 announced on July 15; settles on July 22
NYSE Composite 20725.79 20441.46 20547.67 -178.12 -0.86 17188.46 • 20725.79 11.0 7.6 12.3
Value Line 623.92 609.11 614.53 -4.64 -0.75 495.50 • 656.04 1.9 0.6 5.2 62100
NYSE Arca Biotech 5885.53 5580.03 5774.02 67.74 1.19 5060.12 • 6318.63 4.6 0.5 6.2
A Week in the Life of the DJIA
NYSE Arca Pharma 961.21 925.19 942.06 7.74 0.83 860.88 • 1140.17 -13.5 0.8 3.9
61800
KBW Bank 145.86 142.17 143.35 -2.09 -1.43 103.52 • 145.43 31.8 12.5 12.0 A look at how the Dow Jones Industrial Average component stocks
PHLX§ Gold/Silver 213.07 201.53 211.05 0.37 0.18 136.24 • 212.94 37.3 53.8 25.2 did in the past week and how much each moved the index. The DJIA
PHLX§ Oil Service 63.86 59.01 63.47 2.49 4.09 50.70 • 92.31 -27.2 -12.6 0.6 61500 lost 457.02 points, or 1.02%, on the week. A $1 change in the price of
PHLX§ Semiconductor 5724.05 5519.48 5696.29 49.18 0.87 3562.94 • 5804.03 -1.4 14.4 30.7 any DJIA stock = 6.15-point change in the average. To date, a $1,000
investment on Dec. 31 in each current DJIA stock component would
Cboe Volatility 18.50 15.70 16.40 0.02 0.12 12.46 • 52.33 31.6 -5.5 -14.4 61200
have returned $32,079, or a gain of 6.93%, on the $30,000
4 7 8 9 10 11
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data July investment, including reinvested dividends.
The Week’s Action

International Stock Indexes Commodities and Pct Stock price Point chg $1,000 Invested(year-end '24)
$1,000
Currencies
chg (%) change in average* Company Symbol Close
Latest Week 52-Week Range YTD 5.06 10.92 67.12 Boeing BA $226.84 $1,282
Region/Country Index Close % chg Low Close High % chg
Last Week YTD 4.68 6.94 42.66 Chevron CVX 155.31 1,097
World MSCI ACWI 922.56 –0.34 742.96 • 926.48 9.7 Close Net chg %Chg % chg
3.50 5.58 34.30 NVIDIA NVDA 164.92 1,228
MSCI ACWI ex-USA 378.15 –0.28 306.87 • 380.06 16.0 DJ Commodity 1068.92 -4.02 -0.37 4.55
MSCI World 4046.84 –0.36 3254.24 • 4063.96 9.1 FTSE/CC CRB Index 303.52 3.60 1.20 2.29 3.00 2.43 14.94 Merck & Co MRK 83.36 854
MSCI Emerging Markets 1229.13 –0.20 993.45 • 1236.97 14.3 Crude oil, $ per barrel 68.45 1.45 2.16 -4.56 2.03 8.06 49.54 Caterpillar CAT 405.92 1,129
Americas MSCI AC Americas 2365.05 –0.45 1878.80 • 2375.92 6.9 Natural gas, $/MMBtu 3.314 -0.095 -2.79 -8.78 1.98 5.83 35.84 McDonald’s MCD 299.91 1,046
Canada S&P/TSX Comp 27023.25 –0.05 21880.95 • 27082.30 9.3 Gold, $ per troy oz. 3356.00 24.40 0.73 27.64
1.90 2.90 17.83 3M MMM 155.84 1,219
Latin Amer. MSCI EM Latin America 2273.62 –4.88 1842.59 • 2390.23 22.7
U.S. Dollar Index 97.87 0.69 0.71 -9.79
Brazil Bovespa 136187.31 –3.59 118532.68 • 141263.56 13.2
WSJ Dollar Index 94.98 0.78 0.82 -7.57
0.90 4.48 27.54 Microsoft MSFT 503.32 1,199
Chile S&P IPSA 4288.01 –0.62 3306.43 • 4430.90 18.6
Euro, per dollar 0.8555 0.007 0.78 -11.41
0.72 1.61 9.90 Amazon.com AMZN 225.02 1,026
Mexico S&P/BMV IPC 56593.65 –2.39 48837.72 • 58735.86 14.3
Yen, per dollar 147.42 2.94 2.03 -6.22 0.57 0.89 5.47 Johnson & Johnson JNJ 156.90 1,103
EMEA STOXX Europe 600 547.34 1.15 469.89 • 563.13 7.8
U.K. pound, in dollars 1.35 -0.0158 -1.16 7.82 –0.43 –1.61 –9.90 Home Depot HD 370.07 964
STOXX Europe 50 4519.43 1.22 3968.17 • 4809.98 4.9
52-Week
Eurozone Euro STOXX 568.55 1.52 472.81 • 573.74 12.5 Low Close(l) High % Chg –1.00 –2.97 –18.26 Amgen AMGN 295.27 1,152
Euro STOXX 50 5383.48 1.79 4571.60 • 5540.69 10.0
DJ Commodity 942.52 1115.06 4.86
–1.12 –2.39 –14.69 Apple AAPL 211.16 845
Austria ATX 4483.18 2.25 3443.70 • 4505.40 22.4 l
–1.44 –4.45 –27.35 UnitedHealth Group UNH 304.10 608
Belgium Bel-20 4518.99 0.76 3862.22 • 4555.90 6.0 FTSE/CC CRB Index 265.48 l 316.63 4.50
–1.86 –4.47 –27.48 HON 235.93
France CAC 40 7829.29 1.73 6863.02 • 8206.56 6.1 Crude oil, $ per barrel 57.13 l 82.85 -16.74 Honeywell 1,055
Germany DAX 24255.31 1.97 17339.00 • 24549.56 21.8 Natural gas, $/MMBtu 1.904 l 4.491 42.29 –2.05 –1.42 –8.73 Cisco CSCO 67.95 1,171
Greece Athex Composite 1960.17 2.19 1341.23 • 1968.74 33.4 Gold, $ per troy oz. 2351.90 l 3431.20 39.02
–2.07 –1.48 –9.10 Coca-Cola KO 69.87 1,139
Israel Tel Aviv 3056.80 0.76 1916.13 • 3064.30 27.6
109.96 -5.98
Italy FTSE MIB 40077.88 1.15 31107 • 40821 17.2 U.S. Dollar Index 96.78 l –2.28 –8.07 –49.61 Sherwin-Williams SHW 345.93 1,022
Netherlands AEX 921.49 1.44 796.45 • 948.54 4.9 WSJ Dollar Index 93.91 l 103.61 -4.14 –2.35 –3.78 –23.24 Procter & Gamble PG 157.05 949
Norway Oslo Bors All-Share 1881.43 0.20 1563.79 • 1901.60 14.4 Euro, per dollar 0.8469 l 0.9760 -6.69 –2.59 –18.73 –115.13 Goldman Sachs GS 704.95 1,243
Portugal PSI 20 7727.02 –0.65 6253.96 • 7791.75 21.2 Yen, per dollar 140.61 l 158.36 -6.60
South Africa FTSE/JSE All-Share 97221.58 0.04 79430.05 • 97364.46 15.6 U.K. pound, in dollars 1.22 l 1.37 3.88
–2.64 –8.66 –53.23 American Express AXP 319.47 1,085
Spain IBEX 35 14009.20 0.26 10390.5 • 14323.4 20.8 –2.87 –8.38 –51.51 IBM IBM 283.59 1,307
Sweden OMX Stockholm 973.50 0.94 824.22 • 1057.57 2.0 Go to WSJMarkets.com for free –3.05 –10.93 –67.19 Visa V 347.93 1,105
Switzerland Swiss Market 11937.42 –0.29 10887.73 • 13166.68 2.9 access to real-time market data.
–3.09 –9.14 –56.18 JPMorgan Chase JPM 286.86 1,217
U.K. FTSE 100 8941.12 1.34 7679.48 • 8975.66 9.4
–3.33 –4.13 –25.39 Walt Disney DIS 119.87 1,081
Asia-Pacific MSCI AC Asia Pacific 202.13 –0.55 162.82 • 203.8 11.3
Australia S&P/ASX 200 8580.10 –0.27 7343.3 • 8603.0 5.2 –3.65 –9.65 –59.32 Travelers TRV 254.48 1,065
China Shanghai Composite 3510.18 1.09 2704.09 • 3510.18 4.7
–4.03 –3.96 –24.34 Walmart WMT 94.40 1,050
Hong Kong Hang Seng 24139.57 0.93 16647.34 • 24771.14 20.3
–4.43 –1.93 –11.86 Verizon VZ 41.62 1,093
India BSE Sensex 82500.47 –1.12 72989.93 • 85836.12 5.6
Japan NIKKEI 225 39569.68 –0.61 31136.58 • 41275.08 –0.8 –4.92 –3.76 –23.11 NIKE NKE 72.63 971
Malaysia FTSE Bursa Malaysia KLCI 1536.07 –0.91 1400.59 • 1678.80 –6.5 –5.17 –14.08 –86.55 Salesforce CRM 258.07 774
Singapore Straits Times 4087.81 1.85 3198.44 • 4087.81 7.9
South Korea KOSPI 3175.77 3.98 2293.70 • 3183.23 32.4 *Based on Composite price. DJIA is calculated on primary-market price.
Source: Dow Jones Market Data; FactSet.
Taiwan TAIEX 22751.03 0.90 17391.76 • 23997.25 –1.2
Source: FactSet; Dow Jones Market Data
Currencies
Consumer Rates and Returns to Investor Benchmark Yields and Rates U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates Treasury yield curve Forex Race US$vs, US$vs,
Fri YTDchg Fri YTDchg
A consumer rate against its 30-year mortgage, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
benchmark over the past year notes and bonds major U.S. trading partners
Bankrate.com avg†: 6.78% Americas Thailand baht .03083 32.440 –5.5
Vietnam dong .00003829 26115 2.5
30-year fixed-rate El Dorado Savings Bank 6.00% 6.00% Argentina peso .00081260.8743 22.3
mortgage 8.00% One year ago 12% Brazil real .1799 5.5585 –10.1 Europe
Sacramento, CA 800-874-9779
t t 5.00 Yen Canada dollar .7304 1.3691 –4.8 Czech Rep. koruna .04739 21.101 –13.3
Redwood Capital Bank 6.00%
s
6.00 6 Denmark krone .1567 6.3833 –11.4
Chile peso .001045 957.23 –3.7
Eureka, CA 707-444-9800 4.00
t Colombiapeso .000250 3999.00 –9.2 Euro area euro 1.1690 .8555 –11.4
4.00 First Savings Bank of Hegewisch 6.10% 0 Hungary forint .002924 341.95 –14.0
t Tradeweb FTSE Friday Close 3.00 Ecuador US dollar 1 1 unch
Chicago, IL 773-646-4200 Iceland krona .008210 121.80 –12.4
10-year Treasury Mexico peso .0537 18.6373 –10.5
2.00 Huntington FSB 6.13% 2.00 –6 s s Norway krone .0987 10.1287 –11.0
note yield WSJ Dollar Index Euro Uruguay peso .02460 40.6450 –7.0
Huntington, WV 304-528-6200 Poland zloty .2740 3.6495 –11.7
0.00 1.00 –12 Asia-Pacific
Sweden krona .1046 9.5599 –13.6
AS OND J F M A M J J Chemung Canal Trust Company 6.25% 1 3 6 1 2 3 5 7 10 20 30 Australiadollar .6578 1.5202 –5.9
2024 2025 Switzerland franc 1.2553 .7966 –12.2
2024 2025 Elmira, NY 607-737-3711 month(s) years China yuan .1395 7.1686 –1.8 Turkey lira .0249 40.1779 13.7
maturity Hong Kong dollar .1274 7.8499 1.0 Ukraine hryvnia .0239 41.8500 –0.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data India rupee .01165 85.832 0.3 UK pound 1.3492 .7412 –7.2
Indonesia rupiah .0000616 16229 –0.2
Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 2.75 Corporate Borrowing Rates and Yields Japan yen .006783 147.42 –6.2
Middle East/Africa
Spread +/- Treasurys, Bahrain dinar 2.6526 .3770 –0.03
Prime rate* 7.50 7.50 7.50 l 8.50 2.75 Kazakhstan tenge .001909 523.90 –0.2
Yield (%) in basis pts, 52-wk Range Total Return Egypt pound .0202 49.4902 –2.7
SOFR 4.31 4.35 4.26 l 5.38 2.78 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1236 8.0910 1.1 Israel shekel .3001 3.3324 –8.5
Money market, annual yield 0.44 0.45 0.40 l 0.56 0.33 Malaysia ringgit .2352 4.2525 –4.9
U.S. Treasury, Bloomberg 4.200 4.160 3.21 1.23 Kuwait dinar 3.2716 .3057 –0.9
Five-year CD, annual yield 1.69 1.72 1.62 l 1.73 0.13 New Zealand dollar .6007 1.6647 –6.9 Oman sul rial 2.5994 .3847 –0.1
U.S. Treasury Long, Bloomberg 4.970 4.880 -2.76 -4.43
30-year mortgage, fixed† 6.78 6.74 6.68 l 7.42 0.91 Pakistan rupee .00352 284.375 2.2 Qatar rial .2743 3.646 0.01
1.04
Aggregate, Bloomberg 4.670 4.620 31 30 43 3.86 2.20 Philippines peso .0177 56.482 –2.8
15-year mortgage, fixed† 6.05 6.00 6.00 l 6.82 Saudi Arabia riyal .2666 3.7506 –0.2
Jumbo mortgages, $726,200-plus† 6.92 6.89 6.75 7.49 1.04
Fixed-Rate MBS, Bloomberg 5.090 5.010 35 31 49 4.20 2.00 Singapore dollar .7808 1.2808 –6.2
l South Africa rand .0557 17.9446 –4.9
Five-year adj mortgage (ARM)† 6.23 6.11 5.88 l 6.58 1.93
High Yield 100, ICE BofA 6.363 6.082 218 191 382 8.91 9.50 South Korea won .0007251 1379.16 –6.7
New-car loan, 48-month 7.27 7.20 6.81 l 7.86 2.19 Muni Master, ICE BofA 3.649 3.662 5 -6 5 0.43 1.82 Sri Lanka rupee .0033260 300.66 2.6 Close Net Chg % Chg YTD%Chg

Bankrate.com rates based on survey of over 1,500 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 7.317 7.244 280 276 379 7.84 8.33 Taiwan dollar .03420 29.242 –10.9 WSJ Dollar Index 94.98 0.30 0.31 –7.57
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA Sources: Tullett Prebon, Dow Jones Market Data
B8 | Monday, July 14, 2025 THE WALL STREET JOURNAL.

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not DoubleLine Yld Opps DLY NA 15.35 NA 9.3 Nuveen Sel TF NXP 14.02 13.93 -0.6 4.4 Angel Oak Str Crdt:FI NA NA NA 9.3
buy their shares back from investors who wish to cash VDivInt&PremStr NFJ NA 12.59 NA 10.7 First Trust HY Opp:2027 FTHY 15.00 14.59 -2.7 10.2 NYLIMacKayDTMuniOpp MMD 15.78 14.76 -6.5 4.8 Calamos L/S Eqty and DI CPZ 17.94 16.32 -9.0 15.8 Angel Oak Str Crdt:Inst NA NA NA 9.3
in their holdings. Instead, fund shares trade on a stock CARLYLE ALPINV PVT MKT;W NA NA NA NS
exchange. NA signifies that the information is not
V Art Int&Tech Opps AIO NA 24.33 NA 21.2 Franklin Univ FT 8.29 7.74 -6.6 6.6 PIMCO MuniInc PMF 8.33 7.86 -5.6 6.3 BR Credit Strat;A 8.40 NA NA 8.5
available or not applicable. NS signifies funds not in Income & Preferred Stock Funds KKR Income Opportunities KIO NA 12.47 NA 11.6 PIMCOMuniIncII PML 7.77 7.35 -5.4 6.3 Lord Abbett Corp Opps:A 9.21 NA NA 7.7 BR Credit Strat;Inst 8.37 NA NA 9.2
existence for the entire period. 12 month yield is Dividend and Income BXSY 21.37 NA NA NA NeubHgYldStrt NHS 7.58 7.53 -0.7 14.3 Pimco Muni III PMX 7.16 6.74 -5.9 5.7 Lord Abbett Corp Opps:I 9.21 NA NA 8.5 BR Credit Strat;J 8.38 NA NA NS
computed by dividing income dividends paid (during ONEASCENT CAP OPPTYS NA NA NA NS
the previous 12 months for periods ending at month-
CalamosStratTot CSQ 18.91 18.28 -3.3 13.5 Nuveen Global High Inc JGH 13.81 13.13 -4.9 9.6 PioneerHilncAdv MAV NA 8.26 NA 4.7 BR Credit Strat;U 8.38 NA NA 8.5
end or during the previous 52 weeks for periods CohenStrsLtdDurPref&Inc LDP 22.19 21.25 -4.2 12.6 PGIM Global High Yield GHY NA 13.56 NA 9.4 PionrMuniHiIncOppty MIO NA 11.74 NA 5.0 Variant Altrntv Inc:Inst 26.58 NA NA 7.5 BR Credit Strat;W 8.40 NA NA 8.5
ending at any time other than month-end) by the CohenStrsSelPref&Income PSF 21.75 20.33 -6.5 8.7 PGIM High Yield Bond ISD NA 14.12 NA 8.8 PioneerMunHiIcm MHI NA 9.11 NA 4.5 Variant Impact;Instl 26.98 NA NA 4.7 CAP GRP KKR CR PL+;A 10.10 NA NA NS
latest month-end market price adjusted for capital Versus Capital Infra Inc 10.16 NA NA 9.8
gains distributions. Depending on the fund category, CohenStrsTaxAvPreSecs&I PTA 20.89 19.95 -4.5 8.3 PGIM Sh Dur Hi Yld Opp SDHY NA 16.61 NA 7.7 Putnam Mgd Inc PMM 6.39 5.94 -7.0 4.8 CAP GRP KKR CR PL+;A-2 10.10 NA NA NS
either 12-month yield or total return is listed. FirstTrIntDurPref&Inc FPF 19.24 18.78 -2.4 11.3 PioneerHilncm PHT NA 8.11 NA 8.1 Putnam Muni Opp PMO 10.80 9.86 -8.7 4.3 Convertible Sec's. Funds CAP GRP KKR CR PL+;F-2 10.10 NA NA NS
Source: LSEG JHanPrefInc HPI 15.88 16.05 +1.1 3.6 WstAstHIF II HIX NA 4.30 NA 13.7 RiverNorth Flx Mu Inc II RFMZ 14.09 12.68 -10.0 8.1 Calmos Dyn Conv and Inc CCD 19.57 20.52 +4.9 12.9 CAP GRP KKR CR PL+;F-3 10.10 NA NA NS
Friday, July 11, 2025 JHPrefIncII HPF 15.74 15.85 +0.7 2.5 Western Asset Hi Inc Opp HIO NA 4.00 NA 10.7 RiverNorth Mgd Dur Mun I RMM NA 13.77 NA 8.1 World Equity Funds CAP GRP KKR CR PL+;R-6 10.10 NA NA NS
52 wk HnckJPfdInco III HPS 14.18 14.20 +0.1 -4.1 Western Asset Hi Yld D O HYI NA 12.00 NA 9.5 Western Asset Mgd Muni MMU NA 10.00 NA 6.6 CalamosGlbTotRet CGO 12.18 11.67 -4.2 7.4 CAP GRP KKR MUL-SC+;A NA NA NA NS
Prem Ttl J Han Prm PDT 13.62 13.25 -2.7 21.3 Single State Muni Bond Cantor Fitzgerald SI:A 13.34 NA NA 18.2 CAP GRP KKR MUL-SC+;A-2 NA NA NA NS
Other Domestic Taxable Bond Funds
Fund (SYM) NAV Close /Disc Ret LMP CapInco SCD NA 15.53 NA 8.7 BlackRock CA Mun BFZ 11.62 10.77 -7.3 6.5 Cantor Fitzgerald SI:C 13.09 NA NA 17.3 CAP GRP KKR MUL-SC+;F-2 NA NA NA NS
Allspring Multi-Sector ERC 9.97 9.43 -5.4 8.8
General Equity Funds Nuveen Pref & Inc Opp JPC 8.02 8.14 +1.5 15.4 BR MH CA Qly Fd Inc MUC 11.37 10.32 -9.2 6.0 Cantor Fitzgerald SI:I 13.37 NA NA 18.2 CAP GRP KKR MUL-SC+;F-3 NA NA NA NS
Ares Dynamic Crdt Alloc ARDC NA 14.30 NA 9.7
Adams Diversified Eq Inc ADX 23.48 21.67 -7.7 15.2 Nuveen Pref Sec & Inc Op JPI 20.02 20.65 +3.1 15.2 BR MH NJ Qly MUJ 12.09 10.91 -9.8 5.8 CANTOR FITZGERALD IN;S X 13.60 NA NA 20.1 CAP GRP KKR MUL-SC+;R-6 NA NA NA NS
BlackRock Mlt-Sctr Inc BIT 14.40 14.68 +1.9 10.1
BlackRock En Lg Cap Cr CII 22.56 21.29 -5.6 14.2 Nuveen Var Rate P&I NPFD 20.10 19.40 -3.5 14.3 BR MH NY Qly MHN 10.77 9.72 -9.7 6.0 Sweater Cashmere 23.60 NA NA 6.4 CION Ares Dvsfd Crdt;A NA NA NA 8.5
BlackRock Tax Muni Bd BBN 16.88 15.90 -5.8 6.9 Primark Priv Eq Inv:I 14.50 NA NA 9.8
Central Secs CET 57.75 48.14 -16.6 17.1 TCW Strat Income TSI NA 4.89 NA 7.8 DoubleLine:Oppor Crdt Fd DBL 15.31 15.32 +0.1 7.7 BR MuniYld MI Qly MIY 11.92 10.92 -8.4 5.7 CION Ares Dvsfd Crdt;C NA NA NA 7.7
Convertible Sec's. Funds BR MuniYld NY Qly MYN 10.41 9.43 -9.4 6.2 Thornburg Inc Bldr Opps TBLD 20.50 19.19 -6.4 16.3 CION Ares Dvsfd Crdt;I NA NA NA 8.8
CohenStrsCEOppFd FOF 12.50 12.79 +2.3 13.9 EVLmtDurIncm EVV NA 10.20 NA 8.9
AdvntCnvrtbl&IncFd AVK 12.70 12.35 -2.8 14.4 BR MuniYld PA Qly MPA 11.86 10.76 -9.3 7.3 VirtusTotalRetFd ZTR NA 6.19 NA NA CION Ares Dvsfd Crdt;L NA NA NA 8.3
EVTxAdvDivIncm EVT 26.37 24.26 -8.0 10.8 Franklin Ltd Dur Income FTF 6.84 6.48 -5.3 11.5
GabelliDiv&IncTr GDV 29.62 26.53 -10.4 20.8 CalamosConvHi CHY 10.78 11.00 +2.0 8.1 BlackRock NY Mun BNY 10.67 9.61 -9.9 6.0 Prem12 Mo CION Ares Dvsfd Crdt;U NA NA NA 8.0
FS Credit Opportunities FSCO NA 7.22 NA 10.3 Fund (SYM) NAV Close /Disc Yld
Gabelli Equity Tr GAB 5.49 5.90 +7.5 22.1 CalmosConvOp CHI 10.20 10.48 +2.7 -1.6 J Han Investors JHI 14.67 13.88 -5.4 8.6 EVCAMuniBd EVM 9.24 8.91 -3.6 5.6 CION Ares Dvsfd Crdt:U2 NA NA NA 8.0
GeneralAmer GAM 64.11 56.75 -11.5 20.3 V Conv & Inc NCV NA 14.18 NA 17.4 Eaton Vance NY Muni Bd ENX 9.63 9.13 -5.2 5.3 U.S. Mortgage Bond Funds CION Ares Dvsfd Crdt;W NA NA NA 8.3
MFS Charter MCR 6.72 6.35 -5.6 2.3
JHancockTaxAdvDiv HTD 25.15 23.85 -5.2 26.9 V Conv & Inc II NCZ NA 12.94 NA 20.1 InvCaValMuIncTr VCV 9.95 10.52 +5.7 7.4 Arca US Treasury NA NA NA 1.1 CNR Select Strategies 15.71 NA NA 0.0
NuvCorePlusImpact NPCT 11.31 11.24 -0.6 12.6
Liberty All-Star Equity USA 7.05 6.88 -2.4 6.8 V Div Inc & Conv ACV NA 22.68 NA 17.5 InvPAValMuIncTr VPV 10.61 10.05 -5.3 7.9 CATALYST/PERINI STRAT IN NA NA NA NS COLUMBIA CR INC OPP;A 20.39 NA NA NS
Nuveen Taxable Muni Inc NBB 15.99 15.69 -1.9 7.3
Liberty All-Star Growth ASG 5.92 5.49 -7.3 8.8 V Eqty & Conv Inc NIE NA 23.82 NA 10.2 InvTrInvGrNYMu VTN 10.55 10.53 -0.2 7.8 Ellington Inc Opp:A NA NA NA 10.4 COLUMBIA CR INC OPP;I 20.40 NA NA NS
PIMCO Corp & Inc Oppty PTY NA 13.82 NA 10.2
Royce Micro-Cap Tr RMT 10.86 9.57 -11.9 8.7 World Equity Funds Nuveen CA AMT-F Qual MI NKX 11.71 11.74 +0.3 7.7 Ellington Inc Opp:M NA NA NA 10.8 Diamond Hill Sec Cr;I 10.58 NA NA NS
PIMCO Corp & Inc Strat PCN NA 12.61 NA 10.6
Royce Value Trust RVT 17.17 15.40 -10.3 11.1 abrdn Emg Mkts Ex-China AEF 6.65 5.95 -10.5 19.3 Nuveen CA Val NCA 8.89 8.60 -3.3 4.0 Loan Participation Funds Diamond Hill Sec Cr;R 10.58 NA NA NS
PIMCOHilnco PHK NA 4.83 NA 12.0 First Eagle Crdt Opps A 22.54 NA NA 9.2
Source Capital SOR 46.28 43.75 -5.5 12.0 abrdn Glbl Dyn Div AGD 11.22 11.18 -0.4 26.2 NuveenCAQtyMuInc NAC 11.20 11.19 -0.1 7.9 1WS Credit Income;A2 18.84 NA NA 8.5
PIMCO IncmStrFd PFL NA 8.31 NA 11.7 First Eagle Crdt Opps A2 22.52 NA NA 8.8
Special Opportunities SPE 17.17 15.47 -9.9 22.9 abrdn Tot Dyn Div AOD 9.71 8.99 -7.4 18.3 NuvNJ Qual Muni Inc NXJ 12.34 11.35 -8.0 8.3 1WS Credit Income;Inst 19.43 NA NA 8.2
PIMCO IncmStrFd II PFN NA 7.44 NA 11.6 First Eagle Crdt Opps I 22.40 NA NA 9.6
Sprott Focus Trust FUND 8.80 7.80 -11.4 7.6 Allspring Gl Div Oppty EOD 6.04 5.44 -9.9 20.3 Nuveen NY AMT/Fr Qual MI NRK 10.46 9.72 -7.1 8.3 Apollo Diversified Cd:A NA NA NA 7.9
Putnam Mas Int PIM 3.46 3.36 -2.9 7.8 First Trust Private Cr;A NA NA NA 10.6
SRH Total Return STEW 22.02 17.62 -20.0 21.1 BlackRock Cap Alloc Term BCAT 15.72 15.20 -3.3 12.7 Nuveen NY Val NNY 8.59 8.08 -5.9 4.3 Apollo Diversified Cd:C NA NA NA 7.1
Putnam Prem Inc PPT 3.81 3.67 -3.7 8.5 First Trust Private Cr;I NA NA NA 10.3
Tri-Continental TY 36.03 31.91 -11.4 13.5 Calamos GloDynInc CHW 7.97 7.13 -10.5 8.9 Nuveen NY Qual Muni Inc NAN 11.04 11.43 +3.5 7.5 Apollo Diversified Cd:F NA NA NA 9.9
Western Asset Dvsfd Inc WDI NA 14.86 NA 12.0 Franklin BSP Pvt Cr:A 10.60 NA NA 8.2
Specialized Equity Funds EV TxAdvGlbDivInc ETG 21.90 21.20 -3.2 20.2 Nuveen PA Qual Muni Inc NQP 11.94 11.05 -7.5 8.3 Apollo Diversified Cd:I NA NA NA 8.1
Western Asset Inf-Lk Inc WIA NA 8.39 NA 7.2 Apollo Diversified Cd:L NA NA NA 7.6 Franklin BSP Pvt Cr:Adv 10.62 NA NA 8.7
abrdn Glb Prem Prop AWP 3.79 3.82 +0.8 12.7 EtnVncTxAdvOpp ETO 29.43 27.77 -5.6 14.2 Nuveen VA Qlty Mun Inc NPV 11.15 11.31 +1.5 7.6
Western Asset Inf-Lk O&I WIW NA 8.76 NA 8.3 Apollo Diversified Cd:M NA NA NA 8.9 FS Credit Income;A 12.12 NA NA 9.2
abrdn Global Infra Inc ASGI 21.21 20.74 -2.2 25.1 Highland Global Alloc HGLB 12.18 8.51 -30.1 25.8 PIMCO CA PCQ 9.29 8.61 -7.3 5.0
World Income Funds PIMCOCAMuniII PCK 5.93 5.34 -9.9 4.8 Axonic Alternative I;A NA NA NA 8.9 FS Credit Income;I 12.17 NA NA 9.4
Adams Natural Resources PEO 24.70 22.29 -9.8 5.7 India Fund IFN 16.96 16.04 -5.4 2.1 abrdn AP IncFd FAX 16.74 16.11 -3.8 12.4
Japan Smaller Cap JOF 10.96 9.66 -11.9 29.1 Pimco CA Muni III PZC 6.84 6.21 -9.2 5.6 Axonic Alternative I Ins NA NA NA 8.9 FS Credit Income;T 12.15 NA NA 8.9
ASA Gold & Prec Met Ltd ASA 36.86 32.55 -11.7 60.3 MS EmMktDomDebt EDD 5.47 5.16 -5.7 11.2 FS Credit Income;U 12.10 NA NA 8.7
LazardGlbTotRetInc LGI 17.72 16.80 -5.2 11.0 52 wk Bluerock HI Inst Crd:A NA NA NA 11.1
BlackRock Energy & Res BGR 14.23 13.62 -4.3 12.3 PIMCO Access Income PAXS NA 15.09 NA 11.8 FS Credit Income;U-2 12.21 NA NA 8.6
Mexico MXF 20.74 17.34 -16.4 6.5 Prem Ttl Bluerock HI Inst Crd:C NA NA NA 10.8
BlackRock Eq Enh Div BDJ 9.43 8.90 -5.6 15.8 PIMCO Dynamic Inc Strat PDX NA 24.89 NA 5.9 J HANCOCK CQS ASSETBS;A 19.72 NA NA NS
MS ChinaShrFd CAF 16.46 14.05 -14.6 23.2 Fund (SYM) NAV Close /Disc Ret Bluerock HI Inst Crd:F NA NA NA 11.5
BlackRock Enh Glbl Div BOE 12.45 11.43 -8.2 13.9 PIMCO Dynamic Income PDI NA 18.98 NA 13.9 J HANCOCK CQS ASSETBS;I 19.74 NA NA NS
MS India IIF NA 27.78 NA 12.2 General Equity Funds Bluerock HI Inst Crd:I NA NA NA 11.2
BlackRock Enh Intl Div BGY 6.29 5.74 -8.7 10.0 PIMCO Dynamic Inc Opp PDO NA 13.39 NA 11.3 BNYM Alcntr Glb MS Cr Fd 86.70 NA NA NA J HANCOCK CQS ASSETBS;U 19.69 NA NA NS
BlackRock ESG Cap All T ECAT 16.72 16.38 -2.0 13.4 New Germany GF 13.71 12.25 -10.6 43.0 PIMCO Stratg Inc RCS NA 7.08 NA 7.8 Alternative Strategies:I 15.30 NA NA 18.0
Nuveen Multi-Asset Inc NMAI 13.84 12.60 -9.0 7.5 CliffwaterClFd;I NA NA NA 10.8 KKR CREDIT OPPTY;D NA NA NA 8.5
BlackRock Hlth Sci Term BMEZ 15.45 14.42 -6.7 5.4 Templtn Glbl Inc SABA NA 9.10 NA NE SEG PARTNERS L/S EQTY;I NA NA NA N
Nuveen Rl Asst Inc & Gro JRI 13.56 13.47 -0.7 22.4 Specialized Equity Funds CliffwaterElFd;I NA NA NA 10.9 KKR CREDIT OPPTY;I NA NA NA 8.7
BlackRock Hlth Sciences BME 39.42 36.47 -7.5 -5.5 Templeton Em Inc TEI 6.37 6.11 -4.1 9.5 CNR Strategic Credit 6.60 NA NA 19.8 KKR CREDIT OPPTY;T NA NA NA 8.0
BlackRock Res & Comm BCX 10.57 9.75 -7.8 12.7 NYLI CBRE Glbl Inf Meg T MEGI 15.44 14.10 -8.7 17.6 WstAstEmergDebt EMD NA 10.11 NA 10.4 Accordant ODCE Index;A 9.18 NA NA 1.9
Floating-Rate Opps;A 10.04 NA NA 9.3 KKR CREDIT OPPTY;U NA NA NA 8.0
BlackRock Sci&Tech Term BSTZ 22.21 20.54 -7.5 14.5 Templeton Dragon TDF 11.56 9.90 -14.4 25.0 Accordant ODCE Index;I 9.21 NA NA 2.2
National Muni Bond Funds Floating-Rate Opps;I 10.03 NA NA 9.5 MA SPECIALTY CREDIT IN;S 24.98 NA NA NS
BlackRock Sci&Tech Trust BST 40.69 38.23 -6.0 7.7 Templeton Em Mkt EMF 16.71 14.90 -10.8 22.8 Accordant ODCE Index;Y 9.21 NA NA 2.2
AllBerNatlMunInc AFB 11.35 10.20 -10.1 4.4 Floating-Rate Opps;U 10.04 NA NA 8.8 NIAGARAINCOMEOPPORTNTS NA NA NA 11.8
BlackRock Innov&Gro Term BTX 7.54 NA NA NA Prem12 Mo BlackRock 2037 Muni Trg BMN 24.97 25.00 +0.1 4.5
ARK Venture 31.78 NA NA 22.7
Equalize Community Dev 9.51 NA NA 3.0 Palmer Square Opp Inc 17.91 NA NA 6.9
BlackRock Utl Inf & Pwr BUI 25.04 26.29 +5.0 22.0 Fund (SYM) NAV Close /Disc Yld ArrowMark Financial Corp BANX NA 21.02 NA NA
BlckRk Inv Q Mun BKN 11.82 10.89 -7.9 6.2 FedProj&TrFinanceTendr 9.99 NA NA 7.4 TCW PRIVATE ASSET INC;A 10.01 NA NA NS
CLEARBRIDGEENGYMDSOPP EMO NA 47.45 NA 26.0 U.S. Mortgage Bond Funds Calamos Aksia PE & Alt;A 10.00 NA NA NS
BlackRock Muni 2030 Tgt BTT 24.21 21.95 -9.3 2.5 Flat Rock Core Income NA NA NA 10.3 TCW PRIVATE ASSET INC;I 10.01 NA NA NS
ChnStrInfr UTF 25.49 26.73 +4.9 21.1 BlckRk Income BKT 11.78 11.75 -0.3 9.0 Calamos Aksia PE & Alt;C 10.00 NA NA NS
BlackRock Muni BFK 10.54 9.51 -9.8 6.2 Flat Rock Enhanced Inc NA NA NA 10.5 World Income Funds
Cohen&SteersQualInc RQI 12.98 12.39 -4.5 11.4 Investment Grade Bond Funds Calamos Aksia PE & Alt;I 10.00 NA NA NS
BlackRock Muni II BLE 10.95 9.96 -9.0 6.3 InvDYCrOpp:A 10.75 NA NA 11.3 BlueBay Destra Itl E:A 21.92 NA NA 9.2
CohenStrs Real Est and I RLTY 16.23 15.30 -5.7 11.5 Angel Oak FS Inc Trm FINS NA 12.98 NA 10.0 Calamos Aksia PE & Alt;M 10.00 NA NA NS
BlckRk Muni Inc Qly BYM 11.56 10.47 -9.5 6.2 InvDYCrOpp:R6 10.76 NA NA 11.7 BlueBay Destra Itl E:I 21.94 NA NA 9.4
Cohen&Steers TotRet RFI 11.65 11.89 +2.1 6.9 BlRck Core Bond BHK 9.93 9.61 -3.2 9.2 CASCADE PRIVATE CAP;I 18.98 NA NA NA BlueBay Destra Itl E:L 21.90 NA NA 8.9
BR MuniAssets Fd MUA 11.00 10.40 -5.5 6.4 InvDYCrOpp:Y 10.76 NA NA 11.5
CohenStrsREITPrefInc RNP 21.33 22.98 +7.7 16.0 BR Credit Alloc Inc BTZ 11.32 10.97 -3.1 9.2 CBRE GlbRlEst IGR 4.98 5.19 +4.2 0.0 BlueBay Destra Itl E:T 21.78 NA NA 8.7
BR MH Qly 2 MUE 10.51 9.55 -9.1 6.2 Invesco Sr Loan A 5.70 NA NA 8.7
CIM RA&C A 22.05 NA NA 3.2 BOOSTER INCOME OPPTYS 10.02 NA NA NS
Columbia Sel Prm Tech Gr STK 30.54 30.93 +1.3 5.2 InvescoBond VBF 16.24 15.41 -5.1 5.6 BR MuniHoldngs MHD 12.32 11.21 -9.0 6.1 Invesco Sr Loan C 5.71 NA NA 7.9
CIM RA&C C 21.22 NA NA 2.5 Calamos-Aksia ACI:A 10.74 NA NA 10.3
DNP Select Income DNP NA 9.69 NA 23.8 J Han Income JHS 12.10 11.21 -7.4 5.2 BR MuniVest Fd MVF 7.22 6.56 -9.1 6.2 Invesco Sr Loan IB 5.70 NA NA 8.9
CIM RA&C I 22.34 NA NA 3.5 Calamos-Aksia ACI:C 10.71 NA NA 9.6
Duff&Ph Uti&Infra Inc Fd DPG NA 12.45 NA 30.5 MFS Intmdt MIN 2.75 2.68 -2.5 2.1 BR MuniVest 2 MVT 11.23 10.20 -9.2 6.1 Invesco Sr Loan IC 5.70 NA NA 8.8
CIM RA&C L 21.76 NA NA 3.0 Calamos-Aksia ACI:I 10.74 NA NA 10.6
EtnVncEqtyInc EOI 20.57 20.97 +1.9 14.5 Loan Participation Funds BR MuniYield Fd MYD 11.01 9.99 -9.3 6.4 Invesco Sr Loan Y 5.70 NA NA 8.9
CION Grosvenor Infras;D NA NA NA NS Calamos-Aksia ACI:M 10.75 NA NA 9.7
EtnVncEqtyIncoII EOS 23.69 24.24 +2.3 18.5 BR Debt Strategy DSU 10.42 10.61 +1.8 11.2 BR MuniYield Qlty MQY 11.94 11.06 -7.4 6.2 Monachil Credit Income:I 10.04 NA NA 9.97
CION Grosvenor Infras;I NA NA NA NS Carlyle Tact Pvt Cred:A NA NA NA 9.1
EVRskMnDvsEqInc ETJ 9.64 8.99 -6.7 10.3 BR F/R Inc Str FRA 12.56 13.23 +5.3 11.3 BR MuniYld Qlty2 MQT 10.53 9.57 -9.2 6.2 Nomura Alt Inc;I 9.87 NA NA 11.0
CION Grosvenor Infras;S NA NA NA NS Nuveen Enh CLO Inc:A1 19.82 NA NA NS Carlyle Tact Pvt Cred:I NA NA NA 9.6
ETnVncTxMgdBuyWrtInc ETB 15.38 14.55 -5.4 11.1 BlackRock Floatng Rt Inc BGT 12.26 12.55 +2.4 11.5 BR MuniYld Qly 3 MYI 11.42 10.49 -8.1 6.3 CION Grosvenor Infras;U NA NA NA NS Nuveen Enh CLO Inc:A2 19.83 NA NA NS Carlyle Tact Pvt Cred:L NA NA NA 9.1
EtnVncTxMgdBuyWrtOpp ETV 14.60 13.91 -4.7 9.7 Blackstone Lng-Sh Cr Inc BGX NA 12.45 NA 9.2 BNY Mellon Muni Bd Infra DMB 11.11 10.11 -9.0 3.6 CION Grosvenor Infras;U2 NA NA NA NS Nuveen Enh CLO Inc:I 19.83 NA NA NS Carlyle Tact Pvt Cred:M NA NA NA 8.8
EvTxMnDvsEqInc ETY 15.21 15.63 +2.8 18.9 BS SFR 2027 T BSL 14.58 14.20 -2.6 8.9 BNY Mellon Str Muni Bond DSM 6.14 5.58 -9.1 3.9 Connetic Venture CA;I 10.34 NA NA NS Octagon XAI CLO Inc;A 25.10 NA NA NS Carlyle Tact Pvt Cred:N NA NA NA 9.6
EtnVncTxMgdGlbB ETW 9.54 8.70 -8.8 13.0 BS St Cr 2027 Tm BGB 12.76 12.23 -4.2 9.1 BNY Mellon Strat Muni LEO 6.50 5.86 -9.8 3.9 FIRST EAGLE RL EST DBT;I 25.31 NA NA NS Octagon XAI CLO Inc;I 25.13 NA NA NS Carlyle Tact Pvt Cred:U NA NA NA 8.8
EVTxMnGblDvEqInc EXG 9.42 8.89 -5.6 12.5 EtnVncFltRteInc EFT 12.87 12.57 -2.3 9.8 DWS Muni Inc KTF 9.05 8.75 -3.3 8.2 First Tr Real Assets;A NA NA NA NS
First Tr Enhanced Eq FFA 21.75 20.73 -4.7 10.5 EV SenFlRtTr EFR NA 12.10 NA 9.8 EVMuniBd EIM 10.35 9.52 -8.0 6.3 OFS Credit Company OCCI NA 6.27 NA NA Carlyle Tact Pvt Cred:Y NA NA NA 9.2
Forum RE Income;Founders 9.75 NA NA 10.5 PC PCAAM AI;I 10.25 NA NA NS Fid MS Cr;A NA NA NA 6.6
Gabelli Healthcare GRX 10.57 9.38 -11.3 0.6 FT/Sr Fltg Rte Inc 2 FCT 10.52 10.14 -3.6 11.4 EVMuniIncm EVN 10.41 10.35 -0.6 6.0 Forum RE Income;I 9.75 NA NA 10.6
Gab Utility GUT 3.13 5.98 +91.1 17.8 Highland Oppty & Income HFRO 11.83 5.18 -56.2 8.4 EVNatMuniOpp EOT 17.48 16.24 -7.1 5.0 PRINCIPAL PRVT CR;A 10.26 NA NA 6.8 Fid MS Cr;C NA NA NA 5.9
Forum RE Income;K 9.73 NA NA NS PRINCIPAL PRVT CR;INS 10.29 NA NA 6.9 Fid MS Cr;I NA NA NA 6.9
GAMCOGlGold&NatRes GGN 4.57 4.49 -1.8 18.1 InvDYCrOpp:AX VTA 10.75 NA NA NA InvAdvMuIncTrII VKI 8.76 8.31 -5.1 8.0 JACKSON REAL ASSETS;I 10.71 NA NA 5.5
J Han Finl Opptys BTO 35.36 36.23 +2.5 30.9 InvSnrIncTr VVR 3.76 3.83 +1.9 12.7 Invesco MuniOp OIA 5.91 5.74 -3.0 6.0 PRINCIPAL PRVT CR;Y 10.31 NA NA 7.0 Fid MS Cr;L NA NA NA 6.4
MEKETA INFRSTRCTR;I 27.53 NA NA 8.3 SEI Alternative Income:F 10.30 NA NA 7.1 Jackson Credit Opps:I 10.40 NA NA 6.9
KayneEnrgyInfraInc KYN 13.76 12.44 -9.6 23.5 Nuveen Credit Strat Inc JQC 5.70 5.48 -3.9 12.0 InvescoMuOppTr VMO 9.78 9.15 -6.4 8.1 MEKETA INFRSTRCTR;III 27.53 NA NA 8.4
Neuberger Brmn Enrgy I&I NML 9.66 8.75 -9.4 17.9 NuvFloatRateIncFd JFR 8.88 8.58 -3.4 12.0 SEI Alternative Income:Y 10.31 NA NA 7.3 Lord Abbett Cred Opps Fd 8.71 NA NA 8.7
InvescoMuTr VKQ 9.84 9.15 -7.0 8.2 NexPointRlEstStrat;A 14.35 NA NA -6.2
Neuberger Nxt Gen Conn NBXG 16.32 14.33 -12.2 20.0 SOUNDPOINTMRDANCAP SPMC NA NA NA NA Voya Enhanced Sec Inc:A NA NA NA 8.8 Lord Abbett Cred Opps Fd 8.71 NA NA 9.5
InvescoQual Inc IQI 9.93 9.35 -5.8 8.0 NexPointRlEstStrat;C 14.56 NA NA -6.9
NubrgrRlEstSec NRO 3.37 3.25 -3.6 4.2 High Yield Bond Funds Voya Enhanced Sec Inc:C NA NA NA 8.3 Lord Abbett Crd Op:U 8.71 NA NA 8.7
InvTrInvGrMu VGM 10.13 9.64 -4.8 8.1 NexPointRlEstStrat;Z 14.56 NA NA -6.0 Voya Enhanced Sec Inc:I NA NA NA 9.1 Oaktree Dvsfd Income;D 9.09 NA NA 9.6
NuvDow30DynOverwrite DIAX 16.15 14.33 -11.3 10.4 abrdn Inc Credit Str ACP 6.14 5.95 -3.1 17.6 InvescoValMunInc IIM 12.18 11.59 -4.8 7.9 PENDER REAL ESTATE CR;A 10.08 NA NA NS Yieldstreet Alt Inc NA NA NA 6.4 PIMCO Flexible EM I;Inst NA NA NA 8.1
NuvCorEqAlpha JCE 15.72 15.41 -2.0 11.0 AllianceBernGlHiIncm AWF 11.37 11.05 -2.8 7.2 NeubrgrBrm NBH 10.87 9.85 -9.4 6.6 PENDER REAL ESTATE CR;I1 10.06 NA NA 7.8 High Yield Bond Funds National Muni Bond Funds
NuveenNasdaq100DynOv QQQX 28.29 26.24 -7.2 10.9 Allspring Income Oppty EAD 7.34 7.04 -4.1 9.0 Nuveen AMT-Fr Mu Val NUW 14.61 13.65 -6.6 4.1 PENDER REAL ESTATE CR;I2 10.06 NA NA 8.0 AB CarVal Credit Opp;Adv 10.08 NA NA 7.5 BLACKROCK MUN CAP;A 12.63 NA NA NS
Nuv Real Est JRS 8.49 7.81 -8.0 6.6 Barings Glb SD HY Bd BGH 15.90 15.81 -0.6 10.3 Nuveen AMT-Fr Qlty Mun I NEA 11.34 11.01 -2.9 8.0 PIMCO Flexible REI;A-3 10.49 NA NA NS BLACKROCK MUN CAP;U 12.63 NA NA NS
AB CarVal Credit Opp;A 10.07 NA NA NS
NuvS&P500DynOvFd SPXX 18.11 17.87 -1.3 16.4 BR Corporate HY HYT 9.70 9.81 +1.1 9.5 Nuveen AMT-Fr Mu CI NVG 12.38 11.92 -3.7 7.9 PIMCO Flexible REI;A-4 10.49 NA NA NS AB CarVal Credit Opp;C 10.06 NA NA NS Ecofin Tax-Exempt Prv Cr 6.52 NA NA 23.6
NuvSP500BuyIncFd BXMX 15.12 14.00 -7.4 11.3 BlackRock Ltd Dur Inc BLW 14.02 14.17 +1.1 9.5 Nuveen Dyn Muni Opp NDMO 10.38 10.12 -2.5 7.3 PIMCO FLEXIBLE REI;F 10.49 NA NA NS FIRST EAGLE TCT MN OPP;I 9.91 NA NA NS
AB CarVal Credit Opp;U 10.07 NA NA NS
NXGCushing Mdstrm Enrgy SRV 42.06 42.41 +0.8 14.6 BNY Mellon Hi Yield Str DHF 2.77 2.58 -6.9 8.0 Nuveen Mu Crdt Opps NMCO 10.75 10.52 -2.1 7.6 PIMCO Flexible REI;Inst 10.49 NA NA 7.2 Opprtnstc Crdt Intrvl;I NA NA NA 8.6 Lind Cap Pt Mun Cred Inc 8.34 NA NA 5.5
NXG NextGen Infras Inc NXG 47.61 48.84 +2.6 41.7 Brookfield Real Asst Inc RA 14.43 13.30 -7.8 9.1 Nuv Muni Credit Income NZF 12.33 11.93 -3.2 8.0 Principal Real Asst A 26.22 NA NA 5.0 PIMCO Flexible Cr I;A-1 NA NA NA 10.2 Lord Abbett Muni Opps:A 9.91 NA NA NS
ReavesUtilityIncome UTG 35.91 36.18 +0.8 36.7 CrSuisHighYld DHY 2.18 2.14 -1.8 8.7 NuvMuniHiIncOpp NMZ 10.20 10.36 +1.6 7.5 Principal Real Asst Ins 26.40 NA NA 5.3 PIMCO Flexible Cr I;A-2 NA NA NA 10.2 Lord Abbett Muni Opps:I 9.91 NA NA NS
Tortoise Enrgy Infra Crp TYG NA 43.01 NA 32.5 CSAM Income Fd CIK 2.94 2.97 +1.0 9.1 Nuveen Muni Val NUV 8.94 8.68 -2.9 4.3 Principal Real Asst Y 26.75 NA NA 5.5 PIMCO Flexible Cr I;A-3 NA NA NA 10.0 Nuveen En HY Muni Bd:A1 7.27 NA NA 5.2
Ecofin S&S Impact Term TEAF NA 12.10 NA 9.0 DoubleLine Inc Sol DSL NA 12.11 NA 10.4 Nuveen Quality Muni Inc NAD 11.74 11.33 -3.5 8.0 Redwood Rl Est;I 25.12 NA NA 7.7 PIMCO Flexible Cr I;A-4 NA NA NA 10.0 Nuveen En HY Muni Bd:A2 7.28 NA NA 5.5
The Private Shares;A 42.78 NA NA 8.2 PIMCO Flexible Cr I;Inst NA NA NA 10.7 Nuveen En HY Muni Bd:I 7.27 NA NA 6.0
The Private Shares;I 43.64 NA NA 8.5 Polen Credit Opps;Inst NA NA NA 9.9 NYLI MacKay Mu IO;A1 9.72 NA NA 3.5
The Private Shares;L 41.96 NA NA 8.0 Other Domestic Taxable Bond Funds NYLI MacKay Mu IO;A2 9.72 NA NA 3.5
Insider-Trading Spotlight Thirdline Real EstateI 9.85 NA NA 5.5 AFA Private Credit;Fndr NA NA NA 13.1 NYLI MacKay Mu IO;A3 9.72 NA NA 3.3
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys USQ Core Real Estate:I 21.82 NA NA 0.6 AFA Private Credit;Inst NA NA NA 13.1 NYLI MacKay Mu IO;I 9.72 NA NA 4.1
USQ Core Real Estate:L 21.95 NA NA 0.7 Alternative Credit Inc:A NA NA NA 9.2 PIMCO Flex Mun Inc;A-3 9.85 NA NA 3.5
new information about the prospects of a company. Insiders are required to report large trades to the SEC Versus Cap RE:I 24.43 NA NA 2.4 Alternative Credit Inc:C NA NA NA 8.2 PIMCO Flex Mun Inc:A1 9.85 NA NA 3.8
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Versus Capital Real Asst 28.61 NA NA 5.8 Alternative Credit Inc:I NA NA NA 9.5 PIMCO Flex Mun Inc;A2 9.85 NA NA 3.8
LSEG Data and Analytics on July 11, and year-to-date stock performance of the company Wildermuth:I 3.22 NA NA -55.6 Alternative Credit Inc:L NA NA NA 8.9 PIMCO Flex Mun Inc;Inst 9.85 NA NA 4.3
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer WILSHIRE PRIV ASST;INST 12.66 NA NA NA Alternative Credit Inc:W NA NA NA 9.2 ROCKEFELLER MUNI OPPS;I 19.30 NA NA NS
Income & Preferred Stock Funds AMG Pantheon Crdt Soln;I NA NA NA 5.1 Single State Muni Bond
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
ALPHA ALT ASST;A 6.34 NA NA 7.1 AMG Pantheon Crdt Soln;M NA NA NA NS PIMCO CA FMI;A-1 9.81 NA NA 3.1
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Alpha Alternative Assets 6.40 NA NA 7.2 AMG Pantheon Crdt Soln;S NA NA NA 5.1 PIMCO CA FMI;Inst 9.81 NA NA 3.6
unknown VP: vice president Excludes pure options transactions

Biggest weekly individual trades Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Based on reports filed with regulators this past week

Date(s) Company Symbol Insider Title

No. of shrs in Price range ($) $ Value
trans (000s) in transaction (000s) Close ($) Ytd (%)
Money Rates July 11, 2025
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Buyers guide to general levels but don’t always represent actual transactions.
July 7-8 Asana ASAN D. Moskovitz CEO 449 14.04-14.60 6,433 13.88 -31.5 Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
July 1-2 D. Moskovitz CEO 450 13.58-13.61 6,118 May index Chg From (%)
level April '25 May '24 Britain 4.25 4.25 5.25 4.25 13 weeks 4.255 4.235 5.230 4.175
July 2 CoastalSouth Bancshares COSO J. Topper D 100 21.50 2,150 21.37 -2.6 Australia 3.85 3.85 4.35 3.85 26 weeks 4.145 4.110 5.080 4.000
July 2 J. Richardson D 20 21.50 430 U.S. consumer price index
July 2 B. Gutin D 11 21.50 237 Overnight repurchase Other short-term rates
All items 321.465 0.21 2.4 U.S. 4.37 4.37 5.45 4.00
July 2 J. Macleod D 10 21.50 215 Core 327.509 0.21 2.8 Week 52-Week
July 2 J. Aldridge D 5 21.50 108 U.S. government rates Latest ago high low
July 2 P. Frawley D 5 21.50 100 International rates
July 2 L. Hemby O 5 21.50 97
Discount Call money
Week 52-Week 4.50 4.50 5.50 4.50 6.25 6.25 7.25 6.25
July 2 S. Askins D 2 21.50 50
Latest ago High Low
June 6-10 Mercer International MERC P. Kellogg BI 142 3.62-3.75 525 3.89 -40.2 Federal funds Commercial paper (AA financial)
Prime rates Effective rate 4.3300 4.3300 5.3400 4.3200 90 days 4.27 4.29 5.35 4.19
July 7-8 Constellation Brands STZ C. Baldwin D 2 169.62-171.27 341 172.19 -22.1 High 4.5500 4.5500 5.6500 4.3700
U.S. 7.50 7.50 8.50 7.50
Canada 4.95 4.95 6.95 4.95 Low 4.3200 4.3200 5.3300 4.3000 Secured Overnight Financing Rate
July 7 Oracle ORCL R. Fairhead D 0.5 233.87 112 230.56 38.4
Japan 1.875 1.875 1.875 1.475 Bid 4.3200 4.3200 5.3300 4.3200 4.31 4.35 5.38 4.26
July 8 Strawberry Fields REIT STRW J. Levine DI 10 9.92 99 10.23 -2.9 Offer 4.3300 4.3300 5.3600 4.3300 Value 52-Week
Policy Rates Latest Traded High Low
July 8 Greif GEF.B L. Hilsheimer CFO 0.9 72.51 67 70.87 4.5 Treasury bill auction
Euro zone 2.15 2.15 4.25 2.15
July 2 Hurco HURC M. Doar OD 3 20.31-20.50 61 19.40 0.6 Switzerland 0.50 0.50 1.75 0.50 4 weeks 4.235 4.240 5.285 4.000 DTCC GCF Repo Index
Treasury 4.372 50.940 5.471 4.286
July 8-9 NexPoint Diversified Real Estate Trust NXDT A. Laffer D 11 4.80-4.88 51 4.95 -18.9
Notes on data: MBS 4.377 83.650 5.487 4.294
July 2-7 A. Laffer D 10 4.63-4.67 48 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective December 19, 2024. Other prime rates aren’t directly comparable; lending practices Weekly survey
vary widely by location; Discount rate is effective December 19, 2024. Secured Overnight Financing
Sellers Rate is as of July 10, 2025. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted
Latest Week ago Year ago
average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
July 3-7 Amazon.com AMZN J. Bezos OD 2,974 223.73-223.92 665,864 225.00 2.6 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Freddie Mac
July 8-9 J. Bezos OD 485 223.88-224.02 108,683 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 30-year fixed 6.72 6.67 6.89
Tullett Prebon Information, Ltd. 15-year fixed 5.86 5.80 6.17
July 7-8 Snowflake SNOW F. Slootman D 424 221.09-226.02 94,712 210.84 36.5
July 2-3 F. Slootman D 367 215.60-222.08 80,249
11,238
July 7 M. Speiser D 51* 221.47
Cash Prices | wsj.com/market-data/commodities Friday, July 11, 2025
July 8-10 NVIDIA NVDA J. Huang CEO 225 159.07-164.29 36,430 164.92 22.8
July 2-7 J. Huang CEO 225 153.67-160.84 35,554
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
July 8-10 A. Seawell DI 148 159.04-164.30 24,000 from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Friday Friday Friday
July 2-7 A. Seawell DI 102 153.88-158.69 16,000
Iron Ore, 62% Fe CFR China-s *98.6 Wheat,No.2 soft red,St.Louis-u 5.2250
July 8 Carvana CVNA E. Garcia B 100 343.47-363.50 35,376 343.67 69.0 Energy Steel, HRC USA, FOB Midwest Mill-s *865.0 Wheat - Hard - KC (USDA) $ per bu-u 5.4500
July 7 E. Garcia B 100 347.11-354.96 35,063 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 79.000 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 6.1500
July 2-3 E. Garcia B 100 337.56-345.13 34,100 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 BMI Lithium Carbonate, EXW China, =99.5%-v,w 8675 Food
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 8000
July 7 Airbnb ABNB J. Gebbia DOI 236 135.77-137.17 32,191 135.35 3.0 BMI Cobalt sulphate, EXW China, >20.5% -v,w 6950 Beef,carcass equiv. index
Gold, per troy oz BMI Nickel Sulphate, EXW China, >22%-v,k 3654 choice 1-3,600-900 lbs.-u 360.49
July 2 Sprinklr CXM R. Thomas D 3,000 8.37 25,110 8.53 0.9 select 1-3,600-900 lbs.-u 345.90
Engelhard industrial 3359.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435
LBMA Gold Price AM *3326.05 Broilers, National comp wtd. avg.-u,w 1.3472
July 7 Palo Alto Networks PANW L. Klarich O 121 200.33-201.85 24,258 187.39 3.0 Fibers and Textiles
LBMA Gold Price PM *3312.60 Butter,AA Chicago-d 2.5900
July 1 N. Zuk CT 100 195.66-203.85 19,866 Cheddar cheese,bbl,Chicago-d 167.50
Krugerrand,wholesale-e 3506.20 Burlap,10-oz,40-inch NY yd-n,w 0.8900
Maple Leaf-e 3590.09 Cheddar cheese,blk,Chicago-d 166.00
July 1 Workday WDAY D. Duffield BI 73 237.10-240.78 17,424 223.37 -13.4 Cotton,1 1/16 std lw-mdMphs-u 0.6495
American Eagle-e 3590.09
Milk,Nonfat dry,Chicago lb.-d 126.75
July 8 D. Duffield B 73 237.76-242.32 17,384 Cotlook 'A' Index-t *78.60 Coffee,Brazilian,Comp-y 2.9355
Mexican peso-e 4328.57 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 3.1750
* Half the transactions were indirect **Two day transaction Austria crown-e 3291.79 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u,w 3.0550
p - Pink Sheets Austria phil-e 3522.98
Silver, troy oz. Grains and Feeds Flour,hard winter KC-p 15.45
Hams,17-20 lbs,Mid-US fob-u n.a.
Engelhard industrial 38.0000 Bran,wheat middlings, KC-u,w 68 Hogs,Iowa-So. Minnesota-u 104.10
Insider Buying and selling by sector Handy & Harman base 38.1960 Corn,No. 2 yellow,Cent IL-bp,u 3.8800 Pork bellies,12-14 lb MidUS-u n.a.
Based on actual transaction dates in reports received this past week Handy & Harman fabricated 47.7450 Corn gluten feed,Midwest-u,w n.a. Pork loins,13-19 lb MidUS-u 1.1810
LBMA spot price *£27.0700 Corn gluten meal,Midwest-u,w n.a. Steers,Tex.-Okla. Choice-u 228.00
(U.S.$ equivalent) *36.8100 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w n.a.
Sector Buying Selling Sector Buying Selling Coins,wholesale $1,000 face-a 28777 Hominy feed,Cent IL-u,w 110
Other metals Meat-bonemeal,50% pro Mnpls-u,w n.a. Fats and Oils
Basic Industries 591,912 2,210,023 Finance 3,726,033 25,264,331
LBMA Platinum Price PM *1357.0 Oats,No.2 milling,Mnpls-u 3.8475 Degummed corn oil, crude wtd. avg.-u,w n.a.
Capital Goods 92,547 24,588,814 Health care 190,014 48,935,061 LBMA Palladium Price PM *1142.0 Rice, Long Grain Milled, No. 2 AR-u,w 34.88 Grease,choice white,Chicago-h 0.5750
Platinum,Engelhard industrial 1379.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Consumer durables 0 20,010,948 Public Utilities 0 0 Palladium,Engelhard industrial 1190.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 261.20 Soybean oil,crude;Centl IL-u,w 0.5544
Consumer non-durables 340,886 4,216,703 Technology 6,545,037 289,980,818 Aluminum, LME, $ per metric ton *2609.0 Soybeans,No.1 yllw IL-bp,u 9.8800 Tallow,bleach;Chicago-h 0.6175
Copper,Comex spot 5.5620 Wheat,Spring14%-pro Mnpls-u 7.6875 Tallow,edible,Chicago-u n.a.
Consumer services 85,886 74,116,801 Transportation 0 2,278,413
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Energy 0 3,235,861 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 7/10
Sources: LSEG Data and Analytics; Dow Jones Market Data Source: Dow Jones Market Data
B10 | Monday, July 14, 2025 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Wall Street Shrugs at Pharma Tariffs

A generous grace period before duties of 200% would give drugmakers time to sidestep most of the pain

When a U.S. president threatens Index performance this past week

your industry with a 200% tariff,
3%
that isn’t typically good news.
But since Tuesday, when Donald NYSE Arca
Trump said in a cabinet meeting Pharmaceutical Index
2
that imported pharmaceuticals
would face a massive levy, inves-
tors have been cautiously celebrat-
1
ing. Despite a broad stock selloff
on Friday, the NYSE Arca Pharma-
ceutical Index is up around 1% 0
over the past week, compared
with a basically flat performance
for the S&P 500. –1
S&P 500
That outperformance might
seem puzzling, but for Wall Street,
the size of the tariff matters less –2
than the timing. The 200% figure
lit up cable-news chyrons, but in- Mon% Tues% Wed% Thurs% Fri%

PAULO NUNES DOS SANTOS/BLOOMBERG NEWS

vestors focused instead on the Source: FactSet
grace period Trump floated.
“We’re going to give people about Some drug manufacturers such as
a year, year and a half to come in, Eli Lilly have announced plans to
and after that, they’re going to be expand production in the U.S. as
tariffed,” he said. the threat of tariffs looms.
A year and a half is a long run-
way—and it could turn out to be tariff, which assumed fewer work-
even longer in practice. In a note arounds.
titled “Tariffs Schmariffs,” Jeffer- The sense of a new normal set-
ies analyst Akash Tewari argues tling in around Trump’s second
that if the grace period begins presidency might help explain why
some time this year and lasts for a Since Trump began threatening increasingly see no choice but to est they can write off—making it a dealmaking has returned to the
year and a half, companies could pharma with tariffs, the industry bring production back, at least for lot cheaper to build new plants at sector. Merck this past week an-
continue importing drugs tariff- has moved on two fronts. First, drugs sold to American patients. home. nounced a roughly $10 billion deal
free until 2027. They could buy companies have been stockpiling Eli Lilly, for example, has an- The upshot: With more time to to buy Verona Pharma. That fol-
even more time if they stockpile drugs at a furious pace to build a nounced a $27 billion plan to ex- prepare and a friendlier tax envi- lowed a series of other deal an-
during that period to cover de- cushion. For instance, The Wall pand manufacturing in the U.S. ronment, pharma companies may nouncements, including Eli Lilly’s
mand at least until some time in Street Journal reported last month Making drugs in the U.S.—and barely feel the sting of tariffs. $1.3 billion pact to acquire Verve
2028. That might give them time that $36 billion worth of hormone registering the intellectual prop- Take Merck. The company plans Therapeutics.
to build entirely new U.S. manu- treatments—used in popular obe- erty here—comes with a tax hit. to produce a new version of its By the end of Trump’s term, the
facturing facilities, which typically sity and diabetes drugs—have That is a big reason the industry blockbuster drug Keytruda in the U.S. pharmaceutical supply chain
takes around four years. been shipped from Ireland this offshored production to low-tax U.S. Jefferies estimates that with could look very different, with a
This doesn’t mean Trump isn’t year, more than double last year’s countries like Ireland in the first steps like stockpiling, gradually greater share of innovative drug
getting what he wants. After all, total. place. But Trump’s “Big Beautiful shifting production and trimming production happening on Ameri-
the tariffs are meant as a threat to Second, the industry has an- Bill” offers some relief to offset some costs, the hit to Merck’s can soil.
push companies to make more of nounced major investments in U.S. the pain. The bill lets companies earnings from tariffs in 2027 and That would be a rare win-win—
their products in the U.S. And in manufacturing. Some of that may immediately deduct R&D expenses 2028 could be just 1% to 2%. That for the White House and for the
this case, the threat seems to be be political posturing, but much of and equipment purchases and is actually better than Jefferies’s industry.
working. it reflects a real shift. Companies raises the cap on how much inter- earlier model for a smaller 25% —David Wainer

MARKETS

China Weighs Stablecoins

In Push to Globalize Yuan
By WSJ Staff the bill would effectively up calls for Chinese regulators
transform dollar-pegged sta- to approve yuan-backed sta-
When China’s central-bank blecoins into synthetic dollars, blecoins.
governor laid out his vision for hardwiring them into global In a recent interview with
a more multipolar monetary payment rails, economists at state media, PBOC adviser
system last month, he signaled Morgan Stanley said in a re- Huang Yiping suggested ex-
Beijing’s openness to exploring cent note. ploring Hong Kong as a testing
stablecoins. “This is not a challenge to ground for yuan-backed sta-
The apparent shift in atti- dollar dominance—it’s a rein- blecoins, noting that tight cap-
tude—at odds with China’s forcement of it,” they said. ital controls make such experi-
ban on cryptocurrencies—was “For China, ignoring this trend mentation on the mainland
likely driven by concerns that risks being left behind in the unlikely.
U.S. support for stablecoins digital infrastructure race—es- “Hong Kong has an offshore
ZHANG LIYUN/XINHUA/ZUMA PRESS

could further entrench the pecially as stablecoins increas- market for the renminbi, and
dollar’s dominance in the ingly function as bypass mech- if the offshore market devel-
global currency system, ana- anisms to traditional banking ops, it is possible to create a
lysts say. networks.” stablecoin pegged to the off-
As the People’s Bank of Stablecoins have drawn re- shore RMB in Hong Kong in
China seeks a bigger role for newed attention as global the future,” Huang said.
the yuan on the global stage, companies and central banks Despite growing interest,
ignoring stablecoins—a type of explore their use. Their one- some analysts remain skepti-
crypto backed by cash re- to-one peg to traditional cur- cal about stablecoins’ poten- Huang Yiping, People’s Bank of China adviser, suggested Hong Kong as a testing ground.
serves or assets such as U.S. rencies such as the dollar tial to boost the yuan’s global
Treasurys—could put the Chi- makes them more stable than usage. “Stablecoins lack the back- payments remains around 4%, note, calling for decisive struc-
nese currency at a disadvan- other cryptocurrencies such as For one thing, adoption of stop of government guaran- far behind the dollar. Cur- tural changes to shift the
tage. bitcoin, and they can be used stablecoins remains largely tees that comes with most rently, over 99% of stablecoins economy toward consumption
U.S. lawmakers have pro- for fast, low-cost cross-border confined to crypto trading, fiat currencies,” and haven’t are dollar-denominated, ac- and strengthen global confi-
posed a stablecoin regulation payments. partly due to concerns over fi- always lived up to their cording to the Bank for Inter- dence in China’s growth po-
bill that, if passed, could accel- Since PBOC chief Pan nancial fraud. While usage is promise of par convertibility, national Settlements. tential.
erate the use of dollar-backed Gongsheng highlighted the po- growing, progress has been CE said. Tokenization alone won’t “These are difficult reforms
digital currencies in everyday tential for emerging technolo- slowed by a lack of regulation, It would be challenging for internationalize the yuan, and will only be implemented
transactions. President Trump gies like stablecoins to trans- despite recent steps toward a yuan-backed stablecoin to economists at Morgan Stanley at a calibrated pace, suggest-
has said he wants to sign the form global payment systems setting up guardrails, econo- take off globally, said May- said. ing that the road to RMB in-
legislation before August. in June, government advisers mists at Capital Economics bank’s Erica Tay. The real work lies in re- ternationalization could be
Known as the Genius Act, and economists have stepped said in a note. The yuan’s share of global forms at home, they said in a long and bumpy,” they said.

THE TICKER | MARKET EVENTS COMING THIS WEEK

Monday 4.48/6.12 Goldman Sachs Philadelphia Fed EIA report: natural-gas Housing Starts
State Street 2.35/2.15 9.59/8.62 survey Previous change in stocks in
May., previous
Earnings expected billions of cubic feet
Estimate/Year Ago Wells Fargo 1.41/1.33 Johnson & Johnson Jun., previous -4.0 1.256 mil.
up 53
Fastenal 0.28/0.26 2.68/2.82 Jul., expected -0.3 U.Mich. consumer
Morgan Stanley Earnings expected
Wednesday 1.98/1.82 Retail sales, ex. autos
Estimate/Year Ago index
Tuesday Capacity utilization Progressive 4.38/2.65 May, previous Abbott Laboratories
Jun., final 60.7
Jul., prelim 62.0
May, previous 77.4% Prologis 0.69/0.92 down 0.3% 1.25/1.14
Consumer price index
June, expected 77.4% Jun., expected up 0.3% Cintas 1.07/1.00
All items, May up 2.4% Earnings expected
GE Aerospace 1.41/1.20
June, expected up 2.7%
EIA status report Thursday Marsh & McLennan
Estimate/Year Ago
Core, May up 2.8% Retail sales 3M 2.01/1.93
LEE JAE-WON/AFLO/ZUMA PRESS

Previous change in stocks in

Import price index May., previous 2.67/2.41
June, expected up 3.0% millions of barrels American Express
May, previous up 0.0% down 0.9% Netflix 7.07/4.88
Crude-oil stocks up 7.1 3.87/4.15
June, expected up 0.3% Jun., expected PepsiCo 2.03/2.28
Empire Manufacturing Gasoline stocks Charles Schwab
June, previous -16.0 down 2.7 up 0.2% 1.10/0.73
July, expected -9.0 Distillates down 0.8 Initial jobless claims Friday Huntington Bancshares
Previous 227,000 Business inventories 0.33/0.30
Earnings expected Industrial production Expected 233,000 Apr., previous Building Permits Schlumberger
Estimate/Year Ago May, previous Netflix is expected to post per-share earnings of $7.07. up 0.0% May., previous 0.73/0.85
Bank of New York down 0.2% Freddie Mac mortgage May., expected 1.393 mil. Truist Financial
Mellon 1.75/1.52 June, expected up 0.1% up 9.0% All items, May up 0.1% Earnings expected survey up 0.0% Jun., expected 1.39 mil. 0.92/0.62
BlackRock 10.77/10.36 Refinan., prev. up 9.0% June, expected up 0.2% Estimate/Year Ago Previous weekly averages
Citigroup 1.61/1.52 * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in paren-
Mort. bankers indexes Core, May up 0.1% Bank of America 30-year fixed 6.72% theses) u Adjusted for stock split
JPMorgan Chase Purch., previous Producer price index June, expected up 0.2% 0.86/0.83 15-year fixed 5.86% Note: Forecasts are from Dow Jones weekly survey of economists