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The FBI determined that Fusion GPS -- hired by Clinton's campaign -- likely served as a coordinating hub for creating several bogus Trump-Russia dossiers, and noted an unusually cozy relationship between Fusion GPS and the Department of Justice. A newly declassified FBI memo detailing the findings of its probe into Fusion GPS contractor Nellie Ohr about the veracity of her testimony to Congress delivers new details about the Hillary Clinton campaign’s fingerprints on the origins of the Trump-Russia investigation. The New York Post reported that Ohr, the wife of a former Justice Department official, gave “demonstrably false” testimony to Congress...

In a ruling heard ’round the world, the U.S. Court of International Trade on Wednesday blocked President Trump’s sweeping tariffs. This is an important moment for the rule of law as much as for the economy, proving again that America doesn’t have a king who can rule by decree. The Trump tariffs have created enormous costs and uncertainty, but now we know they’re illegal. As the three-judge panel explains in its detailed 52-page ruling, the President exceeded his emergency powers and bypassed discrete tariff authorities delegated to him by Congress. The ruling erases his April 2 tariffs as well as...

Rarely has an economic policy been repudiated as soundly, and as quickly, as President Trump’s Liberation Day tariffs—and by Mr. Trump’s own hand. Witness the agreement Monday morning to scale back his punitive tariffs on China—his second major retreat in less than a week. This is a win for economic reality, and for American prosperity. Make that a partial win for reality. The Administration agreed to scrap most of the 145% tariff Mr. Trump imposed on Chinese goods on April 2 and later. What remains is his new 10% global base-line tariff, plus the separate 20% levy putatively tied to...

The House Ways and Means Committee will soon release the GOP’s first draft of the party’s tax proposals, and the irony is that the bill may be getting worse even as a good bill becomes more urgent. President Trump has pitched a tax-rate increase that even Democrats failed to pass, and parochial demands are shrinking the pro-growth value of the bill. Republicans seem to have forgotten the principles of sound tax policy, even the lessons of the successful 2017 reform. Most of the 26 GOP Members of Ways and Means weren’t in Congress in 2017. The intellectual capital of previous...

The Trump administration’s global tariffs face their first major legal test this week when a little-known Manhattan court considers one of the president’s most sweeping assertions of executive power. A three-judge panel at the Court of International Trade will hear arguments Tuesday on whether to halt the levies, which have unleashed a trade war with the world and threaten to upend the global economy. The federal court, which has nationwide jurisdiction over tariff and trade disputes, operates for the most part in obscurity, rarely garnering a mention in major publications and staying off the radar of most attorneys. “Most lawyers...

The United States has reportedly encouraged intelligence agencies to ramp up spying efforts in Greenland amid President Donald Trump repeatedly floating the idea of taking over the Arctic island.... The Wall Street Journal reported, citing two sources, that high-ranking officials working under Director of National Intelligence Tulsi Habbard sent a "collection of emphasis message" to the heads of various intelligence agencies last week. Intelligence agencies have been directed to learn more about the independence movement on the island and the general attitude of the Greenlanders towards American resource extraction, the Journal added. The agencies have been asked to use tools...

April was not the cruelest month for investors—although the tariffmageddon-obsessed naysayers may be smarting. Despite a month of wild swings and gloomy forecasts, U.S. stock markets ended April nearly flat, brushing off predictions that Trump’s trade policies would trigger a historic collapse. The S&P 500 finished the month down just 0.8 percent. The Dow dropped 2.1 percent, and the Nasdaq edged lower by 0.3 percent. That mild performance stood in stark contrast to a mid-April Wall Street Journal article that warned of a “Trump rout” and suggested the Dow was on track for its worst April since 1932. It wasn’t....

The U.S. economy contracted in the first three months of 2025, as businesses rushed to stock up on imports ahead of tariffs and consumers eased their pace of spending. The Commerce Department said U.S. gross domestic product—the value of all goods and services produced across the economy—fell at a seasonally and inflation adjusted 0.3% annual rate in the first quarter. That was the steepest decline since the first quarter of 2022. The reading fell short of the 0.4% growth that economists surveyed by The Wall Street Journal expected. The decline in GDP in the first quarter reflected front-running ahead of...

President Trump continues to walk back his original tariff assault, and markets are pleased. They rose again Wednesday after Mr. Trump said he won’t fire the Federal Reserve Chairman and is likely to retreat from his highest China tariffs. Is this Mr. Trump’s François Mitterrand moment? Readers of a certain age will recall how the French Socialist President swept into power in 1981 promising a far left agenda of government control over the private economy. The market reaction was brutal. Within a year he had put socialism on pause and by 1983 he had abandoned most of it. He went...

A popular knock on this second Donald Trump term is that the president stocked his administration with nothing but saluting loyalists. Tell that to the staffers scheming to undercut his signature tax reform—by “managing” him into surrendering to the left’s favorite talking point. A (delighted) mainstream media several weeks ago started writing stories about a new Republican interest in raising taxes on “the rich”—namely hiking the top individual tax rate from 37% to 40%, higher than even under Barack Obama. These reports all come from anonymous White House officials, and always take care to insinuate Mr. Trump is “open” to...

Not since Herbert Hoover signed the Smoot-Hawley Tariff has a president chosen to disregard a larger body of informed opinion than President Trump did when he instituted his protectionist trade policy. Based on a series of verifiably false grievances—wages haven’t grown in 50 years, manufacturing has been hollowed out by imports, countries with trade surpluses are “ripping us off”—Mr. Trump used constitutionally questionable powers to abrogate congressionally approved trade agreements and undermine the world’s trading system. Markets convulsed in anticipation of the massive wealth annihilation that would accompany the shredding of global supply chains and a transition to a more...

President Trump is taking exception to the idea that his Administration is offering exceptions to his punishing tariffs. That’s the story after a confusing weekend that offers more lessons in the arbitrary nature of Trump trade policy. Late Friday his own Customs and Border Protection (CBP) department issued a notice listing products that will be exempt from Mr. Trump’s so-called reciprocal tariffs that can run as high as 145% on goods from China. The exclusions apply to smartphones, laptop computers, hard drives, computer processors, servers, memory chips, semiconductor manufacturing equipment, and other electronics. The CBP notice takes the tariff rate...

President Trump finally blinked. It took a week for the plunge in the stock and bond markets—along with a sustained campaign by executives, lawmakers, lobbyists and foreign leaders—to prompt Trump to roll back for 90 days a major element of his sweeping tariff plan. The president said that the reaction to the tariffs was getting a bit “yippy”—like a nervous athlete unable to perform—and he relied on his instincts to change course as he watched the bond market tank and listened to business leaders including JPMorgan Chase CEO Jamie Dimon express fears of a recession. The episode was classic Trump:...

President Trump says trade wars are easy to win. Investors think otherwise, and on Wednesday Mr. Trump decided maybe investors are right. After a flight from U.S. assets and a rout in the bond market, Mr. Trump announced a pause for 90 days on the worst of his “liberation” tariffs on most countries, China excepted. Markets celebrated with a stock-market rally on hope that perhaps Mr. Trump isn’t entirely oblivious to the damage he’s causing. The rout in dollar assets reversed, at least somewhat, and the rise in the benchmark 10-year Treasury yield eased. It would be hard to find...

DETROIT—If President Trump’s trade war has a physical battleground, it is Michigan, where companies and workers are already feeling the beginning of an onslaught that could blow a hole in the state’s economy. Nearly 20% of the economy is tied to the auto industry, which has become increasingly dependent on parts and vehicles from Canada, Mexico and China—imports Trump hit with steep tariffs in recent weeks. This trade has grown so large that Michigan ranks fifth in the nation by the size of its imports and exports, even though its total economy ranks 14th. Detroit’s automotive executives have shifted into...

Donald Trump has repeatedly said that his move to impose wide-ranging tariffs is based on the simple concept of reciprocity: The U.S. should put the same conditions on imports from other countries that they impose on our goods through tariffs and other trade barriers. But the tariff scheme he announced isn’t reciprocal and isn’t based on measuring foreign trade barriers. Instead, it simply measures bilateral trade deficits and comes up with tariff numbers from there. Those are two very different things, and could be one reason why global financial markets are reacting so badly. The upshot is that, in the...

Despite repeated messages of support by Trump, Waltz has lost sway with the president and the backing of senior aides within the White House, officials said, just as the administration struggles to broker peace deals and faces the threat of further war in the Middle East. For Trump, Waltz’s biggest sin wasn’t starting a Signal chat to coordinate strikes on the Houthis in Yemen, or even posting Israel-provided intelligence onto an unclassified network, it was having the Atlantic magazine’s editor in chief Jeffrey Goldberg’s number in his phone and inadvertently adding him to the conversation. Trump’s anger spilled over into...

The King of Canada wants President Trump to back off. Just don’t expect him to actually say that publicly. Britain’s King Charles III, who is also Canada’s head of state, is wrestling with an unprecedented diplomatic headache. The monarch wants to stand up for the largest country in his realm as Trump talks about turning it into the 51st U.S. state. At the same time he has to honor the British government’s desire that he keep Trump, who deeply admires the royal family, sweet. The result has been a master class in passive-aggressive pageantry from Buckingham Palace. Earlier this month,...

The Wall Street Journal has called for Donald Trump to be sued to prevent tariffs being imposed on Canada and Mexico. The newspaper's editorial board wrote in very blunt terms that Trump did not have the power to order the tariffs without Congressional approval. 'He's treating the North American economy as a personal plaything, as markets gyrate with each presidential whim,' the WSJ board wrote. 'It's doubtful Mr Trump even has the power to impose these tariffs, and we hope his afflatus gets a legal challenge.' The WSJ, published by Rupert Murdoch who also owns Fox News, is usually sympathetic...

The op-ed was entitled “Can White Men Finally Stop Complaining?” and it appeared the other day in the Wall Street Journal. White men, it charged, have a “victim mentality” – even though they’re back on top. Not only has Donald Trump returned to the Oval Office, but for white dudes, everything’s coming up roses: The manosphere won. Bro podcasters top the charts. Meta’s Mark Zuckerberg declares his company needs more “masculine energy.” Elon Musk shares a post saying only “high-status males” should run the country. The White House kills diversity, equity and inclusion (DEI) policies, and so do multiple companies,...