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North Korea’s glitzy new beach resort is closed to foreigners, except Russians. WSJ’s Tim Martin explains. Photo: Daria Zubkova; Kyodonews/Zuma Press

https://video-asset.barrons.com/video/20250801/4d582fb1-0b87-4ecf-83c5-cca4ca42f111/3/hls/manifest-hd-wifi.m3u8

North Korea’s glitzy new beach resort is closed to foreigners, except Russians. WSJ’s Tim Martin explains.

Inside North Korea’s New Beach Resort 

Narrator: These are not videos you'd expect to see out of North Korea.

Narrator: For now, foreign tourists are not allowed to visit this new seaside resort in North Korea, except for 13 Russians who went there in July.

Narrator: One of those visitors gave the Wall Street Journal a rare glimpse inside Kim Jong Un's latest pet project.

This is North Korea's cathedral to socialism. This is emblematic, not only to the outside world, but importantly, to North Korean people, that despite sanctions and the economic hardships, North Korea is a prosperous place.

Narrator: Located roughly 120 miles east of Pyongyang, Wonsan has long been the center of Kim's push to boost North Korea's tourism. When the Wonsan Kalma Resort opened its doors in July after more than a decade of construction, Kim hailed it as one of North Korea's greatest feats of the year. Instead of presiding over missile launches, North Korean state media released footage of Kim relaxing by the poolside with a cigarette and a cold towel.

Timothy: You saw Kim next to a wave pool, as a North Korean was surfing. You saw Kim Jong Un strolling through the sand, on the beach of this new, glistening resort. This change in scenery was really meant to explain not only to the North Korean people, but the outside world, that North Korea is more than weapons tests.

Narrator: Foreign tourists are banned from visiting Wonsan, but Kim made an exception for 13 Russians.

Narrator: Their visit coincided with the recent three-day trip to Wonsan by Moscow's top envoy, Sergey Lavrov.

This appears to be the first time Kim Jong Un has received a government official on his yacht. And the fact that this relaunch of tourism has only featured Russians, really underscores how trusted, how liked, how important the relationship is now between Pyongyang and Moscow.

Narrator: Daria Zubkova, a 35-year-old veterinarian from St. Petersburg, shared a trove of photos and videos she filmed during her time there. Zubkova says she was impressed by the lengths taken to please foreign visitors. From access to Russian TV shows, hotel staff greeting guests in Russian, and tour guide singing the Russian National Anthem.

Narrator: 10 minutes of Wi-Fi cost $1.70. A face massage was about $15, and renting a jet ski was free of charge. Zubkova was told there were separate beaches for locals and foreigners, but she was free to take photos and videos of virtually anything she wanted.

Daria: Whoo!

Allowing someone like Daria to take videos and photos all across this North Korean resort, shows Kim Jong Un has aspects of North Korea he wants to show the world.

Narrator: When Zubkova was in Pyongyang, she did what most tourists do, hit the souvenir shops. Shelves were stocked with North Korean flag apparel, and a plastic model of the Hwasong-17 intercontinental ballistic missile, priced at $465. Foreign Minister Lavrov's visit could spark more Russian tourism to Wonsan. State News Agency TASS reported that a second group of tourists from Russia is scheduled to arrive in North Korea in early August.

Video from around the world on the latest news developments, with insight from Wall Street Journal editors and reporters. 

President Trump fired the head of the Bureau of Labor Statistics after the July jobs report showed little growth. WSJ’s Chief Economics Commentator Greg Ip explains the data. Photo Illustration: Aaron Schwartz/CNP/Bloomberg; Annie Zhao

https://video-asset.barrons.com/video/20250801/454ccd42-512d-450d-bc55-4502ad7996ae/2/hls/manifest-hd-wifi.m3u8

President Trump fired the head of the Bureau of Labor Statistics after the July jobs report showed little growth. WSJ’s Chief Economics Commentator Greg Ip explains the data.

 WSJ Chief Economics Commentator Says Jobs Report Shows Economy ‘Treading Water’

Reporter: President Trump said he has directed his team to fire the Commissioner of Labor Statistics just hours after the agency issued a weak July Jobs Report. The report showed lower job growth than forecast, adding 73,000 jobs in July, a slight uptick in the unemployment rate to 4.2%. Hiring numbers for May and June were also significantly revised down, showing that just 106,000 jobs were added in the past three months.

Statisticians revised down how much growth we had in prior months by around a quarter of a million, which is a very large revision. Now, roughly half of that was due to public school teachers and probably doesn't tell us much about the underlying economy. But the other half was in private jobs. And what we see now, in light of these revisions and the latest data for July, is that job growth in the last few months is running at its weakest since 2020.

Reporter: Just two days before the reports release, Federal Reserve Chairman Jerome Powell announced interest rates would remain steady.

The majority of the committee was of the view that inflation's a bit above target, maximum employment is at target.

There wasn't any impetus to cut rates to help the economy, because as far as they could see, the labor market was very strong. That was based on data through June. When they made that decision, they didn't have the July data, which came out on Friday. It's quite possible that if they'd known how weak July was and how much weaker May in June were than they realized, that they might have seen a stronger case for lowering interest rates. It does look like they have a much stronger case to cut interest rates in September. This tells you that the broader economy is sort of treading water. We know that it's been through a lot in the last three or four months. We've had a imposition of widespread tariffs, kind of stop-start policy. We've had big cuts to federal government, employment, and spending. We've had big crack down on illegal immigration, and these are all like big tumultuous events for the economy to cope with. And perhaps in retrospect, it's not surprising that we've seen like this pothole emerge in the economy in the second quarter. And I think the question we wanna know is, is this just a pothole, or does it tell us that we have a very rough road for quite a while ahead of us? There are a few troubling signs in there. For example, the job creation that we had was overwhelmingly thanks to sectors like education and social services, and these tend to grow almost no matter what. They don't really tell you whether the private sector is in a hiring mood. If you look at sectors like construction and manufacturing, those ones were very weak with declining employment. The stock market only just hit a record high a few days ago, and the stock market tends to be very forward-looking. So investors at least are taking some comfort that the worst of the uncertainty with respect to trade is behind us. And if that's indicative of how overall private employers are feeling, maybe things are gonna be okay.

President Trump ordered the firing of Commissioner of the Bureau of Labor Statistics Erika McEntarfer, asserting without evidence that the government’s jobs numbers have been manipulated for political purposes. Photo: Win McNamee/Getty Images

https://video-asset.barrons.com/video/20250801/c0511343-1d51-4994-af40-ee0089622b12/1/hls/manifest-hd-wifi.m3u8

President Trump ordered the firing of Commissioner of the Bureau of Labor Statistics Erika McEntarfer, asserting without evidence that the government’s jobs numbers have been manipulated for political purposes.

Trump Fires BLS Head After Jobs Report: ‘Her Numbers Were Wrong’

Reporter: Mr. President, why did you fire the head of the Bureau of Labor Statistics?

'Cause I think her numbers were wrong, just like I thought her numbers were wrong before the election. I believe the numbers were phony, just like they were before the election. And they were other times, so you know what I did? I fired her.

Right. And so did-

And you know what? I did the right thing.

Reporter: Any government official, if any government official, going forward, is presenting data or information you don't like, should they fear for their job?

I've always had a problem-

That you're gonna fire them?

With these numbers. You know, I was thinking about it this morning. Before the numbers that came out, I said, "Who is the person that does these numbers?" And then they gave me stats about before the election, I had a similar problem. I mean, she gave out numbers that were so good for the Democrats. It was like unbelievable. And then right after the election, she corrected those numbers with, I think, almost 900,000 corrections. I think nobody had ever seen anything like it. Well, today she did the same thing with the 253,000, whatever the number was. No, no, we need people that we can trust. I mean, your question.

Mr. President?

Your question is a very good one. We need people we can trust.

The crew will conduct scientific investigations and technology demonstrations during a long-duration science expedition aboard the International Space Station. Photo: Gregg Newton/AFP/Getty Images; Aubrey Gemignani/NASA/Getty Images

https://video-asset.barrons.com/video/20250801/88ea2fb5-e485-40f3-ab40-34ac963c43ab/2/hls/manifest-hd-wifi.m3u8

The crew will conduct scientific investigations and technology demonstrations during a long-duration science expedition aboard the International Space Station.

NASA’s SpaceX Crew-11 Mission Sends Four People to ISS

Control Personnel: Three, two, one, ignition. Engines full power and lift off. Go Falcon. Go NASA. Go Crew-11.

Radio Operator: Stage one alpha.

Control Personnel: Copy. Vehicle is pitching down range.

Radio Operator: Stage one bravo.

Control Personnel: Impact ignition.

Zena Cardman: That was absolutely transcendent, ride of a lifetime. Thank you, this has been an incredible honor, and it's my privilege now to pass this along to Mike with some additional words.

Mike Fincke: Boy, it's great to be back in orbit again. Thank you to SpaceX and NASA to get us here. What a ride. And Zena and Oleg, let me be the second to welcome you to your first orbit around beautiful planet Earth. Welcome back.

President Trump has delayed tariffs by one week and hit some partners with steep new rates. WSJ finance editor Alex Frangos explains. Photo: robyn beck/Agence France-Presse/Getty Images

https://video-asset.barrons.com/video/20250801/db56ba2f-c27c-4598-aded-e4aa046cbbb2/1/hls/manifest-hd-wifi.m3u8

President Trump has delayed tariffs by one week and hit some partners with steep new rates. WSJ finance editor Alex Frangos explains.

WSJ Explains Latest Twists in Trump’s Tariff Plans

President Trump signed an executive order slapping tariffs on virtually every country in the world, but there are some big exceptions and some big important details. This is an update to the so-called Liberation Day tariffs back in April. The big detail is that he delayed implementation for another week on most of the countries, so we now have until August 7th. Administration officials say this is leaving room for some further negotiations.

I will never count out the president. You've seen him do it before. He cut three deals in one day very recently.

But we had some big tariffs on Canada, on India, on some of the biggest trading partners in the world. Mexico got a 90-day reprieve, so its talks continue. The other big exception out there, of course, is China, which has its own separate deadline of August 12th. Another big surprise was Switzerland, a developed country got a higher tariff rate than it was expected back in April, 39%. Most of the other developed countries have have gotten 15%, like European Union countries, Japan, Korea, UK got 10%. So that's definitely a bit of a surprise.

We have made a few deals today that are excellent deals for the country. You know, we're taking in literally trillions of dollars for the country.

The other wild card in all of this appeals court case going on that had a hearing yesterday where the administration is fighting against attempts to invalidate the tariffs. Basically, the case is that Trump doesn't have the authority to impose them based on him saying that there's a national emergency. There were some really skeptical voices on among the judges who were questioning the lawyers yesterday. That case won't be resolved for a little bit, but it does throw a further uncertainty into the mix. So this is not the end and this is not the beginning. We're somewhere in between. But the big thing is that negotiations will continue, you know, on all sorts of levels.

President Trump fielded a reporter's question about the war in Gaza ahead of Special Envoy Steve Witkoff’s planned visit. Photo: Eric Lee/Bloomberg News

https://video-asset.barrons.com/video/20250731/6f5529ba-dd44-40f1-83dc-5b696631fd05/3/hls/manifest-hd-wifi.m3u8

President Trump fielded a reporter's question about the war in Gaza ahead of Special Envoy Steve Witkoff’s planned visit.

Trump on Gaza Ahead of Witkoff Visit: ‘Terrible What's Occurring’

Speaker: Steve Witkoff is traveling to Israel.

Yeah, going to Israel. And then he's going to Russia, believe it or not.

Speaker: And Representative Marjorie Taylor Green has said that what is occurring there is a genocide. Do you agree?

Oh, it's terrible, what's occurring there, yeah. It's a terrible thing. People are very hungry. You know, the United States gave $60 million for food, and it's a shame because nobody, you know, I don't see the results of it. And we gave it to people that, in theory, are watching over it fairly closely. We wanted Israel to watch over it. Part of the problem is Hamas is taking the money and they're taking the food, but we gave $60 million a couple of weeks ago. Nobody said anything about it. Nobody said thank you, but I didn't need the thank you. I just wanted the people to get fed and we're helping out financially with that situation. It's a terrible situation.

Tomorrow, Special Envoy Witkoff and Ambassador Huckabee will be traveling into Gaza to inspect the current distribution sites and secure a plan to deliver more food and meet with local Gazans to hear firsthand about this dire situation on the ground.

Press Secretary Karoline Leavitt read President Trump’s letter to several pharmaceutical companies, which asked them to provide ‘American families immediate relief from the vastly inflated drug prices.' Photo: Evelyn Hockstein/Reuters

https://video-asset.barrons.com/video/20250731/ed94f189-32c9-4756-bd6a-d17e2e97a902/1/hls/manifest-hd-wifi.m3u8

Press Secretary Karoline Leavitt read President Trump’s letter to several pharmaceutical companies, which asked them to provide ‘American families immediate relief from the vastly inflated drug prices.'

Trump Requests 17 Pharmaceutical Companies to Lower Costs

According to recent data, the prices that Americans have been paying for brand name drugs are more than three times the price other similarly developed nations pay. The president is determined to solve this problem and took further action today. He has signed 17 letters to pharmaceutical company CEOs, and I would like to read you one of these letters to the CEO of Eli Lilly. "On May 12th, 2025, I signed an executive order delivering most favored nation prescription drug pricing to American patients to stop global free loading and guarantee that Americans pay the same prices enjoyed by other developed nations. Right now, brand name drugs in the United States are up to three times higher on average than anywhere else for the identical medicines. This unacceptable burden on hardworking American families ends with my administration. Most proposals the Trump administration has received to resolve this critical issue promised more of the same, shifting blame and requesting policy changes that would result in billions of dollars in handouts to industry. Moving forward, the only thing I will accept from drug manufacturers is a commitment that provides American families immediate relief from the vastly inflated drug prices and an end to the free ride of American innovation by European and other developed nations. Accordingly, I'm calling on Eli Lilly and company and every manufacturer doing business in our great country to take the following actions within the next 60 days. Extend the most favored nation pricing to Medicaid, guarantee most favored nation pricing for newly launched drugs, return increased revenues abroad to American patients and taxpayers, provide for direct purchasing at most favored nation pricing. But if you refuse to step up, we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices. Americans are demanding lower drug prices and they need them today."

President Trump said he will impose a 25% tariff on India as well as an unspecified ‘penalty’ for India’s economic ties to Russia. Photo: Ben Curtis/Associated Press

https://video-asset.barrons.com/video/20250731/50376d5c-7140-4b7b-98e4-f5e4cbd00ef6/1/hls/manifest-hd-wifi.m3u8

President Trump said he will impose a 25% tariff on India as well as an unspecified ‘penalty’ for India’s economic ties to Russia.

India Vows to Protect National Interests Despite Trump’s Tariff Threats

The government attaches the utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs, and all sections of industry. We will take all necessary steps to secure and advance our national interest.

Do you expect something to happen before the deadline?

Well, I don't know what's gonna happen. You know, it'll be up to India. India came to the table early, they've been slow rolling things so I think that the president, the whole trade team's a bit frustrated with them, and also, you know, India's been a large buyer of sanctioned Russian oil that they then resell as refined products. So, you know, they have not been a great global actor.

President Trump unveils a trade deal with South Korea ahead of the Aug. 1 deadline. WSJ’s Korea Bureau Chief Timothy Martin unpacks the details. Photo: Jeon Heon-Kyun/Shutterstock

https://video-asset.barrons.com/video/20250731/efe4ccb8-dee1-4a80-860f-22d299ad30c3/1/hls/manifest-hd-wifi.m3u8

President Trump unveils a trade deal with South Korea ahead of the Aug. 1 deadline. WSJ’s Korea Bureau Chief Timothy Martin unpacks the details.

Trump’s Korea Trade Deal: What You Need to Know

South Korea was in an awkward position. Its key trading rivals in the European Union in Japan had secured an arrangement with Washington on things like autos and reciprocal tariffs. South Korea needed to make a deal. That's what we saw today because South Korea competes in major industries like semiconductors, autos, steel, and aluminum. And to see other countries have better arrangements with the US would've been unacceptable. If we look at the deals between Japan and South Korea, they're very similar in terms of reciprocal tariffs. They also share this investment commitment, and Japan has pledged $550 billion to the US. South Korea, if we look at the 350 billion, about 200 billion will be earmarked for things like semiconductors, batteries, nuclear energy, biopharmaceuticals. The remaining 150 billion is saved for shipbuilding, and that's been a top priority, not only for the US, but President Trump. The gap with China is widening, and South Korea has one of the most advanced manufacturing basis for shipbuilding, and it's been a top priority for Seoul as they try to come to some type of arrangement with trade. There was a slogan that South Korean officials took to the US negotiators: Make American Shipbuilding Great Again. Newly elected South Korean President, Lee Jae-myung, is going to the White House within the next two weeks, but his trip won't only be celebrating this trade deal. There are lingering tensions between the two countries. The US has roughly 28,500 American troops in South Korea. This is home to the US's largest overseas military base. But what role and at what size the US will be in South Korea is an open question. You have South Korea under President Lee, who took office just in June, wanting to take South Korea's foreign policy in a broader direction. He wants to get along more with China and Russia than his conservative predecessor. He's made overtures to North Korea to try and reestablish communication, forward the peace process. But we have a US administration now that very clearly sees China as the most important threat in the Indo-Pacific region. Korea, in theory, could be a big helper, a big assistant with that competition, but we'll have to see if Seoul is willing to acquiesce.

The Federal Reserve held rates steady but faced two dissents from officials seeking an immediate cut. WSJ’s Nick Timiraos explains why the dissents were noteworthy. Photo: Hu Yousong/Zuma Press

https://video-asset.barrons.com/video/20250730/4b29a65a-114c-4607-b144-2539cce05b20/1/hls/manifest-hd-wifi.m3u8

The Federal Reserve held rates steady but faced two dissents from officials seeking an immediate cut. WSJ’s Nick Timiraos explains why the dissents were noteworthy.

WSJ Chief Economics Correspondent Explains the Fed’s Rare Rate Dissents

I'm at the Federal Reserve outside the boardroom, where policymakers just met and agreed to hold interest rates steady at their fifth consecutive meeting.

Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment.

That wasn't a surprise, but we did see two dissents from Fed governors. It's the first time that two governors have dissented at a Fed meeting in more than 30 years. And those were both appointees of Donald Trump who favored cutting interest rates at this meeting.

He's done a bad job. Now, he is got a meeting today, but I called him too late. He's always too late.

There's a debate over whether to treat tariff-related inflation as a one-off. And the two Fed officials who dissented today basically said, yes, this is a one-time deal. We shouldn't worry about persistent price pressures feeding through if tariffs send up prices just once. And so, these two officials are ready to resume rate cuts because they're not worried about tariffs leading to persistently higher prices. Powell indicated that he was fine with the dissents. He went so far as to say it was a good meeting.

We have those. I will say what you hope is that people explain their positions very thoughtfully and clearly, and we absolutely had that today. All the way around the table. I would call it one of the better meetings.

I asked Chair Powell what they think they've learned about the price pass-through process from tariffs, and really whether you think you're gonna know that much more in two months by the September meeting.

If you move too soon, you wind up maybe not getting inflation all the way fixed and you have to come back, that's inefficient. If you move too late, you might do unnecessary damage to the labor market. So, there won't be in the end a big inflationary problem. What we're trying to do is accomplish that in a way that is efficient. But in the end, there should be no doubt that we will do what we need to do to keep inflation under control. Ideally, we do it efficiently.

The big question was about September. Are you ready to cut interest rates? And Powell gave this the old Heisman stiff-arm.

So, I'll just say that we haven't made any decisions about September. We'll be monitoring all the incoming data and asking ourselves whether the Federal funds rate is in the right place.

They're gonna look at two more months of inflation numbers, of jobs reports, and they'll make a game time decision. They are not going to throw away their options right now.

Federal Reserve Chair Jerome Powell fielded questions from reporters on the pressure campaign from President Trump, who's aggressively lobbying the central bank chair to lower interest rates. Photo: Mark Schiefelbein/AP; Mandel Ngan/AFP/Getty Images

https://video-asset.barrons.com/video/20250730/7e5b358f-afc2-449f-90ca-8df5ca70ccbe/3/hls/manifest-hd-wifi.m3u8

Federal Reserve Chair Jerome Powell fielded questions from reporters on the pressure campaign from President Trump, who's aggressively lobbying the central bank chair to lower interest rates.

Powell on Pressure From Trump: Fed Independence Remains 'Very Important'

Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has been running somewhat above our 2% longer run objective. In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged. We believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments.

There's a lot of lean in the markets, and not to mention out of the administration for rate cut now in September. Is that expectation unrealistic at this point?

So, as you know, today, we decided to leave our policy rate where it's been, which where I would characterize as modestly restrictive, inflation's running a bit above 2%, as I mentioned, even excluding tariff effects, the labor market's solid, historically low unemployment. Financial conditions are accommodative, and the economy is not performing as though restrictive policy were holding it back inappropriately. So it seems to me and to almost the whole committee that the economy is not performing as though restrictive policy is holding it back inappropriately and modest modestly restrictive policy seems appropriate. All that said, there's also downside risk to the labor market. In coming months, we'll receive a good amount of data that will help inform our assessment of the balance of risks and the appropriate setting of the federal funds rate.

Two of your colleagues called for a quarter point cut today, and I'm wondering what aspects of their argument were most compelling to you and how you're weighing their views against those on the committee who, as of the June forecast, were in the camp of the Fed holding interest rates steady for the remainder of the year. And just in terms of the June SEP in particular, is that still the best representation of where the core of the committee is?

So on the dissents, what you want from everybody and also from a dissenter is a clear explanation of what you're thinking is, and what are the arguments you're making, and we had that today. So I think basically this was quite a good meeting all around the table where people thought carefully about this and put their positions out there. As I mentioned, the majority of the committee was of the view that inflation's a bit above target, maximum employment is at target. That calls for modestly restrictive, in my way of thinking modestly restrictive stance of policy for now. But we had two dissenters who I think, you want that clear thinking and expression of your thinking and we certainly had that today, I think all around the table. In terms of, you asked about the June SEP, I wouldn't... you're right, that's what it says. And that may, well... I couldn't point to it six weeks later as expressing people saw, you really can't do that. We don't run an SEP and I don't like to substitute in my own estimate of what the SEP might be. We don't have one, so I'll just say that we haven't made any decisions of it. September, we'll be monitoring all the incoming data and asking ourselves whether the federal funds rate is in the right place.

Federal Reserve Chair Jerome Powell spoke to reporters after the central bank decided to leave interest rates unchanged. Photo: Mandel Ngan/AFP/Getty Images

https://video-asset.barrons.com/video/20250730/2e674438-7759-4cac-855d-3a8d9d9145f1/2/hls/manifest-hd-wifi.m3u8

Federal Reserve Chair Jerome Powell spoke to reporters after the central bank decided to leave interest rates unchanged.

Fed’s Powell: Holding Rates Steady Leaves Fed ‘Well-Positioned’

Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has been running somewhat above our 2% longer run objective. In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged. We believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments.

There's a lot of lien in the markets, and not to mention, out of the administration for rate cut now in September. Is that expectation unrealistic at this point?

So, as you know, today, we decided to leave our policy rate where it's been, which where I would characterize as modestly restrictive. Inflation's running a bit above 2%, as I mentioned, even excluding tariff effects. The labor market's solid, historically low unemployment. Financial conditions are accommodative, and the economy is not, the economy is not performing as though restrictive policy, we're holding it back inappropriately. So it seems to, to me and to almost the whole committee that the economy is not performing as though restrictive policy is holding it back inappropriately, and modestly restrictive policy seems appropriate. All that said, there's also downside risk to the labor market. In coming months, we'll receive a good amount of data that will help inform our assessment of the balance of risks and the appropriate setting of the federal funds rate.

Two of your colleagues called for a quarter-point cut today, and I'm wondering what aspects of their argument were most compelling to you and how you're weighing their views against those on the committee who, as of the June forecast, were in the camp of the Fed holding interest rates steady for the remainder of the year. And just in terms of the June SEP in particular, is that still the best representation of where the core of the committee is?

So, on the dissents, you know, what you, what you want from everybody and, and also from a dissenter, is a clear explanation of what you're thinking is and what are the arguments you're making. And that's, we had that today. So I think, basically, this was, this was quite a good meeting all around the table where people were, you know, thought carefully about this and, and put their positions out there. As I mentioned, you know, the sort of the majority of the committee was of the view that inflation's a bit above target. Maximum employment is at target. That calls for modestly restrictive, in my way of thinking, modestly restrictive stance of policy for now. But we had two dissenters who I think, you know, you want that clear thinking and, you know, expression of your thinking, and we certainly had that today, I think all around the table. In terms of, you asked about the June SEP, you know, I wouldn't, that you're right. That that's what it says, and that may, that may well, I couldn't point to it six weeks later as, as expressing people saw. You really can't do that. We don't run an SEP, and I don't like to substitute in my own estimate of what the SEP might be. We don't have one. So I'll just say that, you know, we haven't made any decisions of it. September, we'll be monitoring all the incoming data and asking ourselves whether the federal funds rate is in the right place.

An 8.8-magnitude earthquake strikes Russia’s far east, triggering tsunami warnings as far as the U.S. West Coast. Photo: Kyodonews/Zuma Press; Russian Academy of Sciences/Reuters

https://video-asset.barrons.com/video/20250730/1ca8329a-920d-4196-b0c9-905fdd178a40/6/hls/manifest-hd-wifi.m3u8

An 8.8-magnitude earthquake strikes Russia’s far east, triggering tsunami warnings as far as the U.S. West Coast.

Massive Earthquake Triggers Tsunami Warnings Across the Pacific

Civic Tsunami Warning Center has downgraded the forecast from a tsunami warning to a tsunami advisory. The PTWC continues to monitor for more data to update its forecast, and for an all clear that they may issue later on.

WSJ reporter Feliz Solomon visits aid depots in a bid to understand why only some supplies are making it into Gaza. Photo: WSJ/Feliz Solomon

https://video-asset.barrons.com/video/20250729/ef4cdda5-9fdf-4e7b-b2d7-b456e4f588c8/4/hls/manifest-hd-wifi.m3u8

WSJ reporter Feliz Solomon visits aid depots in a bid to understand why only some supplies are making it into Gaza.

Gaza's Hunger Crisis: Why Isn't Aid Getting Through? 

Narrator: Child hunger is increasing across the Gaza Strip according to Palestinians and aid organizations.

Some of those kids are, that's real starvation stuff. I see it, and you can't fake that.

Narrator: The IPC, the UN-backed scientific authority on food emergencies reported famine conditions in Gaza, the most dire assessment since the war began. Pallets of food at this massive stockpile on the border could help address that suffering. Instead, they've been left rotting in the blistering summer sun. Both sides now trade blame over who's responsible.

We care about the people of Gaza. We are feeding them, and Hamas and the UN refuse to feed them because of many reasons.

I'm at the Kerem Shalom border crossing between Israel and the southern Gaza Strip. It's one of only two entry points for humanitarian aid. The Israeli military invited journalists here to show us what they say are piles and piles of aid that the UN and other relief agencies are refusing to pick up and distribute.

The UN is used to work in war zones all over the world. Why wouldn't they do it here? They stopped distributing food since we opened the distribution centers ourselves with the GHF. Now, you will judge yourself. Is it the political from political reasons, or is it because they care about feeding the Gaza people, the people of Gaza?

The UN is telling a different story. They say that Israeli authorities are creating obstacles that are making it impossible for them to do their job. These include restrictions on movement, security concerns for humanitarian workers, and long wait times at border crossings.

Narrator: Obstacles like those have created what residents and humanitarian workers say is the worst hunger crisis of this war. The IPC report says 16 children under the age of five have died of hunger-related causes since mid-July, compared with seven children during the first half of the year. Israeli officials blame Hamas for the crisis or dismiss it entirely.

There is no policy of starvation in Gaza, and there is no starvation in Gaza.

Narrator: But with global condemnation rising, Israeli officials announced a tactical pause in fighting and said they would establish safe routes for humanitarian aid. Humanitarian workers say what's needed now is a surge of food.

The UN says that it has enough to feed Gaza's entire population of more than 2 million people for almost three months. A lot of that food is here at the Port of Ashdod. Here, WFP receive shipments from all over the world, things like flour, nutritional supplements for children, and boxes of date bars. The goods are loaded up on trucks and taken to one of two border crossings into Gaza. Since Israel eased restrictions on Sunday, the UN says that on average, 60 of its trucks are getting into Gaza each day. Even with more food entering Gaza, the population is still extremely desperate and almost every single truck that enters the strip is looted. Humanitarian workers say they want to flood the zone with food. They believe that if Gazans believe that more food is coming and every household has a bag of flour, they'll be less desperate and less willing to risk their lives joining massive crowds that are overtaking convoys.

New Jersey Sen. Cory Booker accused Democrats of being ‘complicit’ with President Trump and said the Justice Department was ‘weaponizing’ public safety grants. Photo: Douglas Christian/ZUMA Press

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New Jersey Sen. Cory Booker accused Democrats of being ‘complicit’ with President Trump and said the Justice Department was ‘weaponizing’ public safety grants.

Sen. Cory Booker Lashes Out, Calls Democrats ‘Complicit’ With Trump

I rise today to propose an amendment to the bills before us, one that guarantees every officer in every state, like Officer Islam has the full support they deserve in their service to our communities from this body. Sadly, this is not what the Justice Department is doing. Rather than supporting law enforcement agencies and officers equally across the nation, they're weaponizing public safety grants to punish state and local jurisdictions that resist the Trump policy agenda, including my home state of New Jersey. This, to me, is a problem with Democrats in America right now, is we're willing to be complicit to Donald Trump to let this pass through when we have all the leverage right now there is to say, if you're as passionate about police as we are, then pass bills out of this body that will help the police officers in Washington, that will help the police officers in Illinois, that will help the police officers in New Jersey, that will help the police officers in Newark. Don't be complicit to the President of the United States who we both know doesn't understand that language, "Oh, please, oh, please don't hurt blue states." We are standing at a moment where our president is eviscerating the Constitution of the United States of America, and we're willing to go along with that today.

I completely agree with Senator Booker about what this administration is doing. But you can't just pick out a few bills that came out of a committee and say, "I'm gonna stop those," and then allow for other bills that fund other parts of your budget in your state. Thank you.

Presiding Officer: You're from New Jersey.

I was just called out by name and I want to respond. This is what frustrates me. I've passed numerous pieces of legislation for our police. The Democratic Party needs a wake up call. I see law firms bending a knee to this president, not caring about the larger principles that those free speech rights that you could take on any client. Why are you bending the knee? I see universities, there should be bastions of free speech bending at the knee to this president. I see businesses taking late night talk show hosts off the air because they dare to insult a president. I see people who want mergers suddenly think that they have to pay tribute to this president. And what are the very people here elected to defend the constitution of the United States saying, "Oh, well today, let's look the other way and pass some resources that won't go to Connecticut, that won't go to Illinois, that won't go to New York, that will go to the states he likes." That is complicity with an authoritarian leader who is trashing our constitution. It's time for Democrats to have a backbone. It's time for us to fight. It's time for us to draw lines. And when it comes to the safety of my state being denied these grants, that's why I'm standing here. Don't question my integrity. Don't question my motives. I'm standing for Jersey, I am standing for my police officers, I'm standing for the Constitution, and I'm standing for what's right. And dear God, if you want to come at me that way, you're gonna have to take it up with me because there's too much on the line right now in America, as people's due process rights and freedom of the speech rights and secret police are running around this country, picking people up off the streets who have a legal right to be here. There's too much going on in this country. When are we gonna stand together for principles that I just heard that were agreed with? When are we gonna stand together? If we don't stand as Democrats, we deserve to lose. But if we stand united, if we stand strong, if we stand with other people, if we tell with a course of conviction of America what this president is doing is wrong, if we stand up and speak that way, dear God, we will win, like all of those people and our ancestors who join hands together and said, we shall overcome. No, not on my watch. I'm protecting Jersey today. I'm protecting our constitution today. I'm standing today.

The gunman who killed four people in a midtown Manhattan office building left a suicide note indicating that he was targeting the NFL, police said. Photo: Yuki Iwamura/Associated Press

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The gunman who killed four people in a midtown Manhattan office building left a suicide note indicating that he was targeting the NFL, police said.

NYC Shooting Suspect Shane Tamura Left Suicide Note: What We Know So Far

Narrator: The lone gunman who killed four people in a Midtown Manhattan office left a suicide note targeting the National Football League. In the note, police say 27-year-old Shane Tamura of Las Vegas accused the NFL of concealing the dangers of the sport on players' brains.

He alluded to having CTE from playing in the NFL. He never played in the NFL, and he alluded to the CTE being of the reason for his illness. It appears as though he was going after the employees at the NFL. The building 345 housed the NFL's company there as well, but we're still going through the suicide note to zero in on the exact reason.

Announcer: Please stay indoors. Shelter in place.

Narrator: Police say Tamura walked into the offices at 345 Park Avenue and shot and killed four people. An NYPD officer, a security guard, a Blackstone executive, and an employee of a real estate firm. Then he shot and killed himself.

At 6:28 p.m. the 911 call center started receiving multiple 911 calls for an active shooter inside of 345 Park Avenue at 52nd Street in Manhattan. The building security camera footage shows the shooter enter the lobby, turn right and immediately open fire on an NYPD officer. He then shoots a woman who took cover behind a pillar and proceeds through the lobby, spraying it with gunfire. He makes his way to the elevator bank where he shoots a security guard who is taking cover behind the security desk. One additional male is shot in the lobby per his own statement from the hospital. The shooter then calls the elevator, which opens in the lobby. A female exits that elevator and he allows her to walk past him unharmed. He goes up to the 33rd floor, which is Rudin Management, and begins to walk the floor firing rounds as he traveled. One person was struck and killed on that floor. He then proceeds down a hallway and shoots himself in the chest.

Narrator: Employees barricaded some offices with furniture before the police cleared the building.

We lost four souls to another senseless act of gun violence, including a member of the New York City Police Department. Officer Islam. He served in the 47th Precinct. He was just 36 years old.

Narrator: Police said NYPD Officer Didarul Islam was a married father of two whose wife was pregnant with her third child. Blackstone Executive Wesley LePatner died after being shot in the building's lobby. Law enforcement officials told the journal that Tamura was the subject of a mental health crisis hold in his home state of Nevada in recent years. Tamura was working in the Surveillance Department at the Horseshoe Casino in Vegas, according to his employer.

According to our law enforcement partners in Las Vegas, Mr. Tamura has a documented mental health history.

Narrator: NYPD detectives were headed to Las Vegas to search Tamura's home and investigate the firearms used in the shooting. Detectives want to locate a, quote, "associate" who purchased part of the weapon used in the Manhattan shooting.

The lower part we are finding out was purchased by an associate. It is undetermined at this time if he played any role at all in planning or carrying out this action. That is what the investigation would reveal. We are now attempting to identify him and question him at this time.

Midtown Manhattan Shooting Suspect Left Note Targeting NFL

U.S. Treasury Secretary Scott Bessent said two-day trade talks with China were very constructive, and that the final decision on the extension lies with President Trump. Photo: Magnus Lejhall/AFP/Getty Images

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U.S. Treasury Secretary Scott Bessent said two-day trade talks with China were very constructive, and that the final decision on the extension lies with President Trump.

U.S.-China Trade Officials Discuss Tariff Truce Extension

With respect to a potential pause, we're gonna head back to Washington DC, and we're gonna talk to the president about whether that's something that he wants to do. It's certainly something that's been under discussion. And so we'll brief the president on the outcome of this, and we'll see if there are any, we have further technical discussions that are happening right now as we speak among the teams. And so the president can make a final call on whether that's something that he wants to do with this decision.

I'm just wondering if we can get some clarity on the tariff level that has threatened to happen on April 12th. I know the April 2nd tariffs were 34%. You add that to the fentanyl, 54%, that's where the tariffs are for many goods right now, so what is the overall threat to the Chinese in terms of a tariff level that could happen if there is no extension?

Well, I think you've seen, I've used the word boomerang, so if we boomerang back to the April 2nd level, if they would go to 34, I noticed as the earlier question said, that the Chinese deputy minister did say that we had agreed on a pause. We have not, nothing is agreed, until we speak with President Trump. He's on Air Force One, I believe, doing a press conference right now. And we will be seeing him in the Oval tomorrow to go over the deal with him, and then he'll decide that if the pause continues as is.

And just to be clear, Kevin, the present has discretion to change the rate, depending on the circumstances that we have, et cetera. So while the snapback rate would be 34%, he of course has discretion under the law to modify that.

Journalist: Yeah, my question is just the 34% is under the tariff level that's current for many goods, so would that be additive to what we have already?

Yes, yes.

Journalist: Would it be on top, okay.

Yes.

Journalist: So we're talking about the threat, is that tariffs kind of in the 80-85% level?

Yeah, depending on the product.

Journalist: Depending on the product,

Yeah, but just kinda to tamp down that rhetoric. The meetings were very constructive. We were just, we haven't given the sign off.

Chinese President Xi Jinping orders ‘all-out’ search and rescue efforts to minimize casualties as severe flooding leaves at least 30 people dead in Beijing. Photo: Adek Berry/Agence France-Presse/Getty Images

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Chinese President Xi Jinping orders ‘all-out’ search and rescue efforts to minimize casualties as severe flooding leaves at least 30 people dead in Beijing.

30 Dead, Thousands Evacuated Amid Beijing Floods

The cease-fire came after five days of conflict over Thailand and Cambodia’s disputed border. President Trump told both leaders that a cease-fire is a condition for further trade talks. Photo: Mohd Rasfan/Reuters

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The cease-fire came after five days of conflict over Thailand and Cambodia’s disputed border. President Trump told both leaders that a cease-fire is a condition for further trade talks.

Thailand, Cambodia Agree to Cease-Fire After Days of Deadly Clashes

Both Cambodia and Thailand reached a common understanding as follows: one, an immediate and unconditional ceasefire with effect from 24 hours local time, midnight on 28th July 2025. Tonight.

We agree to a cease-fire with assurance myself that it will be carried out successfully in good faith by both sides.

We hope that the solutions that Prime Minister Anwar's announced will set a condition for moving forward for our bilateral discussion to return to normalcies of the relationship and as a foundation for future deescalation of forces.

While in Scotland, President Trump said he is ‘disappointed’ in Russian President Vladimir Putin for not yet reaching a deal to end the war in Ukraine. Photo: Andrew Leyden/Zuma Press

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While in Scotland, President Trump said he is ‘disappointed’ in Russian President Vladimir Putin for not yet reaching a deal to end the war in Ukraine.

Trump Plans to Give up to 12 Days for Putin to Agree to Ukraine Deal

Reporter: Mr. President, what about Russia and Ukraine? You're talking about ceasefires, what's the way-

I would've said five times we would've had a deal. I've spoken to President Putin a lot. I always had got along with him very well. But five times, and every time, four times, maybe, but... We've had discussions, you and I have had discussions, we thought we had that settled numerous times, and then President Putin goes out and starts launching rockets into some city, like Kiev, and kills a lot of people in a nursing home, or whatever. You have bodies lying all over the street. And I say, "That's not the way to do it." So we'll see what happens with that. I'm very disappointed. I'm disappointed in President Putin. I'm very disappointed in him. So we're gonna have to look... And I'm gonna reduce that 50 days that I gave him to a lesser number, because I think I already know the answer of what's gonna happen. I'm gonna make a new deadline of about 10, 10 or 12 days from today. No reason in waiting. There's no reason in waiting. It's 50 days, I want to be generous, but we just don't see any progress being made.

WSJ reporter Kim Mackrael explains what we know about Trump’s biggest trade deal so far and what it tells us. Photo: Andrew Harnik/Getty Images

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WSJ reporter Kim Mackrael explains what we know about Trump’s biggest trade deal so far and what it tells us.

Explained: Trump's EU Trade Deal and What Comes Next

It's gonna bring us closer together. I think this deal will bring us very close together actually.

It's a huge deal. It will bring stability, it will bring predictability. That's very important for our businesses on both sides of the Atlantic.

Kim: President Trump and the European Commission President Ursula von der Leyen said that we are looking at a 15% tariff on most European goods that are exported to the US. That crucially for the EU, that includes the automotive sector, which is something that the Europeans were very concerned about, especially because of the German car industry, which is currently facing the 25% tariff. The European Union has 27 member states. They all have a common trade policy, and when you take them together, they are the US' biggest trading partner and the biggest source of foreign investment to the US. The two sides exchange more than $5 billion worth of goods and services each day.

Indeed. Basically the European market is open. It's 450 million people. So it's a good deal. It's a huge deal.

Yeah.

Kim: On the negative side, they have agreed to cementing quite high tariffs, much higher than ever before. Previously, tariffs for European goods exported to the US were less than 5% on average. So it's a huge shift and something that is expected to have a negative impact on the European economy. On the other hand, does give their businesses at least some stability and means that they're not looking in the future at the kinds of higher tariff threats that Trump has issued before. So that's, I think sort of the trade off you're seeing from the European side. On the American side...

European Union is going to agree to purchase from the United States, $750 billion worth of energy, $750 billion worth of energy. They are going to agree to invest into the United States, $600 billion more than they're investing already. They're agreeing to open up their countries to trade at zero tariff, and they're agreeing to purchase a vast amount of military equipment. We don't know what that number is, but the good news is we make the best military equipment in the world. So sort of you have to do that. I mean...

Kim: It's important to mention, I think in the context of this deal that higher tariffs economists say are expected to raise prices for consumers in the US. There are also impacts in terms of supply chains, depending on where American companies get the things they need to make what they make in the US.

I think it's great that we made a deal today instead of playing games and maybe not making a deal at all. I think it's, I'm gonna let you say, but I think it's the biggest deal ever made.

Kim: What we see with the general outline of this deal is that it looks quite similar to the agreement that was announced with Japan last week. Both of them got the 15% baseline tariff, both had it applied to the automotive industry as well. And I think what that tells us is that we're starting to see 15% shake out as the likely level of minimum tariffs on most major US trading partners.

Israel says it is pausing military activities in parts of Gaza as aid is airdropped into the enclave amid a deepening humanitarian crisis. Photo: Omar Ashtawy/Zuma Press

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Israel says it is pausing military activities in parts of Gaza as aid is airdropped into the enclave amid a deepening humanitarian crisis.

Israel Allows Aid Airdrops in Gaza

Israel is presented as though we are applying a campaign of starvation in Gaza. What a bold-faced lie. There is no policy of starvation in Gaza, and there is no starvation in Gaza.

The US is gonna do more aid for Gaza, but we'd like to have other countries participate. You know, that's an international problem. It's not a US problem, it's an international problem.

Officials took a suspect into custody after at least 11 people were stabbed and injured in a Michigan Walmart store. The motive remains under investigation, police said. Photo: Ryan Sun/AP

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Officials took a suspect into custody after at least 11 people were stabbed and injured in a Michigan Walmart store. The motive remains under investigation, police said.

Officials Seek Terrorism Charge After Suspect Attacks People Inside Walmart

Dispatcher: Announcing emergency alert.

On July 26th of 2025 at 4:43 PM, Central Dispatch began receiving calls stating that there was a man with a knife inside the Walmart store in Garfield Township, Grand Traverse County, Michigan actively stabbing people. At the time of the deputy's arrival, multiple citizens, including one who was armed with a pistol, were confronting the male suspect in the parking lot and preventing him from harming further people and leaving. The deputy took the suspect into custody without further incident. The suspect, who has been identified as 42-year-old Bradford James Gille of Afton, Michigan, was arrested and transported to Grand Traverse County Jail where he will remain pending formal charges and arraignment. Requested charges will be as follows. One count of terrorism, 11 counts of assault with intent to murder.

President Trump announced a trade agreement between the U.S. and the European Union after meeting European Commission President Ursula von der Leyen, marking his biggest deal so far. Photo: Brendan Smialowski/AFP/Getty Images

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President Trump announced a trade agreement between the U.S. and the European Union after meeting European Commission President Ursula von der Leyen, marking his biggest deal so far.

Trump Says U.S. Reached a Trade Deal With European Union 

It's gonna bring us closer together. I think this deal will bring us very close together actually.

It's a huge deal. It will bring stability, it will bring predictability. That's very important for our businesses on both sides of the Atlantic. It's 15% tariffs across the board, all inclusive.

European Union is going to agree to purchase from the United States $750 billion worth of energy. $750 billion worth of energy. They are going to agree to invest into the United States $600 billion more than they're investing already. They're agreeing to open up their countries to trade at zero tariff. So that's a very big factor, opening up their countries. All of the countries will be opened up to trade with the United States at zero tariff. And they're agreeing to purchase a vast amount of military equipment. We don't know what that number is, but it's... The good news is we make the best military equipment in the world, so sort of you have to do that, I mean...

Indeed, basically the European market is open. It's 450 million people, so it's a good deal. It's a huge deal.

Yeah.

With tough negotiations. I knew it at the beginning and it was indeed very tough, but we came to a good conclusion for both sides.

We did.

The Federal Aviation Administration said it will investigate the incident at Denver International Airport after passengers were evacuated from an American Airlines flight. Photo: @highlymigratoryfishing/Instagram/Reuters

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The Federal Aviation Administration said it will investigate the incident at Denver International Airport after passengers were evacuated from an American Airlines flight.

Watch: Passengers Slide Onto Runway After Plane Catches Fire

Person: Fire.

Crew: Everybody head towards the west, east side of the runway, please. East side of the runway. Everyone please proceed towards the with the red lights on.

President Trump kicked off his Scotland trip by going golfing in Turnberry, while anti-Trump demonstrators protested his visit. Photo: Jane Barlow/Zuma Press; Tolga Akmen/EPA/Shutterstock

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President Trump kicked off his Scotland trip by going golfing in Turnberry, while anti-Trump demonstrators protested his visit.

Scots Protest Trump’s Visit as He Plays Golf at Turnberry

Donald Trump shouldn't be here in Scotland. He's a convicted felon.

I'm very much against everything that Trump stands for, and what he's doing in America. So I want people to know that Americans know that, we are very much pro them, their democracy, but we really want the lies, the falsehoods, the racism, the Fascism to stop. So that's why we're all demonstrating today.

In terms of a deal, we're meeting with the European Union, and that would be actually the biggest deal of them all if we make it.

President Trump arrived in Scotland to meet the U.K. and the European Union leaders, saying the U.S. has a “good, 50-50 chance” to strike a trade deal with the EU. Photo: Jacquelyn Martin/AP

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President Trump arrived in Scotland to meet the U.K. and the European Union leaders, saying the U.S. has a “good, 50-50 chance” to strike a trade deal with the EU.

Trump Says U.S. Has ‘50-50 Chance’ of Reaching Trade Deal With EU

I'll be meeting with the EU on Sunday and we'll be working on a deal. We'll see if we make a deal, Ursula will be here. Highly respected woman, so we look forward to that. That'll be good. With the European Union, I think we have a good 50 50 chance. That's a lot.

Interviewer: What are the sticking points that you said?

Well, I don't wanna tell you what the sticking points are. But now we're meeting with the European Union having, we're also meeting with, as you know, the head of UK, Prime Minister, and I look forward to that. But we're meeting in terms of a deal, we're meeting with the European Union, and that would be actually the biggest deal of them all if we make it.

Thailand and Cambodia exchanged deadly fire for a second day. WSJ Southeast Asia Bureau Chief Gabriele Steinhauser reports on the perilous escalation of a long-running border fight. Photo: WSJ; Athit Perawongmetha/Reuters

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Thailand and Cambodia exchanged deadly fire for a second day. WSJ Southeast Asia Bureau Chief Gabriele Steinhauser reports on the perilous escalation of a long-running border fight.

Thailand and Cambodia Are Engaged in Deadly Clashes. Why Now?

The roots of this conflict really reach back more than a century, but what seems to make it particularly dangerous and volatile this time is the break down in the relationship between these two powerful politicians that have really loomed over the politics of Cambodia and Thailand for more than two decades. Heavy fighting between Cambodian and Thai forces across their disputed border has continued for a second day. The Cambodian military has fired artillery and rockets into Thai territory, and the Thai military has responded by dispatching armed drones and most recently scrambling F-16 fighter jets. We've seen the relatively large number of civilian deaths on the Thai side. They have now evacuated tens of thousands of people from the entire border area between 60,000 and more than 130,000 civilians. Cambodian officials have so far confirmed one dead civilian and several injured, but they have been a lot less communicative. Cambodian leadership is blaming the Thais for starting this conflict, which is contrary to what the Thais are saying. When Cambodia was still a French colony, the French drew up a map delineating Cambodian territory that included several ancient temples that are culturally important to both Cambodia and Thailand. And a lot of the disputes around this border have been about who has the right to that very important and very valued cultural heritage. What seems to be making this current escalation so dangerous is the breakdown of the relationship between the two families that have really dominated Thai and Cambodian politics for more than two decades. The Shinawatra family and the Hun family have traditionally had a close relationship that has in the past helped sort of iron out tensions between the two countries. But now this border spat seems to have devolved into almost a personal conflict between these two leaders and their relatives. They've been trading personal blame for inflaming the latest round of violence, and that has made a lot of people quite pessimistic about how this will be resolved this time.

WSJ’s Meridith McGraw breaks down the awkward exchange between President Trump and Fed Chair Jerome Powell, following weeks of Trump steadily badgering the Fed leader. Photo: Kent Nishimura/Reuters

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WSJ’s Meridith McGraw breaks down the awkward exchange between President Trump and Fed Chair Jerome Powell, following weeks of Trump steadily badgering the Fed leader.

WSJ Reporter Breaks Down Political Theatrics During Trump’s Fed Visit

We're taking a look, and it looks like it's about 3.1 billion. It went up a little bit or a lot. So the 2.7 is now 3.1.

An extraordinary scene unfolded at the construction site of the Federal Reserve when President Trump made a last minute visit to join White House officials in touring the construction site. And he used it as an opportunity to put additional public pressure on Fed Chair Jerome Powell to lower interest rates, and potentially, even push for his removal. There was an awkward exchange that happened when President Trump and Fed Chair Jerome Powell walked up to reporters at the construction site. They were both wearing white hard hats, and Trump wanted to call attention to the increased costs of the renovations.

So we're taking a look, and it looks like it's about 3.1 billion.

Meridith: And Jerome Powell seemed to be taken off guard by this, he was shaking his head no.

I'm not aware of that.

Yeah, it just came out.

Yeah, I haven't heard that from anybody at the Fed.

Meridith: Trump then pulled out a paper and handed it to Powell who put on glasses to observe things a little bit more closely.

This came from us?

Yes. I don't know who does that.

Meridith: Powell tried to correct the President.

Oh, you're including the Martin renovation.

Speaker: That's our entire capital plan.

You just added in a third building is what that is. That's a third building, the Martin Building.

It's a building that's being built.

No, it was built five years ago. We finished Martin five years ago.

It's part of the overall work.

It's not new.

It seemed like a friendly exchange between President Trump and the Fed Chair, and yet, there was still this cutting tension in the air after Trump for months has called on Powell to step down. He's publicly pressured him to try and lower interest rates and has teased finding a new Fed Chair.

Reporter 1: Do you have a name in mind to replace the chairman?

I do.

Reporter 1: Can you give one person?

Two people, maybe three.

Last week, President Trump said that the renovation costs could actually be grounds to firing the Fed Chair, whose term doesn't end until next May. But the Supreme Court has ruled that Trump can only remove Fed officials, quote, "for cause," wrongdoing that would just go beyond a simple dispute.

Reporter 2: As a real estate developer, what would you do with a project manager who would be over budget?

Generally speaking, what would I do? I'd fire him.

I don't think anything materially changed between the President and the Fed Chair and their relationship with this visit. But Trump did say that he used it as an opportunity to privately make the case to Powell that he wants interest rates to be lowered. We know next week that officials with the Fed are set to have a policy meeting, but they're not expected to lower rates then.

The burning wreckage of a plane which crashed in Russia’s far-east has been found by authorities. Photo: Far Eastern Transport Prosecutor's Office/AFP/Getty Images