The Wall Street Journal Editorial Board is reporting on several key issues, including the Japanese yen, California's proposed wealth tax, and the confirmation process for President Trump's Attorney General nominee. It said Secretary Bessent is supporting Japan's currency, but the Bank of Japan needs to implement tighter policies. The editorial board also noted that California Democrats are endorsing a wealth tax for the November ballot, which it views as a move further left for the state party. Regarding President Trump's Attorney General nominee, Todd Blanche, the board reported that he made concessions to Senators Tillis and Cornyn concerning a $1.776 billion fund. Additionally, the board highlighted that California's Supreme Court ruled in favor of Gilead, rejecting liability claims related to a cautious drug rollout.
In other commentary, Moira Gleason is reporting that New York's City Council and Mayor Mamdani are targeting Central Park's horse-drawn carriages. Michael Faulkender and Robert Wilkie are reporting that the Cfius model should be adopted for AI regulation to balance national security concerns with private market interests. C. Jarrett Dieterle is reporting that Massachusetts is implementing "sectoral bargaining" for ride-share workers, which could subject them to agreements they did not directly approve.
Gerard Baker is reporting that a resolution to President Trump's "Iran trap" may not emerge until 2029, suggesting it will be a challenge for future administrations. William McGurn is reporting on JD Vance's proposals to "fix" capitalism, observing a shift among some Republicans toward bureaucratic solutions over free-market principles. Walter Russell Mead is reporting that while President Trump's unpredictability offers flexibility, it comes at the cost of public persuasion and strategic coherence.