Iran’s Bloodiest Crackdown in Decades

Summary

WSJ What’s News – "Iran’s Bloodiest Crackdown in Decades"

Date: January 27, 2026
Host: Luke Vargas
Key Contributors: Jessica Mendoza, Margarita Stancati, Kim McCrail, Don Gilbertson

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Episode Overview

This episode delivers a concise yet detailed briefing on major global developments shaking markets and politics. The main focus is on new details about Iran’s deadly crackdown on anti-government protests—the bloodiest in decades—and its far-reaching implications. The show also delves into a landmark EU-India trade agreement, changes in U.S. immigration enforcement in Minnesota, antitrust concerns over Netflix's Warner deal, Boeing's comeback, and a major policy shift at Southwest Airlines.

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Main Segments & Key Insights

1. EU-India Free Trade Deal

(00:23–04:54)

Key Points:

• The European Union and India have finalized a free trade deal after two decades of talks, impacting almost 2 billion consumers.
• India agrees to a dramatic reduction in tariffs, especially on European automobiles (from 110% down to 10% over time, capped at 250,000 vehicles), machinery, chemicals, pharmaceuticals, and agricultural goods.
• The deal is significant for India amid increasing trade friction with the U.S., including recent tariffs imposed by the Trump administration.
• Other U.S. trading partners (Canada, South Korea, EU, UK, Germany) are also seeking alternative agreements, partly hedging against a less predictable U.S. trade policy.

Notable Quotes:

• Jessica Mendoza (01:33):
  “They both say it’s the largest one they have done with a bilateral trading partner and it includes some pretty big concessions in terms of lowering tariffs…For the Indian side, it’s quite a big deal to be lowering some of those tariffs because it’s a country that has long had quite a bit of protection on its market.”
• Jessica Mendoza (02:40):
  “India has been hit by 50% tariffs last year by the Trump administration…So this deal is expected to carry some benefits for India’s textiles, jewelry, leather industries.”

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2. Iran’s Bloodiest Crackdown: Emerging Details

(04:58–07:03)

Key Points:

• Iran imposed an information blackout to suppress news of a violent crackdown on protests in early January.
• Human rights groups are now confirming far higher death tolls: one estimates nearly 6,000 dead (with figures under investigation as high as 17,000); other groups believe the toll could be up to or over 10,000.
• The scale surpasses even the toll from China’s Tiananmen Square massacre in 1989 and marks one of the deadliest single political killings since the founding of the Islamic Republic.
• The repression has driven the country into shock, with martial law-like conditions, widespread arrests (estimated tens of thousands), and the looming threat of capital convictions.
• Internationally, the rising death count spurs geopolitical tension, with the U.S. moving military assets to the region and monitoring the situation closely.

Notable Quotes:

• Margarita Stancati (05:26):
  “Iranians are beginning to share their accounts with family, friends and activists outside. The true scale of the killings is only now becoming clear…Human Rights Activists in Iran has now confirmed close to 6,000 dead…they’re also investigating something like 17,000 dead."
• Luke Vargas (06:03):
  “That would make it one of the deadliest episodes since the establishment of the Islamic Republic and even exceed the death toll of China’s crackdown on Tiananmen Square in 1989."
• Margarita Stancati (06:19):
  “The country is in a state of shock, in a state of mourning. Almost everyone you speak to…knows someone who was killed or at least injured in the protests."

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3. U.S. Immigration Policy Shake-Up in Minnesota

(08:21–10:16)

Key Points:

• Border Patrol Commander Gregory Bevino and some agents will withdraw from Minnesota, amid a shift in President Trump’s immigration strategy following two fatal federal agent shootings.
• President Trump’s administration, concerned about optics, is seeking de-escalation and demanding local cooperation in exchange for reducing federal presence.
• Negotiations are tense as the government approaches a potential partial shutdown, with DHS funding at the center of legislative disputes—Democrats demand new restrictions and oversight, including body cameras.
• Senator Andy Kim (D-NJ) and Senator Susan Collins (R-ME) are at odds over the legislative approach; bipartisan support required.

Notable Quotes:

• Luke Vargas (08:21):
  “Trump has sent his border czar Tom Homan to the state instead in an attempt to try and de-escalate tensions following two fatal shootings at the hands of federal agents.”
• Senator Andy Kim (09:47):
  “What we can do is say we’re not going to vote on this as a package. We should pull out the DHS part of the appropriations, have an independent vote on this, be able to have a public discussion about this.”

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4. Streaming Wars: Netflix-Warner Antitrust Scrutiny

(10:36–11:54)

Key Points:

• The Senate’s antitrust panel warns that Netflix’s $72 billion bid for Warner Bros. Discovery could undermine competition.
• The deal faces Justice Department review and a rival $77.9 billion bid by Paramount. A subcommittee hearing is scheduled for February 3rd.

Notable Quotes:

• Luke Vargas (10:36):
  “The chair of the Senate's antitrust panel has warned that Netflix's proposed $72 billion takeover of Warner Bros. Discovery could substantially lessen competition in the streaming market.”

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5. Boeing’s Earnings and Comeback Amid U.S. Support

(11:54–12:38)

Key Points:

• Boeing, despite ongoing safety issues, is poised to outsell Airbus for the first time since 2018 due to regulatory easing and international deals backed by the White House.
• Investors await details on Boeing’s long-term strategy and financial turnaround.

Notable Quotes:

• Christopher Mims and Tim Higgins (11:54):
  “One thing working for Boeing is the company’s sheer size as the biggest US exporter. What’s good for Boeing is often good for the country, and the Trump administration has often championed the business.”

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6. Southwest Airlines Ends Open Seating and Free Bags

(12:38–14:56)

Key Points:

• Southwest Airlines ends its long-standing open seating policy after 50+ years, now moving to assigned seating—following activist investor pressure.
• The change, along with dropping “bags fly free,” aims to boost revenue and appeal to premium travelers.
• While many loyalists lament the move, flight attendants appreciate the end of seating disputes and expect better on-time performance.

Notable Quotes:

• Don Gilbertson (13:06):
  “Southwest has had open seating since the airline started flying in 1971…The two things the airline has been known for are open seating and free bags. And both of those have gone by the wayside, you know, in the past year and a half.”
• Don Gilbertson (13:59):
  “One group that is almost unequivocally happy with the switch to assigned seats is Southwest flight attendants because they for years have had to referee seat disputes.”

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Memorable Moments & Timestamps

• [00:35] Margarita Stancati contextualizes Iran’s crackdown as “exceeding even the toll of China’s 1989 move to clear Tiananmen Square.”
• [05:26] Eyewitness accounts and smuggled information reveal the true scale of casualties in Iran.
• [06:19] Margarita Stancati underscores the “state of mourning” and “quasi martial law” in Iran.
• [13:06] Don Gilbertson shares the unique culture of Southwest’s open seating: “it’s just like church, sit anywhere you want.”
• [13:59] Southwest flight attendants’ relief at no longer policing seat disputes: “they call them spinners because they’re walking up and down the aisle looking for a seat.”

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Conclusion

This episode offers a brisk, fact-rich overview of major geopolitical, economic, and industry stories. The stark reporting on Iran's crackdown stands out for its scale and human cost, while the other segments reveal shifting global alliances, evolving business policies, and the direct impact of politics on markets and everyday life. The podcast retains WSJ's sober, reportorial tone but doesn’t shy from emotional resonance, especially in covering Iran's crisis.

Transcript

[Jessica Mendoza]

Hey, this is Jessica Mendoza, host of the Journal Podcast, our show about money, business and power. If you're looking for more deeply reported stories like we share every day, consider becoming a subscriber to the Wall Street Journal. Visit subscribe.WSJ.com TheJournal all lowercase to subscribe now.

[Luke Vargas]

The EU And India seal a free trade deal decades in the making. Plus, rights groups in Iran break through a communic blackout to shed light on the true death toll in recent protests.

[Margarita Stancati]

Even at lower estimates of the crackdowns, this would rank as one of the biggest political killings in recent history, exceeding even the toll of China's 1989 move to clear Tiananmen Square.

[Luke Vargas]

And the latest from Minnesota as President Trump shakes up his immigration Strategy. It's Tuesday, January 27th. I'm Luke Vargas for the Wall Street Journal, and here is the AM Edition of what's news, the top headlines and business stories moving your world today. After two decades of on again, off again talks, the European Union and India say they've reached a free trade deal. The deal will be the largest for both economies, linking together almost 2 billion consumers. And as trade reporter Kim McCrail is here to discuss, it comes as a number of US Trading partners are actively taking steps to curb their reliance on America. Kim, thanks for being with us this morning. What should we know about this agreement? The broad strokes?

[Jessica Mendoza]

It's quite a big deal actually for both economies. They both say it's the largest one they have done with a bilateral trading partner and it includes some pretty big concessions in terms of lowering tariffs. On the Indian side, they're looking at quite a significant drop from the current level of 110% tariffs on European cars. That's supposed to gradually go down to eventually hit 10%. We don't yet know exactly the timeline for that, but that could be quite a significant new market for European automakers. It is capped at 250,000. So it's not a notable one. We're looking at lower tariffs from India on European machinery, chemicals, pharmaceuticals and some agricultural goods. So quite a bit there. It's also for for the Indian side, it's quite a big deal to be lowering some of those tariffs because it's a country that has long had quite a bit of protection on its market. And some of the lower tariffs, according to the EU, are the biggest India has offered to a trading partner so far.

[Luke Vargas]

And Kim, this is coming at a very helpful time for India as well, when trade barriers between it and the US Notably, have been going up.

[Jessica Mendoza]

That's Right. Yeah. So India has been hit by 50% tariffs last year by the Trump administration. Those are some of the highest tariff levels that the US has applied to its trading partners. So this deal is expected to carry some benefits for India's textiles, jewelry, leather industries. And it also follows on a free trade agreement that India agreed to last year with the UK So they're really hoping that it will help with shoring up their global supply chains.

[Luke Vargas]

And Kim, this is a good segue to discussing how other big U.S. trading partners are positioning themselves lately. We reported earlier this month on Canada opening up its auto and its energy sectors to Chinese products, also inviting investment by Beijing into Canada. But there's also more than Canada to talk about here.

[Jessica Mendoza]

Yeah, that's right. So I think what we're seeing right now is a lot of different trading partners of the US Looking around the globe and looking for what are some alternative markets or some other markets where we can boost our trade ties. And it's a little bit for many of them, a hedging exercise as they deal with a US that is less predictable than it was before and try to find some alternative market options. So we saw some of that center around China recently. We saw South Korea's leader recently talk about wanting a full scale restoration of ties with China. We were seeing some European leaders head to Beijing. Finland's prime minister has a meeting with Xi Jinping today in Beijing. British Prime Minister Keir Starmer is expected to be there. And Germany's leader is also expected to travel there next month. Maybe one of the notable ones here is the UK Actually restarted trade talks with China last year after holding off for quite a long time. So China is of interest because it's a really large economy, but it does also carry some big risks. A lot of trading partners of the US Are quite aware of those. So the EU has also talked about starting negotiations with other countries. They've talked about Qatar, about the United Arab Emirates. The UK has also done a number of deals, including previously last year with India updating an agreement with South Korea. I don't know which which one might be next to come, but I think we're going to see these countries increasingly continuing to look for alternative trading options like this.

[Luke Vargas]

I've been speaking to Wall Street Journal trade reporter Kim McRail in Brussels. Kim, thank you so much for the update.

[Jessica Mendoza]

Thanks so much, Luke.

[Luke Vargas]

We go now to Iran, where details are emerging about one of the bloodiest crackdowns in the country in decades. Iran shut off the Internet and blocked communications earlier this month. Trying to keep the world in the dark about the deadly wave of violence it used to crush anti government protests. And now, as rights groups investigate, they say they're uncovering evidence that the death toll is than they originally thought. As the Journal's Margarita Stancati reports, we.

[Margarita Stancati]

Knew from very early on that many people were killed when the government responded with brutal force, especially on January 8th and 9th. But Iranians are beginning to share their accounts with family, friends and activists outside. The true scale of the killings is only now becoming clear. For instance, one group called Human Rights Activists in Iran has now confirmed close to 6,000 dead and more government forces were also killed. But they're also investigating something like 17,000 dead. Other groups are also saying that they believe the death toll is close to 10,000, possibly higher than that.

[Luke Vargas]

That would make it one of the deadliest episodes since the establishment of the Islamic Republic and even exceed the death toll of China's crackdown on Tiananmen Square in 1989. And Margarita says the sheer scale of violence has repressed protests and sent a chill through the Iranian population.

[Margarita Stancati]

The country is in a state of shock, in a state of mourning. Almost everyone you speak to, or at least that we've spoken to, knows someone who was killed or at least injured in the protests. And many parts of the country, there's a quasi martial law in place. What we're hearing is that after dark, people are told to stay home. There's a heavy security presence on the streets, and we still don't know exactly how many people have been arrested. But some rights groups speak of tens of thousands of arrests. What we'll be watching is how many of those arrests will lead to convictions that potentially carry the death penalty. If so, we could see many more people dying following the protests.

[Luke Vargas]

And the rising number of deaths could have geopolitical significance with the US Moving an aircraft carrier to the Middle east in the event of a possible strike on Iran. President Trump held off attacking Iran earlier this month, saying that the country had stopped killing protesters, but said he was monitoring the situation. Coming up, we've got the rest of the day's news, including a potential antitrust red flag for Netflix's Warner deal and the end of an era of dashing to grab your seat on Southwest Airlines. Those stories and more after the break.

[Christopher Mims and Tim Higgins]

Hi, I'm Christopher Mims. And I'm Tim Higgins. We're the hosts of the Wall Street Journal's Bold Names podcast.

[Luke Vargas]

On our show, we bring the bold.

[Christopher Mims and Tim Higgins]

Name companies featured in the pages of the Wall Street Journal to life through real conversations with the people that lead them. If you're looking for more news and insights that bring you inside the C Suite, consider becoming a subscriber to the Wall street journal. Visit subscribe.WSJ.com Boldnames to subscribe now.

[Luke Vargas]

Border Patrol Commander Gregory Bevino is set to leave Minnesota along with some of his agents. In a sign of a potential change in President Trump's immigration strategy, Trump has sent his border czar Tom Homan to the state instead in an attempt to try and de escalate tensions following two fatal shootings at the hands of federal agents. Even before Adam Preddy was shot de on Saturday, a string of recent polls had shown Trump losing support on immigration. We've also learned that Trump worried that enforcement activities in Minnesota looked chaotic, not strong, as some in the administration privately voiced concern about tactics on the ground. The White House has said Trump will reduce the number of federal agents in Minnesota if local officials there increase their cooperation with federal authorities. Meanwhile, the US Government is just days away from a partial shutdown. To avoid that, the Senate needs to pass a package of six remaining appropriations bills covering a range of departments, including most notably the Department of Homeland Security. That DHS funding includes more than $18 billion for Customs and Border Protection and $10 billion for Immigration and Customs Enforcement, something that Senate Democrats say they won't support unless significant new restrictions and oversight are written into the legislation, including more use of body cameras. Here was New Jersey Democratic Senator Andy Kim on Ms. Now immediately what we.

[Christopher Mims and Tim Higgins]

Can do is say we're not going to vote on this as a package. We should pull out the DHS part of the appropriations, have an independent vote on this, be able to have a public discussion about this. It's the same thing that the House did. The House had independent votes on these different pieces of appropriations, and we should in the Senate, too.

[Luke Vargas]

The White House isn't on board with that plan, and neither is Maine Republican Senator Susan Collins, who urged Democrats to advance the full spending package without delay.

[Margarita Stancati]

It is so important that we do so because looming is a government shutdown.

[Don Gilbertson]

Another harmful, unnecessary and disastrous government shutdown.

[Margarita Stancati]

If we do not complete our work.

[Luke Vargas]

Republicans currently hold a 53 to 47 majority in the Senate but will need bipartisan support to hit the 60 vote threshold required to pass the spending package. Staying in Washington, the chair of the Senate's antitrust panel has warned that Netflix's proposed $72 billion takeover of Warner Bros. Discovery could substantially lessen competition in the streaming market. A Warner spokesman said the company is complying with all relevant laws in its dealings with Netflix. While Netflix has declined to comment, the Justice Department is currently reviewing the merger for potential antitrust issues, and a Senate subcommittee hearing to discuss the deal is set for February 3rd. The takeover faces additional pressure from a $77.9 billion rival bid by Paramount. And on the earnings docket today, all eyes will be on Boeing's Q4 results, which are due later this morning. In spite of ongoing safety issues, the company is expected to have outsold Airbus for the first time since 2018. Aerospace reporter Drew Fitzgerald says Boeing gaining momentum as regulators ease production caps to meet a backlog of orders and as the company reaps the rewards of President Trump's promotion of US Industrial giants in global trade talks.

[Christopher Mims and Tim Higgins]

One thing working for Boeing is the company's sheer size as the biggest US Exporter. What's good for Boeing is often good for the country, and the Trump administration has often championed the business despite the president's long list of complaints about Air Force One. So Boeing has signed some big orders tied to some bilateral agreements between the US and other countries around the world. I think investors are going to be focused on two things. What's the company's long term plan to keep pumping out passenger jets quickly, and how quickly can it improve its finances? Boeing has been burning through cash for a long time, and investors are waiting for details on when it might start turning the ship around and maybe even return some of that cash to shareholders.

[Luke Vargas]

Foreign. If you're flying on Southwest today, you may want to book your seats ahead of time. That's because after more than 50 years, the airline's open seating policy is over, a change it announced back in July 2024. Journal travel columnist Don Gilbertson says the switch follows investor pressure on the airline to boost revenue, which also saw it end its bags fly free policy back in May.

[Don Gilbertson]

Southwest has had open seating since the airline started flying in 1971, and one of the early slogans for this open seating was it's just like church, sit anywhere you want. I mean, the two things the airline has been known for are open seating and free bags. And both of those have gone by the wayside, you know, in the past year and a half. And a lot of that was driven by this activist investor, Elliott Management, who thought Southwest just wasn't doing enough. You know, other airlines are bringing in billions from seat fees and bag fees and attracting premium travelers. And Southwest, you know, they thought was just really leaving money on the table.

[Luke Vargas]

Dawn told us she spent the last few days flying on packed Southwest flights where she heard mixed reactions about the changes at an airline that's a favorite of Wall Street Journal readers.

[Don Gilbertson]

Southwest just won best airline in our survey for 2025. And Southwest Chief operating officer Andrew Waterston tells me pretty confidently that the switch to assigned seating, rather than hurt them, will actually help them. You know, loyalists, a lot of them love open seating. But one group that is almost unequivocally happy with the switch to assigned seats is Southwest flight attendants because they for years have had to referee seat disputes. They've had to school people on open seating. You know, flight attendants right now spend a lot of time trying to help passengers find, you know, the last few remaining seats. And they call them spinners because they're walking up and down the aisle looking for a seat. Well, that problem goes away with assigned seating. So Southwest really thinks this is going to help their on time performance.

[Luke Vargas]

And that's it for what's news for this Tuesday morning. Today's show was produced by Daniel Bach and Hattie Moyer. Our supervising producer was Sandra Kilhoff. And I'm Luke Vargas for the Wall Street Journal. We will be back tonight with a new show. And until then, thanks for listening.