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

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.

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.”

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."

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.”

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.”

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.”

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.”

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.”

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.