President Trump Was Told in May That His Name Is Among Many in the Epstein Files

Summary

WSJ What’s News: Detailed Summary of “President Trump Was Told in May That His Name Is Among Many in the Epstein Files”

Release Date: July 23, 2025
Host: Alex Osola, The Wall Street Journal

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1. Introduction

In this episode of WSJ What’s News, host Alex Osola delves into a range of pressing topics that are shaping the global landscape. From explosive revelations about former President Donald Trump’s connections to the Epstein investigation to significant developments in the housing market, trade agreements, and the burgeoning impact of artificial intelligence on traditional search engines. The episode concludes with a noteworthy court sentencing, highlighting the multifaceted nature of current events.

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2. President Trump and the Epstein Files

Overview: A startling revelation emerges regarding former President Donald Trump’s inclusion in the Epstein investigation files. The discussion revolves around the implications of this disclosure and the responses from Trump and the Justice Department.

Key Points:

• Disclosure to Trump: In May, Attorney General Pam Bondi and Deputy Attorney General Todd Blanch briefed President Trump, informing him that his name appeared in documents related to Jeffrey Epstein.

  Alex Osola ([00:48]): "In May, Attorney General Pam Bondi and her deputy informed President Donald Trump at a meeting in the White House that his name was in documents related to Jeffrey Epstein."

• Nature of the Mention: The officials clarified that being named in the Epstein files does not indicate wrongdoing and that the mention was part of a routine briefing encompassing various topics.

  Alex Osola ([00:48]): "Being mentioned in the records isn't a sign of wrongdoing."

• Justice Department's Stance: The Department decided against releasing additional documents, citing the presence of child pornography and personal victim information within the files.

  Alex Osola ([00:48]): "Senior Justice Department officials didn't plan to release any more documents related to the investigation of the convicted sex offender because the material contained child pornography and victims' personal information."

• Trump’s Response: Trump later claimed that Bondi never informed him of his inclusion in the files.

  Alex Osola ([00:48]): "Trump said last week in response to a journalist's question that Bondi hadn't told him that his name was in the files."

• Official Rebuttal: White House Communications Director Stephen Chung dismissed the report as "fake news."

  Stephen Chung: "This is another fake news story, just like the previous story by the Wall Street Journal."

• Agency Confirmation: Both Bondi and Blanch affirmed that the appearances in the files did not warrant further investigation or prosecution.

  Alex Osola ([00:48]): "In a statement to the Journal on Friday, Bondi and the Deputy Attorney general, Todd Blanch said nothing in the files warranted further investigation or prosecution."

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3. Housing Market Trends and Implications

Overview: The housing market reaches a new peak in national median home prices, yet sales have plummeted to a nine-month low, signaling potential challenges ahead.

Key Points:

• Record High Prices: In June, the national median existing home price soared to $435,300, marking a record since 1999—a 2% increase year-over-year.

  Alex Osola ([00:48]): "The national median existing home Price last month rose to $435,300, a record in data going back to 1999 and a 2% increase from a year earlier."

• Sales Decline: Concurrently, home sales have fallen to their lowest in nine months, indicating a softening market despite rising prices.

• Expert Analysis: WSJ reporter Nicole Friedman provides insights into the housing market's trajectory.

  Nicole Friedman ([03:01]): "It's not looking great. The spring is the most important season for the housing market and it's been a slow spring."

  Nicole Friedman ([03:01]): "There could definitely be a pickup in the second half of the year if mortgage rates come down. But if things stay as they are, it's looking like another slow year following a slow 2023 and a slow 2024."

• Federal Reserve Considerations: The housing data influences the Fed's approach to interest rates, particularly concerning inflation and rental markets.

  Nicole Friedman ([03:58]): "If people who would otherwise want to buy a home are pushed into the rental market, that can push rents higher... housing supply and demand, particularly what's happening with rents, is something that the Fed will be looking at closely."

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4. US-Japan Trade Deal and Automakers’ Response

Overview: The newly announced trade deal between the US and Japan has sparked differing reactions from political leaders and the automotive industry, impacting stock markets.

Key Points:

• Trade Agreement Details: The deal sets reciprocal tariffs on Japanese goods at 15%, which is lower than the previous 25% for cars manufactured in Canada and Mexico.

  Ryan Felton ([05:23]): "Companies making cars [in Japan] can bring them over to the US and pay a 15% tariff."

• Automakers’ Discontent: Despite potential benefits, US automakers express dissatisfaction, citing increased costs due to higher tariffs compared to North American manufacturing.

  Ryan Felton ([05:23]): "They're unfairly being required to pay more, despite having spent all that money on those investments."

• Stock Market Reaction: Contrary to automakers' concerns, shares of Ford, GM, and Stellantis surged following the announcement, reflecting investor optimism about potential precedents set by the deal.

  Ryan Felton ([06:16]): "What's underpinning this rally today is the hopes that a deal is reached with the European Union... adding a lot of pressure on negotiators to get something in line with what Japan has reached."

• Investor Expectations: The market is buoyant on the possibility of similar agreements with the European Union, Canada, and Mexico, fostering a conducive environment for automotive stocks.

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5. Artificial Intelligence and the Evolution of Search Engines

Overview: The Trump administration unveiled an action plan to expedite AI adoption in the US, while the rise of AI-powered chatbots poses challenges to traditional search engines and the associated advertising ecosystem.

Key Points:

• AI Stimulus Measures: The administration aims to reduce regulatory barriers and enhance infrastructure to support AI development, benefiting major tech companies like Microsoft.

  Alex Osola ([08:40]): "The administration laid out moves that it said would make it easier for tech companies to build the data centers needed to train AI models and get the power they need for those centers."

• Shift in Search Behavior: AI chatbots are gaining traction, now accounting for over 5% of US search traffic—a significant increase from approximately 2.5% in June 2024.

  Patrick Coffey ([10:02]): "The percentage of traffic that went to browser based AI search has more than doubled since June 2024, when it was about 2 1/2%."

• Impact on Advertisers and Publishers: The traditional model of directing traffic through multiple links is being undermined, as AI chatbots provide singular, consolidated answers, reducing click-through rates on advertisements and publisher links.

  Patrick Coffey ([10:02]): "Nothing good really. Basically, advertisers over decades have spent tens of millions of dollars... And now that's all been thrown into doubt."

• Strategies for Adaptation: Marketers are optimizing websites for AI crawlers, enhancing editorial content, and adopting more conversational language to align with AI preferences.

  Patrick Coffey ([11:18]): "A lot of what they're trying to do is to optimize their websites for the crawlers that feed these LLMs... changing the language in their product descriptions to make it more conversational."

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6. Bryan Kohberger Sentencing

Overview: In a significant legal development, Bryan Kohberger received a severe sentencing for the 2022 murders of four University of Idaho students and an additional burglary charge.

Key Points:

• Sentence Details: Kohberger was sentenced to four consecutive life sentences without the possibility of parole, along with an additional 10 years for burglary.

• Victims’ Families: The courtroom was moved by the heartfelt testimonies from the victims' friends and family, emphasizing the tragic impact of the crimes.

• Kohberger’s Response: When given the opportunity to make a statement, Kohberger declined to speak.

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7. Conclusion

This episode of WSJ What’s News offers a comprehensive overview of significant events influencing political, economic, and technological spheres. From high-stakes political revelations and economic indicators to transformative shifts in technology and impactful legal decisions, the podcast ensures listeners are well-informed about the forces shaping the present and future.

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Produced by Pierre Biennime with supervising producer Michael Cosmides.

Transcript

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[Alex Osola]

The Justice Department told President Trump in May that his name was among many in the Epstein files. Plus, as Trump announces moves to stimulate AI use in the U.S. brands that have built their business around Google are worried over the the rise of AI search.

[Patrick Coffey]

When you go through LLMs like ChatGPT, you get one answer. There may be links within, but we have to ask how many people actually click on those links and that's opposed to the traditional 10 blue links.

[Alex Osola]

Google results and US automakers are not happy about the trade deal with Japan. Why then are their stocks rallying? It's Wednesday, July 23rd. I'm Alex Osola for the Wall Street Journal. This is the PM edition of what's News, the top headline and business stories that move the world today. We've got a new exclusive related to the Epstein files, according to senior administration officials. In May, Attorney General Pam Bondi and her deputy informed President Donald Trump at a meeting in the White House that his name was in documents related to Jeffrey Epstein. Many other high profile figures were also named. Trump was told being mentioned in the records isn't a sign of wrongdoing. The official said it was a routine briefing that covered a number of topics and that Trump's appearance in the documents wasn't the focus. The officials also told Trump that senior Justice Department officials didn't plan to release any more documents related to the investigation of the convicted sex offender because the material contained child pornography and victims personal information. Trump said at the meeting he would defer to the Justice Department's decision to not release any further files. Trump said last week in response to a journalist's question that Bondi hadn't told him that his name was in the files. White House Communications Director Stephen Chung said, quote, this is another fake news story, just like the previous story by the Wall Street Journal. In a statement to the Journal on Friday, Bondi and the Deputy Attorney general, Todd Blanch said nothing in the files warranted further investigation or prosecution. US Home prices rose to a new high in June as sales fell to a nine month low. The national association of Realtors said today that the national median existing home Price last month rose to $435,300, a record in data going back to 1999 and a 2% increase from a year earlier. Prices aren't adjusted for inflation. The June numbers cap off a less than stellar spring for the housing market. WSJ reporter Nicole Friedman is here to tell us more. Nicole, what do these numbers show us about the possibility of the housing market recovering this year?

[Nicole Friedman]

It's not looking great. The spring is the most important season for the housing market and it's been a slow spring. There was a lot of Hope coming into 2025 from real estate agents, mortgage lenders that this year would be a recovery year. They hoped that mortgage rates would fall and that that would bring buyers into the market and that this spring would be much stronger. And that's not what we saw. And so it's not looking good for the rest of the year. The housing market tends to be slower in the summer and fall because people are on vacation, kids go back to school. There could definitely be a pickup in the second half of the year if mortgage rates come down. But if things stay as they are, it's looking like another slow year following a slow 2023 and a slow 2024.

[Alex Osola]

How does this most recent data play into the Fed's calculation about interest rates at its meeting later this month?

[Nicole Friedman]

The Fed is watching all the economic data and especially is focused on inflation. And home prices aren't directly part of the inflation calculation, but they do pay attention to rents. And so if people who would otherwise want to buy a home are pushed into the rental market, that can push rents higher if there's more people looking to rent because it's not such a good market to buy. And so definitely overall housing supply and demand, particularly what's happening with rents, is something that the Fed will be looking at closely.

[Alex Osola]

That was WSJ reporter Nicole Friedman. Thanks, Nicole.

[Nicole Friedman]

Thank you for having me.

[Alex Osola]

News Corp. Owner of the journal, also operates realtor.com under license from NAR. President Trump in a social media post yesterday evening hailed the trade deal with Japan as the largest trade deal in history. As we mentioned in our morning show, the trade agreement sets the so called reciprocal tariffs on Japanese goods at 15%. But U.S. automakers are not happy with the trade agreement. The head of the American Automotive Policy Council, a body that represents General Motors, Ford and Stellantis, the transatlantic parent of Jeep and Chrysler, called the agreement, quote, a bad deal. Ryan Felton is a Wall Street Journal reporter covering the auto industry. Ryan, why do American automakers not like.

[Ryan Felton]

This deal, the simplest point is that they make a not insignificant number of cars in Canada and Mexico, which as of now, you need to pay a 25% tariff to import those cars into the US and under the new deal reached with Japan, companies making cars there can bring them over to the US and pay a 15% tarif. So these companies in Detroit have invested resources to build their production facilities and supply chains in and around the US In North America. And their point of view is that they're unfairly being required to pay more, despite having spent all that money on those investments.

[Alex Osola]

On the news of the deal with Japan, shares of Ford, GM and Stellantis were actually higher today. So what are investors expecting to come out of this?

[Ryan Felton]

It sets a sort of baseline of what to expect for potential deals that are still being negotiated. If Japan gets 15%, then I think logically you would think, okay, then other countries could get 15%. What's underpinning this rally today is the hopes that a deal is reached with the European Union, which is still ongoing, and that deals with Canada and Mexico will result in something similar. But in the meantime, it does add a lot of pressure on negotiators to get something in line with what Japan has reached.

[Alex Osola]

That was WSJ reporter Ryan Felton. Thank you, Ryan.

[Ryan Felton]

Thank you so much.

[Alex Osola]

US Stocks rose today in response to signs of a potential trade deal between the US and the European Union. And the news earlier of the U.S. japan deal. Major indexes were higher. The Dow was the biggest gainer, adding about 1.1%. The S&P 500 climbed 0.8% to a third straight record. The Nasdaq added 0.6%, also hitting a record and closing above 21,000 for the first time. And reporting after the bell, Tesla has had its net income plunge 16% in the second quarter, marking the second quarter of steep declines. The company said its declines in revenue and profitability were due to the drop in sales and a reduction in regulatory credits. And Google's parent company Alphabet reported a 14% jump in year over year revenue growth, driven by growth in its cloud division that was tempered by heavy spending on artificial intelligence. Coming up, what the popularity of AI chatbots means for the ecosystem built around Google search. That's after the break.

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[Alex Osola]

The Trump administration said it would slash red tape and take steps to boost exports for US Technology companies in bid to accelerate the nation's use of artificial intelligence. In its action plan for AI issued today, the administration laid out moves that it said would make it easier for tech companies to build the data centers needed to train AI models and get the power they need for those centers. The moves are likely to benefit companies like Microsoft, which has data centers across the US and is working to build more. President Trump is expected to sign executive orders at a tech industry event in Washington later today, but putting the plan into effect One place where AI is already being put to use Searching for answers online though about 94% of US search traffic still goes to traditional search engines like Google and Bing, search via AI powered chatbots is growing fast. According to Dados, which is part of marketing software company Semrush, the percentage of traffic that went to browser based AI search has more than doubled since June 2024, when it was about 2 1/2%. I'm joined now by Patrick Coffey, who covers marketing for the Journal. Patrick, there's this entire ecosystem of companies that's been built around directing web traffic from search engine results to other sites like news, publishers or product pages. What does this shift towards chatbots mean for those companies?

[Patrick Coffey]

Nothing good really. Basically, advertisers over decades have spent tens of millions of dollars of making sure that their brands or their homepages, et cetera, show up atop Google search results. And the same for publishers. And now that's all been thrown into doubt.

[Alex Osola]

Walk us through some of the mechanics. I mean, when you query ChatGPT, doesn't it respond with some links? At some point it does.

[Patrick Coffey]

But as one of the executives that I spoke to said to me, the vast majority of AI searches are what they call informational. Help me solve this problem, help me answer this question. How do I do this? As opposed to more traditional searches where you'll search for a phrase or you'll search for a shoe brand or something like that, and so the results are also different. One of the key differences for publishers and advertisers, for example, is that when you go through LLMs like ChatGPT, you get one answer. There may be links within, but we have to ask how many people actually click on those links, and that's opposed to the traditional 10 blue links.

[Alex Osola]

Google results what can marketers do about that.

[Patrick Coffey]

A lot of what they're trying to do is to optimize their websites for the crawlers that feed these LLMs. But they're also thinking about getting editorial placements, like doing better pr, making sure that the ways that they're described are as close as possible to the ways that they want consumers to think about their brands. But it's also things like changing the language on their websites, changing the language in their product descriptions to make it more conversational, because we find that LLMs tend to prefer that.

[Alex Osola]

That was WSJ reporter Patrick Coffey News Corp. Owner of the Wall Street Journal, has a content licensing partnership with OpenAI and a commercial agreement to supply content on Google platforms. In other news In a Boise, Idaho courtroom today, Bryan Kohberger was sentenced to four consecutive life sentences without parole for the 2022 murders of four University of Idaho students and an additional 10 years for a burglary charge. Friends and family of the victims gave emotional testimony about the impact of the murders. When the judge asks Coburger whether he wished to make a statement before he was formally sentenced to, Kohberger declined. And that's what's news for this Wednesday afternoon. Today's show was produced by Pierre Biennime with supervising producer Michael Cosmides. I'm Alex Osoloff for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.