WSJ What’s News (PM Edition) – September 23, 2025

Trump at U.N.: Immigration, Climate Policies Are Destroying the West

Overview

This episode of WSJ’s “What’s News” PM edition covers the key business, financial, and political headlines of the day, with a focus on President Trump’s speech at the United Nations General Assembly. The episode explores Trump’s nationalist rhetoric targeting immigration and climate change policies, reactions from the global audience, and broader political and economic developments in the U.S., including Fed policy, auto tariffs, and tensions ahead of a potential government shutdown.

Key Discussion Points & Insights

1. Jerome Powell & U.S. Economic Outlook

[00:33 - 02:07]

• Federal Reserve Chair Jerome Powell expressed caution about the economic outlook, describing the current interest rate stance as modestly restrictive, postulating “more wiggle room to reduce rates this year” if labor market softness persists.
  • Powell: “Risks to inflation are tilted to the upside and risks to employment are tilted to the downside. A challenging situation. Two sided risks mean that there is no risk-free path.” (Matt McCool quoting Powell, 01:54)
• Inflation & Labor Market: Powell highlighted the difficult trade-offs facing the Fed, balancing low inflation and a healthy job market.
• Business Activity: The S&P 500 Global Flash U.S. Composite PMI dropped to 53.6 in September, signaling slower but ongoing growth.
• Market Performance: Noted declines in tech stocks, with Nvidia and Amazon leading a roughly 1% NASDAQ decrease; S&P 500 and Dow also slipped.

2. Auto Industry & Tariff Impacts

[02:07 - 05:06]

• AutoZone Earnings: The company saw higher same-store sales but lower profits amid 25% tariffs on imported cars and parts.
  • “Tariffs are working their way into AutoZone's cost structure...they're passing these costs on largely to consumers.” (Chris Otz, 03:37)
• Tariff Dynamics: Manufacturers of new cars are absorbing more of the cost, while parts retailers are passing it to consumers due to the non-discretionary nature of auto repairs.
  • “If you have a $60 auto repair bill, that's not the same as a new car purchase that is closer to $50,000 and consumers are largely absorbing the cost right now.” (Chris Otz, 04:29)

3. Security Breach: Telecom Network Dismantled

[05:11 - 06:15]

• Secret Service Announcement: Agents dismantled an illegal telecom network capable of shutting down cell, EMS, and police communications.
  • The system comprised “300 servers and 100,000 SIM cards…in unoccupied apartments and other locations” in the NYC Tri-State area.
  • "Definitively nation state, foreign governments communicating over that network to known criminals in the United States and known organized crime...cartels and terrorist groups..." (Matt McCool, 05:54)

4. Trump’s U.N. Speech: Nationalism & Critique of the West

[07:10 - 10:14]

a. Key Themes from Trump’s Address

• President Trump delivered a “nationalist, pro-MAGA speech at a global, non-MAGA place” (Alex Ward, 00:45 and 08:49).
• Sharp Critique of Immigration & Environmental Policy:
  • Trump: “If you don’t stop people that you’ve never seen before, that you have nothing in common with, your country is going to fail. I’m the President of the United States, but I worry about Europe. I love Europe...I hate to see it being devastated by energy and immigration. This double tailed monster destroys everything in its wake...” (Donald Trump, 07:29)
  • He accused leaders of sacrificing heritage for political correctness and “destroying your heritage.”

b. Audience Reaction & Analysis

• Room’s Response: Alex Ward reported a muted reaction, with laughter at Trump’s lighter remarks but surprise at the “double tailed monster” rhetoric (immigration plus climate change).
  • “What you basically felt in the room was, this is Trump doing what Trump does. He’s really trying to make MAGA go global.” (Alex Ward, 08:12 and 08:49)
• UN Critique and Mixed Messaging: Trump castigated the UN's values, yet immediately after, met with Secretary-General Guterres, voicing support for the organization.
  • “Moments afterward, he meets with Antonio Guterres...and says the US is fully behind the UN 100%. So it's very mixed messages...” (Alex Ward, 09:45)

5. Political Developments: Government Funding Standoff

[10:14 - 11:10]

• Trump withdrew from a scheduled meeting with Democrats regarding a stopgap funding measure to prevent an October 1 government shutdown.
  • Democrats are seeking restored health care funding as their price for supporting GOP stopgap plans.
  • “Jeffries said Trump always chickens out. Schumer has indicated that he is prepared to take the matter down to the wire.” (Alex Osola, 10:16)

6. Other Notable Stories

[11:10 - 12:10]

• Legal News: A Honolulu man was convicted for the attempted assassination of Trump prior to the 2024 election.
• Media: Jimmy Kimmel’s late night show returns, but some major broadcasters will continue to preempt it for news programming.

Notable Quotes & Moments

• “Risks to inflation are tilted to the upside and risks to employment are tilted to the downside. A challenging situation. Two-sided risks mean that there is no risk-free path.”
  – Matt McCool paraphrasing Jerome Powell, 01:54

• “Tariffs are working their way into AutoZone's cost structure... they're passing these costs on largely to consumers.”
  – Chris Otz, 03:37

• “If you don’t stop people that you’ve never seen before, that you have nothing in common with, your country is going to fail...I hate to see it being devastated by energy and immigration. This double tailed monster destroys everything in its wake...”
  – Donald Trump, 07:29

• “What you basically felt in the room was, this is Trump doing what Trump does. He’s really trying to make MAGA go global.”
  – Alex Ward, 08:12

• “He meets with Antonio Guterres...and says the US is fully behind the UN 100%. So it's very mixed messages...”
  – Alex Ward, 09:45

Timestamps for Key Segments

• [00:33] – Powell/Fed policy & Inflation risks
• [02:07] – AutoZone earnings and tariff effects (Chris Otz)
• [05:11] – Secret Service busts telecom network (Matt McCool)
• [07:10] – Trump’s U.N. speech and key immigration/climate quotes
• [08:12] – Global reactions and analysis (Alex Ward)
• [10:14] – Government shutdown standoff and political disputes
• [11:10] – Attempted Trump assassination trial verdict & Kimmel broadcast issue

Summary

This episode captures a pivotal day as Trump’s fiery U.N. address puts immigration and climate at the center of global debate, simultaneously spotlighting America's internal policy standoffs, Fed uncertainties, and the persistent tensions shaping the markets and international affairs. The episode’s conversational yet incisive coverage offers a succinct yet thorough digest of the news for business and political observers alike.