Alex Zosaleff (3:33)

That was WSJ columnist and host of the Bold Names podcast, Tim Higgins. Well, despite Musk's poll in Washington, Republicans seem to be standing behind Trump for the time being. Olivia Beavers covers Congress for the Wall Street Journal. Olivia, Trump and Musk are having this very public spat. How are Republicans looking at this?

Olivia Beavers (3:52)

Well, it's kind of funny, Alex, because first they were a little gentle in their rebuffs of Musk. So they're like, you know, we love him, but he's entitled to his own opinion. But we disagree with him. Now that President Trump has gone after Musk, it seems like the floodgates have opened a little bit. There's one Trump defender named Troy Nels from Texas who said, elon, you have lost your damn mind. So there really seems to be sort of this schism happening on the Hill. Now, that doesn't mean that Musk doesn't have members praising him. But more Republicans definitely seem to be willing to criticize Musk and make it clear that in this divorce, they're going with Donald Trump.

Alex Zosaleff (4:36)

Yesterday, Musk replied yes to a tweet suggesting that Trump be impeached and replaced with Vice President J.D. vance. Where does Vance specifically stand on this?

Olivia Beavers (4:46)

Well, Vance put out a statement saying he stands with President Trump was a little bit of a gentle statement that he put out. You know, he didn't really seem to be really going after Musk too much, so much as reaffirming that he stands with Trump. Now, there were discussions about a reconciliation. Musk and Trump were supposed to talk today, or at least their camps were. And it seems like Trump then went to the media and said he doesn't care to talk to Musk. So.

Alex Zosaleff (5:13)

At the center of this fight seems to be Trump's big, beautiful tax and spending bill, which Senate Republicans are working on after the House passed its own version. Elon Musk, of course, criticized the bill while Trump defended it. How could this affect the calculations or what gets included in that bill?

Olivia Beavers (5:29)

Well, we're still trying to suss out exactly how it's going to impact it. But there was some indications that conservatives would feel more empowered to be pushing for fiercer spending cuts, which is going to create a whole other issue of moderates and centrist Republicans who are already uncomfortable with the level of cuts, saying you better not take it even further. And so you're seeing that in the Senate, but you're also seeing it in the House. So there seems to be some sort of COVID in terms of conservatives saying, okay, we need to keep pushing more for what we want here.

Alex Zosaleff (6:03)

That was WSJ reporter Olivia Bevers. Thank you, Olivia.

Olivia Beavers (6:07)

Thanks.

Alex Zosaleff (6:08)

Coming up, what the latest job numbers show about how U.S. employers are faring. That's after the break.

Justin Lehart (6:22)

On WhatsApp. No one can see or hear your personal messages. Whether it's a voice call message or sending a password to WhatsApp, it's all just this. So whether you're sharing the streaming password in the family chat or trading those late night voice messages, that could basically become a podcast, your personal messages stay between you, your friends and your family. No one else, not even us. WhatsApp message privately with everyone.

Alex Zosaleff (6:55)

The Labor Department said today that the US added 139,000 jobs in May. That's above economists expectations, but slower than last month's job growth. The unemployment rate, which is based on a separate survey from the jobs figures, held steady at 4.2%. For more on these numbers, I'm joined by WSJ economics reporter Justin lehart. Justin, these numbers seem like kind of a mixed bag here. What do they tell us about how employers are feeling?

Patrick Coffey (7:21)

The word is probably cautious. The unemployment rate held steady, but that was largely because a lot of people just dropped out of the hunt for jobs. Otherwise it would have risen. Companies are kind of sitting on their hands. They're not firing a lot of people. But taking new people on is something that they're a little less certain about.

Alex Zosaleff (7:41)

You mentioned that unemployment is steady, but we're also seeing that the pace of hiring is slowing. What is going on there?

Patrick Coffey (7:49)

It's very, very hard for businesses to plan right now with tariff uncertainty. If you're a shipping company, right, you're going to be putting in new equipment and developing your business in one direction if tariffs stay very high and in another direction if tariffs stay very low. So that creates an environment where nobody moves, nobody gets hurt.

Alex Zosaleff (8:12)

That was WSJ reporter Justin lehart. Thank you, Justin.

Patrick Coffey (8:15)

Thanks.

Alex Zosaleff (8:19)

The jobs report that showed that hiring slowed less than expected buoyed US Stocks today. The report lets the Federal Reserve stay on hold through the summer, and traders dialed back bets on interest rate cuts in the months ahead. Major indexes ended the day higher. The S&P 500 ticked up about 1%. The Dow rose roughly 1.1%, and the Nasdaq advanced 1.2%. In other news, Gemini Space Station, the crypto exchange controlled by the Winklevoss twins, said it plans to go public. The company made its plans known to regulators through a confidential filing with the securities and Exchange Commission today. The news comes a day after crypto firm Circle Internet Group surged in its stock market debut. The Trump administration has brought Kilmar Abrego Garcia, a man who had been wrongly deported to El Salvador, back to the U.S. according to newly unsealed court documents, he now faces federal criminal charges of unlawfully transporting unauthorized immigrants. We're exclusively reporting that five members of the proud boys who were once convicted of masterminding the January 6th breach of the US Capitol of the are accusing the federal government and FBI employees of violating their rights in connection with their prosecutions in a new lawsuit. Top leaders of the far right group were either pardoned or had their sentences commuted by President Trump earlier this year. Today, they filed a lawsuit in a Florida federal court claiming that the FBI agents and prosecutors were motivated by personal animus against them and their beliefs. The suit seeks $100 million in punitive damages. Representatives for the Justice Department didn't immediately respond to requests for comment. And are products labeled Made in USA actually made here? Turns out it can be kind of hard to tell. And now a growing number of lawsuits are accusing household brands of misleading consumers when they say their products were made in the United States. According to consumer advocacy group truth in advertising, 13 proposed class action suits over Made in USA claims have been filed so far this year, compared with seven in 2024 as a whole. It's already the largest annual case total since at least 2011, the first year tracked by the group. Our Anthony Bansi asked WSJ reporter Patrick Coffey about what's driving these lawsuits.

Anthony Bansi (10:45)

Repeated surveys show that Americans would prefer to buy products that are made in America. But what has really intensified the focus on this is the reelection of President Trump and the tariffs that he passed in April that have applied to or disrupted really the entire global trade system. One of his big points in the campaign was that he wanted to bring manufacturing back to the United States. And so that just really brought more attention to the perception that most of what we buy is not made here.

Tim Higgins (11:21)

So what exactly is the bar for a product to carry the Made in America label?

Anthony Bansi (11:25)

One of the reasons that you see so many lawsuits, because the bar is not really clear. The FTC recently updated the language in its standards to say that in order to be described or marketed as made in the usa, all or virtually all of a product must be produced in this country. There are no numbers involved and it's not quite clear legally what those words mean. Then you have state laws that seem to conflict with that. For example, in California, there's what they call a safe haven where generally companies can say that if less than 5% of a product's market value consists of imported parts, then we can still say it's made in the USA and that number goes up to 10% if the core elements are not produced in the USA at all.

Alex Zosaleff (12:14)

That was WSJ reporter Patrick Coffey in conversation with my colleague Anthony Bansi. And that's what's news for this week. Tomorrow you can look out for our weekly markets wrap up what's News in Markets. Then on Sunday, we'll be discussing whether President Trump can bring more critical minerals, mining and processing under US Control. That's in what's NEWS Sunday. And we'll be back with our regular show on Monday morning. Today's show was produced by Pierre Bienname and Anthony Vancy with supervising producer Michael Kosmides. Michael Lavalle wrote our theme music. Aisha Al Muslim is our development producer. Scott Salloway and Chris Inslee are our deputy editors. And Falana Patterson is the Wall Street Journal's head of news audio. I'm Alex Osola. Thanks for list.