WSJ What’s News - Trump at U.N.: Immigration, Climate Policies Are Destroying the West

Episode Date: September 23, 2025

P.M. Edition for Sept. 23. President Trump’s hour-long speech to the United Nations General Assembly was filled with grievances against global immigration, climate-change efforts and the U.N. itself. WSJ national security reporter Alex Ward discusses why the president struck a distinctly nationalist tone. Plus, speaking in Rhode Island today, Federal Reserve Chair Jerome Powell left the door open for more rate cuts this year but also emphasized that there is “no risk-free path” for the U.S. economy. And Jimmy Kimmel’s late-night show returns to ABC tonight, but several broadcasters say they still won’t air it. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Fed Chair Jerome Powell sees no risk-free path ahead for the U.S. economy. Plus, President Trump tells the UN General Assembly that immigration and climate change policies are destroying the West. Trump provided a nationalist pro-Maga speech at a global non-Maga place, all for probably to make a domestic audience a bit happier, but also to try to convert a global audience to his view point. And some broadcasters are skipping the return of Jimmy Kimmel's late-night show. It's Tuesday, September 23rd. I'm Alex O'Sullough for The Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today. At a talk in Providence, Rhode Island this afternoon, Federal Reserve Chair Jerome Powell said he judged the central bank's interest rate stance as, quote, still modestly restrictive, even after last week's rate cut. That implies more wiggle room to reduce rates this year if officials determine that recent softness in the labor market outweighs setbacks on inflation. But Powell highlighted that the Fed faces challenges in achieving both of its goals, keeping inflation low and stable while promoting a healthy job market. Near-term 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. Powell avoided giving strong hints about the Fed's next meeting on October 28th and 29th, though he didn't push back much against broad market expectations of another cut. New surveys out today showed that U.S. business activity expanded less rapidly in September, while weaker demand made it harder for firms to increase prices, potentially cooling inflation fears. The S&P 500 Global Flash U.S. Composite PMI, a monthly gauge of activity in both manufacturing and services sectors, fell to 53.6 in September from 54.6 in August. The reading above 50 suggests overall activity continued to expand, but at the slowest pace in three months. Tech stocks led a broad sell-off today, with investor favorites NVIDIA and Amazon leading a roughly 1% decline in the NASDAQ.

The S&P 500 dropped about half a percent, while the Dow dipped about 0.2%. Carpart retailer AutoZone posted higher same-store sales but lower profit in the fourth quarter. The company recorded 4.5% comparable sales growth, lower. than the 5% that analysts were expecting. For more, I'm joined now by Chris Odds, who covers the auto industry for the Wall Street Journal. Chris, earlier this year, President Trump imposed a 25% tariff on imported cars and parts. How did that play into AutoZone's earnings? Tariffs are working their way into AutoZone's cost structure. They were pretty clear about that on the call today. They said that inflation, they're seeing it come back in a little bit more of a

pronounced way. And for AutoZone, it may have an impact on profitability, but really on sales, they actually have said that they're really not seeing much of an impact. And that's primarily because if you think about their business selling auto parts, it's generally driven by needs like things breaking or maintenance. And in those cases, consumers really can't put that off. They say that they're working with their vendors on solutions and that they are passing these costs on largely to consumers. Spending this out a little bit, what does this show about the broader auto industry and about consumers? On the new vehicle side, it's been surprising how tariffs have largely been absorbed by the automakers instead of passed on to consumers.

On the part side, you're seeing the auto zones of the world are taking a little bit more of a direct sort of passing on the cost to consumers approach. And they talked about it on the called today, 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. That was WSJ reporter, Chris Ottz. Thank you, Chris. Thank you. The U.S. Secret Service said it dismantled a network of electronic devices capable of shutting down cell phone services and carrying out other telecommunications-related threats aimed at U.S. officials.

The agency said that the devices located throughout the New York tri-state area could conduct denial of services attacks and other illicit telecom attacks. A law enforcement officials said that the system was also capable of shutting down EMS and police communications. The Secret Service said the network included 300 servers and 100,000 SIM cards that investigators uncovered in unoccupied apartments and other locations. Matt McCool, the special agent in charge of the agency's New York Field Office, described what they know about who was using the network. Definitely nation-state, foreign governments, communicating over that network

to known criminals in the United States and known organized crime, known cartels, and terrorist groups were using this network to run their communications anonymously and encrypted. The announcement comes. as world leaders gathered in New York City for the United Nations Annual General Assembly. Coming up, speaking at the UN, President Trump had some strong words for the UN.

That's after the break. President Trump spoke at the United Nations General Assembly today, his first speech to the body in six years. And the hour-long speech filled with grievances about ongoing wars, efforts to fight climate change, and a malfunctioning escalator, it was Trump's attacks against global immigration that rang loudest, saying that it was ruining other countries. 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 love the people of Europe.

And I hate to see it being devastated by energy. and immigration. This double-tailed monster destroys everything in its wake and they cannot let that happen any longer. You're doing it because you want to be nice. You want to be politically correct

and you're destroying your heritage. WSJ National Security reporter Alex Ward is here with war. Alex, what was the response in the room from other nations hearing Trump's speech? Kind of muted. I mean, there were laughters at him kind of making fun of the fact the escalator didn't work and whatnot.

I don't think anyone expected an anti-immigration, anti-climate change speech, what he called a double-tailed monster of immigration and climate change. So that was a bit of a surprise. But what you basically felt in the room was this is Trump doing what Trump does. He's really trying to make MAGA go global. Yeah, about that MAGA base, actually. It was a pretty clear nationalist theme that Trump said during his speech. He boasted about his deportation record, his effort to boost fossil.

fuels. Why do this at the U.N.? What better place? I mean, the U.N. is the avatar. It's like the place for global governance. So what better place to be like, I, Donald Trump, encourage all of you to follow my playbook. He's not bridging to the choir. He's trying to convert. This was Trump challenging the U.N.'s legitimacy, its value, its purpose, all while saying it's a decent place that has great potential. And also, hey, you countries, stop allowing immigrants, stop focusing on climate change because, in fact, Western civilization is at stake. So anyway, all this to say is that Trump provided a nationalist pro-Maga speech at a global non-Maga place,

all four probably to make a domestic audience a bit happier with him, but also to try to convert a global audience to his viewpoint. What does this mean for the UN? Because it was really the recipient of a number of attacks from Trump. Trump did go after the U.S. pretty hard. Like, they are trying to combat climate change. They are pro-immigration, et cetera, et cetera. And then, like, moments afterward, he meets with Antonio Guterres, who's the Secretary General of the UN and says, the U.S. is fully behind the U.N. 100%. So it's very mixed messages. But, of course, there are people that definitely, in the Republican Party, especially, in a MAGA base, want the U.S. to almost abandon or neuter the U.N. completely. Trump does not seem to be there

at this point. That was W.S.J. National Security reporter, Alex, Alex. Thanks, Alex. Thank you. Separately, President Trump backed out of a planned meeting with Democrats, saying on social media it would not be productive, as the country inches toward a government shutdown on October 1st. Trump and Republicans are pushing for a seven-week stopgap measure to keep the government funded ahead of a possible full-year deal later this fall. Democrats have named their price for their votes, restoring billions in health care funds for Affordable Care Act subsidies and Medicaid. Democratic leaders Chuck Schumer and Hakeem Jefferies had requested a meeting with Trump over the weekend to negotiate after saying for weeks that Republicans were unwilling to engage in bipartisan talks. In response to the news of the canceled meeting, Jefferies said Trump

always chickens out. Schumer has indicated that he is prepared to take the matter down to the wire. Meanwhile, a Honolulu man has been convicted of attempting to assassinate Donald Trump two months before the 2024 presidential election. A Florida federal judge, jury found Ryan Ruth guilty of five criminal counts, including the attempted assassination of a major presidential candidate. He faces up to life in prison. And finally, as we mentioned yesterday, Jimmy Kimmel's late night show will be back on ABC tonight. But broadcasters next star in Sinclair, which together operate more than 60 ABC affiliates that reach 22% of U.S. households, say they still plan to replace Kimmel's show with news programming. In a state,

statement, Sinclair said that discussions with ABC are ongoing. Next Star said it stands by its decision to preempt the show. A Kimmel spokesman declined to comment. Disney and ABC spokespeople didn't immediately respond to requests for comment. And that's what's news for this Tuesday afternoon. Today's show is produced by Pierre Bienname and Rodney Davis, with supervising producers Jana Heron and Michael Cosmides. I'm Alex Oslo for the Wall Street Journal.

We'll be back with a new show tomorrow morning. Thanks for listening. Thank you. Thank you.