WSJ What’s News - Trump’s Iran Speech Disappoints Markets

Episode Date: April 2, 2026

A.M. Edition for April 2. In a prime-time address to the nation roughly a month into the Iran war, President Trump claims the conflict is nearing an end, even as he says major attacks are still to come. WSJ national security correspondent Shelby Holliday breaks down what Trump said—and didn’t say—about how Washington plans to resolve the crisis in the Strait of Hormuz. Plus, the weight-loss pill battle begins after Eli Lilly’s Foundayo wins U.S. regulatory approval. And reporter Jeanne Whalen explains how nursing could be the new ticket to the elusive American middle class. Luke Vargas hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

When WestJet first took flight in 1996, the vibes were a bit different. People thought denim on denim was peak fashion, inline skates were everywhere, and two out of three women rocked, the Rachel. While those things stayed in the 90s, one thing that hasn't is that fuzzy feeling you get when WestJet welcomes you on board. Here's to WestJetting since 96. Travel back in time with us and actually travel with us at westjet.com slash 30 years. President Trump makes the case that the war in Iran is nearing an end, even as major attacks loom. We're going to hit them extremely hard over the next two to three weeks.

We're going to bring them back to the Stone Ages where they belong. Plus let the battle of the weight loss pills begin as Eli Lilly's pill gets approved. And could nursing be the ticket to the elusive. modern middle class. It's Thursday, April 2nd. I'm Lou Vargas for the Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories, moving your world today. In an address to the nation last night, President Trump made his case that the month-old war in Iran was in America's interests and that any economic pain stemming from it would be over soon. Journal National Security correspondent Shelby Holiday

tracked Trump's remarks for us. The biggest point of confusion that President Trump tried to clear up during his speech seemed to be about the timeline of the war. He went out of his way to allay fears that the U.S. is being dragged into a prolonged conflict and that U.S. troops could be tied up in Iran for months or maybe even years. Thanks to the progress we've made, I can say tonight that we are on track to complete all of America's military objectives shortly, very shortly. He laid out the timelines for other previous wars, which I found to be interesting. And then he said, we've only been in Iran for 32 days.

They were the bully of the Middle East, but they're the bully no longer. This is a true investment in your children and your grandchildren's future. He did not address in any way whether the U.S. would try to help reopen the Strait of Hormuz or whether the U.S. would lead convoys of ships to get the flow of oil moving again. Obviously, those efforts would keep the U.S. troops over there for months. I mean, that could be quite a lift militarily. The United States imports almost no oil through the Hormostrate and won't be taking any in the future. We don't need it.

We haven't needed it and we don't need it. One of the other things I found to be interesting is he gave the Gulf countries a big shout out. Israel, Saudi Arabia, Qatar, the UAE, Kuwait, and Bahrain. They've been great and we will not let them get hurt or fail in any way, shape, or form. And I wasn't sure if that meant militarily. Their infrastructure has been hit by missiles and drones and they've been attacked, or if it meant economically, because these countries export a lot of oil, most of their oil, through the Gulf and out of the Strait of Hormuz. The Gulf countries are very nervous that the U.S. could, you know, declare that mission is accomplished. They leave the region.

The Strait of Hormuz remains shut down or effectively controlled by Iran. And then their oil exports are held hostage. So he spoke to those concerns. The countries of the world that do receive oil through the hormone strait must take care of that passage. They must cherish it. They must grab it and cherish it. They can do it easily. We will be helpful, but they should take the lead in protecting the oil that they so desperately depend on.

But he didn't promise or say whether the U.S. would help get oil shipments moving again, whether the U.S. would try to forcibly reopen the street or lead a convoy effort to get ships out. he left a lot of questions unanswered. Iran has been essentially decimated. The hard part is done, so it should be easy. And in any event, when this conflict is over, the straight will open up naturally. It'll just open up naturally. They're going to want to be able to sell oil because that's all they have to try and rebuild. It will resume the flowing and the gas prices will rapidly come back down. Well, Trump also predicted that stock prices will rapid. go back up and that the U.S. economy is, quote, strong and improving by the day.

Though for now, investors seem to be bracing for continued disruption. U.S. stock futures began sliding during Trump's speech and remained down more than a percent heading into today's trading session. Asian equities fell today, led by a more than 4 percent drop in South Korea's Kaspi Index after new data showed that surging energy prices triggered a jump in consumer inflation and oil prices have climbed. more than 5% in early European trading, with analysts at ING, saying that Trump's threat to strike Iran extremely hard in the coming weeks had injected fresh uncertainty into energy markets. While the president didn't mention NATO by name during his address last night, he told British

media yesterday that he could potentially withdraw the U.S. from the alliance. Trump has criticized members for their lack of support for the war in Iran, but South Europe Bureau Chief Marcus Walker says that withdrawing or rewriting the 1949 treaty that created the military alliance would be hard. Leaving NATO formally would be legally difficult. Congress passed a law in 2023 that said the president basically is forbidden from pulling out of NATO unless it's authorized by two-thirds of the Senate or an act of Congress that would have to pass the House and the Senate. On the other hand, Trump's Justice Department in his first term came up with a legal opinion that said the president has the power to unilaterally abrogate treaties. So those two things clash,

and if Trump tried to pull out of NATO, it would almost certainly end up in court. However, the point about NATO is that it's not a legalistic alliance. It's basically a political promise among a group of 30 or so countries to defend each other. So in the case of an attack on a NATO member, the question would be in the air, would the US go to war to defend its European allies? Meanwhile, the Trump administration has lifted sanctions against Venezuelan interim president Delci Rodriguez, clearing the way for both countries to expand oil production and American foreign investment. While Rodriguez praised the shift as a significant step, other former Maduro officials remain under U.S. sanctions and face criminal drug trafficking charges.

And China is building a new missile base in the South China Sea, resuming an island building campaign after a nearly decade-long break. Reporter Mike Churny says the construction on antelope reef in the disputed parasel islands is occurring far closer to the Chinese mainland than past projects in the Spratly Islands, which are closer to the Philippines, but that that comes with its own advantages. Building this island base out and the parasols doesn't necessarily change the picture for the South China Sea dispute. However, these bases would be more useful in a Taiwan.

conflict versus their Spratly Island bases. The Spratly Island bases are further south. They would be more easily cut off by China's enemies. And the facilities that they're building seem like there could be a runway. This lagoon that has emerged could possibly hold submarines, coast guard ships, maybe even an aircraft carrier. So there is some military utility to this for Beijing. Coming up, Eli Lilly's weight loss pill wins regulatory approval. And we'll look at the profession that's overtaken factory and office work as the new ticket to the middle class. Those stories and more after the break. Okay, when I sell my business, I want the best tax and investment advice.

I want to help my kids, and I want to give back to the community. Ooh, then it's the vacation of a lifetime. I wonder if my head of office has a forever setting. An IG Private Wealth Advisor creates the clarity you need with plans that harmonize your business, your family, and your dreams. Get financial advice that puts you at the center. Find your advisor at IGPrivatewealth.com. Well, the weight loss drug battle is entering a new round after Eli Lilly yesterday won U.S. regulatory approval for its once daily GLP1 pill Foundaio. It will be going up against the pill version of Novo Nordisk's Uigovi, which went on sale at the start

of the year in what turned out to be one of the best drug launches in history. And while Foundeo showed more modest weight loss results in trials compared to the Wigovee pill, Lilly CEO Dave Ricks told CNBC that he thinks people will appreciate that it can be taken right after waking up and on an empty stomach. Like other medicines we're used to taking, whether it be a statin or a blood pressure medication or a diabetes medication, we just sort of take the pill in the morning and we don't have to think about other things. It doesn't have food effects. It can be just part of your regular routine. You can actually take it any time of day if you take your medicines at night. That's okay, too. Lilly has won a weight loss fight before, with its Zepbound and Moundjaro injections now

outselling the GLP1 drugs that Novo Nordisk pioneered. Analysts are betting that Foundaio will generate about $21 billion in global sales for Lilly by 2030 compared with $4 billion for the We govy pill. Starting doses of both will be available for $149 a month in cash, with insurance bringing down some users' monthly costs to just $25. Exactly one year since President Trump's Liberation Day, we are exclusively reporting that his administration could announce changes to steel and aluminum tariffs as soon as this week. The shift could see a 25% tariff applied to the entire value of goods made with imported steel and aluminum, replacing a current 50% duty, which only applies to the value of the metals used in a product. The net effect of the changes

could effectively raise costs for many imports. A 50% levy would remain in place for goods made almost entirely of the metals. And finally, a good factory job or steady office role used to be seen as the ticket to the American middle class. But as automation, globalized manufacturing, and now AI have threatened both blue and white-collar career paths, the journal's Gene Wayland reports that nursing has emerged as a new reliable alternative, as more and better paying roles keep opening up. Healthcare has created consistent job growth for a number of reasons. One is that our society is aging quickly, and so elderly people need more health care.

and that means that our spending on health care has really accelerated in recent decades. What's more, there are very high levels of chronic illness in U.S. society. There are also a lot more medical tests and procedures these days than there used to be. So all of that has conspired to really drive up health care spending and demand for health care workers. Demand for registered nurses over the next decade is expected to grow by about 5% versus 3% for jobs in all occupations. and demand for advanced degree nurses is expected to grow by about 35%, which is a huge increase over the next decade. The median annual salary across all jobs in the U.S. right now is $49,000. For a registered nurse, it's almost $94,000 and $132,000 for those with advanced training.

And that's it for what's news for this Thursday morning. Today's show was produced by Hattie Moyer. Our supervising producer was Daniel Bach, and I'm Luke Vargas for the Wall Street Journal. We will be back tonight with a new show. And until then, thanks for listening.