aacj

July 23 2025

US-Japan Trade Agreement; Trump Attacks Rivals; Arkansas Steel Boom; Columbia Punishes Protesters; Lockheed Stock Plunges

Greg Loving

23 Jul 2025 • 5 min read

An F-35 fighter jet. Lockheed Martin’s net earnings in the quarter fell to $342mn, compared with $1.64bn in the same period a year earlier © Michel Euler/AP

U.S., Japan Reach Trade Agreement; Auto Tariffs Cut to 15%

Under Fire Over Epstein Files, Trump Escalates Attacks on Rivals

A Steel Boom Creates Jobs in Rural Arkansas, but Few Choose to Live There

In Tougher Stance, Columbia Punishes Over 70 Protesters for Library Takeover

Massive Charges on Secret Programs Send Lockheed Martin Stock Plunging

FLASH…OZZY OSBOURNE DEAD AT 76…

U.S., Japan Reach Trade Agreement; Auto Tariffs Cut to 15%

The U.S. and Japan have reached a trade agreement, President Trump wrote in a social-media post Tuesday evening, saying he would set his so-called reciprocal tariffs at 15% for the country. Under the deal, Japan will invest $550 billion in the U.S., Trump said in his post on Truth Social. The U.S. will receive 90% of the profits from the investments, he added, without providing further details. Japan will also open to trade, Trump said, listing goods including cars and trucks, rice and other agricultural products. Critically for Japan and its powerhouse auto industry, Tokyo’s top trade negotiator said tariffs on autos will also be lowered to 15% from their current 25%. Trump said at a meeting with Republican lawmakers at the White House that the Japan deal is the “largest trade deal in history—maybe the largest deal in history.” He added that the Japanese government would enter a “joint venture” for liquefied natural gas exportation in Alaska. The administration and gas industry have long sought to secure partners for a proposed export project in that state.

WSJ

Under Fire Over Epstein Files, Trump Escalates Attacks on Rivals

President Trump, under fire over his administration’s handling of the Epstein files, escalated his distract-and-deflect strategy on Tuesday, accusing former President Barack Obama of treason and declaring, “It’s time to go after people.” Speaking to reporters in the Oval Office, Mr. Trump condemned questions about the disgraced financier Jeffrey Epstein as “sort of a witch hunt,” and then launched into a rant against a now-familiar string of rivals and the media. “The witch hunt that you should be talking about is they caught President Obama,” Mr. Trump said, referring to a report from Tulsi Gabbard, the director of national intelligence, that tried to undermine the eight-year-old assessment that Russia favored his election in 2016.

NYT

A Steel Boom Creates Jobs in Rural Arkansas, but Few Choose to Live There

Fueled by billions of dollars in investments from U.S. Steel and other manufacturers, Mississippi County (Ark) is on track to produce 12 million tons of steel each year, putting it second in production capacity just behind Northwest Indiana, according to the American Iron and Steel Institute. Since 2022, about 1,500 jobs have been created in steel and related industries, according to county estimates. President Trump’s tariffs on foreign steel could stoke demand for even more. But the boom has yet to revive the towns that dot the county’s rural landscape, or even boost its population. Many steelworkers still see the county as too remote and rural to live in, so they choose to commute long distances every day, often from neighboring states. Others keep homes out of state and live in recreational vehicles near the mills during their dayslong shifts. U.S. Steel estimates about 38% of its employees in the county reside there. The county’s population of about 40,000 is less than half of what it was at its peak in 1950, when it was known as an agricultural center and a leading producer of cotton and soybeans. Median household income for the county is $53,428, according to 2023 census estimates; one in four people live in poverty. Towns within the county that decades ago boasted safe, thriving neighborhoods for middle-class families show the wear of abandonment and decay.

WSJ

In Tougher Stance, Columbia Punishes Over 70 Protesters for Library Takeover

Columbia University has expelled and suspended students who were involved in a pro-Palestinian demonstration that shut down the main campus library in May, moving more quickly to hand down punishments than it has in the past, university officials announced on Tuesday. The significant punishments, which were issued under a newly centralized disciplinary process, were an example of the tougher stance Columbia has vowed to take toward demonstrations that violate campus rules. A statement from the university did not say how many students were disciplined, but a person with knowledge of the matter who spoke on the condition of anonymity said that just over 70 students had been punished. Of those, about 60 were suspended, with most suspensions to last for two years, the person said. A handful of students were expelled. Fewer than 10 protesters received probation, a lighter punishment meted out to first-time offenders and to those who cooperated when security guards asked them to identify themselves. At least one demonstrator had their degree revoked, a severe punishment given only to repeat offenders.

NYT

Massive Charges on Secret Programs Send Lockheed Martin Stock Plunging

Lockheed Martin said profits in the second quarter plunged almost 80 per cent after the US defence group incurred pre-tax charges of $1.6bn on several of its programmes. Shares in the world’s biggest defence company behind the F-35 fighter jet fell 10.8 per cent in New York on Tuesday after it also slashed its earnings outlook for the year. It said the new losses stemmed mainly from difficulties with a classified programme in its aeronautics division, which recorded a $950mn charge. Lockheed also took a $57mn hit on its work for the Canadian government relating to the procurement of its maritime helicopters. Chief executive Jim Taiclet was forced to defend the company’s actions on a call with analysts after several questioned whether it truly had a grip on the affected programmes. The $950mn charge for the aeronautics project follows a previous charge of $555mn in 2024.