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May 1, 2018

The 10-Point: My Guide to the Day's Top News | The Wall Street Journal - May 1st., 2018.

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The Wall Street Journal
The 10-Point.
Gerard Baker
Editor in Chief
The Wall Street Journal

11th-Hour Reprieve
President Trump eased trade pressure on top U.S. allies, giving the European Union and some nations outside the bloc until June 1 to negotiate exemptions from U.S. steel and aluminum tariffs. The White House said broad tariffs of 25% on steel and 10% on aluminum—already in effect against China, Russia, Japan and others—won’t be applied to the EU Tuesday, as previously planned. As expected, Canada and Mexico were also given an additional month. Following through on threats to impose tariffs would have escalated tensions between the U.S. and its European allies as high-stakes discussions are under way on the Iran nuclear deal, U.S. sanctions against Russia, how to confront economic challenges from China and other issues. 
The Bibi Show
Israeli Prime Minister Benjamin Netanyahu delivered a broadside to the Iran nuclear deal ahead of Mr. Trump’s self-imposed May 12 deadline for deciding whether to withdraw, presenting what he called new evidence that Iran maintained a secret plan to build nuclear weapons and repeatedly lied about it. Mr. Netanyahu’s allegations came as President Trump nears a decision on the international agreement, which halted Iran’s nuclear program in exchange for economic benefits. Iran has threatened to restart its program if the U.S. withdraws. Mr. Trump and critics of the 2015 agreement said the material shows why the deal should be overhauled or killed. But many experts and former officials said it provided no new information.
The Judge
A six-week period of anxious waiting begins for both sides in the government’s case to block AT&T’s acquisition of Time Warner. In a twist, Justice Department attorney Craig Conrath’s closing argument Monday laid out a fallback position for the government: If the judge decides not to block the whole deal, he should consider allowing AT&T to buy part of Time Warner, but not the Turner networks. Mr. Conrath argued that otherwise AT&T could force rival pay-TV providers to pay higher prices for the channels, which include TNT and CNN, or face the prospect of a Turner blackout. AT&T attorney Dan Petrocelli said Turner took the issue of blackouts “off the table” by offering to arbitrate any fee disputes with rivals. The ruling will be announced June 12.
Crowded Lounge
Airport lounges were once a haven for business travelers and high spenders. But then more credit cards started offering access, and now the former oasis is more like a crowded mall food court. Losing that “1%” feeling has been jarring. Grousers say finger foods have replaced the full meals once on offer, and beverages are more likely to be guzzled than sipped. Priority Pass benefits—offered with a number of cards and providing entry to the cardholder and unlimited guests—have become so widespread that wait lists at lounges are now a thing. But there are efforts to rein things in, our reporter AnnaMaria Andriotis writes: Following complaints from cardholders, American Express is expanding some Centurion lounges and restricting access to holders of its high-fee Platinum and Centurion cards and some business cardholders.
TODAY'S VIDEO
Super Storytelling
That Was Painless
Marvel’s newest film, “Avengers: Infinity War,” is smashing box-office records. But cramming a decade of Marvel Comics story lines can make the movie seem like a hulk. We asked some colleagues to help break it down.
TOP STORIES
U.S.

Mueller Outlined Over 40 Questions for Trump in Potential Interview

Immigration Officials Begin Processing Caravan of Migrants at U.S. Border
WORLD

Trump: U.S. Weighing Singapore, Korean DMZ for Kim Summit

Australian Cardinal George Pell’s Sex-Abuse Case to Go to Trial
BUSINESS

WhatsApp Co-Founder Leaving Facebook After Dispute Over Ads

Boeing Swoops In on Plane-Parts Specialist KLX
MARKETS

HNA Scuttles Deal for Scaramucci’s SkyBridge

Foreign Investors Lose Some Hunger for U.S. Debt
NUMBER OF THE DAY
7,163
MLB strikeouts in April, heading into Monday’s games, set to exceed the number of hits in a month for the first time ever.
QUOTE OF THE DAY
Low unemployment rates, everyone thinks of that as a good thing and it is, but there’s a downside.…Eventually you run out of people to do the work.
University of South Dakota economist Mike Allgrunn on labor shortages in small towns and rural areas.
TODAY'S QUESTION
Going back to our story above, what are your experiences in airport lounges? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Jessica Menton
READER RESPONSE
Responding to yesterday’s question on a tie-up of T-Mobile and Sprint, Augusta Era Golian of Texas responded: “The merger is bad news. Market capitalism thrives on competition. It seems that what we learned about monopolies, we are going to have to relearn for pseudo monopolies.” Jim Mhyre of Washington shared: “It is all about 5G. In five years which company or country will dominate in 5G infrastructure and service? Sprint and T-Mobile must pool their market shares and access to capital to compete with Verizon and AT&T.” And Daniel Souza of Connecticut wrote: “Further reduction of consumer choice to three suppliers, should this merger be allowed to proceed, will be to the detriment of all phone users. As competition is reduced, prices are likely to increase.”