Businesses are bracing for fresh trade uncertainty as the Trump administration

readies a new round of tariffs. Plus, how startup founders, hedge fund managers, and Silicon Valley

insiders found a hidden advantage to growing their wealth. And its IRAs?

For people who have multi-billion dollar stakes in companies, these accounts may not be about

retirement at all.

They are an investment strategy supercharged by the tax benefits.

And one baseball team is officially the biggest waste of money the sport has ever seen.

Let's go Mets. It's Wednesday, July 22nd.

I'm Danny Lewis for the Wall Street Journal, filling in for Alex Oslo. This is the PM edition of

What's News, the top headlines and business stories that move the world today.

After months of relative calm, businesses are facing new trade uncertainty.

The Trump administration put temporary 10% duties in place after losing their big tariffs case at the Supreme Court in February.

Now, those temporary tariffs have run out their 150-day clock, and they're set to expire this Friday.

But there's more to come.

During testimony before the Senate Finance Committee today, U.S. Trade Representative Jameson Greer said the administration is still committed to using tariffs as a core part of its trade policy.

That national emergency still persists, and so our policy remains the same.

The specific authorities this administration is using have changed, but the trade strategy has not.

WSJ Trade and Economic Policy Reporter Gavin Bade says the Trump administration has spent the past five months coming up with a replacement for these temporary tariffs.

These are under a different legal authority, what's called Section 301.

This is, you know, to police discriminatory practices from other countries.

It's very commonly used and very legally durable.

There's only one problem.

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