OECD Warns of Recessions If Iran War Drags On

WSJ What’s News

The Wall Street Journal

Daily News, News

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🗓️ 3 June 2026

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for June 3. Heavy gunfire between U.S. and Iranian forces in the Persian Gulf tests a fragile ceasefire, while the OECD warns of multiple global recessions if the conflict isn’t resolved by next year. Dow Jones economics editor Paul Hannon explains the risks and how the U.S.’ new proposed tariffs on 60 countries would work. And an Iowa farmer pulls off an unexpected upset against a Trump-backed candidate in the state's GOP gubernatorial primary. Luke Vargas hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:28.3	among real estate professionals. We'll take stock of yesterday's primaries as vote counting
0:36.7	continues in California and the president's
0:39.3	pick to be Iowa's next governor falters. Plus, the U.S. proposes new tariffs on top trading partners,
0:46.8	and the OECD warns of multiple recessions if the war in Iran continues.
0:52.7	If it stretches well into 2027, then you would see severe slowdowns in global economic growth.
0:59.4	And that would make it the weakest year this century, with the exception of COVID and the global financial crisis.
1:06.8	It's Wednesday, June 3rd.
1:08.7	I'm Lou Vargas for the Wall Street Journal.
1:10.6	And here is the AM edition of Watts's News, the top headlines and business stories moving your world today.
1:18.3	We begin in California, where Republican Steve Hilton and Democrat Javier Bacera are leading in the race to succeed Governor Gavin Newsom.
1:27.4	Results from yesterday's primary are still coming in, though Hilton, a former Fox News host,
1:32.6	was optimistic of his chances of emerging as one of the top two vote getters and leaned into
1:37.7	his endorsement from President Trump.
1:39.3	The most important thing is the results that the next governor gets for the California people. And I think
1:45.3	it's going to be very helpful in a practical way to have a governor that has a good constructive
1:50.3	relationship with the administration in Washington. Former Health Secretary Bacera has taken a
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