The U.S. doubles steel and aluminum tariffs. Plus, the handcuffs come off for Wells Fargo,

nearly a decade after its fake account scandal, and the potential phase-out of clean energy tax credits

divides Senate Republicans as the chamber takes on the GOP's big, beautiful bill.

There's right now, by our estimate, $328 billion of clean energy projects under development.

And so the issue is when you have tax policy to encourage U.S. companies to make investments,

if you rip it up too fast, you just strand a lot of investment.

You create a lot of chaos.

It's Wednesday, June 4th.

I'm Luke 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.

50% U.S. tariffs on imported steel and aluminum are kicking in today. That is, a doubling of

prior rates for many of the world's largest metals producers, leading industry players to warn that

the new rate may necessitate price increases from steelmakers or higher surcharges on aluminum

purchases, potentially triggering shortages.

The measures could also shake up trade negotiations with those in talks with Washington.

Journal reporter Kim McCrail is in Paris, where EU trade negotiator Maros Shefjavich

is set to meet with U.S. trade representative Jameson Greer today at meetings convened

by the OECD. For the EU, this is an inconvenient change in U.S. policy, to say the least,

it comes, as I've recently promised to advance negotiations to speed things up. To have another

increase on U.S. tariffs is something that EU officials

have warned could actually cause some problems for those negotiations. They've suggested,

...