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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Loggerheads
The Trump administration is taking retaliatory action against Canada over a decades-old trade dispute. Commerce Secretary Wilbur Ross announced on Monday a move to impose a 20% tariff on softwood lumber. Mr. Ross said the tariff would be applied retroactively and imposed on Canadian exports to the U.S. of about $5 billion a year. He said the dispute centers on Canadian provinces that have been allegedly allowing loggers to cut trees down at improperly subsidized costs and sell them at lower prices. The move, although preliminary, has the immediate consequence of discouraging importers from buying lumber from Canada. The Canadian government said it “disagrees strongly” with the decision. Softwood lumber is typically used to build single-family homes, and the proposed tariff could have the biggest impact on the U.S. home-building industry. In other news from the Trump administration, the president ordered his aides to draft a plan that slashes the corporate tax rate to 15%, even if that means a loss of revenue, according to people familiar with the directive. The proposal will face significant legislative hurdles.

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A Leaky Valuation
Plans by the Saudi Arabian authorities to take public the nation’s massive oil producer have hit a snag. Officials at the company known as Saudi Aramco have told their superiors that it is likely worth at least $500 billion less than the government previously suggested. The country’s deputy crown prince, who is leading a push to overhaul the economy, has pegged the value of the state-owned oil company at $2 trillion. But officials working on the deal have struggled to come up with a scenario under which Saudi Aramco is worth more than $1.5 trillion, according to people familiar with the matter. The valuation discrepancy raises new challenges for a deal that is already fraught with complexity and facing opposition within the ranks of the kingdom’s government bureaucracy.
Center Stage
The emergence of centrist Emmanuel Macron as the favorite in France’s presidential race spurred investors to set aside the political worries that have plagued European markets. Mr. Macron, who has been backed by European Commission President Jean-Claude Juncker in a break with tradition, is now seen as the leader in the May 7 runoff. The pledge to dismantle the euro by second-place finisher Marine Le Pen had damped prices of euro assets and the common currency itself. Mr. Macron’s good showing sent stocks and the euro sharply higher while triggering a selloff in German government bonds, which investors had bought as a haven from populist politicians. While the former investment banker may be widely expected to win the runoff, his upstart movement will have to secure a parliamentary majority in June to implement his policies.
The Power of Desire
People tend to give the same advice on how to improve a relationship: Be nice. Listen more. And they’re right. But now researchers say that when we have sexual thoughts, we are more likely to open up and share information about ourselves, helping us bond. The research consists of three studies conducted at the Interdisciplinary Center, a private university in Herzliya, Israel. All three studies involved people being exposed to either sexual or nonsexual stimuli before being asked to share a personal story. The findings were consistent: People who were exposed to sexual stimuli revealed significantly more information. There were no gender differences in the results. Desire makes people talkative. While this can be helpful when people start dating, it is also good news for couples in long-term relationships. These thoughts can start a positive cycle of emotional intimacy.
TODAY'S VIDEO
Support for Trump Continues in Wyoming
That Was Painless
In Campbell County, Wyo., the Trump administration has brought a renewed hope, especially as the future of coal remains uncertain.
TOP STORIES
U.S.

Trump Willing to Hold Off on Border-Wall Funding

Arkansas Carries Out Double Execution
WORLD

Macron Campaign Wards Off Hacking Attempts Linked to Russia

Trump Urges U.N. to ‘Solve the Problem’ of North Korea’s Weapons Program
BUSINESS

GM Loses Legal Bid to Limit Fallout From Ignition Switch Cases

India Liquor Ruling Adds Twist to Sales Maze
MARKETS

The U.S. Makes It Easy for Parents to Get College Loans—Repaying Them Is Another Story

How a Macron Presidency Could Bring About ECB Tapering
NUMBER OF THE DAY
1,000
The estimated number of people working on Apple’s self-driving cars project—dubbed Project Titan—according to people familiar with the matter. The plan calls for putting senior engineers—some with NASA experience—in its cars for road tests.
QUOTE OF THE DAY
Go study feminist anthropology, but make sure you’re picking up some skills on the periphery so that you can get a job when you graduate.
Matthew Sigelman, chief executive of Burning Glass, a Boston-based labor-market-analytics firm. With students facing rising debt and pressure to find employment after graduation, colleges and universities are focusing on job-ready disciplines.
TODAY'S QUESTION
Going back to our story above, what do you think the possible outcome might be of the Trump administration’s decision to impose a tariff on Canadian lumber? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Charity L. Scott
READER RESPONSE
Responding to Monday’s question on President Trump’s push for funding for a border wall, Celeste Munoz of Colorado commented: “Although I’m a Republican, this funding is a fool’s errand. It won’t matter a whit because environmentalists will hold up any building of it for years.” Slade Howell of North Carolina shared: “The question is, should Trump and the GOP risk a government shutdown in order to procure funds toward a wall? If it is viewed that this first step in controlling illegal immigration would result in less drug traffic, more jobs for Americans and less strain on the welfare system, it might be paid for with future savings. Why the fear of a shutdown? After all, the Clinton-Gingrich standoff and resulting shutdowns resulted in a balance budget, welfare reform and a booming economy.” And Tom Manning of New York wrote: “Since we already have a wall virtually every place on the border where it’s physically practical, why can’t Trump have another of his epiphanies and simply declare the job done. A win, in his first 100 days no less.”

This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.

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