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

The Wall Street Journal
Good morning,
Limited Mission Accomplished
The decision late last week for a U.S.-led airstrike against Syria marked the first substantive test of President Trump’s revamped national-security team now that John Bolton is serving as Mr. Trump’s national security adviser. The president deferred to Defense Secretary Jim Mattis. The Pentagon chief’s caution tempered Mr. Trump’s preference for a more robust attack on Syria over allegations it used deadly gas on civilians. The outcome was a sign of the sizable influence Mr. Mattis still wields in the reorganized national-security team—one that is still taking shape. Central Intelligence Agency Director Mike Pompeo has been nominated to become Mr. Trump’s second secretary of state. Like Mr. Bolton, Mr. Pompeo is widely viewed as favoring an assertive foreign policy.

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Taxing Measure
The Supreme Court will decide whether to reverse a quarter-century-old precedent by which billions of dollars of goods sold each year by independent merchants on Amazon and other online marketplaces would be vulnerable to state sales taxes for the first time. While Amazon collects sales taxes on its own products, it doesn’t on those sold by others through its platform. Justices are set to hear arguments Tuesday in the case, South Dakota v. Wayfair, and a decision is expected by the end of June. The current tax rules—from the era of mail-order catalogs—helped fuel the rise of internet commerce and spurred frustration among brick-and-mortar retailers. Tax and legal experts expect the court to overturn the precedent, freeing states to collect levies on future transactions across state borders. It isn’t clear what new standard might take its place or what rules states might impose.
Hot Money
The recent turmoil in stocks and bonds may be spreading to another market: foreign exchange. Currencies from Russia to Hong Kong have posted outsize moves as worries persist over global trade and interest rates. Investors say one major risk to currency-market stability is the growing trade spat between the U.S. and China. Some investors are concerned that China could retaliate against U.S. protectionist policies by devaluing its currency, which has risen about 10% against the dollar over the past year. In the coming week, investors might have to contend with an increase in volatility in oil markets and emerging-market assets following the U.S.-led missile strikes on Syria. However, early Monday oil prices retreated from last week’s three-year high after the military action didn’t appear to escalate tensions with the Syrian regime and its allies such as Russia.
Always Be Closing
Can smartphones stop the death of the salesman? Apparel chains such as Men’s Wearhouse, Ted Baker and Harvey Nichols are starting to deploy salespeople armed with technology allowing them to video chat with shoppers and send them photos of shirts or ties—and get paid commissions for online orders in the same way as they do for ringing up items at the cash register. Men’s Wearhouse has struggled with declining traffic to its stores in the face of competition from newer players such as Bonobos and Suitsupply. The company’s executives say they are turning to the new technology created by a startup called Hero in hopes of improving sales. After a promising test run of the app in about 100 stores over the holiday shopping season, Men’s Wearhouse has expedited a companywide rollout.
TODAY'S VIDEO
GMO 2.0
That Was Painless
A research team at Cold Spring Harbor Laboratory is developing higher-yielding tomato plants with a gene-editing tool called Crispr-Cas9. Are these products different from earlier GMOs? Scientists and industry executives say using the technology in plants could transform agriculture, while organic farmers say it may pose risks to human health.
TOP STORIES
U.S.

Barbara Bush to Stop Medical Treatment, Focus on Comfort Care

Trump Lawyer Used Same Delaware Firm for Payment Deals
WORLD

Japan’s Abe to Meet Trump, With North Korea Testing Their Ties

U.S.’s Re-Entry in Pacific Trade Deal Would Come at a Price
BUSINESS

Xerox Sought New CEO as Jacobson Negotiated Fujifilm Deal

Goldman Sachs Comes to the App Store
MARKETS

Guggenheim Partners’ Unit Under SEC Investigation, Sources Say

Fed Officials Dispel Specter of Deflation
NUMBER OF THE DAY
$50 million
The minimum amount a quarterly record 102 U.S. startups each raised from January through mid-March of this year, according to PitchBook. The prior quarterly high was 91 deals in the third quarter of 2015.
QUOTE OF THE DAY
Obviously I am sad to leave WPP after 33 years…However, I believe it is in the best interests of the business if I step down now.
Martin Sorrell on his resignation as chief executive of the world’s largest advertising company, following the conclusion of an investigation into an allegation of personal misconduct.
TODAY'S QUESTION
Going back to our story above, what do you think of the Trump administration’s decision to strike Syria? Please 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 Friday’s question on the White House’s plans to raise trade pressure on China, Javier Urrea of California wrote: “If President Trump and his cabinet can negotiate better terms for U.S. interests and simultaneously increase trade pressure on China that would benefit U.S. interests, then by all means proceed with the increased pressure and rejoin the TPP.” Ben Richmond of Washington, D.C., weighed in: “The White House’s best plan to raise trade pressure on China and the American economy is not tariffs or blocking investment, but rejoining the TPP.” And Jack Houlgate of Florida shared: “He previously knee-jerked a decision to withdraw from the TPP based on the whims of ‘campaign promises.’ Only now does he realize that the TPP was also a mechanism to counter China, and he wants back in.”

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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