Good morning. The Trump administration wants tougher immigration enforcement. It also wants Asian manufacturing powerhouses to pour investment into U.S. factories.

Those goals are now clashing because Asian companies are having trouble getting enough work visas for personnel needed to get the U.S. plants running, say immigration specialists.

• The raid: Last week, the contradiction was highlighted when the U.S. carried out an immigration raid in Georgia and arrested some 300 South Koreans helping to build a Hyundai Motor joint-venture battery plant. Now the South Koreans are expected to head home soon under a diplomatic deal, and experts say it might take longer and cost more for Asian companies to build their U.S. factories without the specialists they need.
   
• What companies are tasked with: Asian companies—mostly from South Korea, Japan and Taiwan—are investing hundreds of billions of dollars in U.S. manufacturing at the urging of both the Biden and Trump administrations.
   
• Staffing problems: One cause of the issue is America’s shortage of skilled technical workers, which stems from a long-term decline in manufacturing employment and the offshoring of production. Companies say they are willing to hire and train an American workforce but can’t meet tight deadlines to get their plants running with Americans alone.

Microsoft cracks down on work speech, limits remote work.

Microsoft has made changes to its internal communication channels and building security measures following a protest in which current and former workers occupied a top executive’s office.

The company has shut down an internal communication channel used by employees to question senior executives and discuss hot-button societal issues, according to an internal post reviewed by The Wall Street Journal. It has also restricted employees’ ability to enter certain buildings on its Redmond, Wash., campus, according to people familiar with the matter. On Tuesday, the company also told employees they will need to report to an office three days a week.

U.S. delayed blacklisting Mexican banks to continue compliance overhaul.

The U.S. pushed out a deadline to cut off three Mexican financial institutions from its financial system to continue working with Mexico to overhaul their compliance programs in the wake of their alleged involvement with drug cartels, a Treasury official said.

What was FinCEN doing? The work, reports Risk Journal’s Max Fillion, included replacing the heads of the compliance programs at the financial institutions, Andrea Gacki, director of Treasury’s Financial Crimes Enforcement Network, told a U.S. House of Representatives subcommittee on Tuesday. 

• The Supreme Court agreed Tuesday to quickly hear the Trump administration’s bid to save its sweeping global tariffs, setting the stage for a final ruling on a cornerstone of the president’s economic agenda.
   
• The Murdoch family has reached a deal to end its yearslong battle over control of its media empire.
   
• The International Organization for Standardization and the Greenhouse Gas Protocol are to align their reporting and measuring frameworks for greenhouse gas emissions, the two bodies announced.
   
• The European arm of Chinese payment platform Alipay has been fined 214,000 euros, about $251,000, by Luxembourg’s financial regulator for failing to comply with anti-money-laundering and counterterrorism financing obligations.
   
• The FCC is ending its investigation into whether EchoStar was sufficiently utilizing its spectrum licenses after the company agreed to sell some of its spectrum to SpaceX.
   
• The Securities and Exchange Commission has barred a former investment advisor from the industry for allegedly breaching the fiduciary duty he owed to a client with whom he became romantically involved.

Israel attacks Hamas senior leadership in Doha, Qatar.

Israel’s air force carried out a strike on Hamas’s senior political leadership in Qatar, a sharp escalation that took the fight to a country closely aligned with the U.S.

The impact: The attack represents a sharp escalation of tactics against Hamas, whose military leadership has been wiped out in Gaza by Israel. It risks derailing cease-fire talks by targeting the group’s senior negotiators in the country that has hosted them throughout the war.

Cryptocurrencies a risk to financial stability amid U.S. embrace, European regulator says.

Cryptocurrencies pose a risk to financial stability because of the lack of a global regulatory framework, despite shifts by U.S. regulators toward embracing digital assets, the European Union’s securities regulator said.

Money-laundering and credibility issues also abound in the digital asset space, the European Securities and Markets Authority said in a semiannual risk report released Tuesday and reported on by Risk Journal’s Richard Vanderford. 

• OpenAI executives are growing concerned that mounting political scrutiny in California could stymie their efforts to become a for-profit company and have discussed a last-ditch option of moving out of the state.
   
• China is on the verge of becoming a world-class submarine power, with new technology and a bigger, better fleet that is gaining on the U.S. and its allies—spurring a new undersea arms race in the Pacific.
   
• A Russian glide bomb killed at least 23 civilians and wounded over a dozen in the village of Yarova in eastern Ukraine.
   
• Nepal became the third country in South Asia to topple its leader in recent years after violent protests over corruption and a social-media ban forced its prime minister to resign.
   
• President Macron’s tax cuts aimed at boosting France’s economy haven’t spurred an investment boom, leading to a political crisis.
   
• Cracker Barrel halts remodeling plans to declutter restaurants after customer pushback on removing homespun decor.

• The U.S. added 911,000 fewer jobs than reported from early 2024 through March, according to the Bureau of Labor Statistics.
   
• Inflation ate into Americans’ wage gains last year, leaving household incomes little changed beyond the richest households, the Census Bureau said Tuesday.
   
• The Trump administration released its ‘Make America Healthy Again’ strategy to improve children’s health. Here are the takeaways.
   
• A look at pages that were contained in Jeffrey Epstein’s 50th birthday book.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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