A.M. Edition for Aug 3. President Trump’s <a href="https://www.wsj.com/world/middle-east/trump-pivots-back-to-diplomacy-as-iran-victory-eludes-him-a925ee98?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">latest walkback came</a> just hours after saying he was prepared to launch the biggest attack since World War II, and as Gulf countries grow frustrated over a lack of a clear U.S. strategy to end the war. Plus, the Japanese Yen rises after Washington and Tokyo launch <a href="https://www.wsj.com/finance/currencies/the-worries-that-drove-uncle-sam-to-buy-yen-4ff554f1?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">their first joint intervention in a generation</a> after the currency fell to a 40-year low against the dollar. WSJ Tokyo bureau chief <a href="https://www.wsj.com/news/author/jason-douglas?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Jason Douglas</a> breaks down the worries that drove Washington to get involved. And <a href="https://www.wsj.com/topics/place/california" target="_self" rel="noopener noreferrer">California</a>’s Democratic Party endorses the state’s <a href="https://www.wsj.com/politics/policy/california-billionaire-tax-wins-support-from-state-democratic-party-416ac843?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">proposed billionaire tax</a>. Luke Vargas hosts.

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