The song, which was released on Thursday and also features Rick Ross, is a spin on Notorious B.I.G.'s 1997 hit, "What's Beef."
"No red hat, don't Michael and Prince me and Ye / They separate you when you got Michael and Prince's DNA, uh," JAY-Z raps. "I ain't one of these house n***as you bought / My house like a resort, my house bigger than yours."
Some believe JAY-Z is placing the blame on Trump for pitting him and Ye against each other (just as people did with Michael Jackson and Prince back in the '80s and '90s), while others claim he's slamming West for wearing controversial "Make America Great Again" hats in support of the president.
Some fans also believe that JAY-Z is comparing West's wife, Kim Kardashian, to his own spouse, Beyoncé, at the part where he says, "My spou-- (C'mon man). My route better, of course."
However, JAY-Z clarified the lyrics via Twitter on Friday, writing, "The line clearly meant don't pit me against my brothers no matter what our differences are (red hat). Now go pick up Meek album. Drake and Meek on there together."
The line clearly meant don’t pit me against my brothers no matter what our differences are (red hat) now go pick up Meek album . Drake and Meek on there together .
JAY-Z and West's alleged beef began back in 2016 when Yeezy publicly slammed JAY-Z and Beyonce during his show. He then reportedly left Tidal in 2017 over a money dispute, and later said he felt "hurt" that the power couple didn't attend his wedding.
The post came a few months after JAY-Z's candid interview with David Letterman in April, in which he said he and West were still friends, despite their differences.
"That's my brother. We're beyond friends. Really, like literally, my little brother is Kanye, and like your little brother, things happen sometimes," he said at the time. "Do you have siblings? You guys ever have a falling out? It's like that."
"That's your sibling forever," he added. "We don't come from the same mom and dad, but I watched Kanye without an album. The thing I respect about him is he is the same person who interrupted our studio session, stood on the table and started rapping. We were like, 'Could you please get down?' He was like, 'No! I am the savior of Chicago!' He didn't even have a record."
While their relationship has been rocky in recent years, the two rappers go way back. West, 41, has long considered JAY-Z, 48, his friend and former mentor, and the two even collaborated on an album of their own, 2011's Watch the Throne.