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May 2, 2025
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Good morning. Breaking: President Trump is escalating his fight against Harvard by declaring he would strip the university of its special tax benefits: “We are going to be taking away Harvard’s Tax Exempt Status. It’s what they deserve!”
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he wrote on Truth Social
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. Here’s a reminder of
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The real hit for Apple from tariffs could start in this quarter, to the tune of perhaps $900 million, executives warn Wall Street.
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The worst is yet to come
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Wall Street had been anxiously awaiting the latest quarterly results from
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Amazon
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and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Apple
</a>
<span>
to see how badly the companies — of the so-called Magnificent Seven tech giants, perhaps the most vulnerable to President Trump’s trade war — would get hit by tariffs.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The answer: not too badly. But upcoming quarters may be messier, showing that not even hugely powerful corporations are immune to Trump’s assault on global commerce.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The highlights:
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Apple exceeded analyst expectations in the most recent quarter, with $24.78 billion in profit and $95.36 billion in sales.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Amazon squeaked past Wall Street forecasts, with $18.4 billion in operating income and $155.7 billion in revenue.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Despite steadily climbing worries about tariffs in the just-finished quarter, Tim Cook, Apple’s C.E.O., said the company hadn’t seen any sign of customers pulling forward their purchases of iPhones in case levies forced the company to raise prices. That wasn’t quite the case at Amazon, with Andy Jassy, the company’s C.E.O., saying that there was “heightened buying” of certain products.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The future looks grimmer.
</span>
<span>
Cook warned that despite
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
exemptions from tariffs on Chinese-made iPhones
</a>
<span>
, won after his personal lobbying of Trump, his company may face $900 million in costs in the current quarter because of import duties. That’s assuming no new fees enter the picture. (Fun fact: The word “tariff” came up 27 times during Apple’s earnings call with analysts.)
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Jassy acknowledged uncertainty, telling analysts, “Obviously, none of us know exactly where tariffs will settle down or when.” (Tariff word count from the call: 17.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Other operations are facing pressure.
</span>
<span>
Apple’s services division has often outperformed device sales. But a federal judge recently ordered the company to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
stop collecting commissions
</a>
<span>
from some app sales, a decision Apple is appealing. And the company could lose some of the $20 billion in annual payments that Google gives it to be the default search engine on the Safari browser if the Justice Department persuades a federal judge to impose stiff antitrust penalties on the search giant.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Meanwhile, Amazon’s cloud computing division, a crucial business for the company, came in slightly below Wall Street expectations and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
lagged behind Microsoft’s
</a>
<span>
. Some analysts also worry that advertising, an increasingly important source of revenue, could face pressure from tariffs.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The companies are taking steps to soften the blow from tariffs.
</span>
<span>
Cook said that a “majority” of iPhones sold in the U.S. during the current quarter would come from India rather than China. Other products, like iPads, would be made in Vietnam.
</span>
</p>
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<div style="width:100%;text-align:center;line-height:0">
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And Jassy said Amazon was “pretty maniacally focused” on avoiding big price increases, in part by buying up extra inventory and helping sellers on its marketplace do the same. That said, some merchants have tested
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
how much they can raise prices
</a>
<span>
without being punished by Amazon, The Wall Street Journal reports.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Wall Street remains cautious,
</span>
<span>
with shares in both companies lower in premarket trading. Apple has fared well for now because it hasn’t had to raise prices, Ben Bajarin of the tech research firm Creative Strategies told The Times. But, he added, “The question is: If more tariffs hit, then what happens?”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And Gil Luria of the research firm D.A. Davidson
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
warned that shareholders
</a>
<span>
“may be a little disappointed by margins and margin guidance, which could create a concern about Amazon absorbing tariff costs.”
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
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</tbody>
</table>
<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
DEALBOOK WANTS TO HEAR FROM YOU
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We’d like to know how the tariffs are affecting your business. Have you changed suppliers? Negotiated lower prices? Paused investments or hiring? Made plans to move manufacturing to the U.S.? Or have the tariffs helped your business? Please
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
let us know what you’re doing
</a>
<span style="font-style:italic">
.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
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<td height="10">
</td>
</tr>
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<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250502%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDYxODY2NTEuNzMwNTAzM30:1uAoup:fSCqMhLfUkE74GkG8GBi_rA1OENnN8yZ961St-ZRj2I" style="max-width:96px;margin-bottom:7px"/>
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<td style="line-height:0;font-size:0">
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<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
HERE’S WHAT’S HAPPENING
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
A crypto deal puts President Trump’s conflicts in the spotlight.
</span>
<span>
The state-backed Emirati artificial intelligence giant MGX said it would use USD1, a Trump-affiliated stablecoin, to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
make a $2 billion investment
</a>
<span>
in the crypto exchange Binance. The transaction could generate hundreds of millions of dollars for the Trump family, further raising concerns about the president’s conflicted relationship with crypto. Senator Elizabeth Warren, Democrat of Massachusetts, cited the news to denounce a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
proposed stablecoin law
</a>
<span>
that she said would “make it easier for the President and his family to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
line their own pockets
</a>
<span>
.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Microsoft drops a longtime legal adviser for one that is fighting Trump.
</span>
<span>
Lawyers from Simpson Thacher & Bartlett — which agreed last month to donate $125 million in pro bono services to Trump-favored causes —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
stepped back from representing
</a>
<span>
the tech giant in a lawsuit related to its takeover of Activision Blizzard. They’re being replaced by lawyers from Jenner & Block, which has sued to block an executive order targeting the firm. It isn’t clear why, but it’s a sign that opposing Trump won’t necessarily cost a law firm business.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Kohl’s fires its C.E.O. for sending business to his romantic partner.
</span>
<span>
The retailer said it had dismissed Ashley Buchanan, who had held the role only since November,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
“for cause”
</a>
<span>
for directing the company to do business with a vendor with whom he had “undisclosed conflicts of interest.” The Wall Street Journal reports that Buchanan had Kohl’s sign a multimillion-dollar consulting agreement with Boston Consulting Group, where his partner, Chandra Holt,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
is an adviser
</a>
<span>
.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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<td height="10">
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<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
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</td>
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</tbody>
</table>
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<tbody>
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<td style="text-align:center">
<img alt="On the floor of the New York Stock Exchange, the trader Peter Tuchman, in the foreground, looks at his tablet. Behind him, another man sits in front of multiple screens. " class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F02%252Fmultimedia%252F02db-newsletter-cbmt%252F02db-newsletter-cbmt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDYxODY2NTEuNzMwODAyOH0:1uAoup:tQZMSIAtt8O3k3L9_JljGeX1rd_Ca7uCRcE8fYIqqrs" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
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<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Investors and the Fed will be closely watching today’s jobs data.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Richard Drew/Associated Press
</span>
</span>
</td>
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
What to watch in today’s jobs report
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The labor market has been on autopilot, with employers on a hiring spree that has chugged on for roughly five years. That streak is expected to continue with today’s jobs report — but many economists predict complications as companies brace for more fallout from President Trump’s trade war.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A lighter-than-expected readout could bolster calls by Wall Street for the Fed to lower interest rates soon, especially after Wednesday’s tepid inflation report and lousy G.D.P. report. While economists and traders say they believe a rate cut in May is unlikely, the central bank will come under more pressure if today’s numbers are especially soft.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
What to expect:
</span>
<span>
Hiring will probably have risen by about 135,000 in April, down sharply from the 228,000 added in March,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
economists polled by FactSet estimate
</a>
<span>
; that would keep the unemployment rate steady at 4.2 percent. Wage growth is expected to remain little changed from the previous report, again growing at 0.3 percent clip on a three-month rolling average.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
(It may take several more months before federal job losses driven by Elon Musk’s so-called Department of Government Efficiency start showing up in the reports.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Recent economic data has been worrisome.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
ADP’s private payroll report
</a>
<span>
on Wednesday showed a hiring slowdown. There tend to be discrepancies between reports by ADP and the Bureau of Labor Statistics, but weakness elsewhere — evident from yesterday’s ISM manufacturing data — suggests a rough patch ahead.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Firms are pivoting towards layoffs and away from hiring freezes and attrition to control costs amid weakening demand and an uncertain economic environment,” Matthew Martin, senior U.S. economist at Oxford Economics, wrote in a research note yesterday, predicting trouble going forward for the manufacturing sector.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The real doozy could come next month.
</span>
<span>
That’s when economists expect to see the fallout from Trump’s trade war and his crackdown on immigration eat into hiring. “The longer large tariffs last, the greater the chance for tariff-related layoffs,” Veronica Clark, an economist at Citigroup, wrote in an investor note this week.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="Two rows of several stacked beige and black shopping bags that feature the logo of the fashion brand Shein. Behind them is the word SHEIN in pink against a pink and red background." class="css-xsf469" height="345" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F02%252Fmultimedia%252F02db-newsletter-kvgq%252F02db-newsletter-kvgq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDYxODY2NTEuNzMwODk2Mn0:1uAoup:rpZcJ6zj2VV1uvcVJtMkMQ0yroMLUK_SGTXzNlcweL4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Popular Chinese shopping apps like Shein will need to raise prices because of the end of de minimis loophole.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Phil Noble/Reuters
</span>
</span>
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
A $10 T-shirt might now cost $24.50
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
American shoppers looking to buy an inexpensive T-shirt or pair of shoes on Shein are in for a surprise at checkout. Today, Trump ended a shipping rule that has underpinned the explosion of e-commerce and its disruption of traditional retail business models. The tax exemption has let packages from China valued at under $800 come into the U.S. tariff-free.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Shein and Temu, the popular Chinese shopping apps, relied on the so-called de minimis loophole. They’re already
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
raising their prices
</a>
<span>
because of the change.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Calls to reform de minimis predate President Trump. But as Danielle Kaye writes for DealBook, his rollout is sowing chaos for e-commerce sellers of all sizes, not just the fast-fashion giants.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
In Trump’s view, de minimis is a “scam.”
</span>
<span>
He said this week that it hurts small businesses. The president has also said that the exemption needed to end as a way to stop the flow of fentanyl. Trump tried to start taxing low-value Chinese goods in February, but he walked back the change after it caused a pileup of packages at the border.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He’s trying again and, this time, it might stick.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Neither Democrats nor Republicans like the exemption.
</span>
<span>
Last fall, the Biden administration
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
cited similar concerns
</a>
<span>
when introducing a plan to reduce these lower-cost shipments. And traditional retailers that send big bulk shipments to their U.S. warehouses have also long bemoaned the rule, saying it puts them at a disadvantage. Companies delivered
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$46 billion-worth of packages
</a>
<span>
under the provision, according to a Nomura estimate.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Fast-fashion giants are in the spotlight.
</span>
<span>
Shein and Temu have become shopping behemoths thanks in part to the exemption. Their customers have gotten used to the discounts and speed — $15 clothes, shoes, toys, household items, all at their doorstep within days. Together, Shein and Temu generate
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
well over $100 billion
</a>
<span>
in gross sales.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Amazon
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
drew Trump’s anger
</a>
<span>
recently when it reportedly considered following the lead of these e-commerce sites by itemizing the tariff costs in the prices. Temu started detailing the cost that tariffs would add to their purchases, while Shein is warning that “tariffs are included in the price you pay.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
But ending de minimis is not necessarily existential for these companies.
</span>
<span>
It might just mean changes to their supply chains. They’ve already started to diversify by working with more U.S.-based sellers, and Shein has considered shifting some production outside of China, according to a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
report from
</a>
<span>
The Financial Times.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
It’s not just the big players.
</span>
<span>
Lots of people who sell on sites like Etsy, eBay and Shopify rely heavily on the de minimis tax exemption.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Kelly Kendall, who runs a craft supplies business in the Chicago area, imports most of her products directly from China — tax-free, through de minimis. She uses those materials to make kits that she sells on Etsy. Now, her business model is up in the air. “I don’t think people understand the larger impact for really small businesses,” Kendall said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
This doesn’t affect just U.S. businesses.
</span>
<span>
The new taxes apply for all goods made in China, even if they’re shipped to the U.S. indirectly. Some Canadian vendors who sell Chinese-made goods said they’re looking to build out their Canadian customer base in response to the de minimis change.
</span>
</p>
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We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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THE SPEED READ
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Daniel Loeb’s Third Point has taken a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
“meaningful” stake in U.S. Steel
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, in a bet that the embattled steel producer will complete its proposed sale to Nippon Steel of Japan. (Reuters)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Oyo Hotels has reportedly delayed
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
its third attempt at going public after opposition from its biggest shareholder, SoftBank. (Bloomberg)
</span>
</li>
</ul>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Politics, policy and regulation
</span>
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<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
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<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Talks on the fate of federal deductions for state and local taxes have stalled in the House amid negotiations over
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
potentially limiting the availability
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
of the tax break. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Charles Koch Says Many in the Country Are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
‘Abandoning’ Its Principles
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (NYT)
</span>
</li>
</ul>
</td>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Tariff front-running didn’t just
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
distort G.D.P. figures
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, an economist argues: It also signals an actual slowdown in growth. (Apricitas Economics)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Bill Belichick’s relationship with Jordon Hudson has been fodder for gossip sites. But it also cost U.N.C., whose football team he coaches,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
a deal with HBO
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (The Athletic)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Trump Wants a New Air Force One So Badly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
He’s Refurbishing a Qatari Plane
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (WSJ)
</span>
</li>
</ul>
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Andrew Ross Sorkin
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Bernhard Warner
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, Senior Editor, Rome
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DealBook: Apple’s $900 million tariff worry
Also, what to expect from today’s jobs report.View in browser|nytimes.comMay 2, 2025Good morning....