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   DealBook: Bond vigilantes vs. the budget
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   Also, Trump’s deals tour moves markets
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             May 15, 2025
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          Good morning. Just in:
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          Walmart
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          reported better-than-expected quarterly sales, but warned that tariffs would force it to raise prices, potentially as soon as this month. That could add to investor worries around trade — in addition to the deficit, as Republicans argue over a federal budget bill. (Was this newsletter forwarded to you?
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          Sign up here.
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            <img alt="A close-up of Speaker Mike Johnson standing amid a small group of people. " class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F15%252Fmultimedia%252F15db-johnson-hwzc%252F15db-johnson-hwzc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDczMDkzMjMuMzI3Nzc1fQ:1uFWyR:Ph2poF84lBVWCQTjA95KxuVu-G4s_X9PCgc8zQmxUU4" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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             Speaker Mike Johnson’s efforts to pass President Trump’s spending bill is facing stiff resistance — including from investors.
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          Budget jitters
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          House Republicans hope to push through President Trump’s “big, beautiful” spending bill as soon as next week. But investors are getting antsy.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Government bonds sold off again amid worries about the deficit-expanding effects of Trump’s tax cuts, the cornerstone of
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          a major budget package
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          being debated in the lower chamber. The budget bill faces stiff resistance —
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          including from some Senate Republicans
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          — and it’s putting America’s strained finances in focus.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The latest:
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         <span>
          Yields on the 30-year Treasury bond are steady this morning. But they climbed to nearly 5 percent yesterday, a level last reached in early April when “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          yippy
         </a>
         <span>
          ” investors revolted against Trump’s reciprocal tariffs. A reminder: That helped force the White House to reverse course on those levies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Stocks have rebounded since. But long-dated bonds have not, even as Trump continues to tour the Middle East, hailing a windfall of deals that he says will bolster American businesses and the economy. (More on that below.)
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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">
          Could bond vigilantes again check the Trump agenda?
         </span>
         <span>
          They have flexed
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          their power before
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          , and may do so again if the proposed budget vastly adds to America’s $36 trillion national debt.
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          There’s reason for them to worry: The Republican bill, which would extend Trump’s 2017 tax cuts and introduce new ones for tips and overtime pay, could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          add $3.8 trillion to deficits
         </a>
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          over the next decade, according to the Joint Committee on Taxation — and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          potentially much more
         </a>
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          .
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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">
          Fiscal hawks are alarmed.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Stephen Jen
         </a>
         <span>
          , a major bond investor who heads Eurizon SLJ Capital, told Bloomberg that he saw the growing U.S. debt as “a disaster” in the making.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He evoked a recent episode in global politics that still resonates with investors: the ouster of Liz Truss as Britain’s prime minister in 2022 after her government tried to push through unfunded tax cuts that roiled the bond markets. “It may be necessary to have a repeat of what happened to Liz Truss,” he said, “to force everyone to do the right thing.”
         </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">
          Is Trump feeling any pressure?
         </span>
         <span>
          This morning he told reporters that he would rather “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          make a lot of money, pay off debt
         </a>
         <span>
          ” before pursuing wish-list ideas like creating a sovereign wealth fund, the kind of investment vehicles found in countries running big budget surpluses.
         </span>
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           </td>
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         </tbody>
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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">
          The budget bill is far from a shoo-in.
         </span>
         <span>
          Republicans, who hold a slim majority in Congress, are haggling with one another over cuts to popular provisions, including Medicaid and food stamps. One sticking point includes caps on state and local tax deductions, known as SALT: Two New York Republicans have argued it should be set as high as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $80,000 per couple
         </a>
         <span>
          , from $10,000 today.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Republicans would need to find significant savings to fund these tax cuts without blowing up the deficit. Bond holders are betting they’ll come up short.
         </span>
        </p>
        <table width="100%">
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           </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>
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           <td height="30">
           </td>
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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">
          Shares in UnitedHealth Group tumble on a report of a federal investigation.
         </span>
         <span>
          The Justice Department is examining the health insurance giant’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Medicare billing practices
         </a>
         <span>
          , according to The Wall Street Journal. It’s the latest bad news for UnitedHealth; its shares took a hit after the company unexpectedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          replaced its C.E.O.
         </a>
         <span>
          and suspended its 2025 financial guidance.
         </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 reportedly nears a deal with the E.U. to avoid a big antitrust fine.
         </span>
         <span>
          European Union regulators are likely to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          accept the tech giant’s proposal
         </a>
         <span>
          to settle a competition case involving its Office and Teams products, according to Reuters. If a deal is reached, it would spare Microsoft
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          potentially billions of euros’ worth of penalties
         </a>
         <span>
          , after having already accumulated €2.2 billion in fines in recent years.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td>
            <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 style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Harvard arranges $250 million for research after a federal funding freeze.
         </span>
         <span>
          The university said it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          freed up the money
         </a>
         <span>
          to help cope with the Trump administration withholding more than $2.6 billion in funds — though it warned that school officials and researchers would have to make “prudent decisions” about program adjustments. Harvard’s president, Alan Garber, will take a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          25 percent pay cut
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trump’s latest deals in the Middle East
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump is in the midst of his Middle East trip, one meant to drum up investment from allies in the region. The visit has continued to deliver, especially for U.S. businesses like Boeing.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But it’s a potential deal of a different sort that is moving markets today.
         </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 latest:
         </span>
         <span>
          Boeing struck an agreement to sell up to 210 to Qatar Airways, in what the manufacturer called its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          largest wide-body jets order
         </a>
         <span>
          . Complementing that is a deal between GE Aerospace and Qatar Airways for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than 400 jet engines
         </a>
         <span>
          . (GE Aerospace’s chief, Larry Culp, specifically praised “President Trump’s support for this historic agreement.”)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Separately, Saudi Aramco, the Saudi state-controlled oil giant, said that it had signed agreements potentially
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          worth up to $90 billion
         </a>
         <span>
          with U.S. companies. That said, it didn’t provide many details, and several of the accords were merely memos of understanding.
         </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">
          Markets also moved on potential progress for a different sort of deal.
         </span>
         <span>
          The price of Brent crude, the international oil benchmark, was down nearly 4 percent this morning after Trump suggested that there was movement
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in talks with Iran
         </a>
         <span>
          over its nuclear weapons.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We’re in very serious negotiations with Iran for long-term peace,” Trump said today, adding that he wanted Iran to be a great nation but not to have nuclear weapons. The expectation is that a deal would lead to a lifting of sanctions on Tehran and potentially bring more oil into the international market.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <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">
                In related news: Trump said that India offered to essentially
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lift all tariffs on American goods
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — but added that
               </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 disapproved
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of Apple’s plan to make U.S.-bound iPhones there.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <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 SERIES: HOW TARIFFS ARE AFFECTING U.S. BUSINESS
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          ‘It’s a nightmare for a small brand like ours’
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          We’ve been asking
         </a>
         <span>
          DealBook readers how tariffs have affected their companies. Today, we’re featuring Laurie Sebestyen, who, along with her husband, Mike Buechi, owns
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mike’s Organic Curry Love
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company, based in Boise, Idaho, started in 2008 and sells Thai-inspired meal kits, sourcing all its ingredients from Thailand. It generates just under $2 million in annual sales. The two are the only employees.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The responses have been lightly edited and condensed.
         </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">
          How much do you have to pay in tariffs now?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Right now, we’re at 17 percent — the new 10 percent base on top of an existing 7 percent that has been in place since the expiration of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          GSP
         </a>
         <span>
          , which kept tariffs low for exports from countries like Thailand. One container that came in this week was $12,000 in customs duties for about $70,000 worth of goods. Before the new tariffs, we were paying more like $5,000 for the same value of goods.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But that’s not the only cost. We pay roughly $7,000 just for transport. That’s before taxes and insurance.
         </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">
          How much has that added to your costs?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Our margins are slim to begin with. Our gross margins hover around 40 percent, but for net margin we’re barely breaking even. In addition to our cost of goods, we have to pay slotting fees, which is what a retailer charges for placing you on the shelf. And then promotions, like the first box is free.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also storage, fulfillment, Amazon fees, advertising, coupons, shipping — everything has gone up in recent years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After all the costs, we can barely afford to live on what we make.
         </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">
          How much of the added costs have you had to pass on to customers?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So far, none. When the new tariffs were announced, a couple of our retailers and distributors sent us letters telling us they won’t be accepting any price increases.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Maybe larger brands that have larger margins can negotiate. But for a small business, where you’re living day to day, it’s an impossible situation.
         </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 do you think about Trump’s plan to use tariffs to bring manufacturing back to the U.S.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I want to bring manufacturing back to the U.S. as much as possible. But things like coffee and chocolate and coconut don’t grow here. When we started out, we produced our curries in California, but we had issues with consistency. We realized Thai curries are best made in Thailand.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It doesn’t make sense to do trade this way. It’s a nightmare for a small brand like ours.
         </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">
          Previous reader responses:
         </span>
         <span style="font-style:italic">
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Deer Stags
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Frameology
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Seim &amp; Partner
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Aremco Products
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          National Roofing
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Le Petit Triangle Cafe
         </a>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <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="A.G. Sulzberger, the publisher of The New York Times, dressed in a suit and tie, wearing glasses and looking slightly off camera. The background is blurred." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F15%252Fmultimedia%252F15db-newsletter-vmtf%252F15db-newsletter-vmtf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDczMDkzMjMuMzI4Nzk1N30:1uFWyR:eHSRAPOjsR8LgSTyDRKwjKSMQzZAFze1cKdMIlcWG94" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <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">
              A.G. Sulzberger, the publisher of The New York Times, says the Trump administration has been trying to dismantle the press.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Mike Cohen for The New York Times
             </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>
          “We knew how ruthlessly effective this campaign against journalists had been in other countries, and we knew those in President Trump’s orbit wanted to implement it here. Even so, it’s startling to see how quickly these warnings have come to pass.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — A.G. Sulzberger, the publisher of The New York Times,
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          in a speech on Tuesday at the University of Notre Dame
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          , where he outlined the ways President Trump has sought to dismantle the press, from suggesting journalists should be jailed to opening multiple
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          leak investigations
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          into The Times’s own reporting.
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         <span>
          Why Buffett chose now to plan his exit
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Warren Buffett stunned investors this month when he announced, near the end of Berkshire Hathaway’s annual meeting, that he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          planned to step down
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          as C.E.O. of the conglomerate.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In some ways, it was news that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          many had expected
         </a>
         <span>
          — at some point, anyway. But Buffett, 94, elaborated to The Wall Street Journal
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          why now was the time
         </a>
         <span>
          to hand over the reins:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          “I didn’t really start getting old, for some strange reason, until I was about 90,” he said by phone from his office in Omaha, Neb. “But when you start getting old, it does become — it’s irreversible.”
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          He began to lose his balance, occasionally, and sometimes had trouble recalling a person’s name. Suddenly, the newspapers he read looked like they were printed with too little ink.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Buffett’s physical slowdown, he said, stood in stark contrast to his 62-year-old handpicked successor,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Gregory Abel
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          “The difference in energy level and just how much he could accomplish in a 10-hour day compared to what I could accomplish in a 10-hour day — the difference became more and more dramatic,” Buffett said. “He just was so much more effective at getting things done, making changes in management where they were needed, helping people that needed help someplace, but just all kinds of ways.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          “It was unfair, really, not to put Greg in the job,” he added. “The more years that Berkshire gets out of Greg, the better.”
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            <span>
             THE SPEED READ
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          Deals
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Starbucks is said to be sounding out private equity firms and other companies as it
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                weighs options for its China operations
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including a possible stake sale. (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">
                Shares in Foot Locker soared in premarket trading after it confirmed a report that it would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sell itself to Dick’s Sporting Goods
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for about $2.4 billion. (WSJ)
               </span>
              </li>
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          Politics, policy and regulation
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         <table>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                1789 Capital, the investment firm where Donald Trump Jr. is a partner, has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                backed businesses
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that were awarded government contracts, adding to concerns about the Trump family’s conflicts of interest. (Business Insider)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Britain is said to be considering
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                special visas for investors
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including A.I.-focused ones, while the European Union is seeking to expedite its visa program
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                to lure U.S. researchers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                under threat from President Trump’s funding cuts. (Bloomberg, Politico)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Best of the rest
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                After a much-pilloried name change, the streaming service Max will again be known as
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                HBO Max
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — but at least HBO’s social team appears to be
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                in on the joke
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT, Business Insider)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bags of cash being hauled to bank-teller windows, stacks of bills being fed into A.T.M.s:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Money-laundering has come to America’s bank branches
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
               </span>
              </li>
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