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America’s swelling federal deficit is unnerving global investors.
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Haiyun Jiang for The New York Times
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“A bad risk”
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Volatility has returned to the markets. As President Trump’s trade war continues, global investors are fretting about America’s rocky finances while congressional Republicans negotiate
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a spending megabill
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outcome is uncertain
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. Trump, whose promised tax cuts hinge on the bill’s passage, is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
heading to Capitol Hill today
</a>
<span>
to try to get lawmakers onboard.
</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">
Investors are wary of the fiscal risk.
</span>
<span>
The prospect of adding significantly to the federal deficit has given the normally rock-solid market for U.S. government debt a roller coaster feel lately. Yesterday saw a rapid sell-off in 30-year Treasury bonds, in which yields
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
jumped to their highest level
</a>
<span>
since 2023 after Moody’s cut America’s triple-A credit rating on Friday.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Things are quieter this morning, with the 30-year Treasury at 4.93 percent.
</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">
Analysts see a pattern.
</span>
<span>
Foreign investors appear to be shying away from U.S. assets, including the dollar and Treasury notes and bonds. The “sell America” trade picked up in the early days of Trump’s tariff fight and shows
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
signs of accelerating
</a>
<span>
as a vote nears on the Republican tax-and-spending bill.
</span>
</p>
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</td>
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</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Yesterday’s wild market swings may indicate “the slow moving trend of overseas investors selling Treasuries but domestic investors increasing their holdings,” Jim Reid, a Deutsche Bank strategist, wrote in a research note this morning. Torsten Slok, chief economist at Apollo Global Management, sees
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a similar course
</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">
Wall Street is watching the bond market
</span>
<span>
. C.E.O.s, economists and the Fed have long warned that America’s fiscal hole is unsustainable and may lead to higher borrowing costs for households and companies, as well as an erosion in the value of U.S. assets like government bonds.
</span>
</p>
<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">
Jamie Dimon
</a>
<span>
of JPMorgan Chase and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
David Rubenstein
</a>
<span>
of Carlyle Group were the latest to sound the alarm. Dimon yesterday called out investors, saying they were suffering from “an extraordinary amount of complacency.” He added, “I think credit today is a bad risk.”
</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 will the Fed do?
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
John Williams
</a>
<span>
, the New York Fed president, and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Raphael Bostic
</a>
<span>
, the Atlanta Fed president, said yesterday that they were in no rush to cut interest rates, citing uncertainty around growth and inflation. The same issues are weighing heavily on consumers and corporate bosses.
</span>
</p>
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</td>
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<td>
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<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
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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">
Speaking of which:
</span>
<span>
Home Depot this morning reported
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
disappointing first-quarter sales
</a>
<span>
, but Richard McPhail, its C.F.O., told CNBC that the company would stick to its full-year guidance and that it was not feeling pressure to raise prices. That comes as Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
leans on companies
</a>
<span>
, including Walmart and Mattel, to absorb the costs of tariffs instead of passing them onto consumers.
</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>
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</tbody>
</table>
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<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">
23andMe agreed to sell itself for $256 million.
</span>
<span>
The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
biotech company Regeneron
</a>
<span>
, which uses DNA research to develop new drugs, reached a deal to buy the genetic testing company out of bankruptcy protection. Regeneron said it would comply with 23andMe’s consumer privacy policies and would allow a court-appointed privacy ombudsman to review its controls; still, the transaction must be approved by a bankruptcy court judge.
</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">
Paramount forces out the head of CBS News.
</span>
<span>
Executives of the media company
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told Wendy McMahon
</a>
<span>
, who has led its news division since 2023, that they wanted her to step down, The Times reports. Paramount is in talks to settle a defamation lawsuit by President Trump, an outcome favored by its controlling shareholder, Shari Redstone; CNN’s Jake Tapper reports that Paramount could pay
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
up to $50 million
</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">
Senators pass a crypto regulation bill on a second attempt.
</span>
<span>
Sixteen Democrats joined most Republicans in
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
approving the GENIUS Act
</a>
<span>
, which would create a rules framework for so-called stablecoins. Democrats last week moved to block the legislation to protest any legislation that could help the Trump family continue profiting from crypto; Senator Elizabeth Warren of Massachusetts maintained opposition to a bill she said would “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
turbocharge Trump’s corruption
</a>
<span>
.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
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</tr>
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<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
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<td>
<div style="width:100%;text-align:center;line-height:0">
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<span style="text-align:center">
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<tbody>
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<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
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</span>
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<td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
</td>
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<td height="10">
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The resurgence of SPACs, Trump edition
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
SPACs are back. The investments known as special purpose acquisition companies were all the rage in 2021. Now, after a hiatus, a new crop has come to market.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Some are run by teams that took SPACs to market in the past, but the most notable have ties to President Trump or aim to acquire companies in industries that the president has favored, like cryptocurrency,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Maureen Farrell reports
</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">
Many of the new deals are seeking a “Trump bump.”
</span>
<span>
Trump used a SPAC to take his social media company, Trump Media, public in a deal announced in 2021. This time, SPACs with indirect ties to the president are hitting the market. Among them:
</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">
A team affiliated with Trump Media took Renatus Tactical Acquisition Corp I public on Wednesday and raised $210 million.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Cantor Equity Partners II, where Commerce Secretary Howard Lutnick’s son Brandon is the C.E.O., went public on May 1 and raised $240 million.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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 previous SPAC craze didn’t end well.
</span>
<span>
In 2021, 613 SPACs were floated on the stock market, raising $163 billion, according to Dealogic. That was almost as much as had been raised in the previous 15 years.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But many of them failed to find deals and handed the money back to investors. The S.E.C.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
opened investigations
</a>
<span>
into dozens of SPACs, and investors
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sued
</a>
<span>
over their losses. For many consummated deals, sponsors of these SPACs did well, as did bankers, because they generated high fees for both parties.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Worth noting: Paul Atkins, the current head of the S.E.C., generally favors a lighter touch to regulations.
</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">
Trump’s SPAC in particular became a wild ride.
</span>
<span>
Investors in the SPAC and the merged company, Trump Media & Technology Group, which trades under the symbol DJT, have seen huge swings. The stock rose as high as $92 in early 2022 and now trades around $25.
</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 big questions now:
</span>
<span>
Will this flurry of SPACs lead to another boom, and will investors fare better this time? With the I.P.O. market largely stalled, some private equity firms and their investors are hoping SPACs can provide a workaround for selling companies to public market investors.
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
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<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Many of these new SPACs are tied to Cantor Fitzgerald, the firm previously led by the elder Lutnick. Now, his sons Brandon and Kyle will
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
inherit Lutnick’s ownership stake
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in the firm.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The numbers behind the potential Qatari 747 gift
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Few potential deals have grabbed more headlines in recent months than the potential gift of a Qatari-owned Boeing 747 to the Trump administration.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Critics have raised questions about the ethical implications. But a deep dive by The Times into
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the plane’s back story
</a>
<span>
unearthed some surprising numbers.
</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 potential cost:
</span>
<span>
News reports have noted that a new Boeing 747-8, the jet being offered by Qatar, costs $400 million.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Trump has said that only
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a “stupid person”
</a>
<span>
would refuse such an expensive gift. But that doesn’t factor in the hefty costs of retrofitting it:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Considerable work would be necessary to prepare the plane to serve as a true Air Force One — including ridding the jet of any hidden electronic listening devices and adding advanced communications equipment and specialized systems to protect the plane from a missile attack or other threats. And even if the plane is donated, the cost of those retrofits would be enormous, according to current and former Pentagon officials: at least $1 billion.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
<span>
It’s also unclear how much the administration would pay L3Harris, the military contractor likely to do the retrofitting, or where the money would come from.
</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 potential timeline:
</span>
<span>
White House officials initially assumed that the Qatari plane would need just a paint job and a few other upgrades, and be ready for service within the year. But bringing the jet up to Air Force One standards would take years, potentially past 2027. (While Trump could waive requirements for advanced security systems, former Pentagon officials say this would be a mistake.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Here’s what Marc Foulkrod, an aerospace engineer who tried to help sell the Qatari plane at one point, said of the administration’s plan:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
“It is ridiculous,” Mr. Foulkrod said of the idea that the Qatari plane could be a quick fix, adding that the existing Boeing projects could probably be accelerated more. “That’s a better dollar value than trying to take an airplane from somebody else and trying to make it into a presidential plane. It makes no sense.”
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
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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, here’s how Elon Musk
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
benefited from Trump’s deal spree
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in the Middle East.
</span>
</li>
</ul>
</td>
</tr>
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</div>
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<td class="css-36ugzx" style="padding-bottom:15px">
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</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>
‘We’re rolling the dice on what we’ll have to pay in import fees’
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
asked DealBook readers
</a>
<span>
how tariffs had affected their companies. Today, we’re featuring a response from Lori Torman, the C.E.O. and founder of
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
StickyJ Medical ID
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Thoughtful Impressions
</a>
<span>
in Seminole, Fla.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
She has two online stores: One sells custom-engraved medical ID bracelets, and the other sells personalized jewelry and gifts. Nearly all of Torman’s products are manufactured in China. The company employs 10 people and generates about $1.5 million in annual sales.
</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 have you dealt with the whipsawing tariffs?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Having the surcharge reduced to 30 percent is helpful, but it still leaves us with a 48.5 percent total tariff on imported stainless steel jewelry, and President Trump’s comment last week that targeted tariffs on stainless steel items will remain in place was confusing.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We’re not sure if he was talking about the 7.5 percent stainless steel surcharge that was levied during his first term or some part of the additional 145 percent that was imposed more recently. When we reached out to FedEx for clarification, they weren’t sure, either.
</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">
Were you able to take advantage of the pause?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Not really. We had been running low on inventory, so we airfreighted in a large shipment of stainless items earlier this month. We were charged a 159 percent tariff.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It hurts to think that if we had waited another 10 days, we would have limited our duty charge to 48.5 percent and saved $3,750. Our shipment contained goods valued a little over $3,400. Prior to the tariffs’ being imposed, we would have paid a total of 18.5 percent, or $629. But for this shipment our customs charge was over $5,400.
</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 your new costs have you had to pass on to your customers? Your items range from as little as $7 to $50.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Our immediate plan is to initiate a small price increase of between $2 and $5 on most items. It probably won’t be that noticeable to customers. It won’t recoup all of the added expense we just incurred, but hopefully it will help us to stay afloat until the tariff war ends.
</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 all this cut into sales?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We’ve observed a 30 percent drop in year-over-year sales since the beginning of April. We’re attributing that to a combination of confusion and loss of consumer confidence.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
I think the biggest challenge we face over the balance of the year is uncertainty. Every time we authorize a shipment from one of our factories, we’re rolling the dice on what we’ll have to pay in import fees.
</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">
Do you think the tariffs will help the U.S. economy and revive lost jobs?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It doesn’t appear so. If there had been a national effort to build up stainless steel jewelry manufacturing capability in the U.S. before the tariffs were imposed, there might have been some success, but it’s unlikely that U.S. manufacturing would be able to match the price and quality that consumers have become accustomed to.
</span>
</p>
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<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
THE SPEED READ
</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">
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">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Shares in the giant Chinese battery maker CATL
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
soared 16 percent in the company’s Hong Kong trading debut, the biggest I.P.O. of the year so far. (NYT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Nippon Steel reportedly plans to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
invest up to $14 billion
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in U.S. Steel’s operations, in an effort to persuade the White House to approve the deal. (Reuters)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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">
Tech and artificial intelligence
</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">
UBS is using A.I. to create
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
deepfake-like avatars
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
of its analysts
</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 “speak” to clients
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (FT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Unions and advocacy groups argue that a provision of the Republicans’ big spending bill that limits state regulation of A.I. could lead to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
“unfettered abuse” of the technology
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (Business Insider)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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">
Tesla gave its C.F.O.,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Vaibhav Taneja
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, $139 million last year, a record pay package for a finance chief. (WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“I’m a LinkedIn Executive. I See the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Bottom Rung of the Career Ladder Breaking
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.” (NYT Opinion)
</span>
</li>
</ul>
</td>
</tr>
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</table>
</div>
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Thanks for reading! We’ll see you tomorrow.
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
</a>
</td>
</tr>
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<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Sarah Kessler
</a>
<span>
, Deputy Editor, Chicago
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
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Also, SPACs are back — with a Trump twist.View in browser|nytimes.comMay 20, 2025Good morning. Af...