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DealBook: Have we hit peak tariffs?
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April 24, 2025
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Good morning. Markets are continuing to take heart from President Trump’s easing up on threats against trading partners and the Fed, giving investors hope that the White House will be more constrained in its policies. We lay out the bull and bear case for that below. (Was this newsletter forwarded to you?
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Tariffs pushback from investors and C.E.O.s has begun to put President Trump on the back foot.
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Bulls see a Trump pivot coming
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On earnings calls and in public appearances, business leaders have found their voice against President Trump’s trade war. Even Elon Musk
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isn’t holding back
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.
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
They join restive investors who — as shown by market rallies after every seeming backtrack on tariffs — are growing more convinced that the White House will ease off its protectionist trade threats rather than risk a big blow to the economy and Americans’ stock portfolios.
</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>
The global relief rally has lost some steam this morning. But a belief that a tariff walk back is coming has gathered strength. Stocks rallied around the world yesterday, helped by a report by The Financial Times that Trump may
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
buckle on some auto tariffs
</a>
<span>
, and one in The Wall Street Journal that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
duties on Chinese goods
</a>
<span>
could be cut drastically.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
(That said, Treasury Secretary Scott Bessent sought to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
temper expectations
</a>
<span>
on how far the administration would go.)
</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">
Speaking of relief,
</span>
<span>
Jay Powell, the Fed chair whom Trump has repeatedly attacked for not lowering interest rates fast enough, has powerful advocates in the administration.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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</td>
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<td>
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<td height="20">
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</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
They include Bessent and Commerce Secretary Howard Lutnick, who helped persuade Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
not to try to fire Powell
</a>
<span>
, avoiding further market turmoil and a protracted legal fight, The 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">
That’s setting up a bull case that Trump is increasingly restrained
</span>
<span>
, at least when it comes to trade and the Fed
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
:
</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">
The S&P has rallied 4.2 percent over the past two days. Investors have cheered Trump’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">
softer messaging on import duties
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
this week, seeing it as a sign that he’s more likely to relent on levies than escalate.
</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">
Pushback from C.E.O.s
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
lobbyists
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
and investors is beginning to hurt business sentiment; that’s not great for markets, but could erode some of Trump’s hard-line position. (Trump was especially rattled when chief executives at Walmart, Target and Home Depot warned him that tariffs could snarl supply chains, raising prices and leading 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">
empty store shelves
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, according to Axios.)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Worth watching: Trump’s approval rating has fallen, according to a new Pew Research Center survey, and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
tariffs are unpopular
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
among Americans.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
More moderate voices, including Bessent, appear 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">
gaining influence
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
over trade policy, sidelining hawkish advisers like
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Peter Navarro
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.
</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">
But there’s a bear case for businesses and the markets as well:
</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">
Trump’s trade policy has been
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
deeply erratic
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, and investors may be getting ahead of themselves. Despite the recent rebound, the S&P 500 is down 4.6 percent since the president’s reciprocal tariffs announcement on April 2.
</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 hasn’t signed off on any retreat. A persistent fear is that he may be willing to overlook market volatility to achieve his long-stated goal of permanent trade barriers to bolster U.S. manufacturing.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Tariffs on auto parts are
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
still
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
expected to go into effect
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
no later than May 3
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. And there’s 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">
threat of new levies
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
on the pharmaceutical and tech industries.
</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">
There’s also the complicated reality of trade talks.
</span>
<span>
Trump sees himself as the consummate deal maker, but he and his team face
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a daunting and even improbable task
</a>
<span>
of racking up quick-win trade agreements. For instance, Britain is in
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
no rush to cut a deal
</a>
<span>
, a sign that countries are slow-rolling negotiations to gain an advantage.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And why not? The markets have been flashing warning signs, especially with the battered dollar.
</span>
</p>
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<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>
<tr>
<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">
The White House is said to weigh lifting sanctions on Nord Stream 2.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Ending restrictions on the pipeline
</a>
<span>
, which connects Russian natural gas fields to western Europe, and potentially other energy assets would be part of the Trump administration’s efforts to broker an end to the war in Ukraine, Politico reports. That said, President Volodymyr Zelensky of Ukraine has resisted major elements of the U.S. proposal, including
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
ceding vast portions of territory
</a>
<span>
to Moscow, drawing the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
ire of President Trump
</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">
A potential will by the former C.E.O. of Zappos is reportedly found.
</span>
<span>
A document that turned up in the belongings of a man appears to lay out
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Tony Hsieh’s wishes
</a>
<span>
for his multimillion-dollar estate, according to The Wall Street Journal. After Hsieh died in a house fire in 2020, his family and others have fought over how to distribute his considerable fortune; beneficiaries listed in the document include various charities; Harvard, his alma mater; and family members.
</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">
Former OpenAI workers oppose efforts to shed the company’s nonprofits status.
</span>
<span>
Ten ex-employees joined with several artificial intelligence experts, including the influential researcher Geoffrey Hinton, in urging regulators to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
block OpenAI’s bid
</a>
<span>
to become a public benefit corporation, according to The Financial Times. The group expressed concern that the move could erode the company’s safety guardrails around its technology, echoing a point raised by Elon Musk, who is also fighting the move.
</span>
</p>
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<td>
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</td>
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<td height="20">
</td>
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</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">
Musk’s Neuralink is said to be raising funds at an $8.5 billion valuation.
</span>
<span>
The brain-implant company is seeking
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
at least $500 million
</a>
<span>
, and has begun preliminary discussions with potential investors, according to Bloomberg. Neuralink was last valued in 2023 at $3.5 billion, and the company’s device is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
being tested in humans
</a>
<span>
.
</span>
</p>
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<tbody>
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<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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<td height="20">
</td>
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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>
Seen and heard, tariff edition
</span>
</h2>
<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">
“We have three airplanes that we had in China ready for delivery.
</span>
<span>
I think we’ve got two of those already back and we’re bringing the third airplane back. They have in fact stopped taking delivery of aircraft due to the tariff environment.”
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span style="font-style:italic">
— Kelly Ortberg, the C.E.O. of Boeing,
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit;font-style:italic">
on CNBC
</a>
<span style="font-style:italic">
yesterday. The company, whose longstanding ties to Beijing have been
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit;font-style:italic">
strained by U.S. tariffs
</a>
<span style="font-style:italic">
, planned to deliver 50 airplanes to China this year, but may no longer do so.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
“The United States was more than just a nation.
</span>
<span>
It’s a brand, it’s a universal brand, whether it’s our culture, our financial strength, our military strength, America rose beyond just being a country — it was like an aspiration for most of the world, and we’re eroding that brand right now.”
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span style="font-style:italic">
— Ken Griffin, the C.E.O. of Citadel,
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit;font-style:italic">
speaking yesterday
</a>
<span style="font-style:italic">
at Semafor’s World Economy Summit in Washington. He added: “I’ll tell you what’s not going to happen is people are not going to race to build manufacturing in America, because with the policy volatility, you actually undermine the very goal you’re trying to achieve.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
“If, ultimately, costs are passed to us from those that we buy handsets from
</span>
<span>
, unfortunately, for the customer, we’re going to have to come up with some new ways for them to figure out how to digest that increase in pricing.”
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span style="font-style:italic">
— John Stankey, the C.E.O. of AT&T, on yesterday’s earnings call explaining that customers may have to pay more for phones.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
“One of the important things that we need in our industry is we, first of all, I need clarity
</span>
<span>
, and then I need consistency. Because, as I said, if you know a new vehicle, a brand-new vehicle, comes out every five or six years. To make those investments and to be good stewards of our owner’s capital, I need to understand what the policy is.”
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span style="font-style:italic">
— Mary Barra, C.E.O. of General Motors,
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit;font-style:italic">
speaking yesterday
</a>
<span style="font-style:italic">
at the Semafor event, when asked about whether she planned to invest more in U.S. manufacturing.
</span>
</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>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The web of Trump’s crypto ties
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Even before winning re-election, President Trump had made clear that he would treat crypto very differently from former President Joe Biden, promising to unshackle the industry from tight regulation.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He has done so — and then some. The news that he is now offering a private dinner to the top 220 investors in his $TRUMP memecoin is the latest reminder that he won’t just champion the industry, but will also embrace it for personal profit.
</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">
“Have Dinner with President Trump and the $TRUMP Community!”
</span>
<span>
read an invitation. “Let the President know how many $TRUMP coins YOU own!”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The event is essentially offering access to the White House in exchange for investing in Trump’s memecoin. Investors responded in droves, with the token’s price shooting up as much as 58 percent after the invite was publicized. $TRUMP’s market capitalization as of this morning stood at nearly $2.4 billion.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
(
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
A reminder
</a>
<span>
: Some unsophisticated investors have lost a bundle speculating on highly volatile memecoins, including some who mistimed the $TRUMP trade.)
</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">
“They are making the pay-to-play deal explicit,”
</span>
<span>
Corey Frayer, who oversaw crypto policy for the S.E.C. under Biden, told The Times.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Trump himself benefits financially from trading in his memecoin: A business he is linked to owns a big slug of $TRUMP, so he gains a paper profit as the token’s price increases. He and business partners also earn fees whenever the coins are traded, with their windfall amounting to almost $100 million in the weeks after $TRUMP debuted in January.
</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 and his family have other ways to profit from crypto:
</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">
Trump’s sons started a company, World Liberty Financial, that offers 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">
WLFI digital token
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
and, soon, 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">
USD1 stablecoin
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.
</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 Media & Technology Group, the president’s social media business, has moved 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">
offer crypto-related investments
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
and announced a partnership with Crypto.com.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Melania Trump, the first lady, promoted the $Melania memecoin (though its market cap as of this morning was just $441 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">
Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
signed an executive order
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to create a national crypto reserve fund that would primarily stockpile Bitcoin; World Liberty Financial has holdings in the cryptocurrency.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Eric Trump and Donald Trump Jr., two of the president’s sons, have also said they were investing in 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">
crypto mining venture
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.
</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">
That’s on top of easing oversight of the crypto industry,
</span>
<span>
which donated millions to Trump’s campaign and to other Republican candidates. This week,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Paul Atkins was sworn in
</a>
<span>
as the S.E.C.’s chair, installing a regulator who is expected to pursue more crypto-friendly policies than Gary Gensler did under Biden.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Justice Department has also
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
disbanded its crypto enforcement team
</a>
<span>
, and will restrict its crypto-related focus to matters involving drug cartels or terrorism.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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</td>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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Subscribe to The New York Times
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<tbody>
<tr>
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</td>
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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">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Jason Citron
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
stepped down as the C.E.O. of Discord
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, as the social chat app is said to be preparing to go public; he’ll be replaced by Humam Sakhnini, a former vice chair of Activision. (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">
“Wall Street Missed Warning Signs
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Ahead of $1 Billion Fintech Implosion
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (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">
The law firm Sullivan & Cromwell said 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">
poach two activist defense lawyers
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
from Vinson & Elkins, as competition for top practitioners in the specialty heats up. (WSJ)
</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">
Politics, policy and regulation
</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">
President Trump extended his crackdown on top universities with executive orders targeting
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
international funding
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
college accreditors
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. But The Wall Street Journal’s editorial board warned him against
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
challenging Harvard’s tax-exempt status
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (WSJ, 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">
Rebecca Kelly Slaughter and Alvaro Bedoya, who are challenging their dismissals as F.T.C. commissioners, argue 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">
Trump’s effort to fire them
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
poses a risk to the U.S. economy. (FT)
</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">
Goldman Sachs shareholders approved a nonbinding resolution
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
endorsing $80 million in bonuses
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for the Wall Street giant’s C.E.O. and president, despite criticism over the payouts’ size and a lack of connection to the firm’s performance. (Bloomberg)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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">
“The cost of
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Trump’s attack on American science
</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">
Inside the influential, and politically amorphous podcast hosted by
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Theo Von
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
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<tr>
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</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Thanks for reading! We’ll see you tomorrow.
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2 months, 1 week ago - nytdirect@nytimes.com
DealBook: Have we hit peak tariffs?
Also, what C.E.O.s are saying about tariffs.View in browser|nytimes.comApril 24, 2025Good morning...