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   DealBook: Putting “points on the board”
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   Also, the divide at Harvard over its Trump fight.
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             April 23, 2025
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          Good morning. Markets are taking hope from President Trump stepping back from his fight against the Fed and his tariff battle with China. But as business leaders demand quick wins on trade, what would those look like? (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             Treasury Secretary Scott Bessent appears to have emerged as a leading moderate voice on trade.
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            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Doug Mills/The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
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          Trump’s sustainability problem
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          Business leaders and investors have warned for weeks that President Trump’s trade war is unsustainable, and that his recent attacks on the Fed risk market chaos.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Trump appears to be getting the message, to markets’ delight. But what does that mean for the president’s agenda, and for the economy?
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          Global stocks are rebounding today after Trump retreated on two major points:
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                He said he
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                did not plan to fire Jay Powell
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , despite repeatedly threatening the Fed chair over his outlook for interest rate cuts. (Powell has said he can’t legally be fired.) Trump still weighed in on borrowing costs yesterday — “
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                it’s a perfect time to lower the rate
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,” he said.
               </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 said he was ready to play “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                very nice
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” in negotiations with China, which is high on his tariffs hit list.
               </span>
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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">
          Is Trump seeking an off-ramp from his trade fight?
         </span>
         <span>
          He admitted that his 145 percent levy on Chinese imports was steep. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          It will come down substantially
         </a>
         <span>
          but it won’t be zero,” he said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Perhaps he’s listening to moderate voices in his camp, including Scott Bessent.
         </span>
         <span>
          The Treasury secretary told investors at a JPMorgan Chase conference yesterday that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the trade war with Beijing was unsustainable
         </a>
         <span>
          , and that both sides would need to de-escalate, according to Bloomberg.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That seems to be driven by a consistent message from the markets. U.S. financial assets have sold off recently, wiping out trillions of dollars in market value, whenever he threatens tariffs or lashes out at the Fed. The selling tends to ease whenever the administration eases off.
         </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">
          Even supporters want results from Trump’s hard-nosed approach.
         </span>
         <span>
          The president came into office promising quick wins — including peace in Ukraine, defeating inflation and wiping out the trade deficit — but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has little to show for it
         </a>
         <span>
          . His yo-yoing tariffs moves have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          paralyzed businesses
         </a>
         <span>
          , and the I.M.F. now forecasts that it will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wipe out a chunk of global growth
         </a>
         <span>
          this year.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Industry groups, including some representing the same sectors that Trump says would be bolstered by his protectionist policies, are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pleading with the administration
         </a>
         <span>
          to ease up on import levies. Separately, the billionaire investor
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Dan Loeb
         </a>
         <span>
          and the Goldman Sachs C.E.O.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          David Solomon
         </a>
         <span>
          urged the president to, in Loeb’s words, “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          get some points on the board
         </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">
          But what would that look like?
         </span>
         <span>
          Agreements with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Japan
         </a>
         <span>
          or
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          India
         </a>
         <span>
          are looking the most promising, but could take months to hammer out. China is far more complicated: Bessent acknowledged that while levies on Chinese goods could come down, a comprehensive trade deal could take two to three years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With patience wearing thin with business leaders and investors, that puts the administration in a tough negotiating position.
         </span>
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         DEALBOOK WANTS TO HEAR FROM YOU
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          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 moves helped your business? Please
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          let us know
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          .
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           <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">
          OpenAI would consider buying Google’s Chrome browser.
         </span>
         <span>
          A company executive testified in the Google antitrust case that the ChatGPT maker would be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          interested in buying
         </a>
         <span>
          the popular web browser if regulators succeed in breaking up the tech giant. OpenAI also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          struck a deal with The Washington Post
         </a>
         <span>
          to feature its content in user queries.
         </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 CBS News executive quits, claiming interference from its corporate parent.
         </span>
         <span>
          Bill Owens, the head of “60 Minutes,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announced that he would resign
         </a>
         <span>
          from the network’s flagship news program, telling staff in an internal memo that he no longer felt he could “make independent decisions,” according to The Times. Paramount, which owns CBS, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          now in mediation with President Trump
         </a>
         <span>
          over his $20 billion lawsuit against CBS News; it is also seeking regulatory approval for its merger with Skydance.
         </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">
          Brussels hits Meta and Apple with big fines.
         </span>
         <span>
          The tech giants are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the first to be penalized
         </a>
         <span>
          — Apple got hit with a €500 million ($570 million) fine, Meta with a €200 million punishment — under the European Union’s tough competition law, the Digital Markets Act. Worth watching: whether the Trump administration retaliates, after officials including Vice President JD Vance warned the bloc not to punish U.S. tech giants.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Could Harvard still cut a deal with Trump?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When President Trump attacked Harvard, it decided to fight. But in the months before,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the university had frantically tried to make a deal
         </a>
         <span>
          to avoid a showdown, Rob Copeland, Maureen Farrell and Michael S. Schmidt report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Harvard has now become a totem of resistance, but behind the scenes influential figures are pushing for some kind of settlement even as the university prepares for a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          legal battle with the administration
         </a>
         <span>
          . Others want to fight. Here, we break down where people stand.
         </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">
          For months, Harvard worked to avoid a confrontation.
         </span>
         <span>
          After Trump’s re-election, donors like the Citadel chief executive
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ken Griffin
         </span>
         <span>
          had warned the school that there could be “stormy times ahead.” In March, Harvard hired
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Burck
         </span>
         <span>
          , a lawyer who serves as an outside ethics adviser to the Trump Organization, to engage with the administration. Around the same time, a Harvard donor asked former Secretary of State
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Condoleezza Rice
         </span>
         <span>
          for advice. She said the school should think of safeguarding its funding rather than focusing on politics.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Harvard’s president,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alan Garber
         </span>
         <span>
          , reached out to alumni with ties to Trump, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jared Kushner
         </span>
         <span>
          , the president’s son-in-law, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          John Paulson
         </span>
         <span>
          , the billionaire hedge fund manager, to help broker a meeting. No meeting happened.
         </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 board was shocked by the administration’s demands.
         </span>
         <span>
          Earlier this month, the board had received a list of preliminary requests from the White House, and the school took it as a good sign that the administration had not cut off funding, as it had done with Columbia.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Penny Pritzker
         </span>
         <span>
          , the board’s senior fellow, was expecting a follow-up letter with next steps. Instead, the school received a list of far more onerous demands. (The Times has reported that Trump officials said the letter had been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sent by mistake
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Most board members agreed that they should fight, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ted Wells
         </span>
         <span>
          , a high-profile partner at Paul Weiss, a firm that had made a deal with the administration just weeks before.
         </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">
          Still, some donors see battling Trump as a mistake.
         </span>
         <span>
          They include Paulson and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Ackman
         </span>
         <span>
          , the C.E.O. of Pershing Square, who played a key role in ousting Harvard’s previous president,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Claudine Gay
         </span>
         <span>
          , over plagiarism allegations and concerns about the school’s efforts to counter antisemitism. On a call on Thursday, many donors told Pritzker and Garber that they should settle.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mike Bloomberg
         </span>
         <span>
          , a major donor, wanted to fight.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Only a few board members, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Joe Bae
         </span>
         <span>
          , a Republican and the co-C.E.O. of the private equity giant KKR, still want to explore a deal. Burck, Harvard’s lawyer, has also tried to persuade Harvard to restart talks with the administration.
         </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">
          So far the school has not restarted negotiations.
         </span>
         <span>
          Last week, the Trump administration made at least three attempts to restart talks with the school — to no avail.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <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>
          “Mark was not investing in Instagram because he believed we were a threat to their growth.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Kevin Systrom
         </a>
         <span style="font-style:italic">
          , Instagram’s co-founder, testifying in the F.T.C.’s antitrust case against Meta that the tech giant had starved his business of resources after acquiring it in 2012. Systrom also said that Instagram had still grown more as part of Facebook than if it had remained independent.
         </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">
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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>
          Elon Musk is (sort of) back at Tesla
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A 40 percent drop in market value. A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          13 percent fall
         </a>
         <span>
          in global vehicle deliveries. A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          71 percent plunge
         </a>
         <span>
          in quarterly profit. And
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          half the country having a negative view
         </a>
         <span>
          of a once-beloved company.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Not that Elon Musk cited those reasons in telling analysts yesterday that he would be “allocating far more of my time to Tesla.” (The official reason: “The major work of establishing the Department of Government efficiency is done,” the billionaire said, though he added that even after he returns, he could still spend “a day or two per week on government matters.”)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even if Musk were to spend more time at Tesla — remember that he has other businesses, including SpaceX and xAI — it’s still unclear whether his plans would be enough to revive the automaker’s fortunes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s hard to overstate how bad the quarter was.
         </span>
         <span>
          Tesla’s earnings per share were 34 percent below analyst estimates. The company’s sales had double-digit drops in several markets, including the U.S. and China. And growing competition — including from both Chinese rivals and American ones — has forced the carmaker to offer discounts.
         </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">
          Still, Wall Street saw reason for hope.
         </span>
         <span>
          Shares in Tesla were up 6 percent in premarket today. Investors have clamored for the company’s C.E.O. to spend more time fixing Tesla than cutting the federal bureaucracy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tesla executives also said the company would introduce a lower cost model in the first half of the year, addressing a longstanding worry from analysts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Musk himself sounded a defiant tone. “We’re not on edge of death, not even close,” he told analysts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Musk read the room and finally took the right step,” Dan Ives, an analyst at Wedbush Securities who had repeatedly called for the entrepreneur’s return, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But there are also reasons for concern.
         </span>
         <span>
          Tesla said that President Trump’s tariffs would bite, especially at its battery unit, which relies on components from China. “I’ve been on the record many times saying that I believe lower tariffs are generally a good idea for prosperity,” Musk said. He later added, “I’ll continue to advocate for lower tariffs rather than higher tariffs, but that’s all I can do.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Musk warned that its much hyped Optimus robots could also be a casualty of the trade war, as China cuts exports of a crucial component —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          magnets made from rare-earth metals
         </a>
         <span>
          — in retaliation for Trump’s tariffs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Musk reiterated his conviction that Tesla’s future lay in creating a fleet of robotaxis, claiming that the carmaker could more than catch up to rivals like Google’s Waymo. Given how many Teslas are already on the road, he hyperbolically claimed that his company could have a “99 percent market share, or something ridiculous,” of the autonomous vehicle market.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But analysts have repeatedly questioned the abilities of Tesla’s autonomous vehicle technology. Waymo has been offering paid rides for years; Musk’s company, by contrast, is aiming to start doing so in 2026. (The Information reported last week that Tesla executives had argued that the robotaxi business would lose money;
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Musk rejected that analysis
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         <span>
          .)
         </span>
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          As bad as Tesla’s quarterly results were, they would have been far worse had the company not benefited from selling emissions credits to rivals. But that business
         </span>
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          could disappear under Trump
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          , and while Musk supports such a move, it would further dent the carmaker’s results.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And while Musk played down anti-Tesla protests as “paid for,” without citing evidence, they appear unlikely to disappear completely, even if Musk spends less time at the so-called Department of Government Efficiency.
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          Deals
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Boeing agreed to sell several digital businesses
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to the investment firm Thoma Bravo for more than $10.5 billion as it seeks to reduce its debt load. (NYT)
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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">
                Elliott Investment Management officially disclosed owning 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">
                stake of over 5 percent in BP
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and is reportedly seeking more change at the struggling oil giant. (Bloomberg)
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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">
                In crypto news: President Trump’s media company is
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                near a deal to introduce E.T.F.s
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including crypto-focused ones; and a son of Commerce Secretary Howard Lutnick is reportedly teaming up with SoftBank and others to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                create a Bitcoin investment vehicle
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT, FT)
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                Treasury Secretary Scott Bessent predicted that an
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                extension of Trump’s 2017 tax cuts
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                could be completed by July 4. And administration officials are said to be weighing
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raising taxes on millionaires
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                . (NYT, WaPo)
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                Seven of the 10 biggest consulting firms to the government have reportedly offered to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                cut up to $20 billion
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                from their federal contracts. (WSJ)
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          Best of the rest
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A jury
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                ruled against Sarah Palin
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in her defamation suit against The Times. (NYT)
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                “They Criticized Musk on X.
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Then Their Reach Collapsed.
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
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