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President Trump is trying to drum up Republican support for a megabill that’s roiling the bond market.
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Haiyun Jiang for The New York Times
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Gaming out the costs of a megabill
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Investors in American government debt are getting antsy. The yield on the 30-year Treasury bond passed 5 percent this morning, with traders seemingly spooked over a Republican budget bill that could push U.S. fiscal debt
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President Trump made no mention of that yesterday
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during his trip to Capitol Hill
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</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 reminder of the stakes:
</span>
<span>
The bill could be key to Trump’s domestic agenda, and would determine fiscal policy for years.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It’s also making global investors ponder whether America is still worth investing in. At the moment, traders are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
betting that deficits will swell
</a>
<span>
, pushing yields higher and therefore raising borrowing costs for businesses and households.
</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">
Could that factor into the vote?
</span>
<span>
House Republicans can
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
only afford three defectors
</a>
<span>
given their slim majority. Big differences remain over cuts to Medicaid, but there is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a potential breakthrough
</a>
<span>
in the thorny debate over deductions for state and local taxes for homeowners, Politico reports.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It also includes funding for Trump’s “Golden Dome” missile defense shield, which could cost
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
as much as $542 billion
</a>
<span>
. (SpaceX, Palantir and Anduril are in line
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
to win contracts
</a>
<span>
for that project, Reuters 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">
What’s next?
</span>
<span>
Here are some scenarios:
</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;font-weight:700;font-family:arial,sans-serif;color:#000">
The status quo sticks.
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
For more than two decades, the government has been spending more money than it collects. Moody’s, which downgraded America’s debt rating on Friday, forecasts that the federal debt will rise 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">
about 134 percent of G.D.P. by 2034
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. At that level, investors are likely to demand a higher premium for American debt. That would lead to higher yields, especially on the 10-year Treasury notes that underpin commercial lending and mortgage rates.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
Lawmakers change course.
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
They rein in spending, as business leaders have long been urging. Steven Mnuchin, Trump’s former Treasury secretary, said this morning at a conference in Qatar that reducing the deficit should be a priority. Representative Chip Roy, Republican of Texas and a staunch fiscal hawk, concurs, demanding even bigger spending cuts to the bill — 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">
drawing Trump’s ire
</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;font-weight:700;font-family:arial,sans-serif;color:#000">
The Fed steps in.
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
In past crises, the central bank bought government debt to bring yields down and attract other buyers. But it has taken the opposite approach, winding down its balance sheet, since 2022. Trump has routinely cajoled Jay Powell, the Fed chair, to lower interest rates. Could the president start insisting that the Fed also buy bonds? Republicans in past eras
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
have strongly criticized
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
this so-called quantitative easing.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
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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">
Elon Musk says he’ll spend “a lot less” on elections.
</span>
<span>
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
I’ve done enough
</a>
<span>
,” the billionaire said at a conference yesterday, after having donated nearly $300 million to President Trump and other Republicans in the 2024 election cycle and this year in Wisconsin. Although Musk’s donations and his work in the Trump administration may be affecting his businesses and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
backfiring politically
</a>
<span>
, the entrepreneur left the door open to resuming mega-donations in the future.
</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 Justice Department investigates Andrew Cuomo.
</span>
<span>
Federal prosecutors are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
looking into accusations
</a>
<span>
that the former New York governor lied to Congress about decisions he made during the pandemic, The Times reports. The move comes after the Justice Department, under Trump, dropped corruption charges against Mayor Eric Adams of New York; Cuomo, who is running to be the city’s mayor, is leading Adams in the polls.
</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">
Google bets on an artificial intelligence revamp of its search engine.
</span>
<span>
The tech giant said yesterday it would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
add an “A.I. mode” chatbot
</a>
<span>
that it hopes will fend off competition from the likes of OpenAI. But publishers have worried that such a move could decimate traffic to their sites, since the chatbot mode
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
won’t present the traditional list of blue links
</a>
<span>
to external sites.
</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">
Traders fret over a Bloomberg terminal outage.
</span>
<span>
Users of the industry-leading financial information service — which costs $28,000 a year per terminal — complained today that it was
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
suffering from delays
</a>
<span>
that affected pricing events, including a British government debt auction. A message on Bloomberg’s help desk acknowledged that the issue was being resolved.
</span>
</p>
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<tbody>
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<td height="10">
</td>
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<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
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<td>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Rippling claims its Deel fight is escalating
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The sleepy world of human resources was shaken in March by allegations of corporate espionage against the start-up Deel by a rival, Rippling, that seemed torn from the pages of a thriller. Chief among them: Rippling’s accusation that Deel had planted a spy in its ranks.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Deel has fought back with a countersuit. But embedded in a document sent to some shareholders on Monday, Rippling now claims that federal prosecutors are looking into the matter, Michael de la Merced is the first to report.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
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<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
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<td>
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</td>
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<td height="20">
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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">
A recap:
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Rippling sued Deel
</a>
<span>
in March, accusing its competitor of hiring a mole in its Dublin office to steal trade secrets. (The scheme was uncovered, Rippling says, via a “honey pot” trap involving a Slack channel.) The accused spy, Keith O’Brien,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
later confessed
</a>
<span>
to helping Deel — and named Deel’s C.E.O., Alex Bouaziz, as one of his primary contacts.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Deel has denied any wrongdoing and accused Rippling of
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
its own improprieties
</a>
<span>
, including stealing money from clients.
</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">
Rippling says that the U.S. authorities are now involved.
</span>
<span>
The company told some shareholders, including early investors and current and former employees, that it had reported Deel’s conduct to federal law enforcement and that it “understands an active criminal investigation into Deel’s conduct is ongoing.”
</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">
Deel isn’t “aware of any active investigations,”
</span>
<span>
the company told DealBook in a statement, adding that Rippling had “a long history of making false or sensationalized allegations to governmental authorities about competitors.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In a lawsuit filed in a Delaware court last month, Deel added that Rippling had waged a “multipronged sabotage smear campaign against it.”
</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">
Has the fight affected the companies’ businesses?
</span>
<span>
Both Rippling and Deel have named
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
new top internal lawyers
</a>
<span>
in the wake of the fight.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Rippling has also secured new investment: The document containing the criminal investigation claims is tied to a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
new fund-raising round and tender offer
</a>
<span>
for existing shares, which values the company at $16.8 billion.
</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>
China’s trump card: rare earths
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
There are signs that the Beijing-Washington détente is already fraying. On Monday, China
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
accused the Trump administration
</a>
<span>
of threatening a fragile week-old trade truce by going after Huawei.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
China can afford to play hardball. Its grip on critical supply chain materials, especially rare earths, gives it a way to inflict pain — and corporate America is watching closely.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
U.S. carmakers have privately warned President Trump’s advisers that China’s threats to restrict these crucial minerals could dent production and raise car prices. They want long-term supply access to be a key focus in trade talks, Grady McGregor 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">
“It’s China’s trump card,”
</span>
<span>
said Gracelin Baskaran, director of the Critical Minerals Security Program at the Center for Strategic and International Studies. “Rare earths are the single biggest bargaining leverage China has.”
</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">
Background:
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
China limited exports
</a>
<span>
of seven such minerals in April as retaliation for Trump’s tariffs. The move alarmed American carmakers because
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
China controls 90 percent
</a>
<span>
of the world’s rare-earth supplies, including
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dysprosium
</a>
<span>
, used for magnets that power electric vehicle motors.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In addition to E.V.s, airbag sensors, power seats and traction control technology rely on these materials. “It could bring assembly plants in the West to a standstill,” said Michael Dunne, C.E.O. of Dunne Insights and a former auto executive in Asia.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Last week, China’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
government announced
</a>
<span>
that it would pause some export restrictions. But it
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
kept limits
</a>
<span>
on foreign companies’ access to some rare earth minerals, including dysprosium.
</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">
American officials have
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
long viewed
</a>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
China’s rare-earth dominance as untenable.
</span>
<span>
The military is also reliant on those minerals. Despite Trump’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
fixation on the issue
</a>
<span>
, a workaround has proved elusive.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Other countries, including the United States, are bolstering rare-earth mining efforts. But China’s dominance in processing the minerals gives it a huge edge.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In March, Trump declared domestic mineral production
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a national security priority
</a>
<span>
. A recent
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
U.S.-Saudi deal
</a>
<span>
shows efforts to diversify away from China through other partners. But experts say the United States will be reliant on Beijing for years, if not decades.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="Wide angle shot of the interior of a Home Depot store showing paper towels, a worker in an orange apron, an escalator in the center with several patrons and many items on shelves in the background." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F21%252Fmultimedia%252F21db-newsletter-vplw%252F21db-newsletter-vplw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDc4MjY4NzkuMzE5NjIyOH0:1uHhc7:YuF4HdU-ITxROf_t7HQBkWT-cnRrGe5YBW8_OGmTVcE" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
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<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Home Depot said it wouldn’t raise prices, but there’s still some messaging strategy involved.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Jeenah Moon/Reuters
</span>
</span>
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Retailers choose their words carefully
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
As major retailers post results this week, they’re facing the tricky question of whether to raise prices in response to tariffs — and how to describe their plans. Trump’s backlash against Walmart — he told the company to “EAT THE TARIFFS” after it said it
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
would raise some prices
</a>
<span>
— has complicated matters.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Yesterday, Home Depot took the opposite tack, telling analysts on its earning call that it would not raise prices. Most U.S. companies
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
plan to raise prices
</a>
<span>
, according to a report from Allianz Research. So it’ll come down to messaging.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
What’s the right strategy? Pricing consultants and retail analysts told Danielle Kaye that the answer most likely depends on companies’ long-term plans and the shifting tariff landscape. Here are some of the tactics that could come into play.
</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">
Playing with semantics:
</span>
<span>
Home Depot will “generally” hold its prices steady, executives said. But even as the company strove to emphasize stable pricing, executives hinted that not all prices would necessarily stay the same, noted David Silverman, a retail analyst at Fitch Ratings. The company could raise prices in certain categories or at certain times as well, he said. (Home Depot declined to comment to DealBook.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Denise Dahlhoff, director of marketing and communications research at the Conference Board, said she was advising retailers to avoid saying “tariff” when discussing pricing plans, given the politically fueled nature of the term.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“More neutral terms to use are ‘sourcing cost’ or ‘input cost’ or ‘supply chain cost’ — they are not as incendiary as ‘tariff,’” she 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">
Avoiding price increases by finding new ways to cut costs:
</span>
<span>
Analysts predict a surge in private labels, or store brands. These products give retailers more control over things like the package size, which they could tinker with to bring down some costs. (Think: shrinkflation.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But it’s a mid to long-term strategy, said Katherine Black, a partner at Kearney, a consulting firm, who advises large retailers on pricing strategy.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Other strategies:
</span>
<span>
Big companies could try to pressure suppliers to absorb some of the tariff costs.
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
Home Depot said yesterday that it was diversifying its supply chains, so that in one year, it wouldn’t source more than 10 percent of its products from any single country.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The home improvement retailer also said it might shift product selection to mitigate cost increases. The American toy company Mattel said this month that it, too, aimed to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
scale back
</a>
<span>
production in China. Walmart said last week that it could work with its suppliers to adjust product quantities over time.
</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">
Are tariffs a cover to raise prices?
</span>
<span>
There is some concern that companies could increase prices more than they need to because shoppers are already bracing for inflation. It happened during the pandemic.
</span>
</p>
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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>
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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">
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">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Private Equity Is Troubled
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, $1 Trillion Kuwait Fund’s Boss Warns” (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">
Providence Equity Partners is reportedly close to buying GCL, the logistics company that handled Taylor Swift’s Eras tour,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
for about $1 billion
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (WSJ)
</span>
</li>
</ul>
</td>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
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">
A Texas data center that’s part of OpenAI’s huge data center project has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
raised $11.6 billion
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (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">
Fortnite
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
returned to Apple’s App Store
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
after the game’s maker, Epic, won a victory over the iPhone giant in federal court. (NYT)
</span>
</li>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“How Two CEOs Mixed Romance and Business,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Leading to Scandal
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (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">
As the “Lilo & Stitch” live-action remake hits theaters, here’s how Disney turned the movie’s alien star
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
into a cash cow
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (NYT)
</span>
</li>
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1 week, 4 days ago - nytdirect@nytimes.com
Also, a new claim in a corporate spying drama.View in browser|nytimes.comMay 21, 2025Good morning...