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April 9, 2025
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Good morning. Conflicting messages from top U.S. officials are making it hard for global leaders to figure out how to respond to President Trump’s tariffs. Nothing illustrates that better than the public bickering between two top advisers, Elon Musk and Peter Navarro. After Navarro dismissed the Tesla chief as a “
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President Trump’s sweeping new tariffs have gone into effect, rattling global markets.
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Worst offenders
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Broad new tariffs on U.S. trading partners
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went into effect a few hours ago
</a>
<span>
, including huge penalties for those on President Trump’s “worst offenders” list. Up next: the threat of additional levies on pharmaceutical imports.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The moves have hit jittery investors in the gut yet again, with bonds, Asian and European stocks and oil sharply lower on fears for the global economy.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Business leaders and policymakers are left to wonder: Is the president serious about cutting deals — or is the endgame to usher in a new protectionist era of global 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">
Trump continues to signal that more pain is ahead.
</span>
<span>
“Sometimes you have to mix it up a little bit,” the president said yesterday, in remarks that framed his tariff policy as an eventual boon for American manufacturing and the economy, if also “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
somewhat explosive”
</a>
<span>
for markets.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He also appears intent on ratcheting up his conflict with China, including a 104 percent tariff on Chinese imports. (China threatened an additional 50 percent duty on U.S. imports.) The tit-for-tat measures by Washington and Beijing are threatening collateral damage for global supply chains.
</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 explosive market developments …
</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">
S&P 500 futures point to another volatile day. Yesterday left the benchmark index a whisker away from a bear market. Assessing the sharp sell-off, JPMorgan Chase’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">
recession indicator spiked
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, as did the Cboe Volatility Index, known as Wall Street’s fear gauge. Just in:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Delta Air Lines
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
reported first-quarter results, saying “growth has largely stalled” on economic uncertainty, and declined to give a full-year outlook.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Of increasing concern for many is the sharp sell-off in Treasury bonds and notes since Friday, which is bad news for American borrowers. “I haven’t seen moves or volatility of this size since the chaos of the pandemic in 2020,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Calvin Yeoh
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a portfolio manager at the hedge fund Blue Edge Advisors, told Bloomberg. Keep an eye on today’s 10-year Treasury bond auction.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Futures tied to West Texas Intermediate, the U.S. oil benchmark, have slipped below $56 as investors worry about a worldwide economic slowdown drying up demand. That’s well below the “all-in” break-even price for domestic producers, according to the research firm Rystad Energy, and could strain relations between Trump and some of his Big Oil backers. (So far, they’re
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
staying quiet
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
publicly.)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
China’s offshore yuan
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
fell to a new low overnight
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, leading market watchers to question whether Beijing was intentionally devaluing its currency — something Trump has complained about — to lessen the hit from tariffs.
</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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</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">
Trump and Treasury Secretary Scott Bessent say trade talks are happening,
</span>
<span>
but the timeline is unclear. Japan and South Korea appear to be first up, but scores of other countries and regions, including China and the European Union, are in limbo.
</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">
DealBook has questions:
</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">
If you’re looking to cut a deal with Trump, what is your next move? Given the falling markets, growing signs of a potential recession, anxiety among Republican lawmakers and donors, 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">
increasingly public infighting
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
among Trump’s inner circle, why not let the drama play out further before negotiating?
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
If you’re a business, do you hold off on investments (including in new U.S. factories), hiring, and deal-making on the hopes that pressure will force the White House to change course?
</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 waiting could be a huge gamble,
</span>
<span>
especially as Trump’s hawkish trade advisers like Peter Navarro and Steve Miran lay out ground rules for negotiating, which some commentators have likened to “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a shake-down operation
</a>
<span>
.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
A speech on Monday by Miran
</a>
<span>
, the chair of the White House Council of Economic Advisers, at the nonpartisan Hudson Institute has drawn significant attention. Miran offered countries a five-point “burden sharing” plan to get in the administration’s good graces. One guideline read, “Simply write checks to Treasury.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<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>
<tr aria-hidden="true">
<td>
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<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
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<tr>
<td height="20">
</td>
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<td height="30">
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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 Justice Department disbands its cryptocurrency enforcement unit.
</span>
<span>
Todd Blanche, the deputy attorney general, said crypto investigations would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
focus more narrowly
</a>
<span>
on crimes like fraud, drug trafficking and terrorism. The Trump administration has rolled back regulation of the crypto industry, which heavily backed President Trump’s campaign last year, and the Trump family has also
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
expanded its cryptocurrency businesses
</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">
Two major law firms seek to permanently block executive orders attacking them.
</span>
<span>
Jenner & Block and WilmerHale
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
asked federal judges to immediately rule
</a>
<span>
on whether Trump’s orders, which treat them as national security risks and essentially bar them from representing companies with government contracts, are unconstitutional. The filings are the latest effort by the legal industry to fight back against a retribution campaign by Trump.
</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 Trump administration freezes nearly $2 billion in funds for Cornell and Northwestern.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The move
</a>
<span>
, which largely involves grants from and contracts with several government departments, is the latest blow by the administration against higher education institutions. (Northwestern is the first non-Ivy League school to be targeted.) Both universities have faced accusations that they haven’t done enough to combat antisemitism or racial discrimination.
</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">
Andreessen Horowitz is said to pursue $20 billion for its latest fund.
</span>
<span>
The giant venture capital firm is hoping to capitalize on
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
investor interest in artificial intelligence start-ups
</a>
<span>
to raise its biggest fund, according to Reuters. Andreessen Horowitz’s effort comes amid a sharp slowdown in fund-raising: Firms raised about $169.7 billion last year, down 20 percent year-on-year, according to PitchBook.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
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</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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<tbody>
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<td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
</td>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Trump upends the war on talent
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Economists warn
</a>
<span>
that President Trump’s assault on higher education and the sciences, including freezing or canceling billions of dollars in government-funded research and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
revoking student visas
</a>
<span>
, could set U.S. innovation back decades.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Europe’s venture capitalists,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
tech entrepreneurs
</a>
<span>
and research institutions are moving quickly to capitalize on the tumult, Vivienne Walt reports. Numerous initiatives are underway to woo researchers who have been defunded by the Trump administration — and they’re racking up results.
</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">
Leading European universities are in high demand.
</span>
<span>
Beginning last month, “we started to be contacted by scientists and institutions in the U.S.,” said Mehran Mostafavi, vice president of research for Université Paris-Saclay, a top research center in artificial intelligence and quantum computing. The university is set to announce 20 new tenure-track professorships, according to Mostafavi, and five posts specifically for American scientists.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Ivy League résumés have begun rolling in from scientists
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
stripped of federal funds
</a>
<span>
. “It is not yet a wave, but we feel it increasing,” Mostafavi told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Aix-Marseille University in France
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
has been flooded
</a>
<span>
with queries from researchers at Stanford, Yale, NASA and the National Institutes of Health as it dangles lucrative grants for those seeking “scientific exile.”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Vrije Universiteit Brussel
</a>
<span>
and the Pasteur Institute in Paris are among those luring Americans.
</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">
“This transition is happening,”
</span>
<span>
Shawn Park, a computer science major at Carnegie Mellon University, told DealBook. He was offered a research post at Aalto University in Finland, after spending the past three months in a Helsinki lab. Undergraduates from Harvard, Stanford and M.I.T. are set to begin working in the same lab next month, he added.
</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">
Businesses see potential gains.
</span>
<span>
Venture capital firms say that those students could bolster a badly needed pipeline of talent and innovative ideas to better compete with Silicon Valley.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Funding cuts by Trump and Elon Musk’s so-called Department of Government Efficiency have driven calls to action in Europe, said
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Lena Thiede
</a>
<span>
, a co-founder and general partner at Planet A Ventures, a Berlin-based investor in green-tech start-ups.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“There is much more appetite now for bolder innovation, bolder solutions,” she 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">
Homegrown funding remains an issue.
</span>
<span>
That was true before Trump’s trade war sent global markets into free fall, and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
put the freeze on I.P.O.s
</a>
<span>
. “Companies are founded here,” said Suvi Collin, who heads the legal and E.S.G. departments for the Finnish Venture Capital Association. “But when they grow and scale, they look to the U.S.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Still, many on the continent hope that the uncertainty about America will begin to reverse that migration trend, she said.
</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>
Seen and heard, Capitol Hill edition
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Republicans and Democrats alike grilled the U.S. trade representative, Jamieson Greer, as he spoke before the Senate Finance Committee about President’s Trump’s tariffs. It was brutal. (Greer
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
is expected to testify
</a>
<span>
before the House Ways and Means Committee today at 10 a.m. Eastern.)
</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">
“Whose throat do I get to choke if this proves to be wrong?”
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
—
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
Senator Thom Tillis,
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
Republican of North Carolina
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“A good day in hospice.” —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
Senator Mark Warner, Democrat of Virginia
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
, dismissing yesterday’s initial rebound in stocks. The S&P 500 subsequently tumbled, closing 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;font-style:italic">
hair’s breadth away
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
from a bear market.
</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 U.S. economy has gone from the envy of the world to a laughingstock, in less time than it took to finish March Madness.”
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
—
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
Senator Ron Wyden
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
, Democrat of Oregon
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“There’s going to be a lot of collateral damage, and people are already feeling that pain.”
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
—
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
Senator Ron Johnson
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
, Republican of Wisconsin
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
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<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
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</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="Jeff Raider, left, smiling and wearing a dark blue shirt, and Andy Katz-Mayfield, smiling and wearing a denim shirt." class="css-xsf469" height="323" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F04%252F09%252Fbusiness%252F09db-mammoth2%252F09db-mammoth2-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDQxOTgyOTQuODc3MDcxNH0:1u2TeY:VaoNVCqW4vwEORXIw0Zn_p9lkFzBpeOkt7l3jVe42ZM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Jeff Raider, left, and Andy Katz-Mayfield want to turn the parent company of Harry’s razors into a consumer products giant.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Mammoth Brands
</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>
Betting on a new consumer products empire
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The razor brand Harry’s made a name for itself soon after its founding by buying a German blade factory in 2014, as it sought to take on established rivals like Gillette and Schick. Now, its founders are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
rechristening the company as Mammoth Brands
</a>
<span>
, with the intent of turning it into a consumer packaged goods giant, Michael de la Merced is first to report.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That involves striking acquisitions to add brands to its stable — and, perhaps, braving the I.P.O. market as well.
</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 backstory:
</span>
<span>
Over more than a decade, Harry’s has grown to become the second-biggest brand in the U.S. men’s shaving market, according to Euromonitor, behind Procter & Gamble’s Gillette but outselling Schick and a direct-to-consumer rival, Dollar Shave Club.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But it has also added other brands, including homegrown ones, like the women’s shaving company Flamingo, and bought others, like the deodorant maker Lume.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The result: Mammoth collected some $835 million in revenue and nearly $100 million in pretax forma earnings last year, with sales having grown more than 20 percent over the past five years.
</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">
Mammoth’s founders want to deploy their playbook again,
</span>
<span>
using the experience of growing e-commerce operations and striking partnerships with the likes of Target and Walmart to bolster sales. A big part of that plan is to buy promising start-ups, essentially replicating the success with Lume.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“We love the idea of having an ecosystem where a bunch of founders are running around building brands,” said Jeff Raider, one of Mammoth’s founders.
</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">
Deals factor into Mammoth’s future in other ways.
</span>
<span>
The company, then known as Harry’s, agreed to sell itself to Edgewell, which owns Schick and Wilkinson Sword, in 2019 for $1.37 billion — only for that transaction to be blocked on antitrust grounds.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That appears to have left an I.P.O. as a next big move. The company has already filed confidentially to go public, according to people with knowledge of the matter, who declined to speak publicly about the company’s strategy. Andy Katz-Mayfield, Mammoth’s other founder, said that an I.P.O. was “the most likely outcome” someday, but that Mammoth was in no rush.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He added that the company had been able to finance its own growth, apart from a $155 million fund-raising round in 2021 to help finance the Lume acquisition.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Still, Mammoth will have to navigate some bumps, including President Trump’s tariffs, that could affect its international supply chain. Katz-Mayfield said that the company could ride out any shocks: “We sell staples,” he said. “The good news is that people tend to buy that stuff in good days and bad.”
</span>
</p>
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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">
Debt-laden companies backed by private equity firms
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
may struggle to raise money
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
amid President Trump’s trade fight, according to Moody’s. (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">
“Inside the E.V. startup
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
secretly backed by Jeff Bezos
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (TechCrunch)
</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">
Trump signed executive orders seeking 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">
bolster the ailing U.S. coal industry
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, including loosening emissions restrictions on plants. (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">
Representative Andy Harris, the Maryland Republican who leads the hard-right House Freedom Caucus, said he continued 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">
oppose a budget proposal
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
backed by Trump and Republican leadership. (Politico)
</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">
The bird flu outbreak has led to sharp jumps in U.S. egg prices. But
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
some of the nation’s biggest egg producers
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
are seeing higher profits, and benefiting from government relief payouts. (WaPo)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Americans Have $35 Trillion in Housing Wealth —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
and It’s Costing Them
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (WSJ)
</span>
</li>
</ul>
</td>
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3 weeks, 2 days ago - nytdirect@nytimes.com
DealBook: The art of the (tariff) deal
Also, Europe hopes to gain from a U.S. brain drain.View in browser|nytimes.comApril 9, 2025Good m...