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DealBook: The calm before the storm?
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April 2, 2025
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Good morning. Tariff day has arrived, and the tension is running thick. We break down the latest, and Bernhard Warner reports on the “big bazooka” option that Brussels could roll out. (Was this newsletter forwarded to you?
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The world is on high alert for President Trump’s latest tariff announcement, which is expected later today.
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Doug Mills/The New York Times
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Tariffs in the Rose Garden
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Global markets are mostly lower ahead of President Trump’s big tariffs rollout today, but it’s not the tumult that has rocked stocks in recent weeks.
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S&P 500 futures are holding steady, in the red, as economists warn that Trump’s protectionist policies could set off a global trade war that slams growth and raises prices.
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Business leaders and policymakers are on tenterhooks over what the president might introduce this afternoon. As of yesterday, Trump’s team was still debating
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what the reciprocal tariffs would look like
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, Bloomberg reports.
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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">
The big questions:
</span>
<span>
Will they involve a blanket flat rate — say, a 20 percent duty? Will the levies be tailored by country, with those running the biggest trade surpluses to the U.S. seeing the biggest hit? Or will it be a tiered system in which targets are put into a bad or a worse category?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Adding to the confusion, the White House says the tariffs would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
go into effect immediately
</a>
<span>
, but also that the president was open to negotiating.
</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 uncertainty has forced companies to scramble.
</span>
<span>
Mercedes is weighing whether to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
pull some cheaper models
</a>
<span>
, like the GLA sport utility vehicle, from the U.S. market, as a round of auto tariffs — set to go into effect tomorrow — challenge the company’s profitability, Bloomberg reports. And Sandoz, the European pharma giant, has warned that the trade war could
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
drive up health care costs
</a>
<span>
and crimp drug availability.
</span>
</p>
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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>
“I don’t believe most investors and, frankly, most Americans fully appreciate how these tariffs are going to translate to higher inflation, lower growth and lower corporate profits,” Ron Temple, a market strategist at Lazard,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told Politico
</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">
The geopolitical stakes are high.
</span>
<span>
Leaving trade partners in the dark has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
aggravated already frayed ties with allies
</a>
<span>
, The Times’s David Sanger reports. And the tariff threat has prompted China to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
shore up trade relations
</a>
<span>
with Japan and South Korea, though Seoul has played down the significance of those talks and Tokyo denied them outright. The European Union is still hoping to strike a deal, but it has a nuclear option just in case. (More on that below.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Watch
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
how Trump handles Mexico
</a>
<span>
, whose trade ties to China have grown drastically in recent years and which has a huge trade surplus with the U.S. Separately, Brazil is emerging as
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
an early winner
</a>
<span>
of the tariff chaos — because it can help fill gaps left by Washington.
</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>
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 law firm Willkie Farr & Gallagher strikes a deal with President Trump.
</span>
<span>
Willkie, whose partners include Doug Emhoff, the husband of Kamala Harris,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
pledged $100 million in pro bono legal work
</a>
<span>
for causes that Trump backs, the president wrote on Truth Social; he added that it won’t “engage in illegal DEI discrimination and preferences.” The firm is the latest to reach an accord with Trump as he wages a retribution campaign, though those that have struck deals have often faced criticism.
</span>
</p>
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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">
Prosecutors will seek the death penalty for Luigi Mangione.
</span>
<span>
Attorney General Pam Bondi said she had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
directed the acting U.S. attorney in Manhattan
</a>
<span>
, who is overseeing the case against Mangione over the killing of UnitedHealthcare’s C.E.O., to pursue capital punishment. Karen Friedman Agnifilo, a lawyer for Mangione, said that seeking the death penalty amounted to “state-sponsored murder” intended to protect the “immoral” health care industry.
</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 suspends dozens of federal grants to Princeton.
</span>
<span>
The university, which is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
losing funding
</a>
<span>
from the Defense Department, the Energy Department and NASA, is the fourth Ivy League institution to see its federal financial support cut or under threat. The administration hasn’t commented on why Princeton was targeted, but the school was one of 60 to receive a letter putting it on notice for how it protects Jewish students.
</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">
Visa is said to have offered $100 million to run the Apple Card.
</span>
<span>
The giant payment network’s proposal comes as Visa and American Express
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
seek to oust Mastercard
</a>
<span>
from its role in operating the popular credit card, according to The Wall Street Journal. Banks including JPMorgan Chase and Synchrony Financial have also fought to become the Apple Card’s issuer as Goldman Sachs, which issues the card, seeks to exit consumer lending.
</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>
“Big bazooka”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
For weeks, European leaders have been looking to Brussels to protect the European Union’s economic interests in the brewing trade fight with Washington. With President Trump’s reciprocal tariffs looming today and no deal in sight, the bloc is beginning to brace for the worst, Bernhard Warner reports.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“We have the largest single market in the world,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Ursula von der Leyen
</a>
<span>
, the European Commission president, said yesterday in a speech before the European Parliament. “We have the strength to negotiate. We have the power to push back,” she said, adding, “All instruments are on the table.”
</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 are those instruments?
</span>
<span>
Trump has already announced tariffs on aluminum, steel, cars and auto parts, moves that could seriously hobble the bloc’s shaky economy. Brussels has responded by announcing that it will reimpose
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
tariffs on Harley-Davidson motorcycles, whiskey
</a>
<span>
and other goods — some of which were targeted during the trans-Atlantic clash Trump instigated in his first term.
</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 has an even bigger tool at its disposal
</span>
<span>
, which it can use to
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
go after Big Tech
</a>
<span>
and Wall Street. DealBook obtained one preliminary plan that has been circulating in Europe in recent weeks. It includes a nuclear option: limiting American banks’ access to the E.U.’s enormous public procurements market, which would mean partly cutting the banks off from projects
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
worth roughly 2 trillion euros
</a>
<span>
($2.2 trillion) each year.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Another idea in the plan is to target the huge sums that European investors put into American companies annually, a roughly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
€300 billion annual flow
</a>
<span>
that has become a point of irritation for E.U. officials.
</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 document didn’t make clear the scope,
</span>
<span>
let alone how either proposal might be put in place. But it showed how broadly policymakers are thinking as the bloc weighs its approach.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Brussels could enact tough trade measures like this through something called the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
anti-coercion instrument
</a>
<span>
. It is a trade policy tool that was adopted two years ago to hit back at China. It has never been used before, but it’s seen as
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a last resort option
</a>
<span>
in case talks with Trump go south.
</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 called the big bazooka,”
</span>
<span>
Fabrizio Pagani, a partner at the investment bank Vitale and a former top economic official in the Italian government, told DealBook. “I personally think the big bazooka should be used first of all as a deterrent. So put it on the table, and let’s negotiate.” Olof Gill, a European Commission spokesman, said that the anti-coercion instrument was being considered as Brussels plots its negotiating 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">
Some worry that such hard-line negotiating could backfire.
</span>
<span>
“Tariffs on services, just like tariffs on goods, hit consumers and businesses directly,” Joachim Klement, the head of strategy at the investment bank Panmure Liberum, told DealBook, adding that it would be a surefire way to escalate the trade war.
</span>
</p>
<table width="100%">
<tbody>
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<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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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
What’s next for TikTok
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Today could be a big day in the race to change up the ownership of TikTok before a deadline on Saturday that could force the app’s banishment in the U.S. President Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
plans to meet with top White House officials
</a>
<span>
to discuss a proposal that could secure the video platform’s future in the country.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Still, big questions remain, like whether the White House and ByteDance, its Chinese owner, can appease both Beijing and China hawks in the U.S. And what’s in it for the potential blue chip investors for TikTok that have emerged?
</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 we know:
</span>
<span>
The most likely option is a deal in which existing U.S. investors in ByteDance roll over their stakes into a new, independent TikTok. Additional U.S. investors,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
like Blackstone
</a>
<span>
, would be brought on to reduce the ownership stakes of Chinese investors.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
venture capital firm Andreessen Horowitz
</a>
<span>
is also in the mix, according to The Financial Times. And DealBook hears that others have been circling.
</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">
TikTok remains a tricky bet.
</span>
<span>
It is a huge social media application. But any investment that Blackstone makes would be minuscule compared with the private equity giant’s usual megadeals. Investing in the company means being forced into the regulatory spotlight that shines on most social media apps.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It also means getting involved in a company that’s in the middle of a geopolitical tug of war. Some of ByteDance’s U.S. investors, like General Atlantic, have been
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
unable to monetize their investment
</a>
<span>
in any significant way for 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">
Incentives may be more than financial.
</span>
<span>
Some on Wall Street compare the consortium that invests in TikTok to Trump’s inaugural fund: a pool of money that could win big favor for the president.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Of course, some of the big names orbiting the app already have close ties to Trump, like Blackstone’s Steve Schwarzman and Andreessen Horowitz’s Marc Andreessen. Others, like Oracle, may see a benefit in taking a stake in a company with which they already have a commercial relationship.
</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>
A referendum on Musk
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Voters in Wisconsin last night dealt a blow to President Trump and Elon Musk in a major test of how far the world’s richest man — and often the loudest voice on X — could influence local elections.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Trump, however, did rack up wins in
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
two special congressional elections in Florida
</a>
<span>
, keeping intact the Republicans’ slim hold on power in the House.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The latest:
</span>
<span>
Susan Crawford, the liberal candidate for a Wisconsin Supreme Court seat,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
defeated Brad Schimel
</a>
<span>
, the judge backed by Trump and Musk. The race was the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
most expensive judicial election in American history
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Crawford’s victory maintains the 4-to-3 liberal majority on the court, which is expected to decide pivotal cases on abortion, labor rights and, potentially,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
congressional redistricting
</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">
Musk spent big on the race
</span>
<span>
. He and organizations tied to him spent $25 million to support Schimel, and Musk donated to the state’s Republican Party. Musk also offered Wisconsinites $100 each to sign a petition opposing “activist judges.”
</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 election became
</span>
<span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
about
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Musk.
</span>
<span>
Over the weekend, Musk
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
spoke at a rally in Green Bay
</a>
<span>
, where he wore a cheese hat, gave away giant $1 million checks to winners of a sweepstakes that he said was for those who signed his position. All told, he
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
acted much like a candidate
</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 the move may have backfired.
</span>
<span>
Democrats seized on
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
Musk’s big spending in their messaging to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
ramp up their own fund-raising efforts.
</a>
<span>
A
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Marquette Law School poll
</a>
<span>
last month showed that Musk was disliked by a majority of Wisconsin registered voters.
</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 result may have broader implications.
</span>
<span>
Musk has been trying to position himself as sort of a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
central bank
</a>
<span>
for MAGA Republicans. And he cast last night’s outcome as
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a partial victory
</a>
<span>
when voters approved a Musk-backed effort to enshrine the state’s voter I.D. rules into the Constitution.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The big question after last night: Is his political influence beginning to wane, or was this just a blip?
</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">
In other Musk news: Tesla is set to release first-quarter sales, with analysts
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
forecasting a sharp decline
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
amid growing public backlash against Musk and his politics.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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Subscribe to The New York Times
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
THE SPEED READ
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Rahm Emanuel
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the former Obama administration official and a U.S. ambassador to Japan under President Biden, has rejoined the investment bank Centerview Partners. (Semafor)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Howard Lutnick, the commerce secretary, has reportedly met with both Nippon Steel and the hedge fund Ancora Holdings about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
potential deals for U.S. Steel
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Elon Musk’s Megadeal Between X and xAI
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Breaks Wall Street’s Rulebook
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (WSJ)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Politics, policy and regulation
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The Trump administration began laying off
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
thousands of federal health workers
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, including senior leaders and scientists overseeing food and drugs. Separately, analysts at Cantor Fitzgerald, Lutnick’s former firm, called Robert Kennedy Jr., the health secretary, 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">
conspiracy theorist
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.” (NYT, CNBC)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“This is how China
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
skirts U.S. chip bans
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (Rest of World)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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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">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Kalshi’s sports predictions are under fire
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, and the whole gambling industry is watching” (Business Insider)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Val Kilmer
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a protean Hollywood star who played Batman and the rocker Jim Morrison, died yesterday. He was 65. (NYT)
</span>
</li>
</ul>
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Thanks for reading! We’ll see you tomorrow.
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Ravi Mattu
</a>
<span>
, Managing Editor, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@ravmattu
</a>
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Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
</a>
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Sarah Kessler
</a>
<span>
, Deputy Editor, Chicago
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@sarahfkessler
</a>
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1 day, 23 hours ago - nytdirect@nytimes.com
DealBook: The calm before the storm?
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