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   DealBook: The clock ticks on TikTok
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             March 12, 2024
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          Good morning. Today we’re covering why brands won’t abandon TikTok anytime soon; examining the importance of today’s Consumer Price Index report; breaking down President Biden’s populist budget proposal; and tracking the fervor for Bitcoin. (Was this newsletter forwarded to you?
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            <img alt="A woman sitting on a yellow cushion on a bench, with the TikTok logo over her shoulder." class="css-rqc852" height="449" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F03%252F12%252Fmultimedia%252F12db-newsletter-tiktok-cpbq%252F12db-newsletter-tiktok-cpbq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTAyNDU0MzAuMjgxODA3NH0:1rk0xi:ET28OueZPT5vfiRok8X58jhAk_lFsekSnXMj3iOtm14" style="width:100%;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             TikTok users are lobbying Washington lawmakers to try to derail a bill that could ban the short video app in the U.S.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Ore Huiying for The New York Times
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Another round in the TikTok fight
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The warnings against TikTok aren’t letting up, with U.S. security officials saying China is using the platform to meddle in elections and lawmakers calling the video app a global threat.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The sharp rhetoric isn’t new, but it raises a question for policymakers and business: Is the new push to force ByteDance, the company’s Chinese owners, to divest a real step change or just political posturing?
         </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 House is barreling toward a vote tomorrow that would force ByteDance to sell.
         </span>
         <span>
          Representative Steve Scalise, Republican of Louisiana and the majority leader, said yesterday that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          special measures
         </a>
         <span>
          would be used to speed the process.
         </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 big worry is TikTok’s ability to push content.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Office of the Director of National Intelligence
         </a>
         <span>
          says that the Chinese government has used the platform to promote pro-Chinese narratives and to influence American elections. Beijing could try to use TikTok to “sideline critics of China and magnify U.S. divisions” in this year’s presidential race.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (Worth noting: China has also used
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          X
         </a>
         <span>
          and
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Meta
         </a>
         <span>
          ’s platforms to disseminate its messages.)
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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">
          Critics say TikTok’s response is proof it’s spreading misinformation.
         </span>
         <span>
          The app has 170 million users in the U.S. and sent
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          push alerts
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         <span>
          to users over 18, telling them to urge lawmakers to “stop a TikTok ban.” Congressional offices have been inundated with calls and messages.
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         <span>
          But the House
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          committee on the Chinese Communist Party
         </a>
         <span>
          that’s behind the legislation accused TikTok of deceiving Americans, saying the bill is not a ban but rather a proposal asking TikTok to sever ties with China and ByteDance.
         </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">
          Expect China to hit back.
         </span>
         <span>
          “It’s highly unlikely that Chinese leaders would permit ByteDance to divest from TikTok,” Gabriel Wildau, a China risk analyst at Teneo, told DealBook. “And the leadership has plenty of legal tools available to block a sale, so the bill under discussion is effectively a ban.”
         </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 don’t expect business to abandon TikTok.
         </span>
         <span>
          The app has been under threat since 2020, when Donald Trump signed an executive order to force a divestment. (Trump has now
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          changed his mind
         </a>
         <span>
          , adding to the confusion about whether the bill will become law.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet TikTok has become a crucial platform for brands trying to connect with younger consumers. Advertisers spent nearly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $1.2 billion on TikTok
         </a>
         <span>
          in the fourth quarter of 2023, up 43 percent compared to the first quarter last year.
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
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             ADVERTISEMENT
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         <span>
          “This is an issue that’s been there for years,” Martin Sorrell, a veteran advertising executive, told DealBook. “Until it gets resolved, one way or the other, I think advertisers will continue. They are not going to withdraw because of this latest flurry.”
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              HERE’S WHAT’S HAPPENING
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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 federal judge delivers a labor victory for big franchisers.
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         <span>
          A rule issued by the National Labor Relations Board that would hold companies like McDonald’s liable for the working conditions of franchisees’ employees
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          was too broad
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         <span>
          , the judge, based in the Eastern District of Texas, decided. The N.L.R.B. may appeal the decision.
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        </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">
          Meta sues a former executive, alleging the theft of confidential documents.
         </span>
         <span>
          The tech giant accused Dipinder Singh Khurana, most recently a vice president, of taking a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “trove” of sensitive information
         </a>
         <span>
          when he went to an unidentified A.I. start-up, according to Bloomberg. At least eight Meta employees whose information was in the documents followed him to that company.
         </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 Murdochs may team up with Jeff Zucker and Abu Dhabi for a British newspaper.
         </span>
         <span>
          News Corp. is in talks to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          partner with RedBird IMI
         </a>
         <span>
          , an investment firm led by Zucker, the former CNN chief, and backed by Emirati money, to buy The Telegraph, Bloomberg reports. That could ease
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          concerns among British lawmakers
         </a>
         <span>
          about a foreign power controlling one of the country’s most prominent publications.
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          The N.A.A.C.P. calls on Black student-athletes to reconsider attending Florida colleges.
         </span>
         <span>
          The advocacy group cited the state’s policies banning the use of public money for diversity, equity and inclusion programs — leading to universities shutting their programs — as a reason to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weigh going elsewhere
         </a>
         <span>
          . The campaign introduces a new area of conflict in the
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          battle over D.E.I. programs
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          .
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Today’s big inflation report
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This morning’s Consumer Price Index report is expected to be another decisive one for Wall Street and Washington.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S&amp;P 500 has taken a two-day break from its record run, as investors look for fresh signs of progress in the Fed’s battle with inflation. Jay Powell, the central bank’s chair, said last week that central bank policymakers were “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          not far
         </a>
         <span>
          ” from cutting interest rates —
         </span>
         <span style="font-style:italic">
          if
         </span>
         <span>
          new data justified such a move. President Biden is also hoping for an upbeat number to bolster perceptions of his economic record.
         </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">
          Here’s what to watch today:
         </span>
         <span>
          The report is expected to show that headline inflation held steady at 3.1 percent
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on an annual basis
         </a>
         <span>
          . That’s well above the Fed’s 2 percent target. But economists expect to see a slowdown in “core” inflation, which excludes volatile food and fuel prices. That would be welcome progress after last month’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          surprisingly strong reading
         </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 bad news:
         </span>
         <span>
          Rising health care,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          insurance
         </a>
         <span>
          , and “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shelter
         </a>
         <span>
          ” costs continue to blunt progress. “Core services inflation should remain sticky-high,” Stephen Juneau, a Bank of America economist, wrote in a note last week. Another warning sign: The New York Fed’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          monthly inflation survey
         </a>
         <span>
          yesterday showed that respondents saw prices climbing during the next three to five years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Adding to the downbeat mood,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jamie Dimon
         </a>
         <span>
          , the C.E.O. of JPMorgan Chase, warned this morning that a U.S. recession wasn’t “off 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">
          The good news:
         </span>
         <span>
          Goods inflation, particularly for cars, clothing and household furnishings, has been falling for months.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          That’s expected to be borne out in today’s figures, too. And some parts of the country “are in a low inflation environment,” Paul Donovan, an economist at UBS, wrote to investors this morning. “This is all consistent with the Federal Reserve following inflation lower with a second quarter rate cut.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The futures market this morning was pricing in roughly three interest rate cuts this year, the first coming in June. That’s in line with the Fed’s own forecast — but well off what markets had priced in at the start of the year.
         </span>
        </p>
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Biden bets on taxing big business
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With his newly released budget proposal, President Biden has sharpened his political pitch for an election year: going populist by raising taxes on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          big businesses and the wealthy
         </a>
         <span>
          to pay for social programs. It has no chance of becoming law — but it’s a reminder for corporate America of where it stands as Biden seeks another 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">
          Biden called for raising $5 trillion in new taxes on companies and the rich,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          including
         </a>
         <span>
          :
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Raising the corporate tax rate to 28 percent from 21 percent, where it was set in 2017;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Increasing the corporate minimum tax to 21 percent, up from the 15 percent set in 2022;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Quadrupling a levy on corporate stock buybacks to 4 percent and eliminating a tax break on purchases of corporate jets;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Lifting the capital-gains rate for those who earn more than $400,000 to 39.6 percent, while closing the so-called carried interest loophole for hedge fund and private equity executives;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                And imposing a 25 percent “billionaire tax” on those whose wealth exceeds $100 million. (Valuing people’s fortunes will be tricky and the Treasury Department hasn’t specified how it would do so.)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
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        </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">
          Biden is trying to strike a delicate political balance.
         </span>
         <span>
          He wants to win over voters who are giving him low marks on the economy, while painting Donald Trump as an advocate for tax breaks for the rich. (Republicans criticized the proposed budget as “another glaring reminder of this administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility.”)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Biden was also quick to rebut claims that he’s anti-business. “I’m a capitalist, man,” he said at a speech in New Hampshire. “Make all the money you want. Just begin to pay your fair share in taxes.”
         </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">
          There are limits to the tax-the-rich approach, however.
         </span>
         <span>
          Neil Irwin of Axios writes that even though Biden’s budget proposal would reduce the federal deficit by $3 trillion, it would require some
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          optimistic economic assumptions to pull it off
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td style="text-align:center">
            <img alt="" class="css-16mzoch" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F03%252F12%252Fbusiness%252F12db-btc%252F12db-btc-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTAyNDU0MzAuMjgyNzExfQ:1rk0xi:3V054mqqFtUbYmwEYqGFGTHlA2iHQtiBi-qQ97fZLQk" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:15px;padding-bottom:30px;line-height:0" width="500"/>
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Crypto is on a winning streak
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bitcoin is hovering around $72,000 this morning, a rally that has helped mint a new crop of crypto billionaires. The bullish mood can be felt throughout the sector.
         </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 token has climbed by more than 50 percent
         </span>
         <span>
          since the S.E.C. approved the first Bitcoin exchange traded-funds in January, bringing a wave of mainstream investors into crypto trading. A raft of similar funds linked to Ethereum, another popular digital currency, could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          get the green light by May
         </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">
          Coinbase is pushing the S.E.C. for more favorable treatment.
         </span>
         <span>
          The Nasdaq-listed cryptocurrency exchange’s stock has surged alongside Bitcoin this year. Yesterday, Coinbase filed a lawsuit against the regulator, accusing it of “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          capricious
         </a>
         <span>
          ” behavior. It says the agency has shirked its responsibility to write clear rules on how the industry should operate.
         </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">
          Tough tactics have worked before.
         </span>
         <span>
          Grayscale Investments, a digital asset manager, sued the S.E.C. last year after the regulator denied its application for a Bitcoin exchange-traded fund. A panel of judges agreed that the agency acted arbitrarily, a ruling that paved the way for January’s approval of new Bitcoin funds.
         </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 industry is also flexing its political muscles.
         </span>
         <span>
          Coinbase and others backed a network of well-funded super PACs that some say helped
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fell crypto-skeptic Katie Porter
         </a>
         <span>
          , the Democratic representative from California, who lost her race to be the party’s nominee for the Senate.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The sector is now looking at
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new targets to boost, or topple
         </a>
         <span>
          . “The crypto advocacy community is feeling pretty good right now,” said Kristin Smith, C.E.O. of the trade group Blockchain Association. “For the first time since Bitcoin was created 15 years ago, we have the tools in place, on the policy front and the political front.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The sector got another shot in the arm yesterday when Travis Hill, the F.D.I.C.’s vice chair,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          called on regulators
         </a>
         <span>
          to ease their restrictions on how banks handle customers’ digital assets.
         </span>
        </p>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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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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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Donald Trump reportedly asked Elon Musk last summer if he was interested in
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                buying Truth Social
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , the former president’s social media platform. (WaPo)
               </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-size:17px;line-height:25px;vertical-align:middle">
                G/O Media agreed to sell Deadspin
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , the sports news website, to a European media company — and will lay off all existing employees. (NYT)
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                corporate America
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                — and vice versa — than ever before. (Foreign Affairs)
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