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   DealBook: The costs of tariff transparency
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   Also, companies deliver a new crop of dismal outlooks.
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             April 30, 2025
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          Good morning. Companies are worried that President Trump’s trade policies will force them to increase prices, angering consumers. But pointing that out could draw his ire. What should they do? (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             Karoline Leavitt, the White House press secretary, criticized Amazon over a report about tariff-related pricing displays that the company has denied.
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             Mandel Ngan/Agence France-Presse — Getty Images
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trump’s price war
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At a rally in Michigan last night, President Trump declared that “
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          we’re ending the inflation nightmare
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          .” But corporate chiefs are bracing for the opposite, revealing a split-screen view of the future that has sharpened as trade uncertainty grows.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Companies have warned for weeks that tariffs could scramble supply chains, force them to tear up their financial outlooks and raise prices. (More on that below.) Yet they now face a new dilemma: Should they be transparent with shoppers about why prices are increasing, or — as Amazon learned yesterday — risk drawing Trump’s fury?
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A recap:
         </span>
         <span>
          Trump called Jeff Bezos yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to fume over a report by Punchbowl News
         </a>
         <span>
          that the retailing giant had planned to detail how tariffs contribute to price increases. The purported move, which Amazon has denied, would have illustrated the real-world effects of the president’s trade policy, which is already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hitting the Chinese e-commerce giants Temu and Shein
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Karoline Leavitt, the White House press secretary, delivered an extraordinary rebuke of Amazon during yesterday’s news briefing, accusing the retailer of being “hostile and political.” Amazon said it had weighed such a move for Amazon Haul, its Temu competitor, but decided not to — and had never considered it for its main site.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Still, the conundrum companies face seems clear.
         </span>
         <span>
          Do they eat tariff-related cost increases and hurt their bottom line, and investors? Do they pass the higher costs onto shoppers, potentially drawing their ire?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Or do they level with consumers, and dare angering 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">
          Stifling price transparency could backfire on Trump,
         </span>
         <span>
          Paul Donovan, the chief economist for UBS Global Wealth Management, told DealBook. Without clear pricing information, Democrats and independents could argue that
         </span>
         <span style="font-style:italic">
          all
         </span>
         <span>
          price hikes — including non-tariff ones — were Trump’s fault, he said.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More important economically, levies could also give companies cover to raise prices above and beyond what new duties cost them. “If there is going to be administration hostility to identifying the price impact of trade tariffs,” Donovan added, “then we do run the risk of second-round inflation effects coming through.”
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ironically, the Trump administration has attacked what it calls price gouging.
         </span>
         <span>
          The Justice Department is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          investigating egg producers
         </a>
         <span>
          over rapidly rising prices, which have become a potent political symbol for inflation.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          And last month, Trump invited Kid Rock to the Oval Office as he signed an executive order aimed at protecting “fans from exploitative ticket scalping.” The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          order calls for
         </a>
         <span>
          price transparency for live events.
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other trade and economy news: Investors are bracing for new inflation data, which is expected to show 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">
                slowdown in price rises
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and G.D.P. data later this morning. New data from China illustrates the trade war’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">
                fallout for manufacturing there
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . And the trade “proposals on paper” recently promoted by the White House are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                mostly preliminary outlines
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Politico reports.
               </span>
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         DEALBOOK WANTS TO HEAR FROM YOU
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We’d like to know how the tariffs are affecting your business. Have you changed suppliers? Negotiated lower prices? Paused investments or hiring? Made plans to move manufacturing to the U.S.? Or have the tariffs helped your business? Please
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          let us know what you’re doing
         </a>
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          .
         </span>
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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">
          Paramount’s board sets a possible path for a settlement with President Trump.
         </span>
         <span>
          Lawyers for both sides are set to begin mediation today over the president’s $20 billion lawsuit against CBS News, related to its “60 Minutes” program. But the media company’s board has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          outlined financial terms
         </a>
         <span>
          for a potential accord with Trump, The Times reports. Paramount’s controlling shareholder, Shari Redstone, favors a settlement, but has said she’s recusing herself from board deliberations over such a move.
         </span>
        </p>
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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">
          The conservative activist Robby Starbuck sues Meta over A.I. answers about him.
         </span>
         <span>
          Starbuck said that the tech giant’s artificial intelligence software
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          falsely asserted
         </a>
         <span>
          that he participated in the Jan. 6, 2021, Capitol attack. He joins a small group of plaintiffs suing Big Tech over accusations of incorrect information provided by error-prone A.I. systems.
         </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">
          Harvard promises changes after reports about antisemitism and Islamophobia.
         </span>
         <span>
          The university’s president, Alan Garber,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          listed actions
         </a>
         <span>
          the school would take to curb bigotry after long-awaited inquiries into discrimination. Many of them parallel demands by the Trump administration’s antisemitism task force. Harvard is fighting efforts by the White House to freeze billions in funding.
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Seen and heard, corporate outlook edition
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s the middle of earnings season, and companies are grappling with the uncertainty and volatility that President Trump’s trade policies have ushered in. That has led more businesses to pull their financial guidance or report hits to their operations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here’s what a selection of companies have been saying:
         </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">
                Adidas
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                warned that it would raise prices for consumers in the U.S., citing Trump’s wide-ranging increase in tariffs and the sportswear giant’s inability to make “almost any of our products” in America. “Given the uncertainty around the negotiations between the U.S. and the different exporting countries, we do not know what the final tariffs will be,” the company added.
               </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">
                Snap
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                withdrew its forecast for the current quarter, citing macroeconomic uncertainty’s potential effect on its core ad business: Brand-oriented advertising fell 3 percent in the first quarter on an annualized basis; the company also said some advertisers were being affected by the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                end of the de minimis exemption
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Stellantis
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                suspended its guidance for the rest of the year this morning, citing “tariff-related uncertainties,” following a similar move by General Motors yesterday. But the parent company of Chrysler, Fiat and Jeep said it was “highly engaged with policymakers on tariff policies” — perhaps borne out by Trump
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                walking back some auto tariffs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Starbucks
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                told analysts that it was keeping an eye on a “dynamic” trade environment — it buys its beans from 28 countries, mostly from Latin America — and that its biggest exposures to tariffs were from merchandise made in China and some beverage ingredients.
               </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">
                UPS
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                said it couldn’t update its revenue and profit forecasts for this year, citing the “current macroeconomic uncertainty.” Carol Tomé, the shipping giant’s C.E.O., told analysts that the tariff fight was affecting many of its customers, leading many to wonder, “How are we going to handle this cost increase that’s coming our way?” She added that shipping from China to the U.S. represented 11 percent of the company’s international revenue.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Many people, some wearing masks, sitting at sewing machines in a garment factory near Hanoi, Vietnam." class="css-xsf469" height="300" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F04%252F30%252Fmultimedia%252F30db-vietnam-trade-tckq%252F30db-vietnam-trade-tckq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDYwMTQ2MDQuNTg1NzQzMn0:1uA69s:PxpDKH50dDSno03xiQXy9wgKkrdWnQbckzJyfH3hPwk" 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">
              U.S. firms invested millions in Vietnam, but President Trump’s tariffs could upend their trade plans.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Kham/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Vietnam may no longer be a safe haven for trade
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          During President Trump’s first U.S.-China trade war in 2018, American companies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          flocked to Vietnam
         </a>
         <span>
          to sidestep escalating tariffs, and the country became increasingly critical to their bottom lines.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But in Trump’s escalating trade fight across the globe, Vietnam has become a new target, Grady McGregor reports for DealBook. Tensions were so high there
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were doubts
         </a>
         <span>
          about whether American diplomats would attend today’s events commemorating the 50th anniversary of the end of the Vietnam War.
         </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 how some U.S. businesses have come to rely on the country:
         </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">
                Nike now produces
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                half of its shoes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Vietnam and supports nearly half a million workers.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Apple, via contract manufacturers, employs more than 200,000 workers at
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                35 facilities
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Firms like
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Intel
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                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">
                SpaceX
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                have recently announced plans to expand in the country.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In March, Vietnam welcomed
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                60 U.S. firms
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including Apple, Boeing and Amazon, to explore new opportunities.
               </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">
          That changed in April when Trump declared a 46 percent tariff on goods coming from Vietnam
         </span>
         <span>
          , some of the harshest duties
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          imposed on any country
         </a>
         <span>
          . Trump administration hard-liners like Peter Navarro, his top trade adviser, have made Vietnam into a punching bag. They have complained about the United States’
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $124 billion trade deficit
         </a>
         <span>
          with Vietnam and accused the country of being little more than
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a waypoint for Chinese-made goods
         </a>
         <span>
          as a way to avoid the steep tariffs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          American firms aren’t fleeing Vietnam just yet, experts say, given Trump’s whipsawing policies.
         </span>
         <span>
          Some Vietnamese manufacturers are even
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ramping up production
         </a>
         <span>
          to take advantage of a short-term arbitrage opportunity. But for the most part, American firms are in wait-and-see mode. “It’s absolutely impossible to make any decisions right now,” John Goyer of the U.S. Chamber of Commerce, said in an interview.
         </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 experts see major shortcomings in the Trump administration’s strategy.
         </span>
         <span>
          Trump wants to crack down on Vietnam to block shipments from China, as goods are often rerouted through Vietnam to avoid higher tariffs, known as transshipping. Trump sees it as a form of “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          non-tariff cheating
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If the administration aims to cut Chinese imports, a country-by-country approach is shortsighted, according to Inu Manak, a trade policy fellow at the Council on Foreign Relations. Cracking down on transshipping, for example, could lead tariff evaders to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          divert goods
         </a>
         <span>
          through countries like Cambodia, Thailand or Indonesia. “It just moves the problem elsewhere,” Manak said. Multilateral negotiations would be more effective in creating rules to curb the practice, she added, “but that’s just not the approach in this administration.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          China is taking advantage.
         </span>
         <span>
          President Xi Jinping of China promoted Beijing as a stable trading partner when he met Vietnam’s top leader, To Lam, in Hanoi a few weeks ago. The two sides signed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          45 deals
         </a>
         <span>
          to deepen economic ties, and Xi pledged to give Vietnam greater access to its market. Xi urged Vietnam to oppose unilateral “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bullying
         </a>
         <span>
          ” tactics. Trump responded that To and Xi were out to “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          screw
         </a>
         <span>
          ” America.
         </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 Vietnam is happy to play both sides against one another.
         </span>
         <span>
          The country’s talks with China won’t stop it from cutting a deal with the U.S. “They’re amongst the most practical and strategic partners I’ve ever met, and they’re used to dealing in a transactional way,” said Daniel Kritenbrink, who previously served as U.S. ambassador to Vietnam.
         </span>
        </p>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Mubadala Capital strikes a multibillion-dollar alliance
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For most of its existence, the alternative asset manager Mubadala Capital has had just one major shareholder: Mubadala Investment Company, a $302 billion Abu Dhabi sovereign wealth fund.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That changed in December as Mubadala Capital began to strike deals to bring on external backers. The firm is expected to announce another today: a multibillion-dollar partnership with TWG Global, the conglomerate that is affiliated with the investment giant Guggenheim, 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 style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The news:
         </span>
         <span>
          Mubadala Capital is arranging a $10 billion investment in TWG Global that includes other investors. That represents about two-thirds of the $15 billion that TWG Global’s leadership, including the billionaires Mark Walter and Thomas Tull, has hoped to raise.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At the same time, TWG Global is committing to put $2.5 billion into Mubadala Capital’s investments. It’s also buying a stake in the asset manager, with an eye to increase that backing to up to $20 billion in Mubadala Capital’s products.
         </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>
          The two sides had worked together for years. When TWG Global sought to raise $15 billion to fund new initiatives — including buying out some longtime Guggenheim shareholders — it met with a small group of potential investors before deciding to go with Mubadala Capital, Walter told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For Mubadala Capital, committing money to TWG Global opened up a variety of investment opportunities, according to Hani Barhoush, the firm’s C.E.O. TWG Global is affiliated with financial services businesses, including Guggenheim; technology, including an artificial intelligence joint venture with the data consulting giant Palantir; and sports, including the Los Angeles Dodgers, Los Angeles Lakers and the English soccer club Chelsea F.C.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It also gives Mubadala Capital more investment capital to pursue private equity, credit and venture capital opportunities. (Worth noting: Mubadala Capital led a group that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          owns a 68 percent stake in Fortress
         </a>
         <span>
          , the big investment firm.)
         </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">
          Mubadala Capital is also gaining a new minority shareholder,
         </span>
         <span>
          adding to a group that includes the C.E.O. of Silver Rock Financial, a private credit investment firm that it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bought a piece of
         </a>
         <span>
          in December, and the family office of the veteran financier Michael Milken.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bringing on external backers is meant to underscore Mubadala Capital’s business of managing money apart from its sovereign wealth fund parent. It now oversees about $30 billion in such money, much of that raised over the past seven years, Barhoush said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We’re making a significant bet on TWG Global,” said Oscar Fahlgren, Mubadala Capital’s chief investment officer, “and they’re making a significant bet on us.”
         </span>
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            <span>
             THE SPEED READ
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Eli Manning, the retired New York Giants quarterback, is said to plan a bid for a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                stake in his former team
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ; deal makers estimate that the N.F.L. franchise could be valued at $8 billion. (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">
                A potential fund-raising round for Thinking Machines Lab could reportedly give Mira Murati, a founder of the artificial intelligence start-up and a former OpenAI executive,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                control of its board
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (The Information)
               </span>
              </li>
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          Politics, policy and regulation
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Potential legislation drafted by House Republicans this week would allow President Trump to unilaterally
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                remove wide portions of federal regulations
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Politico)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Secret Deals, Foreign Investments, Presidential Policy Changes:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                The Rise of Trump’s Crypto Firm
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in Hims &amp; Hers soared 23 percent yesterday after Novo Nordisk said it would offer its Wegovy weight-loss drug
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                through the telehealth provider
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and a few of its rivals. (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">
                “OpenAI explains why ChatGPT
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                became too sycophantic
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (TechCrunch)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Who was responsible for the former college quarterback Shedeur Sanders getting drafted? The White House suggests
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump should get credit
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Politico)
               </span>
              </li>
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