- Accessories
- Accommodation
- Accounting
- Airline
- Analytics
- Auction site
- Bank
- Beauty
- Bike Rental
- Biotechnology
- Books
- CRM
- Call center software
- Cameras
- Car company
- Cards
- Chrome plugin
- Clothing
- Coffee
- Collaboration
- Community
- Contact lenses
- Crowd funding
- Cryptocurrency
- Customer support
- Dating
- Department store
- Design tools
- Developer tools
- Digital printing
- Direct to consumer
- Domain names
- E-commerce
- E-commerce store builder
- Education
- Electronic signatures
- Electronic signitatures
- Electronics
- Email Service Provider
- Email marketing
- Entertainment
- Event management
- Fashion
- Finance
- Fitness
- Flight comparisons
- Food
- Food delivery
- Form builder
- Freelancer tools
- Furniture
- Game
- Gaming
- Gifts
- Glasses
- Greetings cards
- Groceries
- Hair
- Health
- Hiring
- Hotel comparison
- Hotels
- Insurance
- Investing
- Jewelry
- Landing page builder
- Language learning
- Lingerie
- Live chat
- Makeup
- Marijuana delivery
- Marketing
- Marketplace
- Mattress company
- Meal delivery kits
- Media
- Messaging
- Music
- NFT
- News
- No-code
- Nutrition
- Online courses
- Online-course-platform
- Outdoor store
- Password manager
- Payments
- Personal Finance
- Pharmacy
- Photography
- Podcast Hosting
- Podcasts
- Productivity
- Project management
- Property
- Proposal software
- Real estate
- Ride sharing
- Running
- SEO
- SaaS
- Sales tools
- Scooters
- Shoes
- Skincare
- Social network
- Software
- Sportsware
- Subscription boxes
- Swimwear
- T-shirt Printing
- Talent
- Telco
- Trains
- Transport
- Travel
- Underwear
- VPN
- Video hosting
- Video streaming
- Voucher/Coupon Sites
- Watches
- Web hosting
- Website builder
- Workforce management
- Writing
- & Other Stories
- &Open
- 1&1
- 1Password
- 3dcart
- 6pm
- A.C. Moore
- ANNA by RadLabs
- ASOS
- AT&T
- AVI-8
- AYR
- Abercrombie
- Accessorize
- Ace Hardware
- ActiveCampaign
- Acura
- Acuvue
- Adapt
- Adidas
- Airbnb
- Aircall
- Airtable
- Alaska Air
- All Saints
- Allbirds
- Amazon
- Ambronite
- American Airlines
- American Apparel
- Anchor
- Ann Taylor
- Antidote Street
- Apple
- Armani Exchange
- Armogan
- Asana
- Astley Clarke
- Audemars Piguet
- Auverture
- BBC iPlayer
- BECCA Cosmetics
- Baremetrics
- Barnes and Noble
- Basecamp
- Bath & Body Works
- Beans
- Bearbottom Clothing
- Beaver Brooks
- Ben Sherman
- Bend
- Bespoke Post
- Best Buy
- Big Cartel
- BigCommerce
- Binance
- Birchbox
- BitClout
- Bite
- Black Opal Beauty
- Blinkist
- Blue Apron
- Bluehost
- Bobbi Brown
- Bonlook
- Bonobos
- Boohoo
- Booking.com
- Boots
- Box
- Bravissimo
- Breaker
- Breitling
- Brightedge
- British Airways
- BrowserStack
- Bubble
- Buffer
- Busuu
- Bynder
- CVS
- Cadillac
- CafePress
- Calendly
- Calm
- Candy Club
- Canny
- Canon
- Canva
- Carbonmade
- Careem
- Carrd
- Cars.com
- Cartier
- Cash App
- Casper
- Caviar
- ChartMogul
- Chevrolet
- Chilewich
- Chococurb
- Chubbies
- Circle
- Claire's
- Clarks
- ClassPass
- ClickFunnels
- ClickUp
- Clinique
- Cloudflare
- Clubhouse
- Clue
- Coach
- Coastal
- Coda
- Coinbase
- Conductor
- ConvertKit
- CopyAI
- Costco
- Coursera
- Cover FX
- Craft
- Craigslist
- Crypto.com
- Cult Furniture
- Customer.io
- DFS
- Daisy Jewellery
- Daniel Wellington
- Debenhams
- Deliveroo
- Delivery.com
- Delivra - The Inbox
- Delta
- Depop
- Deputy
- Descript
- DesignByHümans
- Designer Shoe Warehouse
- Discord
- Disney+
- Djusie
- DocuSign
- Dollar Shave Club
- Domino's
- DoorDash
- Dorelan
- Dorothy Perkins
- Drip
- Dropbox
- Dropbox Paper
- Drops
- Duda
- Duolingo
- Dwell
- EasyJet
- Eaze
- Elevate
- Etsy
- Eurostar
- Eventbrite
- Everlane
- Evernote
- Expensify
- Express Glasses
- Eye Buy Direct
- FabFitFun
- Fabletics
- Facet
- Fancy
- Farm Rio
- Fashion Fair
- Fashion Nova
- Feedly
- Feelunique
- Fenwick
- Figma
- Finimize
- Firebox
- Fitbit
- Fiverr
- Fleur & Bee
- Flipd
- Flodesk
- Fluent
- Flybe
- Foodvisor
- Ford
- Forest
- Forever 21
- Fort Myers
- Fortnum & Mason
- Fossil
- Framebridge
- Framer
- FreeCodeCamp
- Freedom Japanese Market
- Freetrade
- Front
- Ftsny
- Fullstory
- Furniture Village
- Fyrn
- GMC
- GameStop
- Gap
- GatherContent
- Ghost
- Ghost Bed
- GitHub
- Glasses USA
- Glo
- Glossybox
- Go-Jek
- GoDaddy
- Goat
- Gobble
- Goggles4u
- Goldsmiths
- Gorillas
- Gousto
- Grab
- Graham and Green
- Grammarly
- Graze
- Greats
- Green Chef
- GreenRush
- Groupon
- Grubhub
- Guess
- Gumroad
- Gymshark
- Gyroscope
- H&M
- H.Samuel
- HVMN
- Habitat
- Harrods
- Harry's
- Harvey Nichols
- Hastens
- HauteLook
- Headspace
- Height
- Helix
- HelloFresh
- Help Scout
- Hey
- Hipmunk
- Hobby Lobby
- Home Depot
- HomeGoods
- Honda
- Honest
- Honey
- HostGator
- HotelTonight
- Hotjar
- House Curious
- House of Fraser
- Houzz
- HubSpot
- HubSpot CRM
- Huel
- Hulu
- Hungry House
- Hutch
- InMotion Hosting
- InVision
- Infoempleo
- Infojobs
- Instacart
- Interact
- Intercom
- Ipsy
- J.Crew
- JCPenney
- Jaguar
- Jessops
- Jet2
- JetBlue
- Jira
- Job Today
- Jump Bikes
- Just Eat
- Kay
- Khan Academy
- Klarna
- LTHR Supply
- Lancôme
- Landbot
- Lane Bryant
- Launchaco
- Leadpages
- Leesa
- Lemonade
- Lexus
- Liberty London
- Lifesum
- Lime
- Linear
- Linjer
- Linktree
- Litmus
- Loaf
- London Virgin Hair
- Lookfantastic
- Loom
- Loot Crate
- Lowes
- Lululemon
- Luma
- Lyft
- MAC Cosmetics
- MDMflow
- MVMT
- Mack Weldon
- Macy's
- Made
- Magento
- Mailchimp
- MapMyGut
- Marley Spoon
- MasterClass
- Mayvenn
- MeUndies
- Meadow
- Medium
- Memrise
- Menards
- Mercari
- Mercedes-Benz
- MetaMask
- Michaels
- Microsoft Teams
- Mini
- Miro
- Miss Selfridge
- Missguided
- Misto Box
- Mitsubishi cars
- Mixpanel
- Monday
- Moneybox
- Mont Blanc
- Monzo
- Moo
- Moonpig
- Morning Brew
- Morning Recovery
- Muttonhead
- My First Wig
- MyFitnessPal
- N26
- Nars Cosmetics
- NerdWallet
- Nest Furniture
- Netflix
- New Look
- Newegg
- Nicely Noted
- Nike
- No Mercy / No Malice
- Nomatic
- Noom
- Nordstrom
- Nordstrom Rack
- Notion
- Notonthehighstreet
- Now TV
- Nugg
- Ocado
- OfferUp
- Officevibe
- Old Navy
- Omega
- OpenSea
- OpenTable
- Otiumberg
- Outdoor Voices
- Overstock
- Ozone Socks
- PandaDoc
- Pandora
- Patreon
- Paula's Choice Skincare
- PayPal
- Peloton
- Picniic
- Pier 1
- Pipedrive
- Pitch
- Pizza Express
- Plated
- Plum
- Pluralsight
- Podia
- Poshmark
- Postmates
- Pottery Barn
- PrettyLittleThing
- Primark
- Process Street
- Puma
- Purple
- QVC
- Quibi
- QuickBooks
- Quill
- Quizlet
- Quora
- REI
- Racket
- Raymond Weil
- Redbubble
- Reflectly
- Replit
- Retool
- Revolut
- Rezi
- Ripcurl
- Robinhood
- Runkeeper
- SNKRS by Nike
- Sally Beauty
- SavvyCal
- Scentbird
- Scribd
- Seamless
- Search Metrics
- Selfridges
- Sephora
- ServiceNow
- Shop.com
- Shopify
- Shpock
- Shudder
- Shwood and Stanley
- Simba
- Skillshare
- Skyscanner
- Slack
- Slite
- Snapchat
- Society6
- Sock Fancy
- SoloLearn
- SoundCloud
- Southwest
- Soylent
- SpeedWeed
- Spotify
- Spreadshirt
- Square
- Squarespace
- Squarespace Scheduling
- Staples
- Starbucks
- Steam
- Stitch Fix
- Stone Forest
- Strava
- Strikingly
- Stripe
- Substack
- SumUp
- Sun Basket
- Sunsama
- Superdrug
- SurveyMonkey
- Swarovski
- Sweatcoin
- Swoon
- TRNK
- Tag Heuer
- Tally
- Target
- Taste Trunk
- Teachable
- Teachlr
- Techcrunch
- Ted Baker
- TeePublic
- Tempur
- Tempur-Pedic
- Tesla
- The Hustle
- The Jewel Hut
- The New York Times
- The Ordinary
- The White Company
- Thinx
- Threadless
- Thryve
- Tidal
- Tide.fm
- Tiffany & Co
- TikTok
- Tinder
- Todoist
- Tommy John
- Topshop
- TouchNote
- Trainline
- TransferWise
- Trello
- Triibe
- TripAdvisor
- Trivago
- Trustpilot
- Tuft & Needle
- TunnelBear
- Twitch
- Typeform
- UNIQLO
- Uber
- Uber Eats
- Udacity
- Udemy
- Ulta
- Unbounce
- UncommonGoods
- United
- Universe
- Upwork
- Urban Outfitters
- VSCO
- Vessi
- Victoria's Secret
- Vimeo
- Vinted
- Viome
- Virgin Atlantic
- Vistaprint
- Voog
- Vueling
- WW (Weight Watchers)
- WalMart
- Walgreens
- Wallapop
- Wallshoppe
- Warby Parker
- Watch Shop
- Watch Station
- Watches.com
- Wattpad
- Wayfair
- Waze
- Wealthsimple
- Webflow
- Weebly
- West Elm
- Whimsical
- Williams Sonoma
- Winc
- Wise
- Wistia
- Wix
- WooCommerce
- WordPress
- World Market
- Wowcher
- YNAB
- YouTube
- YouTube Music
- Zales
- Zapier
- Zara
- Zazzle
- Zendesk
- Zero
- Zoe & Morgan
- Zoopla
- Zulily
- eBay
- eToro
- uBiome
The New York Times Customer
Subscribed 3 years, 10 months ago
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
<head>
<title>
DealBook: Trump’s next tariff move
</title>
<!--[if !mso]><!-- -->
<meta content="IE=edge" http-equiv="X-UA-Compatible"/>
<!--<![endif]-->
<meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
<meta content="width=device-width,initial-scale=1" name="viewport"/>
<style type="text/css">
#outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
</style>
<!--[if mso]>
<xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
<o:PixelsPerInch>96</o:PixelsPerInch>
</o:OfficeDocumentSettings>
</xml>
<![endif]-->
<style type="text/css">
@media (max-width:480px){.css-r2ey6x{width:100%!important}}.css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-1n5iqtj:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-1n5iqtj{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-wf08f0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-wf08f0{display:inline-block!important}}@media (max-width:480px){.css-63f6sn{display:none!important}}@media (max-width:480px){.css-1npprw9{display:table-row!important}}@media (max-width:480px){.css-1b9cqt1{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-37loo4{padding:20px 0 0!important}}@media (max-width:480px){.css-3vswge{padding-bottom:6px!important}}@media (max-width:480px){.css-1dtd48z{padding-left:30px!important}}@media (max-width:480px){.css-36ugzx{padding-bottom:0!important}}@media (max-width:480px){.css-10nzuqq{font-size:25px!important;line-height:30px!important}}.css-12jlfj0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-12jlfj0:hover{border-bottom:none!important}
</style>
</head>
<body>
<div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FSugBIfKseCTsEFH9bKXK_Q~~%252FAAAAARA~%252FCUP6yfZKiNG1YetxGve_hW--3zYHWuGXt4xSWVN18ZFf_lrTnEc8eFY2gJMRWXSCtVC-CkM9oHBw3uAKub7Ofw~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NDExNzgzODEuNTE3MDcwM30:1tpo2H:0-566bK3cFhGc6azrxqMwN2_lP_gUNHNzkz7-N0O8RI" width="1"/>
</div>
<div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
Also, the hot topics at the Tulane M.&A. summit
</div>
<div>
<!--[if mso | IE]><table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center"><tr><td><![endif]-->
<table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
<tbody>
<tr>
<td align="left" id="EMAIL_CONTAINER" width="100%">
<div style="margin:0 auto;max-width:600px;width:100%">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="padding:15px 0 5px;text-align:center;width:100%">
<div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
<a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
View in browser
</a>
<span style="color:#dcdcdc;margin:0 10px">
|
</span>
<a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
nytimes.com
</a>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr aria-hidden="true">
<td>
<span style="text-align:center;line-height:0;font-size:0">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td>
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTE3OTQ4Nn0:1tpo2H:VP_EOtz9ndNWaaOZxzObvOszXOeZnoMVXym1rofUOwE" style="width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td height="10">
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="border-top:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td class="css-37loo4" style="padding:19px 0 0;width:100%;text-align:center">
<div style="margin-bottom:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
<img alt="DealBook" class="css-r2ey6x" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252FF-DealBook-Sorkin%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDExNzgzODEuNTE4NDk4NH0:1tpo2H:JqELJavaDzu8_rxOzEfzHwvH93P-de9VFM7m6z192FA" style="width:300px" width="300"/>
</a>
</div>
<p style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
March 5, 2025
</p>
<p aria-hidden="true" style="font-size:0;line-height:0;margin:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1080714%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTE4NzUwN30:1tpo2H:q9fNuwKGU1D7S9vRjhy3tMJ9msZRO1RBsLrVSX5Imew" style="max-width:600px;width:100%" width="600"/>
</a>
</p>
</td>
</tr>
<tr>
<td style="border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
Good morning. President Trump’s address to Congress made clear that the new tariffs were here to stay. We break down what comes next. Also, BlackRock strikes a port deal in Panama and DealBook’s Michael de la Merced is in New Orleans talking to the top lawyers in M.&A. (Was this newsletter forwarded to you?
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Sign up here.
</a>
<span style="font-style:italic">
)
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td>
<img alt="President Trump speaks at a lectern as Vice President JD Vance and Speaker Mike Johnson are seated behind him." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F03%252F05%252Fmultimedia%252F05db-trump-bwvg%252F05db-trump-bwvg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDExNzgzODEuNTE5NDU0N30:1tpo2H:vYepmpllcdxCShSPAuCgkLw5p_e_c296_ip0qSBJT9Q" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
</td>
</tr>
<tr>
<td class="css-1b9cqt1" style="text-align:left;width:100%;padding-bottom:15px;line-height:14px">
<span style="color:#666;font:normal 14px georgia,serif">
President Trump’s tariffs have jolted global markets and the business world, but he has given no indication he’ll retreat on the levies.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Doug Mills/The New York Times
</span>
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“A little disturbance”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
For months, the debate gripping board rooms, Wall Street and world capitals was whether to take President Trump at his word on tariffs. For a while,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the markets rallied
</a>
<span>
as if he were just bluffing.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He wasn’t. In an
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
address before Congress last night
</a>
<span>
, Trump said that tariffs would protect American jobs and enrich the nation. He also acknowledged that “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
there will be a little disturbance. But we’re OK with that
</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">
What might a “a little disturbance” look like?
</span>
<span>
DealBook has taken on the task of gaming out what could happen next. (A warning to free-trade advocates: this could be tough reading.)
</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">
More tariffs are coming, trade experts say.
</span>
<span>
Few countries, or companies, will be spared. For example, if the tariffs on Canada, Mexico and China stick, then
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Europe will be next
</a>
<span>
. Such a scenario is “unavoidable,” George Saravelos, the global head of FX Research at Deutsche Bank, said in a research note yesterday. European companies are already
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
bracing for the next wave
</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">
“Trump has appeared to be less amenable to carve-outs in this second term,”
</span>
<span>
David Seif, chief economist for developed markets at Nomura, told DealBook. That could bode poorly, he added, for Britain, whose prime minister,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Keir Starmer
</a>
<span>
, met with Trump at the White House last week where a trade deal was discussed. “I don’t think Keir Starmer should just feel safe right now,” Seif said.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTE5NjI3fQ:1tpo2H:_NWmCN5maC991pdCIHAjgEdN9osXdQxFJzeQKRl6AdQ" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTE5NzcyNX0:1tpo2H:kcvKxKaMUUTIiBmnQWwt0RkCWLcULQ8weNZATD39fl0" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTE5OTA3NX0:1tpo2H:gJJ6_ZP_x0993ZBFLQCOeIQ6CspaAO6xDf2BJeGB914" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</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">
Expect more market turmoil
</span>
<span>
. “These tariffs would represent a major negative global growth shock, sufficient to push many economies into recession,” Saravelos wrote, adding that it’s time to stop thinking of them as a negotiating tactic. (The recessionary risk for the United States may be remote, but concerns are growing about the tariffs’ potential
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
stagflationary effects
</a>
<span>
.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Surrounded by tariff hawks like
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Peter Navarro
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Jamieson Greer
</a>
<span>
, two top trade advisers, Trump appears less interested in cutting deals. He has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dangled a potential lifeline
</a>
<span>
to foreign companies looking to set up operations in the U.S., but again last night he emphasized that tariffs were a tool to trim the trade deficit and generate revenue.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
S&P futures were rebounding this morning, as were markets in Europe helped in part by a huge
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
“whatever it takes” stimulus package plan
</a>
<span>
out of Berlin. That comes after
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a major global markets plunge yesterday
</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">
Worth watching
</span>
<span>
: Howard Lutnick, the commerce secretary, told Fox Business that Trump could offer relief to Mexico and Canada. He described it as a “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
meet you in the middle
</a>
<span>
” deal — “it’s not going to be a pause.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIwMDMxMn0:1tpo2H:CYIxB85XXDe5yL-Ed5ltF_xw5MMgby7sp1Xl4jOPvPE" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIwMjMyNH0:1tpo2H:kLw1EEn3OS4XDw5aPklXcOvJ0m13QNRUEJqS2GJGogA" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIwNDU0NH0:1tpo2H:H9xfdDQGi7yFdJS32tSQNWGkhF3IimyHENptFeURowE" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</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">
These levies have little precedent.
</span>
<span>
If all of Trump’s tariffs “fully take effect, their size will dwarf the entirety of the tariffs Trump imposed during his first term in office,” Seif said. The speed and size of the measures — affecting roughly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$1.5 trillion in U.S. imports
</a>
<span>
— caught many off guard, adding further unpredictability. Already, targeted countries have
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
vowed countermeasures
</a>
<span>
and businesses are warning of supply chain disruptions and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
consumers pulling back on purchases
</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">
Bottom line:
</span>
<span>
“Trump believes that tariffs are good for the economy,” Seif said. “Trump believes that tariffs can be used to get a deal. But the main thing is that they are
</span>
<span style="font-style:italic">
the
</span>
<span>
policy. I don’t see any strong reason for him to pull back on them.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
HERE’S WHAT’S HAPPENING
</span>
<span>
</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">
President Trump addresses Congress.
</span>
<span>
In
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a lengthy speech
</a>
<span>
that was high on self-adulation and thin on details,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Trump said
</a>
<span>
that among his “highest priorities is to rescue our economy.” He also saluted the work of Elon Musk to trim the federal government, and gave shout-outs to companies like BlackRock (more on that below) as well as SoftBank, Apple and TSMC for pledging new U.S. investments. He announced a domestic shipbuilding initiative and said that Japan and South Korea planned to partner with the U.S. on a new natural gas pipeline across Alaska. But he also urged Congress to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
“get rid” of the CHIPS and Science Act
</a>
<span>
, the Biden administration policy aimed at bolstering domestic semiconductor production, while pushing two
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
long-shot targets
</a>
<span>
: planting a flag on Mars and balancing the federal budget.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Trump hails a potential olive branch from Volodymyr Zelensky.
</span>
<span>
“I appreciate that he sent this letter,” Trump told Congress, speaking of a message from the Ukrainian president signaling that Kyiv was open to signing a minerals deal.
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
The letter came a day after Trump halted more than $1 billion in military aid to Ukraine after an Oval Office blowup. Earlier in the day, Zelensky posted on X that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
he was prepared
</a>
<span>
to release Russian prisoners, pause drone and missile strikes, and declare a truce at sea, but only if Russia also pulled back.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIwODM2NH0:1tpo2H:TJGy3Pdkb-v4sx0oWoLlp725PDfYPq6A9ycnLkbZGvY" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIxMDI4fQ:1tpo2H:Gx2a8DWdqm6AQx7XGABnmQ_Zp631OuXJzJO3Cg-Trcs" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIxMjM3MX0:1tpo2H:-FadD-X9aAvfzttimAFDO7iUm14FALkl1sY2LWfHJNk" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</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">
Goldman Sachs goes down the org chart for job cuts.
</span>
<span>
Leaders at the investment bank want to thin out the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
ranks of vice presidents
</a>
<span>
, as it looks to cut as much as 5 percent of its work force, The Wall Street Journal reports. Goldman and other investment banks have sought to make their businesses more efficient, though these cuts are coming earlier in the year than usual.
</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">
Target says tariffs hurt business.
</span>
<span>
In one of the first signs of the potential effects of Trump’s tariffs, Target said it saw a drop in February sales in part because of
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
consumer fears about tariffs
</a>
<span>
. Best Buy also acknowledged that shoppers would have to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
pay more
</a>
<span>
because of the new import duties. The electronics retailer said the tariff hikes were hitting its vendors through the supply chain and that those added costs would probably be passed along to shoppers.
</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 DOGE staffers are said to make six-figure paychecks.
</span>
<span>
Members of the Elon Musk-led group known as the Department of Government Efficiency, including Silicon Valley coders, are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
drawing high government salaries
</a>
<span>
, according to Wired. (One worker the magazine identified makes as much as $195,200; Musk previously said no one would be paid.) In other Musk news, the Commerce Department
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
adjusted a government program
</a>
<span>
to make it easier for states and municipalities to use government subsidies to buy Musk’s Starlink internet service.
</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>
Talking deals and Delaware in the Big Easy
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It’s that time of year, when many of the M&A world’s top lawyers gather in New Orleans for what Andrew once called “the equivalent of Davos for the rainmaker crowd.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
While the conference, at Tulane University’s Corporate Law Institute, is taking place just after Mardi Gras in the Big Easy, there’s a lot weighing on the lawyers, bankers, P.R. advisers and others attending. Here’s a preview. (DealBook’s Michael de la Merced is on the ground to get the inside dish.)
</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">
M&A isn’t coming back as robustly as some had hoped.
</span>
<span>
About 61 percent of deal makers surveyed by the P.R. firm Gladstone Place Partners said they expected transactions to be up modestly in 2025. The muted assessment follows the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
quietest January
</a>
<span>
in several 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">
Deal makers are still reckoning with Trump.
</span>
<span>
About 63 percent of respondents to the Gladstone survey said the Trump administration would be the biggest factor affecting deal making this year.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Of keen interest to the lawyers and bankers assembled at Tulane is what to make of President Trump’s antitrust approach. While corporate leaders had expected him to adopt a lighter touch to regulating M.&A., his top competition officials have instead
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
kept tougher Biden-era rules
</a>
<span>
, potentially scrambling the calculus for takeovers.
</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 will happen to Delaware?
</span>
<span>
The First State, home to much of corporate America, has been wracked by worries that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
it’s losing business
</a>
<span>
to rivals like Texas. That’s in part because of the fulminations of Elon Musk over a judgment denying him a huge payout at Tesla, and in part because of concerns that the state has gotten
</span>
<span style="font-style:italic">
too
</span>
<span>
shareholder friendly.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Delaware state lawmakers have
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
proposed legislation
</a>
<span>
that would further protect controlling shareholders of companies and potentially limit shareholder lawsuits. The bill has drawn a polarized response from legal experts; expect plenty of discussion at Tulane — including from several Delaware judges.
</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>
Fink’s Panama play
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Just over a year ago, BlackRock pushed into infrastructure investing in a big way when it
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
bought General Infrastructure Partners
</a>
<span>
for $12.5 billion, its biggest takeover in 15 years.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That deal helped unlock another major transaction for the money management giant, the $22.8 billion acquisition of
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
ports in Panama and elsewhere
</a>
<span>
owned by Hong Kong’s CK Hutchison Holdings. It may have also done something more important: help BlackRock and its chief, Larry Fink, score a point with President Trump.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The deal also looks to be a boon for
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Li Ka-shing
</a>
<span>
, the Hong Kong billionaire who controls CK Hutchison. Its shares surged more than 20 percent today.
</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 context:
</span>
<span>
Baselessly claiming that China operated the waterway, Trump has repeatedly expressed interest in retaking control of the Panama Canal, which the United States ceded to Panama during the Bill Clinton administration. Trump’s assertion led him to put pressure on the Panamanian government, which withdrew from the Chinese Belt and Road infrastructure initiative.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
At the same time, BlackRock has been a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
target for conservative critics
</a>
<span>
for years because of its embrace of climate-minded investing and diversity, equity and inclusion principles. The firm has publicly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
played down
</a>
<span>
both focuses recently.
</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">
Will the deal help both sides out?
</span>
<span>
For Trump, it will put the ports on either side of the canal in American-led hands.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And for BlackRock, it’s a way to show it’s on board with Trump’s agenda.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The Times reports
</a>
<span>
that a consortium led by the firm began talks with CK Hutchison’s controlling family a few weeks ago. BlackRock officials including Fink and Adebayo Ogunlesi, who founded G.I.P. and now sits on BlackRock board, briefed Trump and other administration officials on the talks — and got their support.
</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 benefits for BlackRock are more than political.
</span>
<span>
Fink bought G.I.P. to vastly expand his firm’s access to infrastructure investing opportunities, an increasingly popular strategy that tends to yield steady long-term returns.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Owning the business is what made the ports transaction possible: “BlackRock couldn’t have done it without G.I.P., and G.I.P. without BlackRock,” Ralph Schlosstein, chairman emeritus of the investment bank Evercore and a co-founder of BlackRock, told The Times.
</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>
<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>
<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.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Subscribe to The New York Times
</a>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
.
</a>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
THE SPEED READ
</span>
<span>
</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">
ByteDance
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, TikTok’s Chinese parent company, is said to plan to buy back employee shares at a $312 billion valuation, up sharply from previous appraisals. (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">
The activist hedge fund Elliott Investment Management has reportedly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
nominated seven directors
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for the board of Phillips 66, escalating its fight against the oil refiner. (Reuters)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Saudi Aramco is said to be mulling
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
a bid for BP’s Castrol lubricants unit
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to merge it with the Saudi energy giant’s Valvoline business, which it acquired in 2023. (Bloomberg)
</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">
Google wants the Trump administration to get the Justice Department
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
to back off
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
a Biden-era proposal to break up the company after the search giant
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
lost a landmark antitrust case
</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">
The Trump administration is considering
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
selling federal buildings
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, including the F.B.I. headquarters. (AP)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Why HR experts say Musk’s ‘5 things’ emails
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
won’t work
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (The Washington Post)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
All you need to get 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">
one-on-one meeting
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
with President Trump is $5 million. (Wired)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Tesla sales
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
plunged 76 percent last month in Germany
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, part of a wider Pan-European slump. Shares in the electric vehicle maker were higher this morning in premarket trading, but initially dipped on the news. (NYT)
</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">
Thanks for reading! We’ll see you tomorrow.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We’d like your feedback. Please email thoughts and suggestions to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dealbook@nytimes.com
</a>
<span>
.
</span>
</p>
<div aria-hidden="true" style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
<table border="0" cellpadding="0" cellspacing="0" width="40">
<tbody>
<tr>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIxNDc2NX0:1tpo2H:qKCjqt7JQ49wAYAvBwlpzt4-niyXJ_YgCXhedNgLjJQ" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIxNjUyfQ:1tpo2H:OKo9jSnGx8qg6CLAhJjFL-_eEf15nzqjvPYKsO6ftNA" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIxNzg1fQ:1tpo2H:es4WObi3EE-bC0bwQIcVFeQAPWO0zJXi98FYQx3uHpI" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIxOTcxNX0:1tpo2H:qXcbXqmu6-4a8w3kf4Sglhui_gDjhoM75iff0f-q9OU" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250305%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDExNzgzODEuNTIyMTAyOH0:1tpo2H:nix1Nj0lxKN5rRzhMaPIwTThxOOG32EwL1GKDOnkAdU" width="2"/>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="15">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:22px">
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<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>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<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>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Sarah Kessler
</a>
<span>
, Deputy Editor, Chicago
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@sarahfkessler
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Michael J. de la Merced
</a>
<span>
, Reporter, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@m_delamerced
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Lauren Hirsch
</a>
<span>
, Reporter, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@LaurenSHirsch
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Ephrat Livni
</a>
<span>
, Reporter, Washington D.C.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@el72champs
</a>
</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td style="height:15px">
</td>
</tr>
<tr>
<td style="padding:12px 0;border-top:1px solid #000">
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
Need help? Review our
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
newsletter help page
</a>
or
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
contact us
</a>
for assistance.
</p>
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
<span>
You received this email because you signed up for DealBook from The New York Times.
</span>
</p>
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
To stop receiving DealBook,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
unsubscribe
</a>
. To opt out of other promotional emails from The Times, including those regarding The Athletic,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
manage your email settings
</a>
. To opt out of updates and offers sent from The Athletic,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
submit a request
</a>
.
</p>
</td>
</tr>
<tr>
<td style="padding:10px 0;border-top:1px solid #dcdcdc">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
<a class="css-1n5iqtj" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
Subscribe to The Times
</a>
<a class="css-wf08f0" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:none">
Get The New York Times app
</a>
</p>
</td>
</tr>
<tr>
<td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
<table>
<tbody>
<tr>
<td style="padding-right:15px">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
Connect with us on:
</p>
</td>
<td style="padding-right:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
<img alt="x" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fx.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDExNzgzODEuNTIyMjE1fQ:1tpo2H:RpaXvYmQgWxMErkJ0Fgps27P63ql77lRkKDTR-QNVHc" style="vertical-align:middle" width="25"/>
</a>
</td>
<td style="padding-right:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
<img alt="whatsapp" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fwhatsapp.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDExNzgzODEuNTIyMzQxN30:1tpo2H:mwVIezXSeJUTkRBCDHPyHadzyfVrswJ7x5ar62ORVaI" style="vertical-align:middle" width="25"/>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td style="padding:10px 0;border-top:1px solid #dcdcdc">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0;line-height:20px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Change Your Email
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Privacy Policy
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Contact Us
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
California Notices
</a>
</p>
</td>
</tr>
<tr>
<td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
<img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDExNzgzODEuNTIyNDc2NH0:1tpo2H:ckLFK7syfN6fb92e28bgnDv1jzT4-sObUnjsmwTz7_w" style="vertical-align:middle" width="150"/>
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0">
<img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDExNzgzODEuNTIyNjA1fQ:1tpo2H:Vpjoai17OSKsRKivn15z0zxoZVGu_BA6QMhiXblDI6w" style="vertical-align:middle" width="70"/>
</a>
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
<p style="color:#999;font:12px/15px arial,sans-serif;margin:0">
The New York Times Company. 620 Eighth Avenue New York, NY 10018
</p>
</td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
</tbody>
</table>
<!--[if mso | IE]></td></tr></table><![endif]-->
</div>
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FHTL56ypIHE5z52p7k7nEFg~~%252FAAAAARA~%252F4X3aw2gwRB9xoPelqhnCZ6yNYcytR4ZeIBUwc90QYIRjUBT0ss3zKvKWD1UD_-s-JUI_eE-xaIs7-VhIaqLlNQ~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NDExNzgzODEuNTIyNzc1fQ:1tpo2H:hy_RwVOXYP24zfjp1Bu6hXyTELDhwDFFvuHc2FzIVB0" width="1"/>
</body>
</html>
3 weeks, 6 days ago - nytdirect@nytimes.com
DealBook: Trump’s next tariff move
Also, the hot topics at the Tulane M.&A. summitView in browser|nytimes.comMarch 5, 2025Good morni...