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   DealBook: Trump’s other war
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   Also, why oil’s price surge is worrying analysts.
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             July 24, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          Tariffs are back. The Trump administration put new levies into effect around midnight in Washington. But unlike last time, businesses saw these coming, so don’t expect the same frantic scramble to shore up global trade and supply chains.
         </span>
        </p>
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         <span>
          While these new measures appear more legally defensible, court challenges are still inevitable. More important, let’s be honest about what the tariffs are: the administration’s primary tool for negotiating leverage — even as the levies raise fresh questions about the future of U.S. relationships with trade partners. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              President Trump has bolstered his trade war with a new set of levies on scores of countries.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kenny Holston/The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          One-two punch
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Markets are rebounding today, despite growing worries that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a new front
         </a>
         <span>
          in the Middle East war could drag down the global economy. Now, President Trump has added to the turmoil by stepping up his trade war.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          New
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          U.S. tariffs
         </a>
         <span>
          of at least 10 percent went into effect overnight for over 80 countries. Trading partners, including Japan, Australia and Brazil,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have criticized
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the levies
         </a>
         <span>
          . The duties have been issued under Section 301 of the Trade Act of 1974 and are meant to target allegations of lax enforcement of forced labor bans. They appear more durable than previous ones, experts say.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (A reminder: The Supreme Court in February struck down Trump’s most bruising tariffs, justified under a 1977 law called the International Emergency Economic Powers Act. The administration responded with temporary 10 percent levies, under a different trade law, that expired at midnight.)
         </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">
          Tariffs could exacerbate the affordability crunch,
         </span>
         <span>
          a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          chief concern for voters
         </a>
         <span>
          heading into the midterm elections.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          The Section 301 duties, which cover
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          99.4 percent of U.S. imports
         </a>
         <span>
          , are expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raise the effective tariff rate
         </a>
         <span>
          paid by U.S. importers, according to the Yale Budget Lab, and sap the spending power of households and companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Exemptions on imports of certain foods, fuel and fertilizer could ease the burden somewhat. But the new tariffs, plus the return of $100-a-barrel oil (more on that below), risk reigniting inflation fears.
         </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">
          That could put central banks in a bind.
         </span>
         <span>
          The Fed meets next week and is expected to keep interest rates on hold. But traders now see a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          September hike as highly probable
         </a>
         <span>
          , a move that would most likely rankle Trump.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The bond market looks spooked.
         </span>
         <span>
          The yield on the 10-year Treasury note, a rate that underpins most commercial loans, topped 4.7 percent yesterday. That’s helped push the 30-year fixed rate mortgage rate to its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          highest level of the year
         </a>
         <span>
          , a move that could chill the housing market.
         </span>
        </p>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The new tariffs are raising uncertainty for businesses.
         </span>
         <span>
          Trump is expected to unveil new duties on countries in Europe and Asia in the coming months, arguing that they are necessary to combat unfair trade practices.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          War was already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weakening the global economy
         </a>
         <span>
          . Now, a new tariff barrage “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          will pile on the misery,
         </a>
         <span>
          ” Olu Sonola, the head of U.S. economics at Fitch Ratings, told The Times.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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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">
          Paramount’s bid for Warner Bros. Discovery hits another snag.
         </span>
         <span>
          A federal judge in California
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          extended the temporary block
         </a>
         <span>
          on Paramount’s $110 billion deal by two weeks, to Aug. 17, as legal challenges by states and the Writers Guild of America grind on. Delays could be costly: Paramount agreed to pay Warner Bros. shareholders $650 million for each quarter the deal doesn’t close, starting Oct. 1.
         </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">
          Tech stocks are falling again.
         </span>
         <span>
          Shares of the chipmakers SK Hynix and Samsung each tumbled around 8 percent in South Korea this morning, a day after the so-called Magnificent Seven of U.S. tech heavyweights suffered their worst daily decline since the Liberation Day turmoil of April 2025, Deutsche Bank analysts said. Investors are growing worried that tech giants’ big investments in artificial intelligence might not pay off, putting a major focus on next week’s results from Amazon, Meta and Microsoft.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A bipartisan bill demands an A.I. “kill switch.”
         </span>
         <span>
          Representatives
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ted Lieu
         </span>
         <span>
          , Democrat of California, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nathaniel Moran
         </span>
         <span>
          , Republican of Texas,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          introduced the “A.I. Kill Switch Act,”
         </a>
         <span>
          a bill that would compel A.I. companies to shut or slow down their models if ordered to do so by the Department of Homeland Security. The move comes after OpenAI said two of its models
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had gone rogue
         </a>
         <span>
          and hacked an A.I. platform.
         </span>
        </p>
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         <tbody>
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           <td style="text-align:center">
            <img alt="Two gas station signs display prices. A blue city bus is in the foreground. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F24%252Fmultimedia%252F24db-gas-prices-plkj%252F24db-gas-prices-plkj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ4OTUyODcuNDc0MTQxfQ:1wnEnf:HfNrnfjQ2bg2Ylcv6-q6ZttaPHhAYwDLvpufNB8LAUA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              The average price of gasoline in the U.S. has gone up roughly 95 cents per gallon in the past year.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Frank Franklin Ii/Associated Press
             </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>
          Higher for longer
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Oil prices have eased slightly this morning, but the economic fallout appears set to grow.
         </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">
          President Trump
         </span>
         <span>
          told Axios yesterday that he was “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          considering a massive attack on Iran
         </a>
         <span>
          .” He also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          warned on social media
         </a>
         <span>
          that if the Houthis, an Iranian-backed militant group in Yemen, step up attacks on ships in the Red Sea, “the U.S. will hold Iran responsible.” That’s after the 13th consecutive day of U.S. military strikes on Iran and reports that Iranian officials have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rejected a new U.S. cease-fire proposal
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </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">
                Brent crude, the international benchmark for oil, is trading around $97.80, after surpassing $100 yesterday.
               </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 average price of gasoline in the U.S. hit $4.10 today, according to AAA, up roughly 95 cents per gallon in the past year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Diesel prices have been soaring as Ukraine’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">
                strikes on Russian refineries
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                affect global markets.
               </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">
          How high could oil climb?
         </span>
         <span>
          Michelle Brouhard, the head of policy and geopolitical risk at Kpler, told Vivienne Walt that the analytics firm’s worst-case scenario involves the Houthis fully disrupting Saudi oil shipments out of the Red Sea, and Brent going as high as $150 per barrel.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since the start of the war in Iran, Saudi Arabia has diverted some oil exports to the Red Sea from the bottlenecked Strait of Hormuz, but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Houthi forces have declared a blockade
         </a>
         <span>
          on tankers intending to cross that waterway.
         </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">
          Oil reserves are running low.
         </span>
         <span>
          The U.S. is rapidly drawing down its strategic petroleum reserve in an effort to ease gas prices. That buffer, however, has limits and is at risk, Brouhard said.
         </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 a wild card.
         </span>
         <span>
          The country is the world’s biggest oil importer and has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drastically cut its purchases
         </a>
         <span>
          since the start of the war. But now China
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          looks set to ramp up buying
         </a>
         <span>
          again, threatening to exacerbate the global energy crisis.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A new market reality about the war is sinking in.
         </span>
         <span>
          “I don’t think we can put this genie back in the bottle under any circumstances,” said Helima Croft, the global head of commodity strategy at RBC Capital Markets. Croft has long argued that oil traders have grown too complacent with the assumption that fighting would wind down, and criticized them for thinking that market conditions would quickly return to prewar levels.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Brendan Carr, left, wearing a dark suit and pink tie, speaks to Luther Lowe, who has his back to the camera. Pink flowers hang in the background." class="css-18ei5jy" height="750" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F24%252Fbusiness%252F24DB-Little-tech%252F24DB-Little-tech-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ4OTUyODcuNDc0Mjk3OH0:1wnEnf:l-F6OuyZJZV6zcicEfW-Q6_LR07NctGcsFeJ5ZgWLXQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Brendan Carr, left, chairman of the Federal Communications Commission, with Luther Lowe of Y Combinator at a party hosted by the Little Tech Association.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Little Tech Association, Mariah Miranda
             </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>
          Little Tech takes aim at Big Tech
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A coalition of start-ups, midsize tech companies and their allies gathered this week over glasses of rosé and spicy beef salami bites at a Balkan restaurant 10 blocks from the U.S. Capitol. They were there, reports Nancy Scola, to declare that Washington has too long ignored them in favor of problematic Big Tech giants — and to celebrate banding together to do something about it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The occasion: the launch party of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Little Tech Association
         </a>
         <span>
          , which is led by the start-up success stories Y Combinator, a Silicon Valley incubator; Proton, which provides privacy tools; Replit, an artificial intelligence platform; and Yelp, a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          longtime Google antagonist
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “There hasn’t been a voice in Washington for founders, builders and early-stage companies,” said
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Harry Godfrey
         </span>
         <span>
          , the group’s executive director. The crowd of about 60 reflected bipartisan angst: The chairman of the Federal Communications Commission,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Brendan Carr
         </span>
         <span>
          , who has been critical of Big Tech, dropped in briefly.
         </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 group has already picked legislation to support:
         </span>
         <span>
          the American Innovation and Choice Online Act, an antitrust bill that would limit the biggest online platforms from favoring their own products. Little Tech sent a letter signed by more than 200 companies to members of Congress last week urging them to pass the bill.
         </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 legislation was
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
          introduced in 2021
         </a>
         <span>
          and was resurrected in June by Senators
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Chuck Grassley
         </span>
         <span>
          , Republican of Iowa, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Amy Klobuchar
         </span>
         <span>
          , Democrat of Minnesota. “I’m glad to see American tech entrepreneurs join forces to fight for increased competition in their industry,” Grassley wrote in an email to DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Some close to Big Tech say they aren’t worried.
         </span>
         <span>
          “AICOA is now a zombie bill at this point,” said
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Adam Kovacevich
         </span>
         <span>
          , who leads the center-left Chamber of Progress. “I just think we’re past that.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s true that the bill’s biggest proponents in Congress may be on their way out.
         </span>
         <span>
          Klobuchar is running for governor of Minnesota. It’s unclear whether Grassley, 92, will run again in 2028.
         </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 key to minting new allies, Godfrey argues, is getting start-ups in front of policymakers.
         </span>
         <span>
          “‘Let me tell you about the app that never got there because Apple decided it wanted to build its own product,’” he told DealBook. “When you’re one small company, you have to work through collective action.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          DealBook asked Representative
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Becca Balint
         </span>
         <span>
          , a Vermont Democrat and member of the House antitrust subcommittee, if she was hopeful about checking the power of Big Tech. “You can’t give up the fight, man,” she said.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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            <img alt='A chat bubble that reads, "How do you use AI? What are your best use cases?" The bubble underneath indicates a pending response.' class="css-mcckse" height="167" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252Fdb-talking-ai-new%252Fdb-talking-ai-new-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ4OTUyODcuNDc0OTI4fQ:1wnEnf:z4GRZ4pWHBnVWlgLA8RFVjXCa343D7BfOR44S2OJ5wo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the top executive of Kirkland &amp; Ellis
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking a leader how he or she uses artificial intelligence. This week, Jon A. Ballis, who leads the law firm Kirkland &amp; Ellis, talked with DealBook’s Sarah Kessler about the firm’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          $500 million investment in A.I.
         </a>
         <span style="font-style:italic">
          The interview has been condensed and edited.
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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">
          How do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I’m really into longevity stuff, functional medicine. It helps me understand things like what supplements might be beneficial.
         </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 have you told your employees about how you want them to use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A lot of what we’re trying to do is use A.I. to harness the collective gray-haired knowledge of our senior lawyers and infuse it across the platform to our younger attorneys.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          What does that look like?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We take third-party legal software off the shelf. We then enhance that software by having senior people give input like, “OK, if I am looking at a merger agreement, how would I, as someone who’s been doing this for 35 years, think about this particular issue?”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So when a fourth-year lawyer goes into our customized A.I. tool, the list that pops up of what to think about has the benefit of all the senior attorneys’ thinking.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And then we’re also building our own A.I. tools from the ground up.
         </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">
          Are you thinking about how your pricing model might evolve?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Will things in large law firms go to more fixed-price, project-based pricing models? Sure. I think that is already happening, and I think it will continue.
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             THE SPEED READ
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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             <ul class="css-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">
                Alphabet the investor: Google’s parent company disclosed that it
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                owned 6 percent of SpaceX
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , valued at about $94 billion, and a stake in Anthropic
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                worth about $124 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ, 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">
                Stripe, the payments technology firm, is reportedly in talks to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                acquire OpenRouter
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a marketplace for artificial intelligence models, for around $10 billion. (WSJ)
               </span>
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          Politics, policy and regulation
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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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">
                Wall Street firms are worried that paying for
               </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 new service that offers faster access
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                President Trump
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ’s posts on Truth Social will open them to legal risks. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                An F.D.A. advisory panel
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                approved lifting restrictions
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on the sale of four peptide drugs, a vote that involved advisers who were named by the health secretary,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Robert F. Kennedy. Jr.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                who had sold the products themselves.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                (NYT)
               </span>
              </li>
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          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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             <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">
                “Salty, Buttery,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Astonishingly Lucrative
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                : The $100 Million Market of Popcorn Buckets” (NYT)
               </span>
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                For bankers who
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                moved from London to Paris
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after Brexit, it may be time to move again in search of the next tax break. (Bloomberg)
               </span>
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