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DealBook: What can Bessent win in China talks?
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May 9, 2025
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Good morning. While President Trump pitched the skeletal trade deal with Britain as a major achievement, Wall Street is keeping a closer eye on upcoming talks with China. More below. (Was this newsletter forwarded to you?
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Treasury Secretary Scott Bessent is set to begin trade talks with Chinese counterparts in Geneva this weekend. Investors are on edge about what he will achieve.
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Big deal
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President Trump can finally point to a trade deal with a
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major ally, Britain
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. But now comes the tricky part: Can he strike similar agreements with other countries?
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More crucially, what will his administration gain from Treasury Secretary Scott Bessent’s talks with Chinese counterparts scheduled for this weekend in Geneva?
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</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The White House will enter the meetings under enormous pressure.
</span>
<span>
The S&P 500 has rallied more than 13 percent over the past month on investor hopes that Trump will dial back his protectionist agenda, as companies warn that the trade war will eat into profits and force them to raise prices.
</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 sought to spin the deal with Britain as a turning point.
</span>
<span>
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
You better go out and buy stock now
</a>
<span>
,” he said yesterday at a news briefing. The two countries agreed to bolster business ties. One example: IAG, the parent company of British Airways, said it would order new long-haul aircraft,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
including 32 from Boeing
</a>
<span>
. (The Times
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
breaks down the rest here
</a>
<span>
.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But Commerce Secretary Howard Lutnick sounded less bullish, saying of negotiations with Japan and South Korea — which are widely seen as countries the U.S. is likeliest to reach accords with next — “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
these are not going to be fast deals
</a>
<span>
.” And Bessent has similarly warned that a full-fledged China deal could take years to pull off.
</span>
</p>
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</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Keep in mind these caveats about the British accord:
</span>
<span>
It’s a framework agreement that’s light on details, is far from finalized and has been in the works
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
since Trump’s first term
</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">
There are big questions about what Trump could get from China.
</span>
<span>
The administration is weighing serious concessions that could see tariffs reduced to below 60 percent, from 145 percent,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
according to Bloomberg
</a>
<span>
. The White House denied the Bloomberg report, and Trump this morning suggested he still wants to play hardball, posting on Truth Social, “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
80% Tariff on China seems right! Up to Scott B
</a>
<span>
.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Still, the outcome could reveal how much negotiating power the White House has. Whatever the Trump team offers, would it be enough to get Beijing to ease up on tariffs on U.S. imports? And would China unblock the flow of critical minerals to U.S. companies?
</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">
Fallout from the trade fight has been swift.
</span>
<span>
Beijing today released data showing shipments to the U.S. plunged last month
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
by 21 percent on an annualized basis
</a>
<span>
— but jumped by the same percentage to Southeast Asian countries, suggesting a remapping of trade lines. “This is an early signal that something is going on in terms of a front-loading of the supply chain,” Raymond Yeung, the chief economist for greater China for ANZ, told The Times.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In the U.S., the tensions are likely to keep the Fed’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
interest-rate policy on hold
</a>
<span>
until the economic volatility subsides and clarity on growth, inflation and jobs returns. For negotiators this weekend, the calculation may come down to one question: Is a breakthrough possible in which somewhat normalized trade resumes between the two countries?
</span>
</p>
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<td class="css-36ugzx" style="padding-bottom:15px">
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
HERE’S WHAT’S HAPPENING
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
President Trump pushes to raise taxes for the rich.
</span>
<span>
He has asked Speaker Mike Johnson to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
create an income bracket
</a>
<span>
for those making more than $2.5 million a year, taxing income above that at a rate of 39.6 percent, The Times reports. Such a move would roll back a cut included in the 2017 tax law that Trump enacted and goes against Republicans’ favoring more cuts, but reflect
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
lawmakers’ struggles
</a>
<span>
to raise money to fund other cuts.
</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 names Jeanine Pirro as the interim U.S. attorney for Washington.
</span>
<span>
The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
appointment of the Fox News host
</a>
<span>
— which will most likely face legal challenges — came after key Republican senators opposed an effort to install Ed Martin permanently in the role. The U.S. attorney for Washington is a high-profile position; as interim U.S. attorney, Martin pledged to prosecute anyone who sought to impede Elon Musk’s government cost-cutting work.
</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 first-of-its-kind crypto bill stalls in the Senate.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Democrats blocked the GENIUS Act
</a>
<span>
, which would have introduced regulation for so-called stablecoins, over concerns that it could bolster the Trump family’s digital currency ventures. (Two Republicans, Josh Hawley of Missouri and Rand Paul of Kentucky, also voted not to advance the bill.) The crypto industry had lobbied hard for the measure as it sees a chance to make gains under the Trump administration.
</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">
An investor with ties to Elon Musk accuses Brookfield Asset Management of fraud.
</span>
<span>
Josh Raffaelli, a former Brookfield employee,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sued the asset management giant
</a>
<span>
for mistreating investors in his funds by improperly limiting how much money he could invest in Musk’s xAI as it sought to make up for shortfalls elsewhere. A spokeswoman for Brookfield denied the accusations.
</span>
</p>
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<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
DEALBOOK SERIES: HOW TARIFFS ARE AFFECTING U.S. BUSINESS
</p>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“The kicker is this is all so unnecessary!”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We asked DealBook readers how tariffs have affected their companies. Today, we’re featuring a response from Joy Harlor, an owner of
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Le Petit Triangle
</a>
<span>
, a French cafe in Cleveland that she says employs 16 people and generates about $1 million in annual sales.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
She writes:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
We have weathered the 2008 recession, raising a family, the pandemic and now we are facing Trump’s tariff war.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
While the tariffs haven’t yet landed on an actual invoice, the notion that they are coming slowed our business in April. I’m expecting a 10 percent to 12 percent drop in revenue. Guests are still coming in the door, but the check average is lower. I can see the occasional diner is more cautious about their expenses.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
We were already dealing with inflation. Our menu prices have risen 15 to 20 percent since the pandemic. If I was smart, the prices would be higher, but I am trying to hold the line and be that everyday cafe. We have also added the 3 percent credit card fee, which I resisted for a long time. I think back to five years ago, when a case of eggs (15 dozen) was $35.00. This year we have paid $150.00.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
All of our cheeses are imported and are already so expensive. It has been difficult to get some cheeses as shipping containers are taking longer to arrive because of the tariffs. And let’s not even talk about Nutella! Is it a nut spread or a chocolate spread? The tariff depends on how it’s defined.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Seafood is also an issue. We normally source a lot of our white fish from Canada. Our seafood supplier told us to expect tariffs to raise fish prices by 30 percent. Wholesale fresh cod varies in price weekly, but let’s say it’s $12 a pound. The new price with tariffs will be $16 a pound.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
I’m currently watching invoices, shopping new places, looking at alternative vendors and planning special dining events to increase revenue. But it’s difficult to find replacement sources domestically since we’re replicating a European cafe. That’s our appeal.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
The kicker is this is all so unnecessary!
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
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<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
DEALBOOK WANTS TO HEAR FROM YOU
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We’d like to know how the tariffs are affecting your business. Have you changed suppliers? Negotiated lower prices? Paused investments or hiring? Made plans to move manufacturing to the U.S.? Or have the tariffs helped your business? Please
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
let us know what you’re doing
</a>
<span style="font-style:italic">
.
</span>
</p>
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<td style="text-align:center">
<img alt="Bill Gates. He’s wearing glasses and his mouth is slightly ajar. He’s dressed in a dark sports jacket and a white shirt under a black sweater." class="css-xsf469" height="346" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F09%252Fmultimedia%252F09db-newsletter-ghqw%252F09db-newsletter-ghqw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDY3OTMxMjAuMjExODI5N30:1uDMga:QRloXHFk3oZ0f6re__0qyLPOXAquS197X20tB7mQVy0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Bill Gates said he would give away $200 billion over the next 20 years.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Mike Segar/Reuters
</span>
</span>
</td>
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“The idea that I could write some set of goals that somebody would either honestly try to interpret or misinterpret 50 years from now — that’s kind of silly. And we’re not running out of rich people.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
— Bill Gates, in an
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
interview with The New York Times Magazine
</a>
<span style="font-style:italic">
, announcing that The Gates Foundation would be closing permanently on Dec. 31, 2045. Gates
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
also criticized
</a>
<span style="font-style:italic">
Elon Musk’s push as part of his government work to cut foreign aid: “The world’s richest man has been involved in the deaths of the world’s poorest children.”
</span>
</p>
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</table>
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<tbody>
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<td style="text-align:center">
<img alt="Pope Leo XIV, left, raising his hands to greet the crowd at St. Peter's Square in Vatican City." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F09%252Fmultimedia%252F09db-newsletter-leo-whjl%252F09db-newsletter-leo-whjl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDY3OTMxMjAuMjExOTI5Nn0:1uDMga:QVnNTQwHL61lL32zwioXYccK-8t33Siyy_8qY8oN97o" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
The election of Leo XIV as pope may have surprised many, but it may also please Catholic donors.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Francesco Sforza/Vatican Media, via 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>
What Leo XIV means for donors
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Many Vatican watchers never thought they’d see the day when an American was elected pope. And then Leo XIV appeared on the balcony of St. Peter’s Basilica.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In hindsight, the elevation of Cardinal Robert Francis Prevost, who was born in Chicago, makes a lot of sense — as much for his ability to energize the vital American donor base as for his spiritual leadership. (Never mind that in his first address yesterday,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
he didn’t mention the United States
</a>
<span>
, or say a word in English.)
</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">
Why it matters:
</span>
<span>
Americans may not be going to Mass in droves anymore, but they are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a powerhouse when it comes to donations
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And the new pope is seen as a steady hand who can continue the accounting overhauls begun under his predecessor. Francis appointed the 69-year-old in 2023 to a top Vatican post that gave him a say in the future direction of the church. “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
He checked all the boxes
</a>
<span>
,” the veteran Vatican analyst John Allen told The Times.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Before the conclave, several donor groups
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told DealBook
</a>
<span>
that they were anxious about the succession vote, and that they were hoping for fiscal continuity, and that a newcomer wouldn’t undo Francis’ efforts of bringing more transparency to the Vatican’s operations. (Some experts also predicted to DealBook that a candidate with a strong business vision could become a strong papal candidate.)
</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 Vatican’s finances are a mess.
</span>
<span>
While Francis ordered more robust internal audits, the papacy’s deficit still ballooned over the past decade, with its pension fund
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
facing liabilities of around 2 billion euros
</a>
<span>
($2.25 billion), according to The Wall Street Journal.
</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">
In Francis’ final days, he sought to build greater ties with donors.
</span>
<span>
In February, while he was recovering from pneumonia, a high-level committee was created to raise money for the Curia, the Vatican’s governing hierarchy, to shore up its budget shortfalls.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Francis’ bet was that donors would be as keen to fund church bureaucracy as they would many of the far-flung missions and social causes around the world.
</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">
Politics are worth watching.
</span>
<span>
U.S. Catholics tend to lean more Republican, and they had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
overwhelmingly positive view of Francis
</a>
<span>
— even though he clashed with President Trump over issues like immigration.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It will be worth watching how they regard the new pope: In February, a social media account under Prevost’s name
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
expressed criticism
</a>
<span>
of Vice President JD Vance, sharing an article that called the vice president’s interpretation of Christian doctrine “wrong.”
</span>
</p>
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<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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</td>
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<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>
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Subscribe to The New York Times
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
THE SPEED READ
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Oil giants including Shell, Chevron and Exxon Mobil have reportedly studied the math on
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
potential takeover bids
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for some or all of the embattled BP. (FT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Shares in Aspen Insurance
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which is backed by Apollo, jumped 10.8 percent in their debut yesterday. (Reuters)
</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">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Alex Mashinsky
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the founder of the bankrupt crypto lending platform Celsius Network, was sentenced to 12 years in prison after pleading guilty to fraud in connection with his start-up’s collapse. (WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Brian Ballard
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
began the second Trump administration as perhaps the most-connected lobbyist to Trumpworld. Now, he’s a pariah. (Politico)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
The law firm Cadwalader
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
is reportedly seeing an exodus after reaching a settlement with President Trump. Separately, here’s why Harvard leaders worry their fight with the president could
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
leave lasting damage
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to the university. (WSJ, 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">
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 Curtis Yarvin, who is seen as an intellectual inspiration for Elon Musk’s cost-cutting initiative,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
now disdains the effort
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (WaPo)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Scientists say they’ve created an A.I. tool that can analyze people’s faces to help
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
determine their biological ages
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
— and, perhaps eventually, their medical care. (NYT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Inside the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
enduring appeal of The New York Post
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (New Yorker)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Boy Accidentally
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Orders 70,000 Lollipops on Amazon
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. Panic Ensues.” (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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</td>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Thanks for reading! We’ll see you tomorrow.
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<span>
We’d like your feedback. Please email thoughts and suggestions to
</span>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
</td>
</tr>
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