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DealBook: Where is the off-ramp?
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Also, Elizabeth Warren has questions about tariff trades.
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April 11, 2025
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Good morning. With China having imposed more tariffs on U.S. imports, seemingly prompting companies like Tesla to respond, investors are worried about how President Trump’s trade fight is going — and where the off-ramp is. We examine those concerns below. (Was this newsletter forwarded to you?
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)
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The gulf is widening between the United States and China over their tit-for-tat tariff clash.
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Kevin Lamarque/Reuters
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The trade battle intensifies
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There’s no letup in sight to the trade war: This morning, China
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raised its tariffs on U.S. imports
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yet again.
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Beijing said it would not make economic sense to raise them further, and called the Trump administration’s dizzying tariffs barrage “a joke.” And this morning,
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Tesla stopped taking orders in China
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<span>
for two models it imports from the U.S. (That raises the question: What does Elon Musk think about how President Trump’s trade fight is going?)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The U.S. dollar and Treasuries are being battered as well, casting further uncertainty over their safe-haven status.
</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">
Where things stand:
</span>
<span>
As of tomorrow, Chinese levies on U.S. goods will rise to 125 percent from 84 percent. That’s after the Trump administration placed 145 percent tariffs on imports from China; the White House has also put 10 percent tariffs on most other trade partners as it faces a 90-day deadline to reach scores of trade deals.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Meanwhile:
</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">
The dollar is falling sharply again, having suffered its biggest drop against the euro in a decade.
</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 30-year Treasury bond is more stable, but is on track for its worst week since the 1980s, according to Deutsche Bank research.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
West Texas Intermediate, the U.S. oil benchmark, is trading around $60. Its significant drop this week is being cheered on by the White House, but 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">
exacerbate the trade deficit
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, Bloomberg Opinion’s Javier Blas writes.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Just in:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
JPMorgan Chase reported gains
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in its core consumer lending, investment banking and trading businesses for the first quarter. But Jamie Dimon, the bank’s C.E.O., warned that “the economy is facing considerable turbulence.”
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
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<img alt="A line chart shows the value of the U.S. dollar plunging since the start of the year." class="css-xsf469" height="560" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F04%252F11%252Fbusiness%252F11db-chart%252F11db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDQzNzEzNjUuOTg5OTg1fQ:1u3Cg1:5N_wUnoOKTvvxHpsRCr-iMkP7kNysU_LhOKgIiQpxBI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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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">
Watch the market volatility closely.
</span>
<span>
Treasury Secretary Scott Bessent said yesterday that he saw “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
nothing unusual
</a>
<span>
” about the market swings. But
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
simultaneous
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
drops in the dollar, stocks and long-dated Treasury bonds are extreme, especially in the United States, and suggest a potentially larger capital flight away from U.S. financial assets, analysts noted.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The sell-off in bonds in particular
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
appeared to spook the White House
</a>
<span>
into pausing most of its reciprocal tariffs.
</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">
Bondholders remain wary.
</span>
<span>
They appear concerned about the inflationary effects of tariffs, “squeezing margins and reducing household real incomes,” Andrew Wishart, an economist at Berenberg, wrote in a research note this morning. Berenberg forecasts that the yield on the 10-year treasury note will rise to 4.8 percent, up from about 4.4 percent this morning.
</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">
Investors appear to be worried about what’s next for the “Trump put,”
</span>
<span>
shorthand for the president walking back policies that could hurt the economy.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Because Trump has shown that he will listen to the bond market, the thinking goes, he has lost negotiating leverage — especially since he is seeking allies to team up against China. That means other trading partners can demand things from the U.S., and not, as the White House wants, the other way around.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Yesterday’s market plunge seems tied in part to a growing belief that the only way for Trump to get out of this predicament is walk away from his fight altogether.
</span>
</p>
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</table>
<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 have affected your business. Have you changed suppliers? Negotiated lower prices? Paused investments or hiring? Made plans to move manufacturing to the U. S.? Please
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
let us know
</a>
<span style="font-style:italic">
what you’re doing.
</span>
</p>
<table width="100%">
<tbody>
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<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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</tbody>
</table>
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<tbody>
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<td height="30">
</td>
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<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>
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">
The House passes a Trump-endorsed budget blueprint.
</span>
<span>
Holdout Republican lawmakers
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dropped their opposition to the plan
</a>
<span>
, which seeks drastic cuts to taxes and government spending, despite their concerns that it would significantly increase the national debt. But party leaders in both chambers have yet to agree on how much spending to cut, and where.
</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">
Elon Musk appears to drop his cost-cutting target again.
</span>
<span>
In a cabinet meeting yesterday, the billionaire said that his so-called Department of Government Efficiency
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
anticipates cutting $150 billion
</a>
<span>
in the 2026 fiscal year, which runs from October 2025 to September 2026. It’s unclear whether Musk meant that number was what his team had identified so far, or all it expected to achieve, but it’s well below the $2 trillion he pledged last year. (A White House official said $1 trillion remains the goal.)
</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 law firms near deals with Trump.
</span>
<span>
The president told his cabinet that four or five firms were close to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
committing $125 million each
</a>
<span>
to do pro bono work — more than others have pledged. Among those that have held talks with Trump advisers in recent days are Latham & Watkins, Kirkland & Ellis and Simpson Thacher & Bartlett, according to The Times. It’s the latest sign of corporate law firms bending to Trump to avoid facing his wrath.
</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">
Republican lawmakers target the Ivy League over claims of price fixing.
</span>
<span>
The Senate and House Judiciary committees began inquiries into the eight universities to examine whether they were violating antitrust laws by collaborating over tuition policies. It represents
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
another attack
</a>
<span>
on higher education institutions. Relatedly, the Trump administration is looking to place Columbia University
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
under a consent decree
</a>
<span>
.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
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<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
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<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>
More scrutiny for trading around tariff reversal
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Senator Elizabeth Warren, Democrat of Massachusetts, has sent a letter to the S.E.C.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
asking the agency to investigate
</a>
<span>
whether President Trump violated securities laws while reversing course on his global tariffs on Wednesday, Lauren Hirsch is first to report.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It is far from certain Warren’s request will lead to an investigation. But the letter — whose signatories include Senator Chuck Schumer of New York, the minority leader — underscores how much scrutiny Trump’s comments before he announced a 90-day pause on tariffs are getting.
</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">
Trading around Trump’s tariff U-turn was dizzying
</span>
<span>
. During a period of intensely volatile trading, Mr. Trump wrote on social media, “THIS IS A GREAT TIME TO BUY!!!” Hours later, he announced a 90-day pause on many of his reciprocal tariffs, sending the S&P 500
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
soaring more than 7 percent
</a>
<span>
in just minutes. It was the best day for the benchmark index since the fall of 2008.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Times has reported that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Trump’s change of heart
</a>
<span>
on tariffs followed a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
rapid rise in bond yields
</a>
<span>
and increasing concern about the economic fallout of the levies.
</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">
Warren wants to know who knew what, and when.
</span>
<span>
“In recent days, President Trump has announced a series of erratic, reckless tariffs, leading to significant market turmoil,” Warren wrote.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“It is unclear which officials and affiliates of President Trump had advance knowledge of his plans to delay tariffs — but insiders may have known that he was going to announce a tariff pause and that the market would improve.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A spokesman for the White House did not respond to a request for comment.
</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">
Others have made similar requests.
</span>
<span>
Representative Maxine Waters. Democrat of California, sent a letter to the S.E.C. and the U.S. Government Accountability Office yesterday. Of particular concern to her was a spike in trading of call options — bets that a stock will rise — in the period directly leading up to Trump’s announcement of the pause on tariffs.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“The timing and scale of the call option purchases would suggest that an official of the Administration, or perhaps the President himself, provided friends or associates with a heads up that the announcement was happening,” Waters wrote.
</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">
Market volatility makes it hard to assess wrongdoing.
</span>
<span>
Financial experts said they saw no immediate proof of insider trading, and that many of the spikes in buying Wednesday occurred at the same time as the announcement. “Speed is not illegal,” said Steve Sosnick, the chief strategist at Interactive Brokers.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But given the heavy trading volume surrounding Trump’s announcement, it would be difficult to detect illegal activity from looking at market moves alone.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Just because I can’t find a smoking gun doesn’t mean there wasn’t one,” Sosnick added.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
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<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>
“Last fall, I asked teammates across the company to send me bureaucracy examples that they were experiencing. I’ve received almost 1,000 of these emails, and read every single one.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
— Andy Jassy, the C.E.O. of Amazon. In his
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
annual letter to shareholders
</a>
<span style="font-style:italic">
, Jassy reiterated his desire to make the e-commerce and tech giant move faster, including by removing red tape across its operations. He wrote that Amazon has already made more than 375 changes based on that feedback.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
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<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>
Can the courts halt the Trump tariffs?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
U.S. markets sold off yesterday as investors feared further uncertainty around President Trump’s tariffs and concerns about an economic war with China.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The only way to stop the broad levies on U.S. trading partners is through the courts, Paul Sracic, a professor of politics and international relations at Youngstown State University and an adjunct fellow at the Hudson Institute, told Sarah Kessler.
</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">
Congress was always going to be a limited check on Trump’s policy.
</span>
<span>
Four Republican senators voted with Democrats last week to pass a measure that would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
block Trump’s tariffs on Canadian goods
</a>
<span>
. And
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
seven Republican senators
</a>
<span>
have signed on to another bipartisan bill that would give Congress
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a 60-day window
</a>
<span>
to approve new tariffs imposed by the president.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Yesterday, Senator Lisa Murkowski, Republican of Alaska called on her fellow lawmakers to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
reassert their authority over tariffs
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But those bills aren’t likely to pass in the House, with Speaker Mike Johnson saying Monday that his chamber would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
give Trump “space” to enact his tariffs
</a>
<span>
. Even if Congress were to pass such legislation, Trump would probably veto it — a move that could only be overturned with a two-thirds vote in both the House and Senate.
</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 bills also ignore a bigger question.
</span>
<span>
The Constitution grants Congress, not the president, control over levies. “The idea shouldn’t be that Congress gets permission to approve what the president does,” Sracic said. “The argument should be, can the president do this?”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Supreme Court has previously ruled that the executive branch cannot claim authority to decide “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
major questions
</a>
<span>
” of economic and political significance unless Congress has
</span>
<span style="font-style:italic">
clearly
</span>
<span>
delegated it.
</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">
Legal challenges are already underway.
</span>
<span>
The libertarian New Civil Liberties Alliance, a nonprofit that has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
previously received funding
</a>
<span>
from the Charles Koch Foundation,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
filed a lawsuit last week
</a>
<span>
over the Trump’s tariffs on Chinese goods.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The U.S. Chamber of Commerce, one of the most powerful business lobbying groups in Washington, is also said to be considering a legal challenge to Trump’s global tariffs,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
according to Fortune
</a>
<span>
. The Retail Industry Leaders Association began planning to sue over the tariffs, but put the efforts on hold because
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
members feared angering Trump
</a>
<span>
, according to Bloomberg.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And the editorial board of The Wall Street Journal has also pointed out specific limits on Trump’s power to apply tariffs. “Someone should sue to block his abuse of power,” it argued.
</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 administration’s argument:
</span>
<span>
Trump is relying on a 1977 law that gives the president expanded powers during an emergency. In imposing tariffs on China in February, Trump cited what he said was a surge of illegal drugs from the country; on the worldwide tolls, he called the U.S. trade deficit “an unusual and extraordinary threat to the national security and economy of the United States.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In its lawsuit, the New Civil Liberties Alliance argues that the 1977 law does not grant the president the authority to enact broad tariffs. Even if Congress wanted to give the president that authority, it could not, since the Constitution specifically gives it to the legislature. “It’s a non-delegation problem,” Sracic said.
</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>
THE SPEED READ
</span>
</h3>
</td>
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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">
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">
Prada agreed to buy Versace
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, an embattled rival luxury fashion label, for $1.38 billion despite uncertainty about President Trump’s tariff fight. (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">
Thinking Machines Lab, the artificial intelligence start-up founded by the former OpenAI executive Mira Murati, has reportedly raised its fund-raising target
</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 around $2 billion
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (Business Insider)
</span>
</li>
</ul>
</td>
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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">
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">
Trump administration officials have discussed
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
revoking migrants’ lawfully obtained Social Security numbers
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to pressure them to leave the country. (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">
“In Secret Meeting, China Acknowledged
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Role in U.S. Infrastructure Hacks
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (WSJ)
</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 mobilizing several departments to fulfill the president’s goal of acquiring Greenland — but it aims to do so
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
via persuasion, not invasion
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (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">
A top JPMorgan Chase strategist underscored his concern about Wall Street being afraid to speak out against Trump policies by
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
self-redacting a recent report
</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">
In A.I. news: how TikTok made its Chinese parent company, ByteDance, 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">
powerhouse in the technology
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
; and Meta wants to eliminate what it calls
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
left-leaning bias
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in its Llama model. (NYT, 404 Media)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Why America
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Should Sprawl
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (NYT)
</span>
</li>
</ul>
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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
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1 week, 1 day ago - nytdirect@nytimes.com
DealBook: Where is the off-ramp?
Also, Elizabeth Warren has questions about tariff trades.View in browser|nytimes.comApril 11, 202...