- Accessories
- Accommodation
- Accounting
- Airline
- Analytics
- Auction site
- Bank
- Beauty
- Bike Rental
- Biotechnology
- Books
- CRM
- Call center software
- Cameras
- Car company
- Cards
- Chrome plugin
- Clothing
- Coffee
- Collaboration
- Community
- Contact lenses
- Crowd funding
- Cryptocurrency
- Customer support
- Dating
- Department store
- Design tools
- Developer tools
- Digital printing
- Direct to consumer
- Domain names
- E-commerce
- E-commerce store builder
- Education
- Electronic signatures
- Electronic signitatures
- Electronics
- Email Service Provider
- Email marketing
- Entertainment
- Event management
- Fashion
- Finance
- Fitness
- Flight comparisons
- Food
- Food delivery
- Form builder
- Freelancer tools
- Furniture
- Game
- Gaming
- Gifts
- Glasses
- Greetings cards
- Groceries
- Hair
- Health
- Hiring
- Hotel comparison
- Hotels
- Insurance
- Investing
- Jewelry
- Landing page builder
- Language learning
- Lingerie
- Live chat
- Makeup
- Marijuana delivery
- Marketing
- Marketplace
- Mattress company
- Meal delivery kits
- Media
- Messaging
- Music
- NFT
- News
- No-code
- Nutrition
- Online courses
- Online-course-platform
- Outdoor store
- Password manager
- Payments
- Personal Finance
- Pharmacy
- Photography
- Podcast Hosting
- Podcasts
- Productivity
- Project management
- Property
- Proposal software
- Real estate
- Ride sharing
- Running
- SEO
- SaaS
- Sales tools
- Scooters
- Shoes
- Skincare
- Social network
- Software
- Sportsware
- Subscription boxes
- Swimwear
- T-shirt Printing
- Talent
- Telco
- Trains
- Transport
- Travel
- Underwear
- VPN
- Video hosting
- Video streaming
- Voucher/Coupon Sites
- Watches
- Web hosting
- Website builder
- Workforce management
- Writing
- & Other Stories
- &Open
- 1&1
- 1Password
- 3dcart
- 6pm
- A.C. Moore
- ANNA by RadLabs
- ASOS
- AT&T
- AVI-8
- AYR
- Abercrombie
- Accessorize
- Ace Hardware
- ActiveCampaign
- Acura
- Acuvue
- Adapt
- Adidas
- Airbnb
- Aircall
- Airtable
- Alaska Air
- All Saints
- Allbirds
- Amazon
- Ambronite
- American Airlines
- American Apparel
- Anchor
- Ann Taylor
- Antidote Street
- Apple
- Armani Exchange
- Armogan
- Asana
- Astley Clarke
- Audemars Piguet
- Auverture
- BBC iPlayer
- BECCA Cosmetics
- Baremetrics
- Barnes and Noble
- Basecamp
- Bath & Body Works
- Beans
- Bearbottom Clothing
- Beaver Brooks
- Ben Sherman
- Bend
- Bespoke Post
- Best Buy
- Big Cartel
- BigCommerce
- Binance
- Birchbox
- BitClout
- Bite
- Black Opal Beauty
- Blinkist
- Blue Apron
- Bluehost
- Bobbi Brown
- Bonlook
- Bonobos
- Boohoo
- Booking.com
- Boots
- Box
- Bravissimo
- Breaker
- Breitling
- Brightedge
- British Airways
- BrowserStack
- Bubble
- Buffer
- Busuu
- Bynder
- CVS
- Cadillac
- CafePress
- Calendly
- Calm
- Candy Club
- Canny
- Canon
- Canva
- Carbonmade
- Careem
- Carrd
- Cars.com
- Cartier
- Cash App
- Casper
- Caviar
- ChartMogul
- Chevrolet
- Chilewich
- Chococurb
- Chubbies
- Circle
- Claire's
- Clarks
- ClassPass
- ClickFunnels
- ClickUp
- Clinique
- Cloudflare
- Clubhouse
- Clue
- Coach
- Coastal
- Coda
- Coinbase
- Conductor
- ConvertKit
- CopyAI
- Costco
- Coursera
- Cover FX
- Craft
- Craigslist
- Crypto.com
- Cult Furniture
- Customer.io
- DFS
- Daisy Jewellery
- Daniel Wellington
- Debenhams
- Deliveroo
- Delivery.com
- Delivra - The Inbox
- Delta
- Depop
- Deputy
- Descript
- DesignByHümans
- Designer Shoe Warehouse
- Discord
- Disney+
- Djusie
- DocuSign
- Dollar Shave Club
- Domino's
- DoorDash
- Dorelan
- Dorothy Perkins
- Drip
- Dropbox
- Dropbox Paper
- Drops
- Duda
- Duolingo
- Dwell
- EasyJet
- Eaze
- Elevate
- Etsy
- Eurostar
- Eventbrite
- Everlane
- Evernote
- Expensify
- Express Glasses
- Eye Buy Direct
- FabFitFun
- Fabletics
- Facet
- Fancy
- Farm Rio
- Fashion Fair
- Fashion Nova
- Feedly
- Feelunique
- Fenwick
- Figma
- Finimize
- Firebox
- Fitbit
- Fiverr
- Fleur & Bee
- Flipd
- Flodesk
- Fluent
- Flybe
- Foodvisor
- Ford
- Forest
- Forever 21
- Fort Myers
- Fortnum & Mason
- Fossil
- Framebridge
- Framer
- FreeCodeCamp
- Freedom Japanese Market
- Freetrade
- Front
- Ftsny
- Fullstory
- Furniture Village
- Fyrn
- GMC
- GameStop
- Gap
- GatherContent
- Ghost
- Ghost Bed
- GitHub
- Glasses USA
- Glo
- Glossybox
- Go-Jek
- GoDaddy
- Goat
- Gobble
- Goggles4u
- Goldsmiths
- Gorillas
- Gousto
- Grab
- Graham and Green
- Grammarly
- Graze
- Greats
- Green Chef
- GreenRush
- Groupon
- Grubhub
- Guess
- Gumroad
- Gymshark
- Gyroscope
- H&M
- H.Samuel
- HVMN
- Habitat
- Harrods
- Harry's
- Harvey Nichols
- Hastens
- HauteLook
- Headspace
- Height
- Helix
- HelloFresh
- Help Scout
- Hey
- Hipmunk
- Hobby Lobby
- Home Depot
- HomeGoods
- Honda
- Honest
- Honey
- HostGator
- HotelTonight
- Hotjar
- House Curious
- House of Fraser
- Houzz
- HubSpot
- HubSpot CRM
- Huel
- Hulu
- Hungry House
- Hutch
- InMotion Hosting
- InVision
- Infoempleo
- Infojobs
- Instacart
- Interact
- Intercom
- Ipsy
- J.Crew
- JCPenney
- Jaguar
- Jessops
- Jet2
- JetBlue
- Jira
- Job Today
- Jump Bikes
- Just Eat
- Kay
- Khan Academy
- Klarna
- LTHR Supply
- Lancôme
- Landbot
- Lane Bryant
- Launchaco
- Leadpages
- Leesa
- Lemonade
- Lexus
- Liberty London
- Lifesum
- Lime
- Linear
- Linjer
- Linktree
- Litmus
- Loaf
- London Virgin Hair
- Lookfantastic
- Loom
- Loot Crate
- Lowes
- Lululemon
- Luma
- Lyft
- MAC Cosmetics
- MDMflow
- MVMT
- Mack Weldon
- Macy's
- Made
- Magento
- Mailchimp
- MapMyGut
- Marley Spoon
- MasterClass
- Mayvenn
- MeUndies
- Meadow
- Medium
- Memrise
- Menards
- Mercari
- Mercedes-Benz
- MetaMask
- Michaels
- Microsoft Teams
- Mini
- Miro
- Miss Selfridge
- Missguided
- Misto Box
- Mitsubishi cars
- Mixpanel
- Monday
- Moneybox
- Mont Blanc
- Monzo
- Moo
- Moonpig
- Morning Brew
- Morning Recovery
- Muttonhead
- My First Wig
- MyFitnessPal
- N26
- Nars Cosmetics
- NerdWallet
- Nest Furniture
- Netflix
- New Look
- Newegg
- Nicely Noted
- Nike
- No Mercy / No Malice
- Nomatic
- Noom
- Nordstrom
- Nordstrom Rack
- Notion
- Notonthehighstreet
- Now TV
- Nugg
- Ocado
- OfferUp
- Officevibe
- Old Navy
- Omega
- OpenSea
- OpenTable
- Otiumberg
- Outdoor Voices
- Overstock
- Ozone Socks
- PandaDoc
- Pandora
- Patreon
- Paula's Choice Skincare
- PayPal
- Peloton
- Picniic
- Pier 1
- Pipedrive
- Pitch
- Pizza Express
- Plated
- Plum
- Pluralsight
- Podia
- Poshmark
- Postmates
- Pottery Barn
- PrettyLittleThing
- Primark
- Process Street
- Puma
- Purple
- QVC
- Quibi
- QuickBooks
- Quill
- Quizlet
- Quora
- REI
- Racket
- Raymond Weil
- Redbubble
- Reflectly
- Replit
- Retool
- Revolut
- Rezi
- Ripcurl
- Robinhood
- Runkeeper
- SNKRS by Nike
- Sally Beauty
- SavvyCal
- Scentbird
- Scribd
- Seamless
- Search Metrics
- Selfridges
- Sephora
- ServiceNow
- Shop.com
- Shopify
- Shpock
- Shudder
- Shwood and Stanley
- Simba
- Skillshare
- Skyscanner
- Slack
- Slite
- Snapchat
- Society6
- Sock Fancy
- SoloLearn
- SoundCloud
- Southwest
- Soylent
- SpeedWeed
- Spotify
- Spreadshirt
- Square
- Squarespace
- Squarespace Scheduling
- Staples
- Starbucks
- Steam
- Stitch Fix
- Stone Forest
- Strava
- Strikingly
- Stripe
- Substack
- SumUp
- Sun Basket
- Sunsama
- Superdrug
- SurveyMonkey
- Swarovski
- Sweatcoin
- Swoon
- TRNK
- Tag Heuer
- Tally
- Target
- Taste Trunk
- Teachable
- Teachlr
- Techcrunch
- Ted Baker
- TeePublic
- Tempur
- Tempur-Pedic
- Tesla
- The Hustle
- The Jewel Hut
- The New York Times
- The Ordinary
- The White Company
- Thinx
- Threadless
- Thryve
- Tidal
- Tide.fm
- Tiffany & Co
- TikTok
- Tinder
- Todoist
- Tommy John
- Topshop
- TouchNote
- Trainline
- TransferWise
- Trello
- Triibe
- TripAdvisor
- Trivago
- Trustpilot
- Tuft & Needle
- TunnelBear
- Twitch
- Typeform
- UNIQLO
- Uber
- Uber Eats
- Udacity
- Udemy
- Ulta
- Unbounce
- UncommonGoods
- United
- Universe
- Upwork
- Urban Outfitters
- VSCO
- Vessi
- Victoria's Secret
- Vimeo
- Vinted
- Viome
- Virgin Atlantic
- Vistaprint
- Voog
- Vueling
- WW (Weight Watchers)
- WalMart
- Walgreens
- Wallapop
- Wallshoppe
- Warby Parker
- Watch Shop
- Watch Station
- Watches.com
- Wattpad
- Wayfair
- Waze
- Wealthsimple
- Webflow
- Weebly
- West Elm
- Whimsical
- Williams Sonoma
- Winc
- Wise
- Wistia
- Wix
- WooCommerce
- WordPress
- World Market
- Wowcher
- YNAB
- YouTube
- YouTube Music
- Zales
- Zapier
- Zara
- Zazzle
- Zendesk
- Zero
- Zoe & Morgan
- Zoopla
- Zulily
- eBay
- eToro
- uBiome
The New York Times Customer
Subscribed 3 years, 10 months ago
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
<head>
<title>
DealBook: Who’s got Trump’s ear
</title>
<!--[if !mso]><!-- -->
<meta content="IE=edge" http-equiv="X-UA-Compatible"/>
<!--<![endif]-->
<meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
<meta content="width=device-width,initial-scale=1" name="viewport"/>
<style type="text/css">
#outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
</style>
<!--[if mso]>
<xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
<o:PixelsPerInch>96</o:PixelsPerInch>
</o:OfficeDocumentSettings>
</xml>
<![endif]-->
<style type="text/css">
@media (max-width:480px){.css-r2ey6x{width:100%!important}}.css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-1n5iqtj:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-1n5iqtj{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-wf08f0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-wf08f0{display:inline-block!important}}@media (max-width:480px){.css-37loo4{padding:20px 0 0!important}}@media (max-width:600px){.css-xsf469{width:100%!important;height:auto!important}}@media (max-width:480px){.css-1dtd48z{padding-left:30px!important}}@media (max-width:480px){.css-63f6sn{display:none!important}}@media (max-width:480px){.css-1npprw9{display:table-row!important}}@media (max-width:480px){.css-36ugzx{padding-bottom:0!important}}@media (max-width:480px){.css-1b9cqt1{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-14jlz04{margin:0 30px 15px!important}}@media (max-width:480px){.css-3vswge{padding-bottom:6px!important}}@media (max-width:480px){.css-10nzuqq{font-size:25px!important;line-height:30px!important}}.css-12jlfj0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-12jlfj0:hover{border-bottom:none!important}
</style>
</head>
<body>
<div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FPSb0DY1VxudRJwh_P0ICxg~~%252FAAAAARA~%252F7vYU5SrcrW6Hcdd5E7tcdiXOpdJeeDQDRA9sAhYegXP3lIyC4uiDqXOYyk9HhD6xU0OhxzIS-ZweFURZbtbKOQ~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NDEyNjQ3ODMuNDEzOTkzfQ:1tqAVr:2r4Gce6VjC2aBaDVZE_-oqpi2ogAvQhzyCebCkek1r4" width="1"/>
</div>
<div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
Also, betting on a Russia comeback
</div>
<div>
<!--[if mso | IE]><table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center"><tr><td><![endif]-->
<table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
<tbody>
<tr>
<td align="left" id="EMAIL_CONTAINER" width="100%">
<div style="margin:0 auto;max-width:600px;width:100%">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="padding:15px 0 5px;text-align:center;width:100%">
<div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
<a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
View in browser
</a>
<span style="color:#dcdcdc;margin:0 10px">
|
</span>
<a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
nytimes.com
</a>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr aria-hidden="true">
<td>
<span style="text-align:center;line-height:0;font-size:0">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td>
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE0NzkyM30:1tqAVr:pfTELePWSkdNVr6v_G4jufiOcw3RiFuYTtSLuuFtNnk" style="width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td height="10">
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="border-top:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td class="css-37loo4" style="padding:19px 0 0;width:100%;text-align:center">
<div style="margin-bottom:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
<img alt="DealBook" class="css-r2ey6x" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252FF-DealBook-Sorkin%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEyNjQ3ODMuNDE1NTAyfQ:1tqAVr:SxrsNtsH0rHedNYqhCP8Nxc4Tkn3qPzpNkQcxS2DQII" style="width:300px" width="300"/>
</a>
</div>
<p style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
March 6, 2025
</p>
<p aria-hidden="true" style="font-size:0;line-height:0;margin:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1080714%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE1Njc3OH0:1tqAVr:zhCQ6skRjJQNjLlOIXrj6XhapkanrRTPVNVhl9pEM6w" style="max-width:600px;width:100%" width="600"/>
</a>
</p>
</td>
</tr>
<tr>
<td style="border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
Good morning. Still confused about President Trump’s tariffs? Reading who’s in the room with him (and on TV) may offer a clue. Also, DealBook’s Lauren Hirsch breaks the news on Discord’s moves toward an I.P.O. (Was this newsletter forwarded to you?
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Sign up here.
</a>
<span style="font-style:italic">
)
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td>
<img alt="President Trump turns to his left to look at a smiling Howard Lutnick, the commerce secretary." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F03%252F06%252Fmultimedia%252F06db-lutnick-cmgj%252F06db-lutnick-cmgj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDEyNjQ3ODMuNDE1OTYzNn0:1tqAVr:3qt5QU1qdEk_gNGv-DXGJpwK0302gdYHVhd0s_RnqkU" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
</td>
</tr>
<tr>
<td class="css-1b9cqt1" style="text-align:left;width:100%;padding-bottom:15px;line-height:14px">
<span style="color:#666;font:normal 14px georgia,serif">
Looking for tariff relief? Howard Lutnick, the commerce secretary, appears to be one to call.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Tierney L. Cross for The New York Times
</span>
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Who’s in the room
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
President Trump’s tariff policy has given corporate chiefs and investors a serious case of whiplash. While the markets cheered yesterday’s delay on auto sector levies, setting off
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
an impressive late-day rally
</a>
<span>
, the move also adds to the confusion about what comes next.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The latest: There’s increasing buzz that agricultural products are next in line
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
for tariff relief
</a>
<span>
, as the president faces intense lobbying from his party. And the release yesterday of the Fed’s beige book survey of regional activity showed that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
companies were growing worried
</a>
<span>
that the levies would push up prices.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
One school of thought on Trump’s tariff plans: they could level the field before negotiations. Trump himself sees them as a tool to bolster the U.S. economy.
</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 way to think about this is to look at the people in his orbit.
</span>
<span>
On tariffs, there are two key, and seemingly polar opposite, figures.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
There’s Howard Lutnick, the former head of Cantor Fitzgerald who is a moderate on trade and now commerce secretary. And there is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Peter Navarro
</a>
<span>
, a longtime Trump lieutenant and a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
proponent of high tariffs
</a>
<span>
who is generally opposed to trade deals.
</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">
Who has more influence?
</span>
<span>
For now, it seems to be Lutnick. Trump’s announcement of a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
one-month pause
</a>
<span>
on tariffs on cars coming through Canada and Mexico wouldn’t have surprised anyone who heard Lutnick’s comments
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
earlier in the day
</a>
<span>
.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE2MTQ0OH0:1tqAVr:MjFMV8B2m8nWeDrKcyFJqzIyKvc2h58_flO4A9lQtHg" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE2NDIyNH0:1tqAVr:CMbn-0mtouF5-UjznndqcOO_z37W3BRpnqF1jJ57B-E" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE2NjA5fQ:1tqAVr:xa2vGCJSfmTLcckq-i-tpCKJLnUL3nmzYo2bkZ1rup0" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“My thinking is it’s going to be somewhere in the middle,” he told Bloomberg Television about the possibility of some exemptions. “So not 100 percent of all products and not none.”
</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">
Lutnick had been signaling the likelihood of exemptions for days
</span>
<span>
. On Sunday, he talked about the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
possibility of a rollback
</a>
<span>
on Fox News, calling it a “fluid situation.” On Tuesday, he told Fox Business that Trump was “really looking carefully at that trying to figure out if there is a way in there that he can come in the middle.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Lutnick wasn’t acting alone: On Tuesday, the country’s three biggest automakers — General Motors, Ford Motor and Stellantis — made their case to the president, who then granted the exemption. A one-month reprieve isn’t much, but it gives automakers time to perhaps do some domestic stockpiling,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
or ramp up lobbying
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But the time frame is tight. Trump wants to see a plan from the carmakers that would bring manufacturing back to the United States. It won’t be easy. Detroit
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
relies on a complex supply chain
</a>
<span>
with parts that come from many areas of the world.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE2NzM3fQ:1tqAVr:mrq8K5HD2GaHvlOeGUQJxsNPMEcXIkw9qdJkfz6FSkk" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE2ODYzN30:1tqAVr:uYtqBj57IQRhmAm-PwjeTnSBLwSNOY8PRCuYAYHP2CA" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE3MDQ0fQ:1tqAVr:o-bcVQWhXdMiuXurTIHaKiP_EEx0MI6v9y2cCdFyOGM" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Trump seems to be taking ad hoc approach here, according to Jonathan Doh, a professor of international business at the Villanova School of Business and a former trade official with the Commerce Department.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“There is not a single, unified perspective regarding the efficacy and impact of tariffs,” he told DealBook, adding that it doesn’t look like Trump has “a clear long-term strategy or end game.”
</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">
Who was in the room?
</span>
<span>
Trump, Vice President JD Vance and Lutnick
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
were reportedly on the phone
</a>
<span>
with Prime Minister Justin Trudeau of Canada, who had requested a broader set of exemptions. Trump declined, citing what he said was the flow of fentanyl over the border. (Fentanyl-related deaths have already been
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
steeply declining
</a>
<span>
, according to preliminary data published by the Centers for Disease Control and Prevention.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Navarro wasn’t there. But that doesn’t mean he doesn’t have a useful role to play in the future. Remember that additional tariffs are set to take effect on April 2. Pay attention to who’s making the media rounds before then.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE3MTYzNH0:1tqAVr:gwuufC8pq6IS1MhFdP21QL8UVBdvCv3rD7c9Mhip0gI" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE3MzE5fQ:1tqAVr:AuURhvFW08sGPTAvNmG9EppcPSNIGoVEeom1vluUVzk" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE3NDk0fQ:1tqAVr:4MScfBIIVKHfgkZgdl5nsNKYZScZCJ4U-aNwYlajG2I" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
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">
Elon Musk will get his day in court on OpenAI.
</span>
<span>
The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
feud between Musk and Sam Altman
</a>
<span>
, OpenAI’s C.E.O., moved into a new phase when a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
federal judge denied
</a>
<span>
Musk’s request to block Altman’s plan to transform OpenAI to a for-profit corporation from a nonprofit one. But Musk won a crucial decision when the same the judge allowed Musk’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
lawsuit against Altman
</a>
<span>
and OpenAI to proceed. The upshot: Even if Altman manages to convert OpenAI into a for-profit — he still has to persuade several state attorneys general and a major investor, Microsoft — it could all come undone if Musk eventually wins in court. That’s a big “if.” But he has at least succeeded in slowing Altman down.
</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 reportedly taps a former star banker to run his proposed sovereign wealth fund.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Michael Grimes
</a>
<span>
, a longtime adviser to Musk who recently left Morgan Stanley for a prominent role in the Commerce Department, has emerged as the front-runner to spearhead creation of the fund, Reuters reports. Trump has offered little detail about how such a fund would be structured and what it would invest in, let alone
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
how a country that’s run chronic budget shortfalls would finance it
</a>
<span>
. One possibility is revenue from tariffs, a source told Reuters.
</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 Supreme Court rejects Trump’s request to freeze nearly $2 billion in foreign aid
</span>
<span>
. The 5-to-4 decision (in which Chief Justice John Roberts and Justice Amy Coney Barrett joined the three liberal members) was a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
significant ruling
</a>
<span>
against one of the president’s signature cost-cutting efforts. The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
closely divided decision
</a>
<span>
suggests that the court sees limits to Trump’s executive authority. Expect more lawsuits.
</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 prices sink amid tariff and growth jitters.
</span>
<span>
Brent crude, the international benchmark, this morning traded below $70 a barrel for the second straight day, the lowest since 2021. Uncertainty has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
taken hold of oil markets
</a>
<span>
on fears of further disruptions to global trade from a potential tariffs trade war, and concerns of overproduction by OPEC Plus nations. That’s hit energy stocks hard, but it could cool off stubbornly high inflation.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The Putin trade?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Western businesses
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
may be skittish
</a>
<span>
about the prospect of a return to Russia, but investors appear game to get in on a piece of the action — potentially with Wall Street’s help.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Goldman Sachs and JPMorgan Chase are among the banks that are offering ways for investors
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
to pour money into the red-hot rally
</a>
<span>
in Russian financial assets, including the ruble, according to Bloomberg. Spokesmen for both Goldman Sachs and JPMorgan Chase declined to comment to DealBook on the report.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Russia’s full-scale invasion of Ukraine shows
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
no signs of letting up on the battlefield
</a>
<span>
. But President Trump has signaled that he’s open to engineering a diplomatic thaw with President Vladimir Putin of Russia in the hopes of negotiating a peace deal. “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
It’s time to end the senseless war
</a>
<span>
,” he said in an address to Congress on Tuesday, offering little detail as to how.
</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 betting on a breakthrough
</span>
<span>
, at least judging by the recent runaway performance of the ruble and the MOEX Russia stock index, the benchmark exchange. On the flip side, Europe’s vows to bolster military spending to help defend Ukraine has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
led to a startling rally in European defense stocks
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Thanks to Western sanctions, investing in Russia is anything but straightforward, Bloomberg’s Kerim Karakaya and Sujata Rao explain:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Since U.S. and European investors are blocked from accessing rubles directly, the derivatives contract, called a non-deliverable forward or NDF, essentially gives traders a legal workaround to profit if the currency continues to surge in value.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
<span>
DealBook hears that the NDF trade is still a relatively niche one for investors, and that demand for these contracts hasn’t meaningfully appreciated since Trump returned to office.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Still, the ruble is soaring.
</span>
<span>
It has gained roughly 20 percent this year — outperforming most stocks, gold and Bitcoin. And the MOEX has climbed roughly 25 percent over the same period (in local currency terms).
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="A line chart shows the MOEX Russia Index performance over the past four months." class="css-xsf469" height="519" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F03%252F06%252Fbusiness%252F06db-chart%252F06db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDEyNjQ3ODMuNDE3NjIyM30:1tqAVr:RJN163zzm_PhzcXkgqpEc1WGrQ7xE5-wM5gR2JJ6-mg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Other emerging Russia trades involve buying and selling dollar- and euro-denominated bonds issued by Russian companies as well as ruble bonds, Bloomberg reports. But it appears the brunt of the action is coming from trading hubs, like the Middle East, where investors have more freedoms to invest in Russian assets.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
But the trade is seen as extremely high risk.
</span>
<span>
“People are massively overestimating the upside for Russia-related assets,” Pavel Mamai, co-founder of hedge fund Promeritum Investment Management, told Bloomberg.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Discord is abuzz with I.P.O. chatter
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Hopes for a blockbuster I.P.O. year were dampened when the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
calendar for listings went nearly
</a>
<span>
dry. But there’s at least some reason for optimism.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Discord, the social chat app popular with video gamers, has met with investment bankers in recent weeks to discuss preparations for an initial public offering as soon as this year, two people familiar with the matter
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
tell DealBook’s Lauren Hirsch and The Times’s Mike Isaac.
</a>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Discord was last valued by private investors in 2021 at roughly $15 billion.
</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 public offering of a well-known tech start-up could provide a much-needed jolt
</span>
<span>
for private companies considering going public. The I.P.O. market was already challenged heading into 2025. Strong valuations in the private market and high interest rates dampened enthusiasm. And
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
now the uncertainty of President Trump’s economic policies have only
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
added to the doldrums
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Shares of SailPoint Technologies, one of the few major tech companies that went
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
public this year, are down about 4.6 percent since it debuted
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
last month.
</a>
<span>
(SailPoint also listed in 2017.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
But there are positive signs.
</span>
<span>
CoreWeave, a provider of cloud computing services for artificial intelligence, filed for an I.P.O.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
this week.
</a>
<span>
The Nvidia-backed company has surged, generating $1.9 billion in sales last year, an eightfold jump over the previous year. (Its losses also widened to $863 million from $594 million.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Bankers have cautioned DealBook that some of the biggest and most well-funded private companies are not likely to rush toward the public market anytime soon.
</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">
Discord was founded by Jason Citron and Stanislav Vishnevskiy
</span>
<span>
, tech workers who originally decided to build a video games studio. The app, which allows people to chat over text, voice and video for free, saw a boom in use during the early days of the coronavirus pandemic.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Microsoft
</a>
<span>
discussed buying the start-up in 2021 for a reported $10 billion, though no deal materialized.
</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 business model.
</span>
<span>
Discord
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
,
</span>
<span>
used by more than 200 million people every month, doesn’t rely on advertising, but instead has a “freemium” model in which people can pay subscription fees for upgraded features, like custom emojis and higher-quality voice and video chat. It debuted an
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
online shop
</a>
<span>
in 2023 where people can pay to enhance their profiles and add custom graphics to their digital avatars.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Subscribe to The New York Times
</a>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
.
</a>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
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">
Apollo Global Management is said to be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
exploiting a Depression era program
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in which the private equity giant can gain access to government-subsidized loans meant for affordable housing to invest in its own portfolio businesses. (The Lever)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Hot off its I.P.O. news, CoreWeave is said to be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
losing some business from Microsoft
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the cloud computing provider’s biggest customer. (FT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Politics, policy and regulation
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The Trump administration is expected 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">
introduce its plans
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for a strategic crypto reserve at tomorrow’s White House summit on digital tokens. (Cointelegraph)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Italy is said to be having second thoughts about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
closing a $1.6 billion deal
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
that would make Elon Musk’s Starlink one of its secured satellite-based communications systems in light of U.S.-Europe geopolitical tensions. (Bloomberg)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
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">
“More C.E.O.s Are Getting Fired.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Blame FOMO Boards
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.” (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The Turing Award goes 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">
two leaders in artificial intelligence
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
who developed theories on “reinforcement learning,” a technique vital to A.I. technologies like ChatGPT. (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Thanks for reading! We’ll see you tomorrow.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We’d like your feedback. Please email thoughts and suggestions to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dealbook@nytimes.com
</a>
<span>
.
</span>
</p>
<div aria-hidden="true" style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
<table border="0" cellpadding="0" cellspacing="0" width="40">
<tbody>
<tr>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE3Nzk1Mn0:1tqAVr:3vO02xuAwPqM-w_gpg3EYHuRh6DDeDqqaowEv5aE1AM" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE3OTE0Nn0:1tqAVr:Jk9k9ovylsbQiSeS1GK_fOBp4Ptv3_Yz30GnvLwe7l8" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE4MDMzNH0:1tqAVr:zmiacfL9ADnumPxf0F5L-k0DptEGUcuYcO0Agc7WyoQ" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE4MjQ4fQ:1tqAVr:ayQwxUSDsQxVnTChRrZGRfWfR-kBuWnLHtU0sSqQ5AM" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250306%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE4NDk3OH0:1tqAVr:y2V6eWJY9L-O7SDwnyBsLnFjPJ6jPC9nUdxeDwlKghE" width="2"/>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="15">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:22px">
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Ravi Mattu
</a>
<span>
, Managing Editor, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@ravmattu
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Sarah Kessler
</a>
<span>
, Deputy Editor, Chicago
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@sarahfkessler
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Michael J. de la Merced
</a>
<span>
, Reporter, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@m_delamerced
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Lauren Hirsch
</a>
<span>
, Reporter, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@LaurenSHirsch
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Ephrat Livni
</a>
<span>
, Reporter, Washington D.C.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@el72champs
</a>
</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td style="height:15px">
</td>
</tr>
<tr>
<td style="padding:12px 0;border-top:1px solid #000">
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
Need help? Review our
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
newsletter help page
</a>
or
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
contact us
</a>
for assistance.
</p>
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
<span>
You received this email because you signed up for DealBook from The New York Times.
</span>
</p>
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
To stop receiving DealBook,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
unsubscribe
</a>
. To opt out of other promotional emails from The Times, including those regarding The Athletic,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
manage your email settings
</a>
. To opt out of updates and offers sent from The Athletic,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
submit a request
</a>
.
</p>
</td>
</tr>
<tr>
<td style="padding:10px 0;border-top:1px solid #dcdcdc">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
<a class="css-1n5iqtj" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
Subscribe to The Times
</a>
<a class="css-wf08f0" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:none">
Get The New York Times app
</a>
</p>
</td>
</tr>
<tr>
<td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
<table>
<tbody>
<tr>
<td style="padding-right:15px">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
Connect with us on:
</p>
</td>
<td style="padding-right:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
<img alt="x" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fx.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEyNjQ3ODMuNDE4ODYzOH0:1tqAVr:eKFeh8J1A0HH11KcVUt6GqqeMlm0F2PoHazHhf2xbH4" style="vertical-align:middle" width="25"/>
</a>
</td>
<td style="padding-right:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
<img alt="whatsapp" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fwhatsapp.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEyNjQ3ODMuNDE5MDA5fQ:1tqAVr:0dAwsC1sTXgDjgRxo_G5LWqkl4cXN8ZPAKHg7hIRnPY" style="vertical-align:middle" width="25"/>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td style="padding:10px 0;border-top:1px solid #dcdcdc">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0;line-height:20px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Change Your Email
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Privacy Policy
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Contact Us
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
California Notices
</a>
</p>
</td>
</tr>
<tr>
<td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
<img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEyNjQ3ODMuNDE5MTIyN30:1tqAVr:tNUB4wdoNqpDMEeTMAyrmCGoJCP3ZhAltRCFPTfjmOw" style="vertical-align:middle" width="150"/>
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0">
<img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEyNjQ3ODMuNDE5MjN9:1tqAVr:-dpjj8q-tBrQhhjn2CwnRXPBR-x3Nnujr9SjGBZudrM" style="vertical-align:middle" width="70"/>
</a>
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
<p style="color:#999;font:12px/15px arial,sans-serif;margin:0">
The New York Times Company. 620 Eighth Avenue New York, NY 10018
</p>
</td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
</tbody>
</table>
<!--[if mso | IE]></td></tr></table><![endif]-->
</div>
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FG8HkwJx3hsjXsSOldZveFg~~%252FAAAAARA~%252F7fvZzloDgxb-AVIrjbh05xQWA8S6FDRDuAEMItdqigEoEeQCjN0E86kGzk8u6d3WJV5jvJRx8xgrMhmlrggfqw~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NDEyNjQ3ODMuNDE5MzU4fQ:1tqAVr:KUeg4rXcw59s8-MUOj30vExqyMwypPYP_p5zkYpiDl4" width="1"/>
</body>
</html>
3 weeks, 5 days ago - nytdirect@nytimes.com
DealBook: Who’s got Trump’s ear
Also, betting on a Russia comebackView in browser|nytimes.comMarch 6, 2025Good morning. Still con...