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The US and China break up over trade...
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April 11, 2025
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Friendly reminder: Tax Day is arriving
<em>
very
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soon, and if you haven’t cranked out your returns yet, set aside some time this upcoming weekend to do so. And if you’ve already done your taxes, here’s a cookie
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.
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—Matty Merritt, Molly Liebergall, Dave Lozo, Adam Epstein, Neal Freyman
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Nasdaq
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16,387.31
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<tr>
<td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
-4.31%
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!-- END Nasdaq -->
<!-- S&P -->
</td>
</tr>
<tr>
<td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
<tr>
<td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
<img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ2NjIyNH0:1u3AsG:33lNembDq4Pv6wkRZyfhMkoEtOSEaOTdBMWP2oO35WI" style="width:22%" width="20"/>
</td>
<td class="markets-ticker-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
S&P
</p>
</td>
<td class="markets-value-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
5,268.05
</p>
</td>
<td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
<table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
<tr>
<td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
-3.46%
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!-- END S&P -->
<!-- Dow -->
</td>
</tr>
<tr>
<td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
<tr>
<td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
<img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ2NzI4M30:1u3AsG:MQOxHghhS8MiJucuxj6Xyu01szpX-l67odT1dYJvWHk" style="width:22%" width="20"/>
</td>
<td class="markets-ticker-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
Dow
</p>
</td>
<td class="markets-value-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
39,593.66
</p>
</td>
<td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
<table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
<tr>
<td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
-2.50%
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!-- END Dow -->
<!-- 10-Year -->
</td>
</tr>
<tr>
<td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
<tr>
<td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
<img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ2ODMyNX0:1u3AsG:oHxz41f0mS6lxsg4J-CKkPvw3e5XnuvprpwFGTHjT10" style="width:22%" width="20"/>
</td>
<td class="markets-ticker-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
10-Year
</p>
</td>
<td class="markets-value-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
4.394%
</p>
</td>
<td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
<table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
<tr>
<td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
-1.0 bps
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!-- END 10-Year -->
<!-- Bitcoin -->
</td>
</tr>
<tr>
<td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
<tr>
<td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
<img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ2OTM3OH0:1u3AsG:kqX8ulshh5wQLMiLN3K4iiVN3WXVqbD7TPDup5yXKtc" style="width:22%" width="20"/>
</td>
<td class="markets-ticker-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
Bitcoin
</p>
</td>
<td class="markets-value-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
$79,872.63
</p>
</td>
<td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
<table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
<tr>
<td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
-3.49%
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!-- END Bitcoin -->
<!-- Meta -->
</td>
</tr>
<tr>
<td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
<tr>
<td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
<img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ3MDQxOH0:1u3AsG:L4q85D2PjUa58G5TmasDNZhzwQ4b--U27XEvJfMTJ-E" style="width:22%" width="20"/>
</td>
<td class="markets-ticker-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
Meta
</p>
</td>
<td class="markets-value-cell" style="width:34%" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
$546.29
</p>
</td>
<td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
<table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
<tr>
<td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
<p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
-6.74%
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!-- END Meta -->
<!-- START REGULAR TEXT -->
</td>
</tr>
<tr>
<td style="padding:3px 15px 10px">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-collapse:collapse;font-size:13px">
<tr>
<td style="padding-right:4px">
Data is provided by
</td>
<td style="margin:0;padding-right:5px">
<a style="display:block" target="_blank">
<img height="16px" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F61a0dac0b53d6766459afdca784ae8fe604f17ed-720x102.png%253Fh%253D32%2526q%253D100%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ3MTUxN30:1u3AsG:_mwUw7LzF1Lu_vlzoL9yxu14vz1PnT-LGdsnf_-BlQc" style="vertical-align:middle;height:16px;display:inline"/>
</a>
</td>
</tr>
</table>
<p style="text-align:left;margin:0;padding:0;font-size:13px;line-height:22px">
*Stock data as of market close, cryptocurrency data as of 5:00pm ET.
<a class="link-sm" rel="noopener" style="color:#333;border-bottom:1px solid #1c7ff2;text-decoration:none" target="_blank">
Here's what these numbers mean.
</a>
</p>
<!-- END REGULAR TEXT -->
</td>
</tr>
<tr>
<td style="mso-padding-alt:0px 15px 15px 15px;padding:0 15px">
<ul style="margin-top:0;padding-left:30px">
<li style="margin-bottom:10px;line-height:22px">
<span>
<strong style="color:#000">
Markets:
</strong>
</span>
<span>
Tariffs giveth, but they mostly taketh away. They tooketh again yesterday, with all three major indexes
</span>
<span>
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
plummeting
</a>
</span>
<span>
as investors stewed over the escalating trade tensions between the US and China. Meta shed almost 7% in a blood-red day for the Mag 7 stocks (and pretty much everything else).
</span>
</li>
</ul>
<div style="display:none">
</div>
</td>
</tr>
<tr>
<td style="mso-padding-alt:0px 20px 15px 20px;padding:0 20px">
<div style="background-color:#e8e8e8;margin-top:0;margin-bottom:15px;padding:15px;line-height:22px">
<p style="margin-top:0;margin-bottom:0;line-height:22px">
<strong style="color:#1c7ff2;font-size:16px">
Markets Sponsored by Pacaso
</strong>
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<strong style="color:#000">
Join leading investors:
</strong>
Top investors like SoftBank are backing
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Pacaso
</a>
, the disruptor that’s earned $100m+ in gross profits with their real estate co-ownership platform.
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Invest today for just $2.80/share
</a>
.
</p>
</div>
</td>
</tr>
</table>
</th>
</tr>
</table>
<!--[if !mso ]><! -- -->
</div>
</div>
<!-- <![endif]-->
<!-- END MARKETS -->
<!-- STORY ARTICLE -->
<!--[if !mso ]><! -- -->
<div class="c6" style="margin-bottom:7px">
<!-- <![endif]-->
<table border="0" cellpadding="0" cellspacing="0" class="story-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card" style="color:#333;border-collapse:collapse;box-shadow:none;background-color:#fff;border:1px solid #e6e6e6;border-radius:15px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;display:block">
<div class="tag-container" style="padding:15px 15px 0">
<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
GEOPOLITICS
</h3>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="story-content-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="story-content">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<div class="title-container" style="padding:0 15px">
<h1 class="story-title" style="color:#000;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
<a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
The US and China’s earth-shattering breakup
</a>
</h1>
</div>
</table>
<div class="header-image-container" style="padding-top:15px">
<a style="border:none;text-decoration:none" target="_blank">
<img alt="The US and China flags" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F0aad2ae7153bbd6353f3765da9e2dbf79438998c-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ3MzA0OH0:1u3AsG:CeaEvq0Q5ApprKbz5lZbaUvkZGOs-HliTBvEJgFlVM0" style="width:100%;max-width:670px;display:block" width="670"/>
</a>
<p style="margin:0;padding:0;line-height:22px">
<span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
<small>
<em>
Pedro Pardo/Getty Images
</em>
</small>
</span>
</p>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<tr>
<td class="content-container" style="padding:15px 15px 0">
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
It’s the most high-profile divorce in the business world since Bill and Melinda called it quits. This week, following decades of a tense but mutually beneficial trade relationship, the US essentially invited all of the pair’s mutual friends over and changed the locks before China got home from work.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
On Wednesday, President Trump
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
issued
</a>
a 90-day pause on his reciprocal tariffs for every country except China, after Beijing failed to budge on its retaliatory tax on the US. The updated
<em>
145%
</em>
duty on Chinese imports jeopardizes the ~$600 billion worth of goods exchanged between them and could shut down trade between the two largest economies in the world, hurting both countries and upsetting the international economic order.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
Both sides have hinted they may be willing to negotiate but expect the other to initiate communication. Chinese state-run media recently published an editorial saying that caving to US pressure was “out of the question.”
</p>
<h2 style="color:#000;margin:0 0 15px;font-family:Helvetica,Arial,sans-serif;font-size:19px;font-weight:700">
What’s next?
</h2>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
Like any adult child of divorce knows, Christmas is going to be a mess. Chinese Christmas tree and decor factories have
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
said
</a>
US retailers are holding off on placing orders. The US imports 87% of its Christmas decor from Chinese factories, which depend on the US market for about $4 billion in sales. Also:
</p>
<ul style="margin-top:0;padding-left:30px">
<li style="margin-bottom:10px;line-height:22px">
<span>
The China Film Administration
</span>
<span>
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
threatened
</a>
</span>
<span>
to limit the number of US films it imports in a potential blow to Hollywood. (Chinese theaters have been doing
</span>
<span>
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
pretty well
</a>
</span>
<span>
with homegrown movies recently.)
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
China has reportedly been trying to strengthen its trading ties with countries in the Association of Southeast Asian Nations.
</span>
</li>
</ul>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<strong style="color:#000">
Big picture:
</strong>
Both countries think they can outlast each other, but a stalemate between China and the US could deliver a calamitous blow to global trade. The head of the World Trade Organization said this week that trade between the two countries accounts for about 3% of all trade in the world.
<em>
—MM
</em>
</p>
</td>
</tr>
<tr>
<td class="social-container" style="padding-bottom:15px;padding-left:15px">
<!-- SOCIAL LINKS -->
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-collapse:collapse" width="100%">
<tr>
<td style="padding-top:12px">
<a rel="noopener" style="text-decoration:none" target="_blank">
<img src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fcab2ac077d288f7ba1df3571cb0ec28ce8f32b86-357x357.png%253Fw%253D50%2526fit%253Dmax/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ3NDYzOH0:1u3AsG:9kVvJxEUFJ2rlsWFt2IxpjMW_ghjp90U4BIJ6pSIK5Q" style="width:25px;display:inline-block" width="25"/>
</a>
<span>
</span>
<a rel="noopener" style="text-decoration:none" target="_blank">
<img src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F7372d7c942cc95144c43e3004730ca0cf8a23025-96x96.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ3NjAxOH0:1u3AsG:o4VM-9g21FlUp0OoxPIZZoFFoOmxdDg8sjqYNfkxfE0" style="width:25px;display:inline-block" width="25"/>
</a>
<span>
</span>
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<img src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F774271f5d2278014f1af0759475660e1761384eb-357x357.png%253Fw%253D50%2526fit%253Dmax/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ3NzE4N30:1u3AsG:v1-uXnEU1FQ021IUu6DiXuH98NkS8zw5FiYVYhQW-Mc" style="width:25px;display:inline-block" width="25"/>
</a>
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<h3 style="color:#1c7ff2;text-transform:uppercase;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
Presented By Pacaso
</h3>
</div>
<div class="title-container" style="padding:0 15px">
<h1 style="color:#333;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
<a style="text-decoration:none;color:#000!important;border-bottom:none!important" target="blank">
<strong style="color:#000">
He’s already IPO’d once—this time’s different
</strong>
</a>
</h1>
</div>
<a style="border:none;text-decoration:none" target="_blank">
<img alt="Pacaso" class="sponsored-header-image" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fdbfe4795b86f6fc8291450dc9b002da87adcae9d-1200x800.png%253Fw%253D668%2526q%253D90%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ3ODI2N30:1u3AsG:e3COnkROJhUzYgX_6opDNzwmPgxJNrI5CI1AUQ_lqrU" style="width:100%;max-width:670px;padding-top:15px;display:block" width="670"/>
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Spencer Rascoff co-founded Zillow, scaling it into a $16b real estate giant. But everyday investors couldn’t invest until after the IPO, missing early gains.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
“I wish we had done a round accessible to retail investors prior to Zillow’s IPO,” Spencer said later.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
Now he’s doing just that. Spencer teamed up with another Zillow exec to launch
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Pacaso
</a>
, whose co-ownership marketplace is disrupting the $1.3t vacation-home market. And unlike Zillow,
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
you can invest in Pacaso as a private company
</a>
.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
With $100m+ in gross profits and rapid international expansion, Pacaso is scaling fast. Investors like Softbank, Maveron, and more are already on board.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Join them as a Pacaso shareholder today for just $2.80/share
</a>
.
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<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
WORLD
</h3>
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<h1 class="story-title" style="color:#000;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
<a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
Tour de headlines
</a>
</h1>
</div>
</table>
<div class="header-image-container" style="padding-top:15px">
<img alt="Elon Musk and Sam Altman" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe92b1f5c324380757a25cc32da6ccba13f5672fa-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ3OTM0fQ:1u3AsG:sKQyefeinomfkkEwOLS3BnwEZo6wHrl3FBoqQd73Y5o" style="width:100%;max-width:670px;display:block" width="670"/>
<p style="margin:0;padding:0;line-height:22px">
<span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
<small>
<em>
Illustration: Anna Kim, Photos: Tom Williams, Andrew Harnik/Getty Images
</em>
</small>
</span>
</p>
</div>
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<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Frobot-face_1f916.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ4MDMzOX0:1u3AsG:ISqkGSvWqTERxiUzkLTBmwDUXvz45THTDUovp25CPME" style="max-width:18px" width="18"/>
<strong style="color:#000">
OpenAI countersued Elon Musk, alleging harassment.
</strong>
In a
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
scathing lawsuit
</a>
filed this week, OpenAI argued Musk has a personal vendetta against the company and has “tried every tool available to harm OpenAI.” The billionaire helped found the AI organization in 2015, but left three years later and has since launched a direct competitor, xAI. Last year, he sued the company and its co-founder and CEO, Sam Altman, claiming that it abandoned its founding agreement not to seek profits. He also attempted what OpenAI called a “sham bid” to buy its assets. “Musk could not tolerate seeing such success for an enterprise he had abandoned and declared doomed,” OpenAI’s countersuit said.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
🧊
<strong style="color:#000">
Inflation cooled, but tariffs loom.
</strong>
The consumer price index unexpectedly fell to 2.4% in March, below economists’ prediction of 2.6%. That was the first month over month
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
decline
</a>
in nearly five years, the Wall Street Journal noted. But it might be the calm before the storm, as experts widely believe prices will increase because of tariffs on China and other countries, which went into effect after last month’s inflation report was finalized. Despite the positive update, egg prices continued to climb last month, reaching a record high.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fbaseball_26be.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ4MTM0fQ:1u3AsG:TgUIajTiK5-LAFnyvqLBJ1FvQVRfro59hs58rnoi1WE" style="max-width:18px" width="18"/>
<strong style="color:#000">
MLB is reportedly considering a salary cap.
</strong>
According to CNBC, team owners and Commissioner Rob Manfred are “privately contemplating” a
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
new economic structure
</a>
ahead of the expiration of the league’s collective bargaining agreement with the players union in December 2026. MLB, which has never had a salary cap, is the only major US pro sports league without one. Critics argue it allows teams in big markets to vastly outspend other clubs, hurting the fan experience. But the players union has long opposed a cap, as it would limit salaries and decrease leverage in contract negotiations. The last time the league tried to implement a salary cap (1994), the players went on strike, canceling months of the season.
<em>
—AE
</em>
</p>
</td>
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<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
LUXURY
</h3>
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<a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
Prada is buying Versace for $1.38b
</a>
</h1>
</div>
</table>
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</a>
<p style="margin:0;padding:0;line-height:22px">
<span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
<small>
<em>
Kevin Carter/Getty Images
</em>
</small>
</span>
</p>
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<p style="margin-top:0;margin-bottom:15px;line-height:22px">
Two houses, one stucco roof: One of the most prestigious names in luxury is acquiring one of the other most prestigious names in luxury, the Milan-based brands announced yesterday, in a bid to fortify Italy’s fashion industry and challenge France’s haute dominion.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<strong style="color:#000">
The deal:
</strong>
Prada
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
agreed to buy
</a>
Versace for $1.38 billion in cash from US-based Capri Holdings, which also owns Jimmy Choo and Michael Kors.
</p>
<ul style="margin-top:0;padding-left:30px">
<li style="margin-bottom:10px;line-height:22px">
<span>
Capri bought Versace from its founding family for $2 billion in 2018. The group is selling it at a loss to focus on its debt and other brands after failing to revamp Versace’s weakening sales.
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
This is Prada’s most expensive purchase since its 1913 founding. It’s looking to expand after bucking a luxury slowdown with several years of double-digit growth, boosted by its wildly popular Miu Miu label.
</span>
</li>
</ul>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<strong style="color:#000">
Donatella Versace is “honoured”
</strong>
to see her family’s legacy placed into the hands of another “trusted Italian family business,” she
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
said
</a>
on Instagram. She stepped down as creative director last month after almost 30 years leading Versace.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<strong style="color:#000">
Zoom out:
</strong>
Paris titans LVMH and Kering SA have snapped up Italian luxury brands including Fendi, Gucci, and Bulgari for more than two decades, giving France more control of the global market. The Versace purchase positions Prada, Italy’s biggest fashion group, to better compete, but still on an incline—LVMH is worth about 20x Prada, per Bloomberg.
<em>
—ML
</em>
</p>
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Together With JumpCloud
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<strong style="color:#000">
Keeping up with the robot Joneses.
</strong>
The neighbors have a shiny new AI in the digital driveway, but is it worth it?
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
JumpCloud’s report
</a>
shows that 67% of IT admins fear AI is outpacing security.
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Read the report
</a>
to learn how decision-makers can lead in the age of AI and achieve tangible business value.
</p>
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ENTERTAINMENT
</h3>
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<a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
‘Saturday Night Live’ is coming to the UK
</a>
</h1>
</div>
</table>
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<a style="border:none;text-decoration:none" target="_blank">
<img alt="Lorne Michaels" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F745962c9f7d075084f473be5f36f196b3cf328a8-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ4ODY3MX0:1u3AsG:2EkZhgfO0Tt0cLtsB5Dx38IlKAZKADlHMotjVkSSH18" style="width:100%;max-width:670px;display:block" width="670"/>
</a>
<p style="margin:0;padding:0;line-height:22px">
<span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
<small>
<em>
Sean Zanni/Getty Images
</em>
</small>
</span>
</p>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<tr>
<td class="content-container" style="padding:15px 15px 0">
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
The country that gave the world
<em>
Monty Python
</em>
and
<em>
Mr. Bean
</em>
has found a way to import a US product that can’t be tariffed.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
Starting in 2026, the United Kingdom will air its
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
own version
</a>
of
<em>
Saturday Night Live
</em>
on Sky with a yet-to-be-named cast of British comedians. The sketch series that debuted in 1975 and launched the careers of Eddie Murphy and Chris Kattan has franchised itself numerous times, with 80-year-old executive producer Lorne Michaels hoping to find the success in the UK that has eluded him in most other countries:
</p>
<ul style="margin-top:0;padding-left:30px">
<li style="margin-bottom:10px;line-height:22px">
<span>
The longest-running global
</span>
<span>
<em>
SNL
</em>
</span>
<span>
adaptations aired in South Korea (15 seasons), Germany (five seasons), and Egypt and Italy (four seasons).
</span>
<span>
<em>
SNL
</em>
</span>
<span>
South Korea is the only foreign-language
</span>
<span>
<em>
SNL
</em>
</span>
<span>
still airing today.
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
Other failed attempts to popularize performers reading off cue cards in languages other than English include shows in Russia, Brazil, China, Finland, Quebec, Spain, and France, where it was called
</span>
<span>
<em>
Le Saturday Night Live
</em>
</span>
<span>
and aired just one episode.
</span>
</li>
</ul>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<strong style="color:#000">
Similar shows have been attempted, too.
</strong>
<em>
Saturday Live
</em>
was the UK’s answer to SNL in the 1980s, but it ended after three seasons before briefly rebooting in 1996.
<em>
Saturday Zoo
</em>
broadcast just 13 episodes in 1993, while
<em>
The 11 O’Clock Show
</em>
ran from 1998 to 2000. But “they’re quite different comedy cultures,”
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
said
</a>
Guardian comedy critic Brian Logan.
<em>
—DL
</em>
</p>
</td>
</tr>
<tr>
<td class="social-container" style="padding-bottom:15px;padding-left:15px">
<!-- SOCIAL LINKS -->
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-collapse:collapse" width="100%">
<tr>
<td style="padding-top:12px">
<a rel="noopener" style="text-decoration:none" target="_blank">
<img src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fcab2ac077d288f7ba1df3571cb0ec28ce8f32b86-357x357.png%253Fw%253D50%2526fit%253Dmax/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ4OTcxfQ:1u3AsG:dEQYNlXSwGQMopcnNRdLPNa9Q4ZDWCNOKCnI1pzz2Ig" style="width:25px;display:inline-block" width="25"/>
</a>
<span>
</span>
<a rel="noopener" style="text-decoration:none" target="_blank">
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</a>
<span>
</span>
<a rel="noopener" style="text-decoration:none" target="_blank">
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</a>
</td>
</tr>
</table>
<!-- END SOCIAL LINKS -->
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!--[if !mso ]><! -- -->
</div>
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<!-- END STORY ARTICLE -->
<!-- STORY ARTICLE -->
<!--[if !mso ]><! -- -->
<div class="c6" style="margin-bottom:7px">
<!-- <![endif]-->
<table border="0" cellpadding="0" cellspacing="0" class="story-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card" style="color:#333;border-collapse:collapse;box-shadow:none;background-color:#fff;border:1px solid #e6e6e6;border-radius:15px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;display:block">
<div class="tag-container" style="padding:15px 15px 0">
<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
STAT
</h3>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="story-content-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="story-content">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<div class="title-container" style="padding:0 15px">
<h1 class="story-title" style="color:#000;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
<a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
Prime number: 600 tons of iPhones
</a>
</h1>
</div>
</table>
<div class="header-image-container" style="padding-top:15px">
<img alt="illustration of iPhones attached to parachutes" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F3c6cda324edce58e026519128d6b3822988797b8-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ5MzcxfQ:1u3AsG:AwP8apipgZJXmBYXRphiIa5my0hV00m7x_Wo3JkAkzQ" style="width:100%;max-width:670px;display:block" width="670"/>
<p style="margin:0;padding:0;line-height:22px">
<span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
<small>
<em>
Francis Scialabba
</em>
</small>
</span>
</p>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<tr>
<td class="content-container" style="padding:15px">
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
In what Apple TV+ is probably already commissioning as a sequel to
<em>
Argo
</em>
, Apple chartered a series of cargo flights over the past month to fly a combined
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
600 tons
</a>
of iPhones out of India before President Trump’s tariffs took effect last week, Reuters reported. That’s roughly 1.5 million devices, after accounting for packaging weight.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
According to estimates, a fifth of iPhone imports to the US comes from India—the rest are from China. Since the 26% tariff Trump slapped on India (now on a 90-day pause) is considerably lighter than his 145% tax on Chinese goods, Apple is reportedly looking to shift more production to India, where the government has been game to assist. Apple successfully lobbied authorities there to cut the time to clear customs from 30 hours to just six, per Reuters. And the company didn’t even need Ben Affleck to pose as a film producer.
<em>
—AE
</em>
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!--[if !mso ]><! -- -->
</div>
<!-- <![endif]-->
<!-- END STORY ARTICLE -->
<!-- STORY ARTICLE -->
<!--[if !mso ]><! -- -->
<div class="c6" style="margin-bottom:7px">
<!-- <![endif]-->
<table border="0" cellpadding="0" cellspacing="0" class="story-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card" style="color:#333;border-collapse:collapse;box-shadow:none;background-color:#fff;border:1px solid #e6e6e6;border-radius:15px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;display:block">
<div class="tag-container" style="padding:15px 15px 0">
<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
QUIZ
</h3>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="story-content-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="story-content">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<div class="title-container" style="padding:0 15px">
<h1 class="story-title" style="color:#000;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
<a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
Friday news quiz
</a>
</h1>
</div>
</table>
<div class="header-image-container" style="padding-top:15px">
<a style="border:none;text-decoration:none" target="_blank">
<img alt="New Friday quiz image" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F215e92bf9db8d1b0eb13e4e74ccab19fb6a3f1bb-3000x750.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ5NDgwOH0:1u3AsG:nEODPI0q5zz0fvlzA0cOyREqnWuKYPqVkP1s4vFWJ7I" style="width:100%;max-width:670px;display:block" width="670"/>
</a>
<p style="margin:0;padding:0;line-height:22px">
<span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
<small>
<em>
</em>
</small>
</span>
</p>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<tr>
<td class="content-container" style="padding:15px">
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
Getting a 5/5 on the Brew’s Weekly News Quiz has been compared to picking the happy hour spot and everyone liking it.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
It’s that satisfying.
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Ace the quiz
</a>
.
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!--[if !mso ]><! -- -->
</div>
<!-- <![endif]-->
<!-- END STORY ARTICLE -->
<!-- STORY ARTICLE -->
<!--[if !mso ]><! -- -->
<div class="c6" style="margin-bottom:7px">
<!-- <![endif]-->
<table border="0" cellpadding="0" cellspacing="0" class="story-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card" style="color:#333;border-collapse:collapse;box-shadow:none;background-color:#fff;border:1px solid #e6e6e6;border-radius:15px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;display:block">
<div class="tag-container" style="padding:15px 15px 0">
<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
NEWS
</h3>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="story-content-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card-content">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<div class="title-container" style="padding:0 15px">
<h1 class="story-title" style="color:#000;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
<a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
What else is brewing
</a>
</h1>
</div>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<tr>
<td class="content-container" style="padding:15px">
<ul style="margin-top:0;padding-left:30px">
<li style="margin-bottom:10px;line-height:22px">
<span>
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Six people
</a>
</span>
<span>
were killed when a helicopter crashed into the Hudson River in New York City.
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Democratic lawmakers
</a>
</span>
<span>
, including Rep. Alexandria Ocasio-Cortez, renewed calls to ban stock trading by Congress after President Trump said it was a “great time to buy” just prior to announcing a 90-day pause on some tariffs.
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
The Cannes Film Festival
</a>
</span>
<span>
announced this year’s lineup, which includes films by Spike Lee and Wes Anderson.
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
The House
</a>
</span>
<span>
voted to adopt a budget blueprint for President Trump’s agenda in a 216–214 vote, with two Republicans joining all Democrats in opposition.
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Amazon CEO
</a>
</span>
<span>
Andy Jassy defended the company’s investments in AI in his annual shareholder letter, arguing costs will come down over time as the technology advances.
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
The Oscars
</a>
</span>
<span>
announced there will be a new award for stunt design starting in 2027.
</span>
</li>
</ul>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!--[if !mso ]><! -- -->
</div>
<!-- <![endif]-->
<!-- END STORY ARTICLE -->
<!-- STORY ARTICLE -->
<!--[if !mso ]><! -- -->
<div class="c6" style="margin-bottom:7px">
<!-- <![endif]-->
<table border="0" cellpadding="0" cellspacing="0" class="story-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card" style="color:#333;border-collapse:collapse;box-shadow:none;background-color:#fff;border:1px solid #e6e6e6;border-radius:15px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;display:block">
<div class="tag-container" style="padding:15px 15px 0">
<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
RECS
</h3>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="story-content-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="story-content">
<div class="header-image-container" style="padding-top:15px">
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<p style="margin:0;padding:0;line-height:22px">
<span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
<small>
<em>
</em>
</small>
</span>
</p>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<tr>
<td class="content-container" style="padding:15px">
<div>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjQ5ODY3OH0:1u3AsG:nilPWUYxVk0n3BP5GAKX8kaoE6K73oAx5yRmc2kcxSQ" style="max-width:18px" width="18"/>
<strong style="color:#000">
Recover:
</strong>
A compression device that provides
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
instant relief
</a>
to sore muscles.**
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjUwMDE0Mn0:1u3AsG:k6ZxIkWZYjIRF0O_nzhPos3FkIDRaZr3W4U3oWzkb98" style="max-width:18px" width="18"/>
<strong style="color:#000">
Live:
</strong>
Five longevity “hacks” that
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
don’t cost a fortune
</a>
.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjUwMTY3NX0:1u3AsG:Hd584zcu-ds48cIp4QrKtxEq9lQ0x8fBed3axAzn2as" style="max-width:18px" width="18"/>
<strong style="color:#000">
Work:
</strong>
The 50
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
best companies
</a>
for career growth, according to LinkedIn.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjUwMzI2fQ:1u3AsG:8MXakR8TPwXeFsh1GdT2nfY3i9J7nJGZMCvpjjHSZco" style="max-width:18px" width="18"/>
<strong style="color:#000">
Watch:
</strong>
The 100 best
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
sci-fi movies
</a>
of all time.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<strong style="color:#000">
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDQzNjQ0MzYuNjUwNDY3OX0:1u3AsG:eVaUNY0YmZV-fKjTei2VeuFIGYL9mw_JnD_5S-9MmtE" style="max-width:18px" width="18"/>
Passive income made simple:
</strong>
If money’s tight, these
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
simple, low-effort tips
</a>
can help you make and
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
save more
</a>
—without adding stress to your day.*
</p>
<placementslot data-id="abfce96403f8">
</placementslot>
<placementslot data-id="795bd7f1be9e">
</placementslot>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<sup>
<em>
*A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission.
</em>
</sup>
</p>
</div>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!--[if !mso ]><! -- -->
</div>
<!-- <![endif]-->
<!-- END STORY ARTICLE -->
<!-- STORY ARTICLE -->
<!--[if !mso ]><! -- -->
<div class="c6" style="margin-bottom:7px">
<!-- <![endif]-->
<table border="0" cellpadding="0" cellspacing="0" class="story-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card" style="color:#333;border-collapse:collapse;box-shadow:none;background-color:#fff;border:1px solid #e6e6e6;border-radius:15px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;display:block">
<div class="tag-container" style="padding:15px 15px 0">
<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
GAMES
</h3>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="story-content-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card-content">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<div class="title-container" style="padding:0 15px">
<h1 class="story-title" style="color:#000;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
<a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
The puzzle section
</a>
</h1>
</div>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<tr>
<td class="content-container" style="padding:15px">
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<strong style="color:#000">
Jigsaw:
</strong>
The new trade war is you against today’s jigsaw.
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Win the battle here
</a>
.
</p>
<h2 style="color:#000;margin:0 0 15px;font-family:Helvetica,Arial,sans-serif;font-size:19px;font-weight:700">
Friday puzzle
</h2>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
The following words are anagrams of capital cities around the world. Unscramble the words to identify the cities.
</p>
<ol>
<li style="margin-bottom:10px;line-height:22px">
<span>
SOLO
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
ANIMAL
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
LOUSE
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
MAIL
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
HASTEN
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
SAUNAS
</span>
</li>
</ol>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!--[if !mso ]><! -- -->
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<div class="tag-container" style="padding:15px 15px 0">
<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
SHARE THE BREW
</h3>
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<tr>
<td class="card-content">
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<tr>
<td class="content-container" style="padding:15px">
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<a class="link" style="color:#252525;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Share Morning Brew
</a>
with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag.
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
We’re saying we’ll give you free stuff and more friends if you share a link. One link.
</p>
<a>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
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</p>
</a>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<b>
Your referral count:
</b>
0
</p>
<a class="stb-btn" style="color:#fff;text-align:center;background-color:#1c7ff2;border-radius:4px;width:100%;max-width:150px;padding:15px;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:900;text-decoration:none;display:block;margin-top:inherit!important;margin-bottom:inherit!important;margin-right:inherit!important;margin-left:inherit!important">
Click to Share
</a>
<p style="margin-top:15px;margin-bottom:15px;line-height:22px">
Or copy & paste your referral link to others:
<br/>
<a class="link" style="color:#252525;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
morningbrew.com/daily/r/?kid=979c4554
</a>
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!--[if !mso ]><! -- -->
</div>
<!-- <![endif]-->
<!-- END STORY ARTICLE -->
<!-- STORY ARTICLE -->
<!--[if !mso ]><! -- -->
<div class="c6" style="margin-bottom:7px">
<!-- <![endif]-->
<table border="0" cellpadding="0" cellspacing="0" class="story-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card" style="color:#333;border-collapse:collapse;box-shadow:none;background-color:#fff;border:1px solid #e6e6e6;border-radius:15px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;display:block">
<div class="tag-container" style="padding:15px 15px 0">
<h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
ANSWER
</h3>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="story-content-container" style="border-collapse:collapse" width="100%">
<tr>
<td class="card-content">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
<tr>
<td class="content-container" style="padding:15px">
<ol>
<li style="margin-bottom:10px;line-height:22px">
<span>
Oslo (Norway)
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
Manila (Philippines)
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
Seoul (South Korea)
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
Lima (Peru)
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
Athens (Greece)
</span>
</li>
<li style="margin-bottom:10px;line-height:22px">
<span>
Nassau (Bahamas)
</span>
</li>
</ol>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Source
</a>
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
<span style="text-decoration:underline">
Word of the Day
</span>
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
Today’s Word of the Day is: calamitous, meaning “catastrophic or disastrous.” Thanks to Meghan from Baltimore, MD, for the suggestion. Submit another
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
Word of the Day here
</a>
.
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
<!--[if !mso ]><! -- -->
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<!-- DISCLAIMER -->
<!--[if !mso]> <! -- -->
<div class="c6" style="margin-bottom:7px">
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-collapse:collapse" width="100%">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-collapse:collapse" width="100%">
<tr>
<td class="disclaimers-content" style="padding:15px;font-size:10px">
<p style="margin-top:0;margin-bottom:15px;font-size:10px;line-height:10px">
<strong style="color:#000">
✢ A Note From Pacaso
</strong>
</p>
<p style="margin-top:0;margin-bottom:15px;line-height:22px">
This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at
<a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
invest.pacaso.com
</a>
. There’s no guarantee that Pacaso will file for an IPO.
</p>
</td>
</tr>
</table>
</th>
</tr>
</table>
<!--[if !mso]><! -- -->
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