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      Are Trump’s Tariffs Inevitable?

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      World leaders and C.E.O.s are struggling to convince President-elect Donald Trump to shift his position on imposing new levies against America’s trade partners and its rivals.Advisers for Donald Trump are telling businesses to take the president-elect at his word on tariffs.Doug Mills/The New York TimesUnyielding on tariffs Investors appear largely unfazed by President-elect Donald Trump’s tough talk on tariffs, with the S&P 500 up more than 5 percent since Election Day.But world leaders and C.E.O.s are worried he could disrupt global trade and pummel profits — and feel they’re making little headway in warning him of the consequences.Companies have stepped up their lobbying to persuade Trump to go easy on tariffs, according to The Wall Street Journal. The president-elect warned last month that he would impose 25 percent levies on the country’s biggest trading partners, Canada and Mexico, if they didn’t tighten their borders and stem the flow of illegal migration to the U.S.In subsequent social media posts, he went after China and BRICS countries, too.Trump’s team is warning businesses to take him at his word on tariffs, The Journal reports. That suggests that Trump, who has called tariffs “the most beautiful word in the dictionary,” isn’t merely using tariff warnings as an opening salvo in trade negotiations.It also calls into question how much say Jamieson Greer, Scott Bessent, Howard Lutnick and Marco Rubio — Trump’s picks for trade representative, and to run the Treasury, Commerce and State departments — will have in shaping Trump’s trade policy if his mind is already made up.Trump conceded that he “can’t guarantee” tariffs won’t hit consumers hard. That’s a concern among economists and big companies such as Walmart and Costco, who fear that levies could lead to price rises. This earnings season, analysts have been peppering corporate leaders about how tariffs might affect their businesses.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      A Chaotic Start

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      We cover the people who will surround Donald Trump in his second term. Donald Trump has named most of the advisers and cabinet officials whom he wants to surround him in a second term. To make sense of the team, I asked for help from three of my colleagues who cover Trump: Maggie Haberman, Charlie Savage and Jonathan Swan. Our exchange follows.David: I’ve talked with you three in the past about the likelihood that Trump’s second term would be more consequential than his first because his team would have more experience and more detailed plans. But does his list of cabinet selections make you wonder whether the second term may end up being almost as chaotic as the first? Pete Hegseth (the Fox News host Trump wants to run the Pentagon) and Robert F. Kennedy Jr. (the pick for Health and Human Services) don’t have much experience operating a bureaucracy.Maggie: There are some people with minimal government experience running large organizations in positions of power, so there will be a basic question about their preparation to oversee complex departments. But cabinet secretaries aren’t the only people who matter.The team that Trump is putting in place, as deputies or chiefs of staff or senior advisers at agencies, are people who’ve proved some form of loyalty to him in other situations. All administrations do that to some degree. This version is much more sweeping.Charlie: For all the chaos of Trump’s first term, he was occasionally constrained — by traditional Republicans in Congress and inside his own administration, by a federal judiciary he had not yet transformed and by career officials. All those constraints will be weaker this time.An important thing is that Trump is planning to reinstate a change from the end of the first administration, one that the Biden administration rolled back. This change, known as Schedule F, would make it easier for cabinet officials to fire career civil servants and replace them with loyalists. So there is reason to believe that the second Trump administration will be more chaotic — but also that it will implement more of his agenda.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      A Trip to New York

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      Expert advice to make the most of a New York City vacation.The window displays at Bergdorf Goodman beckon. There’s a new riverside ice rink in Williamsburg. Buildings, brownstones and bodegas across the city pop with decorations. A woman I saw holding court on the 6 train last week was accessorized with felt antlers, a gaudy Christmas sweater and three large dogs also wearing holiday sweaters.But the crowds these days, and oh, the prices! The cost of everything, from sandwiches to hotel rooms, has soared. And the city expects to get nearly 65 million visitors this year, this close to prepandemic levels. In recent days, it has felt as if all of those people are on the sidewalks of Midtown, furiously trying to elbow their way into Bryant Park’s holiday market.In today’s newsletter, I’m going to share eight tips for enjoying New York — whether you’re visiting for the holidays or any other time of the year — without going broke or getting lost in the crowd.The Louis Vuitton flagship store during the holidays this year.Katherine Marks for The New York Times1. The city that never sleeps tends to wake up late. Crowds are sparse in the early mornings across all the boroughs, even at the top tourist spots. So grab a bodega coffee and enjoy Rockefeller Center at 5 a.m., when the Christmas tree lights up daily, or walk across the Brooklyn Bridge at sunrise.2. You need to book that table, reserve that slot, buy those tickets in advance. This is crucial for the must-do activities on your itinerary, including fine dining (here is The Times’s list of New York City’s 100 best restaurants), some Broadway shows and even visits to Santa at Macy’s. You may pay less for off-peak times, or reservations might even be free, but you’ll still need a reservation.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk and DOGE vs. Regulators

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      The billionaire has needled government agencies, armed with potential influence over their budgets. But some of these organizations are also looking into his interests.Elon Musk’s attacks on the agencies that regulate his businesses are raising questions about conflicts of interest.Eric Lee/The New York TimesMusk vs. regulatorsElon Musk remains perhaps the most consequential figure in President-elect Donald Trump’s orbit, with a commission for cutting government spending headed by him and Vivek Ramaswamy — widely known by its acronym, DOGE — promising huge reductions.Federal regulators have become prominent targets for Musk and his allies. But those agencies are continuing to scrutinize the tech billionaire’s interests, raising questions about conflicts.“The SEC is just another weaponized institution doing political dirty work,” Musk posted on X on Thursday, joining a flurry of right-wing attacks on the agency. The impetus for the ire: an appeals court ruling that Nasdaq can’t require diversity on the boards of companies that list on the exchange, a longtime bugbear of conservatives.Ramaswamy wrote on X of the commission: “When an agency like the SEC is so repeatedly & thoroughly embarrassed in federal court for flouting the law, it loses its legitimacy as a law enforcement body.”That comes after Musk took aim at the I.R.S. last month, when he polled his X followers about what to do with the tax authority’s budget. The overwhelming response: “Deleted.”But the S.E.C. is renewing scrutiny of Musk. He disclosed on X that the regulator had given him an offer to settle an inquiry into unspecified charges. A letter from Alex Spiro of Quinn Emanuel Urquhart & Sullivan, Musk’s lawyer, claimed that the agency had given them 48 hours to accept or face punishment, as part of an “improperly motivated campaign.” Spiro’s letter also revealed that the commission had reopened an investigation this week into Neuralink, Musk’s brain-implant start-up.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Remembering David Bonderman, a Private Equity Pioneer

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      A former lawyer, he cofounded the giant investment firm TPG and became known for complex deals that remade corporate America. He died on Wednesday at 82.David Bonderman, a founder of TPG, in 2018. “He built and led an impressive firm,” David Solomon of Goldman Sachs said of Bonderman.Stephen B. Morton/Associated PressRemembering BondoDavid Bonderman, a corporate lawyer who co-founded the giant investment firm TPG and helped transform private equity into a multitrillion-dollar industry that reshaped Wall Street, died on Wednesday morning. He was 82.Bonderman — Bondo to his friends — became a private equity pioneer, leading big and complex takeovers that saw corporate titans go public, and whose success helped persuade publicly traded companies to adopt his industry’s tactics, DealBook’s Michael de la Merced writes.Bonderman’s entry into private equity was by happenstance. After graduating from Harvard Law School, he taught law and then worked as a civil rights lawyer for the Justice Department. He went on to join the Washington law firm Arnold & Porter. Among his achievements there was persuading the Supreme Court to overturn an insider-trading conviction of Raymond Dirks, a securities analyst turned whistle-blower.In the mid-1980s, Bonderman was approached by Robert Bass, the Texas oil magnate, about helping run his family office. Bonderman said that he had never invested professionally before, but Bass told him that he hadn’t either.Bonderman and a colleague in the family office, Jim Coulter, founded what became TPG in 1993. By then, the two had made their names by buying Continental out of bankruptcy and turning around the embattled airline. (Emblematic of their approach: They FedExed undesirable food from the plane to Continental’s C.E.O., telling him it needed improving.)They joined a small group of financiers who turned leveraged buyouts from a cottage industry into a Wall Street behemoth, borrowing money to buy, restructure and flip big businesses.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Assad’s Rule Ends

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      We explain the latest developments in Syria.President Bashar al-Assad’s long and brutal reign in Syria has ended. After 13 years of civil war, Syria’s rebel fighters have stormed the capital, Damascus, and claimed victory.The government’s forces fled without significant resistance as rebel fighters poured into the city. Assad resigned and left Syria, Russia said, but his location could not be confirmed. The rebels appear to have taken over the state television, and they announced Syria to be “free of the tyrant.” The country’s prime minister, who remains in Damascus, said he would work on a transition government. The rebels called on their forces to stay away from public institutions until they could be formally handed over.The rebels said they are now continuing their advance into the east. Below, we explain what has happened and what may come next.What we knowAreas of control as of 10 p.m. local time Saturday. Rebels stormed into Damascus on Sunday morning.Samuel GranadosThe rebels’ rapid advance over the past two weeks was a dramatic end to a yearslong stalemate. (Read The Morning’s explanation of the war.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Year in Review

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      As critics issue their year-end lists, we want to know your personal favorites of 2024.It’s the most wonderful time of year, and I don’t mean the holiday season, although I’ve heard that people are excited about that too. No, for nerds like me who love to plan out their holiday culture consumption — those whose appetites are always far larger than their capacity for viewing/reading/listening — December is sacred because it is when critics issue their retrospective best-of lists, their verdicts on the best movies, music, TV, books and other cultural artifacts of 2024.I’ve always thought it a shame that everyone I know doesn’t issue a best-of list. Yes, critics are experts in their fields, completists who have surveyed the landscape of their beats such that their assessments of “the best” are far more informed than the average cultural consumer’s. But I also want to know what my friends and family loved, and why. There’s no easier way to get to know someone a little bit more deeply than by asking them for a recommendation. I have a fantasy of pulling out a bullhorn on my morning commute and asking everyone in my subway car their top five films of the year. I’m not sure anyone would play along with my reindeer game, but if they did, I expect that I’d get a few good recs, some truly nutty ones, and that it would certainly bring a spirit of joy and conviviality to a typically alienating part of the day.And why stop at the usual categories? Best-of lists are typically limited to the same categories. Tell me your favorite movie, book and song, but I also want to know the best line of poetry you read this year, the best cocktail you devised, the best tradition you started, the best grilling technique, the best piece of advice you received. We’re all living and exploring and absorbing.And so I ask you, as I do every year, to send in your own highly specific, idiosyncratic, genre-free favorites from 2024. What did you discover? What did you learn? What did you love? Submit your answers here, and I’ll include as many of them as I can in upcoming newsletters.For moreThe Morning readers’ bests of 2023 and 2022.The best advice Morning readers received in 2023 and 2022.“As with everything worth making — bread, sweet love, mix tapes — there’s an art to creating a great Top 10 list.” From 2011, Dan Kois on how and why to make a best-of list.The Times’s best of 2024 lists.More year-end lists from around the internet.THE WEEK IN CULTUREFilm and TVAmy Adams in a scene from “Nightbitch.”Searchlight Pictures, via Associated Press“Nightbitch,” which stars Amy Adams as a stay-at-home mother who turns into a feral dog, is one of the movies Times critics are talking about this week.“The Agency” on Paramount + and Netflix’s “Black Doves” are part of a new crop of spy dramas whose biggest battles take place within the hearts and minds of their agents.ArtThe discovery of a rare picture of the poet Arthur Rimbaud, made by his lover Paul Verlaine, prompted a bidding war in Paris.At New York’s Grolier Club, an exhibition renders physical representations of lost or unfinished works by writers including Ernest Hemingway and Christopher Marlowe.More CultureJean-Charles de CastelbajacAlain Jocard/Agence France-Presse — Getty ImagesWhen Notre-Dame Cathedral reopens, the clergy will be wearing new liturgical garb designed by the French designer Jean-Charles de Castelbajac.The most expensive dinosaur fossil ever sold at auction — a stegosaurus that went for almost $45 million — has a new home at the American Museum of Natural History in New York.The two remaining defendants in the case against Young Thug’s rap label YSL were found not guilty of murder and gang charges.THE LATEST NEWSWar in SyriaRebel fighters in the streets of Hama on Friday.Bakr Al Kassem/Agence France-Presse — Getty ImagesRebels fighting to depose Syria’s president, Bashar al-Assad, advanced on another major city en route to the capital. The sudden intensification of the war has led neighboring countries to close their borders.Iran, which for years has helped Assad maintain control of Syria, is now evacuating military personnel from the country.The leader of Syria’s rebel groups told The Times that he was confident his fighters could oust Assad. “This operation broke the enemy,” he said.Other Big StoriesA vote on whether to impeach South Korea’s president, Yoon Suk Yeol, slowed to a crawl as the opposition tried to convince members of his party to support the ouster of the president.A federal judge ruled that the U.S. Naval Academy can consider race and ethnicity in admissions, asserting that affirmative action was essential to protect national security.A panel of federal judges upheld a law that would ban TikTok in the U.S. unless its Chinese owner, ByteDance, sells the app. Donald Trump opposes the ban.The U.S. Department of Agriculture will begin testing the nation’s milk supply for the bird flu virus.Police officers now believe the man who shot the chief executive of UnitedHealthcare in Manhattan escaped from the city that day. Investigators recovered a backpack in Central Park similar to the one he was carrying.CULTURE CALENDAR📺 “Somebody Somewhere” (Sunday): In the second season of this HBO half-hour, a character graces a potluck with St. Louis sushi, a delicacy that combines ham, pickles and cream cheese. It’s delicious. And tough on the gut. That’s also true of this riotously funny, achingly tender comedy created by Hannah Bos, Paul Thureen and Bridget Everett. Everett stars as Sam, a woman who returns in middle age to her Manhattan, Kan., hometown. A sweet and salty heartbreaker about family found and chosen, this show will end its three-season run on Sunday.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Musk, Trump, A.I. and Other DealBook Summit Highlights

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      The economy, inflation, tariffs, the future of media, pardon politics and other big topics that made headlines this year.Jeff Bezos was cautiously optimistic that President-elect Donald Trump would be more measured in his second term.Michael M. Santiago/Getty ImagesFour takeaways from the DealBook Summit The U.S. election dominated the news agenda this year, and the two people at the center of Donald Trump’s win came up in nearly every conversation yesterday at the DealBook Summit. The president-elect and Elon Musk may not have been in the room, but questions about how they will shape business and politics were front and center.The general view of the day was cautious optimism, even among those who had publicly criticized Trump and Musk — or been targeted by them.But many questions remain. What will Trump and Musk mean for government, business and the economy? Will they succeed in cutting regulation and government spending? And will they go after their perceived enemies and rivals?Here are four big themes from this year’s event.What will happen with the economy?Most of the speakers were willing to give Trump the benefit of the doubt, or at least played down worries about his most disruptive policy ideas.Jay Powell, the Fed chair, addressed one of the biggest questions hanging over the next administration: Will the president-elect go after the central bank’s independence? No, Powell said emphatically. The Fed, he said, was created by Congress and its autonomy is “the law of the land.”“There is very, very broad support for that set of ideas in Congress in both political parties, on both sides of the Hill, and that’s what really matters,” he said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More