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    Why Is There No Effective Anti-Trump Constituency?

    Michelle Cottle, Ross Douthat, Carlos Lozada and Listen to and follow ‘Matter of Opinion’Apple Podcasts | Spotify | Amazon MusicThis week on “Matter of Opinion,” the hosts take apart why Nikki Haley and Ron DeSantis can’t seem to form competitive coalitions against Donald Trump, and whether Haley, DeSantis, the Supreme Court “or God himself” can keep the former president from becoming the Republican nominee.Plus, Michelle Cottle reveals her Plan B if her political reporting career doesn’t work out.(A full transcript of the episode will be available midday on the Times website.)Illustration by The New York Times; Photograph by Kevin Dietsch/Getty ImagesMentioned in this episode:Suffolk University-Boston Globe poll of likely New Hampshire Republican primary votersHot dog car sketch on “I Think You Should Leave”Thoughts? Email us at matterofopinion@nytimes.com.Follow our hosts on X: Michelle Cottle (@mcottle), Ross Douthat (@DouthatNYT) and Carlos Lozada (@CarlosNYT).“Matter of Opinion” is produced by Derek Arthur, Phoebe Lett and Sophia Alvarez Boyd. It is edited by Alison Bruzek and Jordana Hochman. Mixing by Carole Sabouraud. Original music by Sonia Herrero, Isaac Jones, Pat McCusker, Carole Sabouraud and Efim Shapiro. Our fact-checking team is Michelle Harris, Mary Marge Locker and Kate Sinclair. Audience strategy by Shannon Busta and Kristina Samulewski. Our executive producer is Annie-Rose Strasser. More

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    At Davos, War Is on the Agenda, but the Focus Is on A.I. and Elections

    The leaders and executives gathering at the World Economic Forum are obsessed with elections and artificial intelligence, not Ukraine or Gaza.Each day this week has brought a new and fleeting reminder to the executives and politicians at the annual World Economic Forum meeting of the two wars threatening global security and clouding the economy. Ukraine’s president spoke on Tuesday. Israel’s spoke on Thursday.Neither was able to hold the collective attention of a gathering that this year has focused overwhelmingly on artificial intelligence and populist politics.Gaza and Ukraine have made daily appearances on the public agenda in Davos, along with climate change and economic inequality. But in the warm halls and slushy streets around town, conversations almost inevitably turn to the two accelerating trends that are destabilizing business models and democracies.Everyone wants to talk about how A.I. and this year’s elections, especially in the United States, could shake up the world. The Russian invasion of Ukraine, the Oct. 7 attacks on Israel led by Hamas or the ensuing Israeli bombing of Gaza? Drowned out in comparison.“No one is talking about Israel,” said Rachel Goldberg, who came to Davos to urge action to free the more than 100 hostages who were taken on Oct. 7 and continue to be held by Hamas, including her 23-year-old son, Hersh.In an interview on Wednesday, Ms. Goldberg said she was not surprised the war had taken a back seat here. “I think it’s complicated,” she said. “And I think it’s very polarizing.”Davos is many things layered on top of one another. It is a font of wealthy idealism, where the phrase “committed to improving the state of the world” frequently adorns the walls of the main meeting center.The forum is a networking event where chief executives, world leaders, celebrities, philanthropists and journalists speed-date through half-hour coffee meetings. It is a trade show for big ideas, with overlapping panel discussions on topics including gender equity, media misinformation and the transition to green energy.It is also a venue for top government officials to speak on grave issues, including war. That is where much of the Gaza and Ukraine discussion played out this week.President Volodymyr Zelensky of Ukraine and Klaus Schwab, the founder and executive chairman of the World Economic Forum, meeting on Tuesday.Laurent Gillieron/Keystone, via Associated PressPresident Volodymyr Zelensky of Ukraine called for international aid — but not more weapons — in a packed-house address on Tuesday to hundreds of people. He also took questions from reporters afterward.Without more assistance from the United States and others, Mr. Zelensky said, “a huge crisis will happen.” He added: “We have a war now, and we will have a huge crisis — a crisis for the whole of Europe.”Several leaders spoke about Gaza and the broader conflict it has spawned in the Middle East, though typically to smaller crowds. In a room of about 60 attendees on Wednesday, Mohammad Mustafa, the chairman of Palestine Investment Fund and the former deputy prime minister of Palestine, called for additional international aid for the people in Gaza and for an end to the war.“The military action has got to stop very quickly,” Mr. Mustafa said. “There is no need for anyone to build their political careers at the expense of more Palestinian people.”Hossein Amir Abdollahian, the foreign minister of Iran, blamed Israel for raising tensions in the Middle East in the past several months. “If the genocide in Gaza stops, then it will lead to the end of the other crises and attacks in the region,” he said.In his Thursday speech, President Isaac Herzog of Israel called Iran the center of an “empire of evil” destabilizing the Middle East and displayed a photograph of Kfir Bibas, a 1-year-old hostage being held in Gaza. “We have a very cruel, sadistic enemy who has taken a decision to try to torture the Israeli national psyche as well as the hostages themselves,” Mr. Herzog said.But those speeches rarely dominated the conversations on the sidelines of the event, at the nightly private dinners after the day’s agenda concluded or in most of the storefronts that large corporations paid to transform into branded event spaces along the main promenade in town.President Isaac Herzog of Israel with a picture of Kfir Bibas, a child who was taken hostage by Hamas, on Thursday.Denis Balibouse/ReutersOne possible explanation: Attendees and leaders here do not view either war as a significant threat at the moment to the global economy. Neither Gaza nor Ukraine cracked the Top 10 near-term concerns in the Global Risk Report — a survey of 1,500 global leaders — that the forum released on the eve of the gathering. A World Economic Forum chief economists’ report released this week suggested that growth forecasts for the Middle East had “slightly weakened” amid uncertainties about the war between Israel and Hamas. It did not mention Ukraine.In private conversations around Davos this week, corporate leaders acknowledged the wars in Gaza and Ukraine as one of many concerns. But they grew much more animated about other topics that they said they expected to affect their businesses in the near term — potentially enormously, for good or ill.A.I. topped that list. In interviews, executives expounded, usually with significant enthusiasm, on the benefits and drawbacks of the technology. They also talked politics, exhaustively. Over dinner, they and other attendees debated whether former President Donald J. Trump would win back the White House in November — and how his populist, protectionist policy could roil markets and upend their business models.Some executives explicitly ranked Gaza and Ukraine lower than the American elections on their list of geopolitical concerns. Many attendees lamented that there was not more energy behind war discussions, or recognition of the risks the wars pose to the economy and global security. Last year, concerns about Ukraine shared the spotlight at the gathering, along with a surge of A.I. interest.This year, “everyone is focusing on other subjects,” Pascal Cagni, France’s ambassador for international exports, said in an interview. Economically and politically, he added, Ukraine is “a critical issue.”There were a few exceptions. Supporters of Ukraine opened their own storefront space on the main promenade and staged several events each day to draw attention to the conflict. The technology company Palantir and its chief executive, Alex Karp, hosted Ms. Goldberg and other parents of hostages for events and interviews.Waiting for the arrival of Mr. Zelensky at the Ukraine House in Davos on Tuesday.Gian Ehrenzeller/EPA, via ShutterstockSeveral governments sent leaders to Davos in an attempt to quietly advance back-channel diplomacy in Ukraine or Gaza. That was true of the Biden administration, which sent Secretary of State Antony J. Blinken and Jake Sullivan, the White House’s national security adviser, to Davos for a flurry of meetings centered on Gaza.In an interview on Wednesday, Ms. Goldberg said she was grateful for all efforts to bring her son and the other hostages home. She wore “103” taped to her sweater, which represented the number of days since her son had been taken.In Davos, Ms. Goldberg was sharing a house with other parents of hostages. “I walked out this morning and here, you know, you have these, like, gorgeous views and beautiful mountains,” she said. She said she had turned to another mother and said: “It’s so beautiful. It’s perverse.”But, she added a moment later: “I’m very grateful that I’m here. Because I am having access to people that I would never have access to. And the goal is to save Hersh’s life, and everyone who is there, their lives. I can only do that if we have access to people who have power. And that’s people who are here.”Reporting was contributed by More

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    Scott Stringer Explores Run Against Eric Adams for N.Y.C. Mayor

    Mr. Stringer, whose 2021 mayoralty bid was derailed by a sexual misconduct allegation, is gearing up to try again to beat Eric Adams.Scott M. Stringer, the former New York City comptroller and 2021 mayoral candidate, said on Thursday that he would form an exploratory committee and begin raising funds for a possible primary challenge against Mayor Eric Adams next year.The move caught much of the city’s Democratic establishment by surprise and signaled the start of a combative new phase of Mr. Adams’s mayoralty, as Mr. Stringer became the first Democrat to move toward directly contesting the mayor’s re-election.Any primary challenge promises to be exceedingly difficult. No challenger has defeated an incumbent New York City mayor in a primary since David Dinkins beat Edward I. Koch in 1989.But few of his predecessors have been held in such low regard in polls as Mr. Adams, who is confronting the city’s budget woes, an escalating migrant crisis and an F.B.I. investigation into his campaign. Other challengers may soon follow.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?  More

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    Iowa Caucus Recap: Trump’s Win, the Weather, and a Look Toward New Hampshire

    Listen to and follow ‘The Run-Up’Apple Podcasts | Spotify | AmazonAnna Foley and Lanny Van Daele casting his presidential preference vote in Coralville, Iowa, on Monday.Jim Slosiarek/The Gazette, via Associated PressGoing into the Iowa caucuses, there were a handful of key things we were watching for: Would the frigid weather hamper turnout? Would his overwhelming dominance in the polls translate to a decisive victory for Donald Trump? And finally, could the other candidates muster enough of a showing to keep the race alive?Today: Through conversations with Iowa caucus goers — especially those who preferred another candidate to Trump — we get answers to our questions. And we check in with our colleague Nick Corasaniti in New Hampshire about how the state’s independents are approaching the primary next week — and how confident Trump is of a second early state victory.About ‘The Run-Up’“The Run-Up” is your guide to understanding the 2024 election. Through on-the-ground reporting and conversations with colleagues from The New York Times, newsmakers and voters across the country, our host, Astead W. Herndon, takes us beyond the horse race to explore how we came to this unprecedented moment in American politics. New episodes on Thursdays.Credits“The Run-Up” is hosted by More

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    EE. UU. prohíbe la entrada a Giammattei, expresidente de Guatemala

    El anuncio sugiere que Estados Unidos respalda la campaña contra la corrupción dirigida por el nuevo presidente de Guatemala, Bernardo Arévalo.El Departamento de Estado estadounidense informó el miércoles que Alejandro Giammattei, quien fue presidente de Guatemala hasta el tumultuoso traspaso de poder efectuado esta semana, tenía prohibida la entrada en Estados Unidos debido a información que, según las autoridades, indicaba que había aceptado sobornos.El anuncio sugiere que Estados Unidos respalda la campaña contra la corrupción dirigida por el nuevo presidente de Guatemala, Bernardo Arévalo. Hace poco, Guatemala se vio envuelta en protestas por los intentos de impedir que Arévalo tomara posesión de su cargo, y Giammattei se negó a participar en la juramentación de su sucesor celebrada el lunes.“Nadie, especialmente un funcionario público, está por encima de la ley”, declaró Brian Nichols, alto funcionario del Departamento de Estado para el Hemisferio Occidental.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?  More

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    U.S. Moves to Bar Alejandro Giammattei, Ex-Guatemalan Leader

    The decision against Alejandro Giammattei, who is accused of accepting bribes, signaled U.S. support for a new anticorruption drive in Guatemala.The State Department said on Wednesday that Alejandro Giammattei, Guatemala’s president until a tumultuous transfer of power this week, was barred from entering the United States because of what officials said was information indicating that he had accepted bribes.The announcement signaled that the United States was moving quickly to support the anticorruption drive led by Guatemala’s new president, Bernardo Arévalo. Guatemala was recently engulfed in protests over attempts to prevent Mr. Arévalo from taking office, and Mr. Giammattei refused to appear at his successor’s inauguration on Monday.“No one, especially a public official, is above the law,” said Brian Nichols, the top State Department official for the Western Hemisphere.The Treasury Department also announced sanctions on Wednesday against Alberto Pimentel Mata, a former energy minister in Mr. Giammattei’s government, in connection to Mr. Pimentel Mata’s taking bribes and his involvement in numerous corruption schemes related to government contracts and licenses, officials said.Last weekend, U.S. Customs and Border Protection denied entry in Miami to one of Mr. Giammattei’s sons, and expelled him on Monday, according to Senator Mike Lee, Republican of Utah and a supporter of Mr. Giammattei.Taken together, the moves reflect how the United States government is trying to stem corruption and impunity in Guatemala, Central America’s most populous country.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?  More

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    Do Political Ads Even Matter Anymore?

    A confluence of political forces and changing media behavior are testing their efficacy in the Trump era.In a presidential election year, no glowing rectangle in Iowa or New Hampshire is safe from an endless deluge of political ads.Campaign ads are inescapable on the nightly news, “Wheel of Fortune” and YouTube. Even the high-dollar, high-visibility ad blocks of professional and college football games have become increasingly saturated.It’s a deeply entrenched multimillion-dollar industry, and one of the largest expenses of every presidential campaign. But a confluence of political forces and changing media behavior may be testing the efficacy of political advertising in the Trump era.Nikki Haley and her allied super PAC spent roughly $28 million on broadcast ads in Iowa, according to AdImpact, an ad-tracking firm. Gov. Ron DeSantis and his allies spent $25 million. Trump and his super PAC spent only $15 million — and won by more than 30 points.As my colleagues Michael Bender and Katie Glueck reported, that result showed a new depth to the Republican Party’s devotion to Trump. But it also suggests that a smaller universe of persuadable voters and a wholesale shift in viewing habits may have significantly undercut the impact of political advertising.According to Cross Screen Media, an ad analytics firm, only 63 percent of Iowa Republicans are reachable with traditional or “linear” TV ads, as viewers switch to streaming and social media. In 2016, that percentage was still in the 90s. At most, Republican campaigns this year reached 42 percent of likely caucus voters.“I don’t think that people have caught up with where the media consumption is,” said Michael Beach, chief executive of Cross Screen Media.The pivot to streaming is potentially deadly for political ad buyers. Beach estimates that almost 40 percent of the time viewers spend on television is on streaming, but streaming offers far fewer opportunities to show ads to viewers than traditional programming.Granite State mediaNew Hampshire’s presidential race is much closer than Iowa’s was, with polls showing Haley trailing Trump by single digits. And Trump faces a similar advertising deficit, with Haley and her allies spending more than twice as much as Trump’s campaign and its allied super PAC.But the tone of advertising in New Hampshire has taken a sharply negative turn on the former president. Ten times as many negative ads attacking Trump have run in New Hampshire over the past 30 days as ran in Iowa, according to data from AdImpact. The biggest such spender is the SFA Fund, the super PAC supporting Haley, which is portraying Trump as a liar prone to temper tantrums.Trump and his allies have responded, spending $1.4 million on a single ad attacking Haley over immigration, and $2.7 million on one targeting her support for raising the gas tax when she was governor of South Carolina in 2015 (she also called for a corresponding income tax cut).30-second issuesThe New Hampshire ads reveal the key issues that each campaign is hoping will boost their support in the final days. The Trump campaign and MAGA Inc., the super PAC supporting his campaign, have spent more in New Hampshire on ads regarding immigration than any other issue, according to AdImpact.Haley’s campaign has almost exclusively run ads portraying her as representing a “new generation” and castigating Trump and President Biden as too old for the presidency. The SFA Fund has made taxes core to its ad campaign, with nearly half its ad spending over the past month promoting Haley’s pledge to cut taxes for the middle class or defending her record on taxes.(DeSantis, who is far behind Trump and Haley in New Hampshire, had not broadcast any ads in the state in over a month when DeSantis and his super PAC announced Wednesday that they would be leaving the state to focus on South Carolina.)But there may be slightly more of an opportunity for Haley to close the gap. According to Cross Screen Media, 80 percent of New Hampshire Republican voters are reachable by traditional television advertising.Speaker Mike Johnson will most likely need to rely on Democrats to avoid a shutdown.Kenny Holston/The New York TimesThe House G.O.P.’s incredible shrinking majorityThanks to a combination of coincidence, scandal, health issues and political turmoil, the Republican majority in the House of Representatives keeps getting smaller.This week, with lawmakers absent for medical reasons and the recent not-so-voluntary departures of the ousted former speaker Kevin McCarthy and the expelled George Santos, the best G.O.P. attendance that Speaker Mike Johnson can muster as he tries to avoid a government shutdown is the bare-minimum 218 votes. That is before factoring in the impact of rough winter weather across the nation.Another Republican, Representative Bill Johnson of Ohio, is resigning as of Sunday to take a job as a university president, lowering the number to 217 if Representative Harold Rogers of Kentucky, the 86-year-old dean of the House, is unable to quickly return from recuperating from a car accident. Representative Steve Scalise of Louisiana, the No. 2 Republican, is out until at least next month while undergoing cancer treatment.As a result, the G.O.P. could soon be able to afford just a single defection on any matter if Democrats remain united and have no absences of their own.Republicans are in a real numerical bind. At a time when House Republicans regularly face internal rebellion from hard-line conservatives, Johnson has absolutely no cushion if he chooses to rely strictly on the votes of his own party, which is part of the reason he cut a deal with Democrats on spending to avoid a shutdown later this week, further angering the hard right.Democrats say the recurring scenario of leaning on them for must-pass bills is proof that even though Republicans are the majority party on the tally sheet, they don’t have a working majority because of their diminished forces and constant internal squabbling.“When anything hits the fan, they don’t have 218,” said Representative Steny H. Hoyer of Maryland, the former longtime Democratic majority leader, referring to the number that represents a basic majority in the 435-member House. “They are not the majority party in this House.”Johnson, the novice speaker, said it was a problem he could handle.“I’m undaunted by this,” he said recently on CBS. “We deal with the numbers that we have.” — Carl HulseRead the full story here.More politics news and analysisBacking down: The super PAC supporting Ron DeSantis began laying off staff.Disorder in the court: A judge threatened to throw Donald Trump out of his defamation trial.No-shows: CNN canceled its Republican debate in New Hampshire for lack of participation.History lesson: Haley and DeSantis were asked about race in America, and it got awkward.You would cry too: Robert F. Kennedy Jr. wants to create his own party to get on the ballot.Read past editions of the newsletter here.If you’re enjoying what you’re reading, please consider recommending it to others. They can sign up here. Browse all of our subscriber-only newsletters here.Have feedback? Ideas for coverage? We’d love to hear from you. Email us at onpolitics@nytimes.com. More

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    The Volodymyr Zelensky-Donald Trump Divide Looms at Davos

    Ukraine’s leader and the potential re-election of Donald Trump as president are dominating discussion at the World Economic Forum. Volodymyr Zelensky, Ukraine’s president, tried to tamp down worries about Donald Trump, and whether his potential re-election would lead to a drop in support for his country.Radek Pietruszka/EPA, via ShutterstockZelensky and Trump loom over Davos Two people are having an outsize impact at the World Economic Forum, and one of them isn’t even there.One is Volodymyr Zelensky, Ukraine’s president, who put on a full-court press of business and global leaders at the forum in Davos, Switzerland. The other is Donald Trump, whose potential re-election is dominating the discussion among attendees.Zelensky used an expletive to describe a Trump claim about containing Vladimir Putin. At a Q. and A. with journalists that Andrew moderated, Zelensky dismissed the idea that Trump could stop the Russian president from going after other parts of Europe. Putin, he added, “will not stop — but the question is what will the U.S. and Trump do after this point, because in this case it will mean that Europe lost the most useful and most strong army in Europe because we lost Ukraine.”Zelensky initially sought to tamp down worries about Trump, and whether his potential re-election would lead to a drop in support for Ukraine. But he also appeared somewhat fearful about the prospect. “One man cannot change the whole nation,” Zelensky said in the Q. and A., adding that deciding on the next president is “a choice for the American nation and only the American nation.”The Ukrainian leader acknowledged that a win for Trump, who has opposed U.S. aid to Ukraine, could affect his country’s military campaign or settlement talks. “Radical voices from the Republican Party” have created tension and pain for the Ukrainian people, he said.Zelensky isn’t the only leader at Davos worried about Trump. Multiple attendees have told DealBook that the outcome of the election is a potential risk for business, particularly after the former president thumped his Republican rivals in the Iowa caucuses.The Ukrainian leader has sought to shore up global business support. He spoke at a private gathering of executives organized by JPMorgan Chase, which is advising Ukraine on its reconstruction efforts.In the audience at the Congress Center for the talk were Steve Schwarzman of Blackstone, Ray Dalio of Bridgewater, David Rubenstein of Carlyle and Michael Dell of Dell, DealBook hears.Zelensky also spoke about how U.S.-China tensions are affecting Ukraine. Bringing Beijing on board with the country’s reconstruction is important, given China’s size and influence on Russia, he told the C.E.O.s. But Ukraine is seen as an American concern, not a global one.Seen and heard around town: The traffic on the main street was so bad that John Kerry, President Biden’s climate envoy, hoofed it to a meeting. And the annual wine tasting hosted by Anthony Scaramucci, the financier and former Trump official, well, ran out of wine.HERE’S WHAT’S HAPPENING Rate-cut concerns rattle the markets. European stocks and bonds are down this morning, after Christine Lagarde, the European Central Bank president, warned that interest rates may not fall until the summer, and inflation in Britain rose unexpectedly. U.S. futures are also down after Christopher Waller, a Fed governor, signaled yesterday that it was premature to consider a rate cut in the first quarter.Disney formally rejected Nelson Peltz’s board nominees. The entertainment giant has submitted a slate of directors — including James Gorman of Morgan Stanley and Mary Barra of General Motors — and snubbed the activist investor, who has criticized Disney over strategy and succession planning. Separately, compensation for Bob Iger, Disney’s C.E.O., for fiscal 2023 topped $31 million.BP appoints a new C.E.O. The energy giant today named as its new chief Murray Auchincloss. The former C.F.O. stepped in as interim chief four months ago after his predecessor, Bernard Looney resigned for failing to disclose relationships with employees. Auchincloss has indicated that he will follow Looney’s strategy to build up the company’s renewables business and cut back its oil and gas production by the end of the decade.China’s conundrum China delivered a double dose of bad news this morning, pushing down markets in Asia. Official data shows that the economy grew last year at its slowest pace in decades and that the country’s population declined again.The readings are another sign of deeper problems in the world’s second-largest economy, as it grapples with a property crisis, weak consumer confidence, falling exports, deflationary pressures and big demographic challenges.The economy grew 5.2 percent last year, up from 3 percent in 2022 when strict coronavirus restrictions were in place. That was better than the official target of about 5 percent but 2024 is expected to be tougher, with a Reuters poll of analysts forecasting growth that will probably slow to 4.6 percent.The population decline points to bigger challenges. The country recorded more deaths than births for a second straight year. Beijing is worried because fewer people means fewer consumers, and it needs working-age people to fuel growth. Retail sales in December were lower than expectations, too, while industrial output barely surpassed them.A post-Covid boost hasn’t materialized. “Chinese authorities and some international economists believed that China’s economic downturn in the past few years was caused by the “zero Covid” policy,” Yi Fuxian, a scientist at the University of Wisconsin–Madison and an expert on Chinese demographics, told DealBook. “But China’s economic recovery was much weaker than expected last year, as the core drivers of the downturn were aging and a declining work force.”Structural reforms are needed to address these new realities. But for the short term, China will continue to rely on export-led growth at a time when many Western companies are already looking to move parts of their supply chains elsewhere.A federal judge has struck down JetBlue’s proposed $3.8 billion deal to buy Spirit Airlines, which would have been the biggest such tie-up in a decade.Allison Dinner/EPA, via ShutterstockAn airline deal hits turbulence The Biden administration scored a major victory yesterday after a federal judge struck down JetBlue’s proposed $3.8 billion acquisition of Spirit Airlines, a low-cost rival, ruling that the merger would harm competition.The decision blocks the airline sector’s biggest attempted tie-up in the U.S. in over a decade, and throws into question the industry’s efforts to consolidate. President Biden hailed the ruling as “a victory for consumers everywhere who want lower prices and more choices.”The Biden administration says airline mergers have made travel more costly. Last year, the Justice Department won a lawsuit that forced JetBlue and American Airlines to end a regional code-sharing alliance.The Justice Department argued that a JetBlue-Spirit combination would remove a low-cost competitor from the market, messing with the economics of airfares. The judge, William Young, agreed, saying that combining forces would “likely incentivize JetBlue further to abandon its roots as a maverick, low-cost carrier.”Shares in Spirit plunged after the decision. Stock in the budget airline, which received bailout funding during the coronavirus pandemic’s early days and is known for its yellow planes and no-frills service, sank 47 percent yesterday. The companies have not yet said whether they will appeal.What next? Alaska Airlines’s $1.9 billion deal to acquire Hawaiian Airlines could also face tough scrutiny.Big fish to fry at the Supreme Court The Supreme Court justices will hear a case today that started with commercial herring fishermen challenging a rule about paying the regulators who oversaw them. The legal fight is hugely consequential, and could ultimately limit the powers of federal agencies.The case challenges the power of administrative law. Courts today must defer to the hundreds of agencies that interpret a mountain of federal rules in regulating industry. Critics say this doctrine — known as Chevron deference — handcuffs judges, robbing them of the power to review and reverse agency actions.Lawyers for the fishermen are expected to argue that the principle should be overruled, or at least simplified. The arguments won’t fall on deaf ears. Justice Neil Gorsuch has written that the Chevron deference doctrine “deserves a tombstone.”The death of the principle could hobble regulators because their decisions could be overturned in court. Such a prospect is key to conservatives seeking a weaker administrative state. Court records show that the fishermen’s lawyers have links to Americans for Prosperity, a group funded by the petrochemicals billionaire Charles Koch, The Times’s Hiroko Tabuchi reports. Koch, the chairman of Koch Industries, is a longtime supporter of anti-regulatory causes.This case is part of a larger conservative campaign. A 2022 Supreme Court decision that constrained the Environmental Protection Agency’s authority on emissions regulation bolstered right-leaning activists. That case has helped opened the door to further legal challenges to regulators’ powers, including one this term involving the S.E.C.What to watch for in 2024 The Atlantic Council, an international affairs research organization, gave DealBook a first look at its annual list of the top risks, opportunities and under-the-radar phenomena to watch this year.Geopolitical conflict is a big focus. There is a “medium to high” probability that the Israel-Hamas war widens, according to the analysis, and that is underscored by intensifying U.S.-led strikes on Iran-backed Houthi rebels who are attacking commercial ships in the Red Sea corridor.Other hot spots include Ukraine and Taiwan. The West could pull back funding for Ukraine, the report’s authors write, making a Russian victory more likely. Meanwhile, China could choke off Taiwanese ports with a naval blockade rather than risking an invasion of the self-governed island nation.“Smartifacts” may be an opportunity. Cars, appliances and personal electronics will increasingly be equipped with artificial intelligence to better interact with the physical world, the analysts write. They predict that “2024 will be the year when A.I. goes mainstream, and not just on our screens,” potentially yielding an “entirely new class of devices.”Could white paint be an under-the-radar opportunity? The Atlantic Council also compiles an annual list of underappreciated risks and opportunities that it calls “snow leopards,” named for the well-camouflaged mountain cats.This year, the list includes super reflective white paint that can help reduce emissions and reliance on energy by reflecting 98 percent of the sun’s rays. “It’s one of those things that seems pretty simple, but it could have an outsize impact,” said Imran Bayoumi, an associate director at the organization.THE SPEED READ DealsUber is shutting Drizly, the alcohol-delivery business it bought in 2021 for $1.1 billion. (WSJ)Investors are raising billions to buy discounted stakes in venture capital-backed tech start-ups. (FT)Synopsys, a supplier to the chips sector, has agreed to buy Ansys, a software firm, for $35 billion. (NYT)PolicyThe Supreme Court denied a request to hear an antitrust case between Epic Games and Apple, leaving a lower-court ruling that was seen as a win for Apple in place. (Axios)Congressional leaders agreed a $78 billion deal to expand the child tax credit and other popular expired business tax breaks. (NYT)Best of the restHarvard is trying to smooth relations with Silicon Valley after turmoil over antisemitism on campus. (WSJ)“Airbus Is Pulling Ahead as Boeing’s Troubles Mount” (NYT)Hockey die-hards are building snazzy new rinks in their backyards. (WSJ)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More