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    Trump accused of caving to big business after deal to cut Swiss tariffs to 15%

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    Donald Trump agreed to cut US tariffs on Switzerland from 39% to 15% as part of a new trade pact, lowering duties that strained economic ties and hit Swiss exporters.The two countries have signed a “non-binding memorandum of understanding”, the Swiss government announced, following bilateral talks in Washington and intense lobbying by Swiss firms.Critics seized on the announcement as evidence that the White House had put corporate interests ahead of those of struggling Americans, as inflation continues to increase the cost of living nationwide.“While prices for American families are going way up because of Trump’s chaotic tariffs, it’s the billionaires and giant corporations cozying up to Trump that get relief,” Senator Elizabeth Warren, a Massachusetts Democrat, said.Leading Swiss executives met Trump at the White House earlier this month. Rolex, the luxury Swiss watchmaker, also invited the president and a string of his officials to the US Open tennis final in September.Upon arrival, Trump “did ask in jest whether he would have been invited had it not been for the tariffs”, Jean-Frédéric Dufour, the Rolex CEO, later disclosed. This was “a moment that brought a round of laughter all around”, he added.Dufour denied that Rolex had engaged in “any negotiation” with the US over tariffs. The White House dismissed Warren’s criticism as “asinine conspiracy theories”.Trump was gifted a golden table clock by Rolex, which was later spotted on his desk in the Oval Office. Another firm is said to have donated an engraved gold bar.The US trade representative, Jamieson Greer, also confirmed the breakthrough on Friday, telling CNBC, the financial news network, that both sides had “essentially reached a deal”.The Trump administration agreed to limit US tariffs on Switzerland and Liechtenstein “to a maximum of 15%” under the deal, according to a statement from the Swiss government.This brings US tariffs on Switzerland in line with those on the European Union – allowing Swiss exporters the same treatment as rivals in neighboring countries.In return, Switzerland will reduce tariffs “on a range of US products”, the statement said. “In addition to all industrial products, fish and seafood, this includes agricultural products from the US that Switzerland considers non-sensitive.”Swiss officials also committed to granting a series of quotas for US goods that can be exported to Switzerland on a duty-free basis, including 500 tonnes of beef, 1,000 tonnes of bison meat and 1,500 tonnes of poultry.skip past newsletter promotionafter newsletter promotion“The date for implementing these market access concessions will be coordinated with the US to ensure that customs duties are reduced at the same time,” the statement said.This is the latest “framework” trade deal to be struck by Trump and his administration. Unlike formal free trade agreements, which are substantial and can take years to negotiate, these pacts have typically been narrow in focus and light on detail.The precise timing of the implementation, and when the new tariffs and quotas will be enforced, has yet to be finalized.“They’re going to send a lot of manufacturing here to the United States – pharmaceuticals, gold smelting, railway equipment,” Greer claimed on CNBC, “so we’re really excited about that deal and what it means for American manufacturing.”The Swiss government said companies in the country were “planning to make direct investments” in the US worth $200bn “by the end of 2028”. More

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      3 Are Arrested in Russia-Linked Sabotage Plot, Germany Says

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      The men, Ukrainian nationals, were arrested in Germany and Switzerland, the state prosecutor in Berlin said. They are suspected of planning to sabotage commercial freight infrastructure.Three Ukrainian men have been arrested in Germany and Switzerland for planning acts of sabotage against infrastructure in Europe on behalf of Russia, the German authorities said Wednesday.The federal prosecutor’s office in Berlin said it was investigating the three men, who were arrested over the past five days, for a plan to send incendiary and explosive devices in parcels to addresses in Ukraine. None have been charged.The aim, the prosecutor said in a statement, appeared to be part of a plot to damage logistical infrastructure for commercial freight. The statement did not provide further details about possible targets.One of the men, identified only as Vladyslav T. in accordance with Germany’s strict privacy rules, posted two test packages in Cologne containing GPS transmitters in order to trace the route of the packages to Ukraine, the prosecutor said.Another man, Yevhen B., who was arrested Tuesday in Switzerland and will be extradited to Germany, directed that action, the prosecutor said. A third man, Daniil B., delivered the GPS transmitters and other items for the test packages, it said.Authorities are treating the men as foreign agents, and believe they had been directed by Russian state actors, the prosecutor said.Last year, a package exploded at a DHL hub at the airport in Leipzig, in what Western intelligence officials believe was a test run for a plot coordinated by Russia’s military intelligence agency, the GRU. The fire in Leipzig was followed by a similar fire at a DHL warehouse in Birmingham, England, and at a transport company near Warsaw.A Romanian national has since been detained by British police in connection with those fires.Poland has also accused Russia of being behind a fire that wiped out 1,400 small businesses when a shopping mall in Warsaw was almost completely destroyed in May of last year. On Sunday, Prime Minister Donald Tusk of Poland accused Russia of being behind the blaze.“We now know for sure that the great fire of the Marywilska shopping center in Warsaw was caused by arson ordered by the Russian special services,” he wrote on X.The arrests come after several official warnings that Germany has become the target of Russian hybrid attacks. Last year, the authorities charged three Russian-German dual citizens who they believe were hired to carry out acts of sabotage on industrial and military sites. The military has also reported foreign drones flying over training sites where Ukrainian soldiers are being trained.The issue of Russian sabotage in Germany even made it into Chancellor Friedrich Merz’s inaugural speech to lawmakers on Wednesday.“Look at the espionage and sabotage and the systematic disinformation of our population — this is overwhelmingly the work of the Russian government and its helpers, including here,” he said. More

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      White House claims China trade deal reached after ‘productive’ Geneva talks

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      The White House has announced that a trade deal with China has been struck after two days of talks in Geneva.The announcement on Sunday came after the US treasury secretary, Scott Bessent, told reporters that there had been “substantial progress” in talks between his team and that of the Chinese vice-premier, He Lifeng, in Geneva on defusing the trade war between the world’s two largest economies sparked by Donald Trump’s 145% tariffs.At a news conference later on Sunday, He, the top Chinese trade official, called the talks “candid” and said substantive progress had been made to reach an “important consensus”, according to China’s state-run media. The two sides will issue a joint statement agreed during the talks, the vice-premier said.In televised remarks that were posted on social media by the White House, Bessent said he would give more details on Monday, “but I can tell you that the talks were productive”.“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent told reporters.The US trade representative, Jamieson Greer, who spoke alongside Bessent, suggested more strongly that a deal had been reached.“It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,” Greer said.“Just remember why we’re here in the first place,” he added. “The United States has a massive $1.2tn trade deficit, so the president declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to resolve, work toward resolving that national emergency.”Bessent said he had informed Trump of the progress of the talks.The meeting was the first face-to-face interaction between Bessent, Greer and He since the world’s two largest economies imposed tariffs well above 100% on each other’s goods.Although Bessent has said the bilateral tariffs were too high and needed to come down in a de-escalation move, he did not offer any details of reductions agreed and took no questions from reporters.On Saturday night, Trump wrote on his social media platform that the two sides were working on “a total reset … in a friendly, but constructive, manner.”“Many things discussed, much agreed to,” Trump posted. “We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!,” Trump added. Trump’s rhetoric, that China needs to be “opened” to US business seemed to ignore a half century of trade between the two nations since one of his political heroes, Richard Nixon, visited China in 1972.The US commerce secretary, Howard Lutnick, confirmed to CNN that the US will continue to keep “a 10% baseline tariff to be in place for the foreseeable future” even on imports from nations the US strikes new trade deals with.On Sunday, Kevin Hassett, the director of the National Economic Council, said: “What’s going to happen in all likelihood is that relationships are going to be rebooted. It looks like the Chinese are very very eager to play ball and renormalise things … they really want to rebuild a relationship that’s great for both of us.”Last week, Trump and the UK prime minister, Keir Starmer, announced a limited bilateral trade deal.Hassett said the UK agreement provided a “really exciting blueprint” and that he had been briefed on 24 deals with other countries that are in the works. “They all look a little bit like the UK deal but each one is bespoke,” he said.Meanwhile, Lutnick dismissed reports of dock workers and truckers losing their jobs as a result of the tariffs.“This is just a China problem right now,” Lutnick said. “The rest of the world is 10% [tariffs]. So don’t overdo it.”“Prices are going to stay stable once this policy is done,” Lutnick added.Reuters contributed reporting More

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      3 Children Injured, One Seriously, in Zurich Stabbing Attack

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      The police in Switzerland’s largest city said they had arrested a 23-year-old man after a midday stabbing attack.Three boys were injured, one seriously, in a stabbing attack near a daycare center in Zurich on Tuesday, the local police said.The police said in a statement they had arrested a 23-year-old Chinese man in connection with the attack. The children, who the police said were 5 years old, had been walking with a worker from a nearby daycare center around midday, when they were suddenly stabbed.The day care worker worked quickly to overpower the attacker, the police said. A bystander helped and restrained the attacker until the police arrived. The police added that there was no longer any danger to the public. They did not specify the weapon used.The boys were taken to the hospital. One was seriously injured; two had moderate injuries.Photos published by local Swiss news media showed swarms of law enforcement officers and several ambulances around the child care facility in Zurich, the largest city in Switzerland. The local media reported that the police were escorting parents to the child care facility, and that some of the officers were heavily armed.The Zurich city police said in the statement that they had been notified about the attack shortly after noon on Tuesday. Forensic specialists arrived on the scene to collect evidence, the police said. Mental health specialists were there to help people who were involved in the violent incident.Violent attacks are rare in Switzerland.In 2021, the country had one of the lowest homicide rates in Western Europe, according to data from the United Nations, with 0.5 victims of intentional homicide per 100,0000 people. Last year, there were about 47,000 violent crimes in Switzerland, which has about 8.5 million people, according to Swiss government data.The country recorded 53 homicides in 2023. More

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      Basel Will Host Eurovision Song Contest (Unless Its Taxpayers Revolt)

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      Many in the Swiss city celebrated the announcement. But after a debate about the cost, a conservative party wants a referendum over whether the public should pay.Basel, a quaint riverside city in northern Switzerland, on Friday won the right to host next year’s Eurovision Song Contest, the high-camp international singing competition.To many Basel residents, the news, which Eurovision’s organizers announced in a release, was a cause for celebration: Next May, the city would have a moment in the international spotlight.Yet some lawmakers in Switzerland had an altogether different reaction. To them, Eurovision is not a fun spectacle; it is a waste of money and “a celebration of evil” that has no place in their country.Members of the Federal Democratic Union of Switzerland, a conservative Christian party, are campaigning for a referendum to stop Basel’s government contributing tens of millions of dollars toward Eurovision’s running costs.Samuel Kullmann, the lawmaker leading the campaign, said that Eurovision had a “cultural agenda” that threatened Christian values. That included, he added, allowing musicians to promote Satanism onstage.At this year’s Eurovision, Kullmann said, entrants included Bambie Thug, a heavy metal act representing Ireland, who sang standing in a pentagram. “People might say it’s metal or Gothic music, but they’re ignoring the obvious,” Kullmann said. “It was a celebration of evil.”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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      Five Missing Skiers Found Dead in Swiss Alps

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      The police said weather conditions had deteriorated after the group set out from the town of Zermatt over the weekend. The search continued for a sixth person.Five missing skiers were found dead in the Swiss Alps and the search was ongoing for a sixth member of their group, the local police said on Monday.The skiers set out from the Swiss resort town of Zermatt on Saturday morning, aiming for the village of Arolla, across a series of snow-covered peaks.A relative alerted rescue services on Saturday afternoon that the group of Swiss citizens age 21 to 58 had failed to arrive at the village, according to a statement from the Valais region’s police force.One of the skiers managed to call for help about an hour later, allowing rescuers to locate the group near the peak of the Tête Blanche mountain at about 11,000 feet of altitude, the commander of the force told a news conference on Monday. But severe weather conditions and a risk of avalanches forced the search to be suspended until the next day.The rescuers had “tried the impossible,” Christian Varone, the commander, said. But, he added, “sometimes in the face of nature, one must surrender” so as not to put the lives of rescuers in “grave danger.”Christian Varone, center, commander of the Valais region police, told a news conference on Monday that rescuers had “tried the impossible.”Fabrice Coffrini/Agence France-Presse — Getty ImagesSearch and rescue efforts resumed on Sunday, and the police said that the five bodies were discovered at about 9:20 p.m.Mr. Varone said an investigation was underway to determine cause of death, but noted that the skiers “found themselves in an extremely complicated situation” in low temperatures.Weather conditions in Zermatt were “relatively good” when the group departed but had quickly deteriorated, he said.In the mountains, “we can get going and everything changes very fast,” he added.Seven hikers died in the same area in the spring of 2018, when they got caught in a storm and froze to death, according to a recent documentary. More

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      The Davos Consensus: Donald Trump Will Win Re-Election

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      In private, many business and political leaders at the World Economic Forum say they expect Donald Trump to return to the White House. Many business leaders at the World Economic Forum in Switzerland say Donald Trump will win the race for the White House.Denis Balibouse/ReutersThe Davos consensus on the presidential election Publicly, the global business leaders who gathered at the World Economic Forum in Davos, Switzerland, haven’t wanted to predict the winner of the upcoming U.S. presidential election. The closest they’ve come? Referring to it as a “geopolitical risk.”But talk to executives privately, and they’re more explicit: They expect Donald Trump to win and while many are worried about that, they are also resigned to it.The predictions of a Trump victory came in different forms. Many pointed to the headlines and the mood in the U.S. One senior banker told DealBook that you only had to look at the polls to figure out that Trump was on track to win.Jamie Dimon of JPMorgan Chase also got a lot of attention for his comments. In an interview with Andrew on CNBC, he didn’t predict that Trump would win, but suggested that dismissing the former president and his supporters would be a mistake.“Just take a step back and be honest,” Dimon said, listing the things that he thought Trump got at least partially right: NATO, immigration, the economy, China and more. “He wasn’t wrong about some of these critical issues, and that’s why they’re voting for him,” he said.“I think this negative talk about MAGA will hurt [President] Biden’s campaign,” he added.That said, the Davos crowd often gets things wrong. A common critique of those who attend the forum is that they are a contra-indicator of what’s to come, so their expectations could bode well for Biden or for Trump’s Republican rivals. “Trump is already the president at Davos — which is a good thing because the Davos consensus is usually wrong,” Alex Soros, the son of George Soros, said on a panel.A little history: The Davos consensus was that Hillary Clinton would beat Trump in 2016. And in 2020, the prevailing view was that there were few risks to the economy … as the pandemic began to explode.Seen and heard:Perhaps the biggest complaint among attendees was about the long lines everywhere, especially at the Grandhotel Belvédère. Many complained that the process of entering the building — with wait times sometimes reaching an hour — was worse than ever and it didn’t matter whether you were a business titan or a less famous guest. One executive complained to DealBook that the security was more restrictive than at U.S. airports because he had to take off his Apple Watch every time. At previous gatherings, executives wanted a room at the Belvédère because the hotel was considered the best in town and was closest to the main venue — but many told DealBook that they no longer do.Despite the rigid class system — people are assigned different colored badges that grant various levels of access — the event has odd ways of leveling the playing field, at least a little. At last night’s Salesforce party, the hottest ticket of the week, even billionaires had to wait outside with everyone else to get in to watch Sting perform.HERE’S WHAT’S HAPPENING Congress approved a stopgap spending bill to avert a government shutdown. President Biden is expected to sign the bill into law on Friday to keep the federal government operating through to early March. It’s the third such stopgap bill since October.Jamie Dimon gets a big bump in pay. JPMorgan Chase’s board granted its C.E.O. $36 million in compensation for 2023, a year in which the bank weathered a banking crisis and rising interest rates, and generated record profit. The 67-year-old, the longest tenured chief of a large American bank, has not given any indication on when he might retire.Reddit reportedly considers a March public listing. The social media platform is said to be moving forward with a long-held plan to file for an I.P.O. in the first quarter, according to Reuters. The market for new listings has been a bumpy one and the outlook looks little improved this year.Macy’s will cut thousands of jobs. The country’s biggest department store operator will lay off 2,350 employees, about 3.5 percent of the work force. The cuts come as Tony Spring, a veteran retail executive, prepares to take over as C.E.O. next month. Macy’s has been struggling with slowing sales since the pandemic-inspired shop-from-home boom shook up the retail sector.BYD doubles down on overseas expansion. The Warren Buffett-backed Chinese maker of electric vehicles plans to invest $1.3 billion in a new Indonesian factory as it continues its aggressive push beyond its home market. Indonesia is home to the world’s largest reserves of nickel, a crucial mineral in production of E.V.s.The E.S.G. exodus intensifies The money flowing out of E.S.G. funds has gone from a trickle to a torrent as investors sour on a sector hit by greenwashing concerns, red-state boycotts and boardroom debates.The investing strategy has become increasingly politicized after being used by companies to address environmental, social, and governance issues among their employees, customers and other stakeholders. In a sign of the times, the phrase has been scrubbed from the World Economic Forum’s official program in Davos, after being on the agenda in previous years.Investors pulled $5 billion out of E.S.G.-focused “sustainable” investment funds last quarter, according to a new report by Morningstar. The withdrawals occurred despite a wider market rally at the end of 2023.E.S.G. funds saw outflows of $13 billion for the full year. All in all, it was the “worst calendar year on record,” wrote Alyssa Stankiewicz, Morningstar’s director of sustainability research.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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      The Volodymyr Zelensky-Donald Trump Divide Looms at Davos

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      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 [email protected]. More

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      Elisabeth Kopp, Swiss Politician Who Made History, Dies at 86

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      In 1984 she became the first woman elected to the country’s governing council, but a scandal prevented her from being the first woman to serve as president.Elisabeth Kopp, who in 1984 overcame accusations involving her husband to become the first woman elected to Switzerland’s governing Federal Council — but who could not overcome another scandal a few years later, also related to her husband, and resigned when she had seemed likely to be the country’s first female president — died on April 7 in Zumikon, southeast of Zurich. She was 86.Her death was announced on April 14 by the federal chancellery, The Associated Press reported. The cause was not specified.Mrs. Kopp had been mayor of Zumikon for a decade and had served two terms in Parliament when a retirement opened up a seat on the seven-member Federal Council, which runs the main government departments and whose members take turns serving a one-year term as the country’s president.Mrs. Kopp was one of the more left-leaning members of the conservative Radical Democratic Party, known for her work on environmental issues as well as for advancing women’s causes, and polls showed her to be popular. But the effort to elevate her to the council prompted her political enemies to stir up dirt on her husband, Hans Kopp, a lawyer.The attacks riled Mrs. Kopp’s supporters.“Swiss feminists and liberal politicians have reacted with indignation to press reports that the husband of Switzerland’s first woman candidate for the country’s highest political office was suspended from legal practice for six months in 1972 after charges that he spanked secretaries in his firm,” The Guardian reported in 1984.“In 1971,” the newspaper continued, “a lawyer in Mr. Kopp’s firm said that Mr. Kopp had punished misdemeanors in the office by wielding a bamboo cane on bare bottoms.”His right to practice law was suspended for six months by a Zurich lawyers watchdog commission. But the mudslinging backfired: In early October 1984, Mrs. Kopp won election to the council anyway, with Parliament voting 124 to 95 to select her over a male candidate, Bruno Hunziker. Commentators at the time said that the attempts to undermine Mrs. Kopp’s candidacy probably only strengthened it.Her election was an important moment in the push for women’s equality in Switzerland, a country that had lagged behind most of Europe in that area; women did not gain the right to vote in federal elections there until 1971.Mrs. Kopp was the first woman to serve in the seven-member cabinet. She told The A.P. at the time that her election was a sign that “equality of the sexes is taken seriously now.”But, she said, being a woman in the largely male universe of politics — only about a tenth of the members of Parliament were women at the time — meant extra challenges.“In politics, women must do better than men if they want to succeed,” she said.Mrs. Kopp in 2010. She had been one of the more left-leaning members of the conservative Radical Democratic Party, known for her work on environmental issues as well as for advancing women’s causes.Gaetan Bally/Keystone, via Associated PressEach council member heads a federal department, and during her tenure Mrs. Kopp’s titles included justice minister and interior minister. In 1988, it was her turn to rotate into the vice presidency, and she was duly elected by Parliament late that year. But she never took the post, because of another scandal related to her husband.Reports came to light that Mrs. Kopp, who was minister of justice at the time, had recently tipped off her husband that a company he was involved with was the focus of a money-laundering investigation and urged him to cut his ties, which he did. She at first denied any impropriety — “I wouldn’t like one to think that I could have committed or tolerated wrongdoing,” she said at the time — but she resigned from the council because of what she called “unbearable pressure.”She eventually acknowledged providing information to her husband, and in 1989 she was indicted on charges of violating official secrecy laws. During her trial in February 1990, admirers applauded her as she left the courthouse each day. A Supreme Court jury acquitted her. Had she not resigned, she would have become president that same year.Elisabeth Ikle was born on Dec. 16, 1936, in Zurich to Max and Beatrix Ikle. Her father was a director general of the Swiss National Bank, and her mother helped establish a nursery school.Mrs. Kopp was a skilled figure skater in her youth. She studied law at Zurich University and graduated with honors. She met Mr. Kopp while doing volunteer work on behalf of Hungarians who fled to Switzerland in 1956 after the Soviet Union crushed a popular uprising in Hungary.As interior minister, Mrs. Kopp was often the government’s public voice on immigration — a contentious issue in Switzerland, especially as people from countries like Sri Lanka sought to come there. She was seen by some as taking an anti-immigrant stance, although she said her concern was about “false” asylum seekers — people seeking to move for economic reasons rather than because of political persecution.“This leads to an increase in xenophobia,” she said in 1987, “which makes it harder for us to fulfill our human obligations.”After her political career, Mrs. Kopp did postgraduate studies in European law and human rights law and worked at her husband’s law firm. Mr. Kopp died in 2009. Information about Mrs. Kopp’s survivors was not immediately available.The first woman to serve as Switzerland’s president, Ruth Dreifuss, was elected in December 1998. More