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President Trump’s plan to eliminate the penny could save the government money, but there’s no guarantee.President Trump recently ordered the U.S. Mint to stop producing pennies, for a simple-sounding reason. Each penny, he said, has “literally cost us more than 2 cents.”He’s right. Since 2006, the government has spent more money minting pennies than those pennies have been worth. More
Even as the billionaire tech executive Elon Musk is seemingly everywhere in Washington, his role remains murky.Early on in his interview with President Trump and Elon Musk yesterday, Fox News’s Sean Hannity tried ever so gently to get to the bottom of an important question: What does Musk actually do?“He’s your tech support?” Hannity asked, referring to the words on the T-shirt Musk had opened his blazer to reveal a few moments earlier.Musk said he was.“He’s much more than that,” Trump insisted.The exchange did little to answer the question. Musk’s precise role and responsibilities remain so vague, and so shrouded in secrecy, that even he and the president haven’t quite agreed on what to call it, or exactly how to talk about it.Trump once said that it would be Musk’s job to “lead” the so-called Department of Government Efficiency, but a court filing this week said he was not actually the administrator of that effort — although it did not say who was. The White House has called Musk a “special government employee,” and Karoline Leavitt, the press secretary, insisted that the department merely advised agencies, without the authority to fire people.“He’s more powerful than a cabinet secretary, but he is not Senate-confirmed,” said Jessica Riedl, a senior fellow at the Manhattan Institute and a former Republican Senate aide, who added that, at the same time, Musk offers little public information about his day-to-day activities.The White House has not laid out exactly how many people are part of Musk’s team, or exactly what they are doing. For all of Musk’s promises of transparency, the public is learning about his team’s work largely through reporting and through, as my colleague Zach Montague pointed out today, legal filings. Even judges are having difficulties ascertaining basic facts about the group’s incursion into agencies and the data its staff is collecting.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
The American president’s latest remarks embracing Vladimir Putin’s narrative that Ukraine is to blame for the war have compounded the sense of alarm among traditional allies.President Emmanuel Macron of France called a second emergency meeting of European allies on Wednesday seeking to recalibrate relations with the United States as President Trump upends international politics by rapidly changing American alliances.Mr. Macron had already assembled a dozen European leaders in Paris on Monday after Mr. Trump and his new team angered and confused America’s traditional allies by suggesting that the United States would rapidly retreat from its security role in Europe and planned to proceed with peace talks with Russia — without Europe or Ukraine at the table.Mr. Trump’s remarks late on Tuesday, when he sided fully with Russia’s narrative blaming Ukraine for the war, have now fortified the impression that the United States is prepared to abandon its role as a European ally and switch sides to embrace President Vladimir V. Putin of Russia.It was a complete reversal of historic alliances that left many in Europe stunned and fearful.“What’s happening is very bad. It’s a reversal of the state of the world since 1945,” Jean- Yves Le Drian, a former French foreign minister, said on French radio Wednesday morning.“It’s our security he’s putting at risk,” he said, referring to President Trump. “We must wake up.”Fear that Mr. Trump is ready to abandon Ukraine and has accepted Russian talking points has been particularly acute in Eastern and Central Europe, where memories are long and bitter of the West’s efforts to appease Hitler in Munich in 1938 and its assent to Stalin’s demands at the Yalta Conference in 1945 for a Europe cleaved in two.“Even Poland’s betrayal in Yalta lasted longer than Ukraine’s betrayal in Riyadh,” Jaroslaw Walesa, a Polish lawmaker and the son of Poland’s anti-Communist Solidarity trade union leader, Lech Walesa, said Wednesday on social media, referring to the American-Russian talks in Saudi Arabia on Tuesday.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
President Volodymyr Zelensky of Ukraine appealed to the Trump administration on Wednesday to respect the truth and avoid disinformation in discussing the war that began with a Russian invasion of his country, in his first response to President Trump’s suggestion that Ukraine had started the war.“I would like to have more truth with the Trump team,” Mr. Zelensky told reporters in Kyiv during a broader discussion about the administration, which this week opened peace talks with Russia that excluded Ukraine. Mr. Zelensky said that the U.S. president was “living in a disinformation space” and in a “circle of disinformation.”The remarks, delivered from his presidential office in Kyiv, a building still fortified with sandbags to avoid blasts from Russian missiles, were some of the most pointed yet about Mr. Trump and his views on the war.The 38th Separate Marine Brigade firing a Grad self-propelled 122-milimeter multiple rocket launcher at a Russian target from the Pokrovsk front line of eastern Ukraine on Monday.Tyler Hicks/The New York TimesMr. Zelensky had until this week walked a fine line of staking out Ukrainian positions while avoiding any suggestion of an open breach with the United States, Ukraine’s most important ally in the now nearly three-year-old war. After the initial cease-fire talks between Russia and the United States, Mr. Zelensky on Tuesday had starkly laid out his refusal to accept terms negotiated without Ukrainian participation.Later Tuesday, Mr. Trump said of Ukraine’s leadership and the war, “You should have never started it,” and appeared to embrace what has been a Russian demand that Ukraine hold elections before some stages of talks. Elections were suspended under martial law after Russia’s invasion in February 2022.Mr. Trump also said that Mr. Zelensky’s approval rating was 4 percent. Mr. Zelensky said that was not true, citing polls showing far higher support.At the news conference, Mr. Zelensky was focused and spoke with intensity. He said he was not personally ruffled by the negotiations with the Trump administration. “This is not my first dialogue or fight,” he said. “I take it calmly.”Russia, he said, is clearly pleased with the turn of diplomatic developments. “I think Putin and the Russians are very happy, because questions are discussed with them,” Mr. Zelensky said.“Yesterday, there were signals of speaking with them as victims,” he said of the Trump officials’ tone in discussing the Russian officials, whose government sparked the largest war in Europe since World War II, which has killed or wounded about a million people on both sides over three years. “That is something new.” More
Russian officials are arguing that American companies stand to make billions of dollars by re-entering Russia. The White House is listening.The Russian government’s top investment manager, who has Harvard and McKinsey credentials and fluent English, brought a simple printout to Tuesday’s talks with the Trump administration in Saudi Arabia.Its message: By pulling out of Russia in outrage over the invasion of Ukraine, American companies had walked away from piles of cold, hard cash.“Losses of U.S. companies by industry,” read the document, which Kirill Dmitriev, the head of Russia’s sovereign wealth fund, showed to a New York Times reporter. “Total losses,” one of the columns said. The sum at the bottom: $324 billion.In appealing to President Trump, the Kremlin has zeroed in on his desire to make a profit. President Vladimir V. Putin said last month that the two leaders “have a lot to talk about” when it comes to energy and the economy. Sergey V. Lavrov, Russia’s foreign minister, said after Tuesday’s meeting that “there was great interest” in the room “in removing artificial barriers to the development of mutually beneficial economic cooperation” — an apparent reference to lifting American sanctions.Remarkably, the Trump administration appears to be engaging with Russia’s message without demanding payment up front. After Ukraine suggested the possibility of natural resource deals to Mr. Trump, his treasury secretary pushed to have the country sign away half its mineral wealth. And Mr. Trump continues to portray American allies as freeloaders, threatening more tariffs and demanding they pay more for their own defense.With Russia, by contrast, the administration seems to be signaling that the one thing Mr. Putin has to do to pave the way for a full reset in Moscow’s relationship with Washington is end the war in Ukraine. Many Europeans and Ukrainians fear Mr. Trump will seek a peace deal on Russia’s terms, especially after the American president suggested on Tuesday that Ukraine was to blame for the Russian invasion.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
The lawsuit came hours after the justice received an indictment of Brazil’s former president, who is an ally of President Trump.President Trump’s media company sued a Brazilian Supreme Court justice on Wednesday, accusing him of illegally censoring right-wing voices on social media.The unusual move was made all the more extraordinary by its timing: Just hours earlier, the Brazilian justice had received an indictment that would force him to decide whether to order the arrest of Jair Bolsonaro, the former Brazilian president and an ally of Mr. Trump. The justice is overseeing multiple criminal investigations into Mr. Bolsonaro.The Trump Media & Technology Group — which is majority owned by Mr. Trump and runs his Truth Social site — sued the Brazilian justice, Alexandre de Moraes, in U.S. federal court in Tampa, Fla., on Wednesday morning. Joining as a plaintiff was Rumble, a Florida-based video platform that, like Truth Social, pitches itself as a home for free speech.The lawsuit appeared to represent an astonishing effort by Mr. Trump to pressure a foreign judge as he weighed the fate of a fellow right-wing leader who, like him, was indicted on charges that he tried to overturn his election loss.Mr. Bolsonaro had explicitly called on Mr. Trump to take action against Justice Moraes in an interview with The New York Times last month. At the time, it was not clear how Mr. Trump might be able to influence Brazil’s domestic politics.Supporters of Mr. Bolsonaro clashing with the police as they stormed the Brazilian Supreme Court, Congress and presidential offices in 2023.Eraldo Peres/Associated PressWe 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
Investors seem open to the prospect of peace talks, but Western companies face a dilemma just three years after many retreated from the country.The return of Western businesses would be an enormous lift to President Vladimir Putin of Russia. But would they dare risk it?Pool photo by Mikhail MetzelWe’re taking a look at President Trump’s plans to consolidate control over many of the agencies that oversee business, including the S.E.C., the Federal Trade Commission, the Federal Communications Commission and the National Labor Relations Board.For years, industry has complained about the alphabet soup of agencies, which often compete with one another. Some officials argue that is a feature, not a bug, while others have called for a complete rethinking of the regulatory apparatus in the country. What do you think?Meanwhile, President Trump is expected to speak on Wednesday at the Saudi-hosted FII Priority conference in Miami Beach, the event that’s increasingly a gathering of power players including Ken Griffin of Citadel, Dara Khosrowshahi of Uber and Masa Son of SoftBank. DealBook’s Lauren Hirsch will be reporting on the ground there and we’ll bring you the latest Thursday morning.“Incredible opportunities” Frozen out of potential Russia-Ukraine peace talks, European leaders are either feeling dazed or are fuming. But investors are feeling increasingly optimistic about the prospects of the nearly three-year war ending, especially as President Trump indicates he may meet with President Vladimir Putin of Russia this month.One big question is how corporate leaders feel about U.S. and Russian officials signaling that Russia may reopen to Western businesses. Concerns like the future of Western sanctions on Moscow remain unresolved, while companies may still feel burned by their hasty and costly exodus from the 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? Log in.Want all of The Times? Subscribe. More
The West has fractured, and Putin knows it.For Ukraine, a peace deal with Russia is not just about stopping the war. A deal should also prevent the next one — by convincing Russia that its invasion was a costly failure.In that context, the past week brought a lot of bad news for Ukraine. American officials conceded that Ukraine would not reclaim all of its territory or join NATO. They also said that U.S. troops would not help protect Ukraine’s borders after the war.Maybe a truce would have eventually included those conditions. But by granting them now, the concessions push a peace deal in Russia’s favor — and may get Vladimir Putin to think that, after all of this, the war was worth the costs. “The United States is intent on ending this war,” said my colleague Julian Barnes, who covers international security. “And ending it quickly likely means trying to end it on Russia’s terms.”Today’s newsletter looks at why Ukraine is increasingly concerned about a future Russian invasion.Imposing costsSince the beginning of the war, Ukraine has worried that an eventual cease-fire will simply give Russia time to rebuild and come back. So Ukraine and its allies have tried to prevent this scenario through two approaches.First, they have tried to make the war as costly as possible for Russia. On the diplomatic front, Ukraine’s allies have imposed economic sanctions on Russia. On the battlefield, Russia has lost hundreds of thousands of soldiers to death and injuries. At the same time, Ukraine has tried to retake as much territory as possible. If Russia ended the war with an economy in ruins, a colossal death toll and little new territory, it would likely look at the invasion as a mistake.Sources: The Institute for the Study of War | Map is as of Feb. 18. | By The New York TimesWe 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
