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      One Month into the Trump Presidency

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      The president has moved swiftly to remake Washington. But for business leaders, that volatility has often been hard to navigate. In his first month back in office, President Trump has rapidly begun to remake Washington. But with that has come big questions about what’s next.Al Drago for The New York TimesThe good, bad and puzzlingCorporate leaders and investors expected a bit of volatility to accompany President Trump’s second term. In many ways, that’s exactly what has happened one month in, with the radical cutting of the federal government, threats of trade wars and more.But amid a flurry of unexpected announcements — talks over a possible Ukraine peace plan that exclude Kyiv, the retention of tough Biden-era deal guidelines and a potential Elon Musk-enabled stimulus plan, for starters — and a lack of clarity over where Trump stands on a host of issues, many executives are asking themselves: How do we navigate this?Trump has made good on some of his campaign promises. He has vowed to impose tariffs to bolster American manufacturing. He has waged war on diversity, equity and inclusion programs, and more and more companies have fallen into line.And most notably, he has unleashed subordinates and Musk to raze huge portions of the Washington bureaucracy, with some courts refusing to stand in the way. The latest on that: The I.R.S. fired 6,700 workers on the eve of tax-filing season; Trump claimed the power to dismiss administrative law judges at will; and he reportedly plans to take control of the U.S. Postal Service, according to The Washington Post.But there’s a lot that business leaders and others are trying to figure out:Where does Trump actually stand on tariffs? He has spoken of a potential wide-ranging trade deal with China, even as he threatens Europe with huge levies.Trump’s position on Ukraine is increasingly unclear, as he publicly embraces Russia and castigates Kyiv and Europe. Treasury Secretary Scott Bessent is said to have pressured President Volodymyr Zelensky of Ukraine to hand over billions’ worth of Ukrainian mineral resources, according to The Wall Street Journal, while Secretary of State Marco Rubio privately told European leaders that Washington wasn’t looking to disrupt the diplomatic status quo.The administration’s antitrust cops have kept in place Biden era merger rules, dampening hopes for a deal resurgence. And despite efforts by tech companies like Meta to forge closer ties to Trump, the Federal Trade Commission’s new chief is weighing a scrutiny of Big Tech over censorship concerns.Trump’s efforts to gain more control over independent agencies may reach further into the Fed, with Musk vaguely promising an audit of the central bank.The president’s floating of potentially inflationary taxpayer payouts, funded by Musk’s government cost-cutting (whose true extent appears to change frequently), is drawing lukewarm support from congressional Republicans.Trump’s legislative agenda is in limbo, with the president splitting Republican lawmakers over matters like the budget.For now, corporate America appears to be along for the ride. A new survey by the Conference Board found that C.E.O. confidence recently reached a three-year peak, reflecting “confident optimism.”Whether that will persist — Americans appear increasingly worried about rising inflation and the Musk cost-cutting — remains to be seen. Stay tuned.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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      The Influence of Foreign Aid

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      America is losing a diplomatic tool the government has relied on for decades.Foreign aid isn’t just charity. It’s power. That was the original idea behind the United States Agency for International Development, which J.F.K. set up in the early 1960s to win the support of developing countries that might have otherwise drifted into the Soviet sphere. Elon Musk dismantled it in recent weeks. For now, most of its work has stopped and its worldwide staff has been called home.President Trump and his team have criticized a few progressive State Department programs, like a Colombian opera about a trans character and a D.E.I. music event in Ireland. But the core of U.S.A.I.D.’s mission has been helping the world’s poor, and it was a means to an end. “You have to understand,” a veteran American diplomat told me, “we didn’t do this work because we’re all a bunch of bleeding-heart liberals. We did it for influence.”In today’s newsletter, we’ll examine that effort — and the results it got.Good worksHow do you measure influence abroad? Experts have come up with the acronym DIME — diplomacy, information, military, economic — to describe the traditional levers of power. U.S.A.I.D. covers every aspect but the military one. More

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      What to Know About the Saudi Crown Prince’s Role in Global Diplomacy

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      The kingdom’s de facto leader, Crown Prince Mohammed bin Salman, was once shunned in diplomatic circles. Now he is playing an important role in negotiations over Gaza and Ukraine.Saudi Crown Prince Mohammed bin Salman, who has long angled to play a leading role on the world stage, was at the diplomatic center this week of two of the globe’s most pressing crises.On Monday, Prince Mohammed met with Secretary of State Marco Rubio in the Saudi capital, Riyadh, to discuss both the future of Gaza and the Ukraine war. The following day in Riyadh, there were friendly talks between Russia and the United States.And on Friday, the kingdom is expected to host Arab officials to plan for the reconstruction of Gaza.That Saudi Arabia is the setting for talks with such monumental stakes stands as further evidence that the crown prince — known by his initials M.B.S. — is well on his way to achieving his goal of becoming a global power player.The meetings represent a remarkable turnabout for Prince Mohammed, the oil-rich Gulf kingdom’s de facto leader who was shunned for a time in diplomatic circles. He was accused of severe human rights abuses that he has denied, including approving the killing in 2018 of the Washington Post journalist Jamal Khashoggi, a Saudi dissident.Here is what to know about the crown prince’s past actions and his plans for Saudi Arabia.A new vision for the kingdomIn 2016, about a year after his father, King Salman, ascended the throne, Prince Mohammed, then a deputy crown prince, introduced Vision 2030. The bold plan aimed to diversify the kingdom’s economy and make it less reliant on oil. It included increasing the number of Saudis in private employment, including women; soliciting foreign investment; and selling shares of Saudi Aramco, the state oil monopoly, to raise capital to invest in other sectors, like tourism.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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      European Leaders Try to Recalibrate After Trump Sides With Russia on Ukraine

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      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

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      Zelensky Urges ‘More Truth’ After Trump Suggests Ukraine Started the War

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      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

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      Kremlin Message to Trump: There’s Money to Be Made in Russia

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      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

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      Trump Media Group Sues Brazilian Judge Weighing Arrest of Jair Bolsonaro

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      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

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      Right-Wing Media Praises U.S.-Russia Talks as ‘Breath of Fresh Air’

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      Many of President Trump’s media allies were quick to celebrate this week’s negotiations, a contrast to the deep unease expressed by the foreign policy establishment.News that the Trump administration had agreed with Russia to try to negotiate a peace settlement for Ukraine, without including Ukraine in the talks, was a revelation that many believed reversed years of efforts to isolate Moscow.But prominent voices in the right-wing media world interpreted the development this week as cause for celebration.“Every day has kind of felt like Christmas morning, hasn’t it?” Kari Lake, the former TV news anchor who is poised to run Voice of America, said during a podcast interview on Tuesday. “President Trump wants peace for every nation.”Charlie Kirk, the co-founder of Turning Point USA and podcast host who has more than 4.6 million followers on the social media platform X, praised the discussions as “a breath of fresh air.”And Jack Posobiec, a die-hard Trump loyalist perhaps best known for spreading the infamous “Pizzagate” conspiracy theory, invoked the title of Mr. Trump’s 1987 best-selling book. “Ladies and gentlemen,” he said on his podcast, “it’s the art of the peace deal.”Secretary of State Marco Rubio, seated second from left on Tuesday in Riyadh, Saudi Arabia, was once a champion of Ukraine.Pool photo by Evelyn HocksteinWe 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