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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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      Senate G.O.P. Passes Budget Resolution, and Punts on Tough Questions

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      The budget plan that Republicans pushed through the Senate early Friday was a necessary first step toward enacting President Trump’s ambitious domestic goals, but it punted the most difficult and divisive questions about how Congress will do so.On a largely party-line vote, 52-48, Senate Republicans won adoption of a blueprint that calls for a $150 billion increase in military spending and $175 billion more for border security over the next decade.How will they pay for it? That’s a question for another day. What about the huge tax cuts they and Mr. Trump have promised? We’ll figure that out later, senators say.Over in the House, Republicans have been agonizing to come up with at least $2 trillion in spending cuts to pay for Mr. Trump’s fiscal agenda and placate their most conservative members. Their plan, which G.O.P. leaders hope to put to a vote as early as next week, loads vast tax cuts and policy changes into one huge package and calls for slashing government programs deeply to finance it all. But it faces a perilous road through the closely divided House, where Republicans hold a razor-thin majority.Republicans in the Senate have essentially delayed any decision on those thorny details, focusing instead on delivering an early win to Mr. Trump in the form of money for his hard-line anti-immigration agenda. They said they would address questions of spending and tax cuts later in a separate bill.“We’ve decided to front-end load security,” said Senator Lindsey Graham of South Carolina, the chairman of the Budget Committee. “We want to make the tax cuts permanent. We’re going to work with our House colleagues to do that. They expire at the end of the year, but we have time to do that. It is the view of the Republican Senate that when it comes to border security, we need not fail. We should have the money now to keep that momentum going.”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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      Trump Marks Black History Month, Even as He Slams the Value of Diversity

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      The Black History Month reception held at the White House on Thursday had all of the pomp of celebrations past. Guests sipped champagne and snacked on lamb chops and collard greens. The crowd delighted in their invitations, snapping selfies. And when President Trump walked out alongside one of the greatest Black athletes in the world, Tiger Woods, the crowd roared with their phones in the air.But the dissonance in the East Room was jarring.Mr. Trump may have praised the contributions of Black Americans on Thursday, but he has spent the weeks since his inauguration eviscerating federal programs aimed at combating inequality in America. He has suggested that efforts spurred by the civil rights movement had made victims out of white people. He blamed a deadly plane crash over the Potomac River on diversity programs in the Federal Aviation Administration.On Thursday, Mr. Trump tried to show appreciation to the Black community by extolling those he sees as representative of Black American progress.“Let me ask you,” Mr. Trump said as he began his remarks, “is there anybody like our Tiger?”Mr. Trump and Mr. Woods are actively engaged in negotiations in search of a lucrative golf merger deal, and the president referred to Mr. Woods repeatedly during his roughly 20-minute address a crowd of several hundred guests. Mr. Woods wasn’t the only Black athlete to get a shout-out; Mr. Trump also heralded Muhammad Ali and Kobe Bryant.During his remarks, Mr. Trump made little reference to issues that have historically plagued the Black community, such as elevated poverty rates, the wage and wealth gap between Black and white Americans, and gun violence. He promised to put statues of Black Americans in a new “National Garden of American Heroes.”Among those to be honored was Prince Estabrook, an enslaved man and the first Black American to spill blood in the Revolutionary War, along with Harriet Tubman, Rosa Parks, Billie Holiday and Aretha Franklin — and maybe Mr. Woods one day, Mr. Trump said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Musk and His Millions Enter Wisconsin Supreme Court Race

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      Elon Musk’s super PAC has spent $1 million on canvassing operations supporting the conservative candidate in the race, his first election spending after the 2024 campaign.Elon Musk’s super PAC is back.Mr. Musk, the country’s largest donor during the 2024 election, is returning to campaigns by funding a new effort to help elect Brad Schimel, the conservative candidate for the Wisconsin Supreme Court. It is Mr. Musk’s first public political spending after Election Day.America PAC spent $1 million on canvassing operations in the state, according to a new campaign finance filing that became public Thursday. Pamphlets distributed to some Wisconsin homes read, “President Trump needs you to get out and vote,” and included a link to a website where voters could register to vote and learn about how to cast ballots early.A nonprofit organization that has historically been backed by Mr. Musk, Building America’s Future, this week began a $1.6 million-and-counting television campaign to bolster Judge Schimel, a former state attorney general who is now a judge in Waukesha County. But that group has other major donors and is not as directly tied to Mr. Musk as is America PAC, which is funded almost entirely by the billionaire.Wisconsin Supreme Court elections are officially nonpartisan, but Judge Schimel has been endorsed by the Republican Party of Wisconsin, which is allowed by state campaign finance law to transfer unlimited sums to his campaign. The liberal candidate, Susan Crawford, has been endorsed by the Democratic Party of Wisconsin. Judge Crawford sits on a court in Dane County, Wisconsin’s most Democratic county, which includes Madison.The April 1 election for a 10-year term on the Wisconsin Supreme Court carries higher stakes than any election this year until the November contests for governor of New Jersey and Virginia. There is now a four-to-three liberal majority on the court, but Justice Ann Walsh Bradley, a liberal who has sat on the court since 1995, is retiring, putting the court’s majority on the ballot.The state’s abortion laws, as well as its legislative and congressional district lines, are likely to be determined by whichever faction controls the state high court in coming months.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk Is Focused on DOGE. What About Tesla?

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      Mr. Musk, one of President Trump’s main advisers, has not outlined a plan to reverse falling sales at the electric car company of which he is chief executive.Elon Musk’s role as President Trump’s cost-cutting czar and his immersion in right-wing politics appears to be diverting his attention from Tesla at a perilous moment for the electric car company.Tesla’s car sales fell 1 percent last year even as the global market for electric vehicles grew 25 percent. Mr. Musk has not addressed that underperformance, and he has offered no concrete plan to revive sales. He has also provided no details about a more affordable model Tesla says it will start producing this year. In the past, Mr. Musk spent months or years promoting vehicles before they appeared in showrooms.And he has spent much of his time since the election in Washington and at Mr. Trump’s home in Florida — far from Austin, Texas, where Tesla has its corporate headquarters and a factory, or the San Francisco Bay Area, where it has a factory and engineering offices.In the past decade or so, Tesla went from a struggling start-up to upending the global auto industry. The company sold millions of electric cars and generated huge profits, forcing established automakers to invest billions of dollars to catch up. Tesla’s success has been reflected in its soaring stock price, which helped make Mr. Musk the world’s richest person.But now, he seems to have lost interest in the grinding business of developing, producing and selling cars, investors and analysts say. That could have serious ramifications for his company and the auto industry, which employs millions of people worldwide.Even before he joined the Trump administration as the head of the Department of Government Efficiency, Mr. Musk’s running multiple companies had led investors and corporate governance experts to wonder whether he was spread too thin. Besides Tesla, Mr. Musk controls and runs SpaceX, whose rockets carry astronauts and satellites for NASA and others; X, the social media site; and xAI, which is developing artificial intelligence. And he wants to colonize Mars.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 Team Plans Cuts at HUD Office That Funds Disaster Recovery

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      The Trump administration plans to all but eliminate the office that oversees America’s recovery from the largest disasters, raising questions about how the United States will rebuild from hurricanes, wildfires and other calamities made worse by climate change.The Office of Community Planning and Development, part of the Department of Housing and Urban Development, pays to rebuild homes and other recovery efforts after the country’s worst disasters, such as Hurricane Helene in North Carolina and Hurricane Milton in Florida.The administration plans to cut the staff in that office by 84 percent, according to a document obtained by The New York Times. The number of workers would be cut to 150, from 936 when Mr. Trump took office last month.Those cuts could slow the distribution of recovery money to North Carolina and other recent disasters, depending how quickly they happen.“HUD is carrying out President Trump’s broader efforts to restructure and streamline the federal government to serve the American people at the highest standard,” a spokeswoman for the department, Kasey Lovett, said in a statement. The primary responsibility for rebuilding communities after major disasters falls to the Federal Emergency Management Agency, which helps state and local governments pay to repair or rebuild damaged roads, bridges, schools, water treatments plants and other public infrastructure. The agency also provides money to help repair damaged homes.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 Says He Would Have Had a ‘Very Nasty Life’ if He’d Lost the Election

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      President Trump said Wednesday he would have had a “very nasty life” if he lost the presidential election, a surprisingly public acknowledgment that his legal challenges could have consumed his life and brought jail time.“If I lost, it would have been very bad,” Mr. Trump said at an investment summit in Miami Beach. “It was dangerous, actually very dangerous.”When Mr. Trump won in November, the Justice Department abandoned the two federal cases against him, and a judge in Manhattan issued an unconditional discharge in his hush money case.Mr. Trump gave voice to something that his advisers had long said he had in the back of his mind as he campaigned. But he did not publicly acknowledge throughout 2024 that he was campaigning for his freedom as much as for the White House itself.The president made the comments in response to a question about how he would spend a year if granted a sabbatical. Mr. Trump did not directly answer the question, saying he was honored to be president. But he said it took “a certain amount of courage” to run again because of the personal risks.Mr. Trump also said he disagreed with historians’ assessment that Andrew Jackson and Abraham Lincoln, who was assassinated, were the two most mistreated presidents.“Nobody was treated like me,” he said. “Nobody, and I will tell you, you learn a lot about yourself, but there’s nothing I’d rather do.”During the presidential campaign, Mr. Trump faced dozens of criminal charges across four different cases. Jack Smith, who served as a special counsel, charged him in two different cases, one related to the Jan. 6, 2021, attack on the Capitol and another related to his handling of classified government documents after he left the White House in 2021. The documents case had been dismissed by a Trump-appointed judge, but Mr. Smith’s team was appealing it.He also faced charges in Georgia over attempts to overturn his election loss in 2020, and he was found guilty on all counts in the hush-money case in New York, where he could have faced up to four years in prison.Maggie Haberman More