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    One Month into the Trump Presidency

    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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    European Leaders Try to Recalibrate After Trump Sides With Russia on Ukraine

    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

    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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    Trump Aides to Meet With Russian Officials About Ukraine Next Week

    Three top foreign policy aides in the Trump administration plan to meet with Russian officials in Saudi Arabia next week to discuss a path to ending the war in Ukraine, the first substantial talks between the superpowers on the conflict.The meeting would come less than a week after President Trump spoke on the phone with President Vladimir V. Putin of Russia. Mr. Trump told reporters afterward that talks on ending Russia’s war in Ukraine would take place in Saudi Arabia. The plan for meetings next week in Riyadh was described to reporters on Saturday by a person familiar with the schedule who spoke on condition of anonymity to discuss national security concerns.The meeting will most likely draw criticism from some top Ukrainian officials. President Volodymyr Zelensky of Ukraine said Thursday that his country must be involved in any talks over its own fate, a statement he made after learning about the Trump-Putin call. Ukrainian officials fear Mr. Trump could try to reach a deal with the Russians that would not have strong security guarantees or viable terms for an enduring peace for Ukraine, which has been trying to repel a full-scale Russian invasion for three years.The top American officials who plan to attend are Marco Rubio, the secretary of state; Mike Waltz, the national security adviser; and Steve Witkoff, the Middle East envoy who also works on Ukraine-Russia issues, the person familiar with the schedule said.When asked whether any Ukrainian officials would attend, the person did not say — a sign that Ukraine will probably not take part in the talks, despite Mr. Trump saying this week that Ukrainians would participate in discussions in Saudi Arabia.Mr. Rubio and Vice President JD Vance met with Mr. Zelensky at the Munich Security Conference on Friday.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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    Ukraine Rejects U.S. Demand for Half of Its Mineral Resources

    President Volodymyr Zelensky publicly faulted the American offer, which is tied to continued aid, because it did not include security guarantees.President Volodymyr Zelensky of Ukraine, during a closed-door meeting on Wednesday, rejected an offer by the Trump administration to relinquish half of the country’s mineral resources in exchange for U.S. support, according to five people briefed on the proposal or with direct knowledge of the talks.The unusual deal would have granted the United States a 50 percent interest in all of Ukraine’s mineral resources, including graphite, lithium and uranium, as compensation for past and future support in Kyiv’s war effort against Russian invaders, according to two European officials. A Ukrainian official and an energy expert briefed on the proposal said that the Trump administration also sought Ukrainian energy resources.Negotiations are continuing, according to another Ukrainian official, who, like the others, spoke on the condition of anonymity given the sensitivity of the talks. But the expansiveness of the proposal, and the tense negotiations around it, demonstrate the widening chasm between Kyiv and Washington over both continued U.S. support and a potential end to the war.The request for half of Ukraine’s minerals was made on Wednesday, when the U.S. Treasury secretary, Scott Bessent, met with Mr. Zelensky in Kyiv, the first visit by a Trump administration official to Ukraine. The Treasury Department declined to comment about any negotiation.After seeing the proposal, the Ukrainians decided to review the details and provide a counterproposal when Mr. Zelensky visited the Munich Security Conference on Friday and met with Vice President JD Vance, according to the official.It is not clear if a counterproposal was presented.Mr. Zelensky, speaking to reporters in Munich on Saturday, acknowledged he had rejected a proposal from the Trump administration. He did not specify what the terms of the deal were, other than to say that it had not included security guarantees from Washington.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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    Who Will Stand Up to Trump at High Noon?

    When I was a teenager, my older brother took me to see “Shane.”I wasn’t that into westerns, and the movie just seemed to be about a little boy running after Alan Ladd in the wilderness of the Tetons, screaming “Sha-a-a-a-ne, come back!”I came across the movie on Turner Classic Movies the other night, and this time I understood why the George Stevens film is considered one of best of all time. (The A.F.I. ranks “Shane, come back!” as one of the 50 top movie lines of all time.)The parable on good and bad involves a fight between cattle ranchers and homesteaders. Ladd’s Shane is on the side of the honest homesteaders — including an alluring married woman, played by Jean Arthur. Arriving in creamy fringed buckskin, he is an enigmatic golden gunslinger who goes to work as a farmhand. Jack Palance plays the malevolent hired gun imported by the brutal cattle ranchers to drive out the homesteaders. Palance is dressed in a black hat and black vest. In case you don’t get the idea, a dog skulks away as Palance enters a saloon.It’s so easy to tell the good guys from the bad guys, the right thing to do versus the wrong. Law and order wasn’t a cliché or a passé principle that could be kicked aside if it interfered with baser ambitions.The 1953 film is also a meditation on American masculinity in the wake of World War II. A real man doesn’t babble or whine or brag or take advantage. He stands up for the right thing and protects those who can’t protect themselves from bullies.I loved seeing all those sentimental, corny ideals that America was built on, even if those ideals have often been betrayed.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 Says Ukraine Is Unlikely to Survive the War Without U.S. Support

    His comments came on the first day of the Munich Security Conference, where anxious European officials had hoped to learn more about U.S. plans to broker peace talks.President Volodymyr Zelensky said in an excerpt from an NBC interview published Friday night that Ukraine had a low chance of surviving Russia’s assault without U.S. support.In the excerpt from “Meet the Press with Kristen Welker,” Mr. Zelensky said: “Probably it will be very, very, very difficult. And of course, in all the difficult situations, you have a chance. But we will have low chance — low chance to survive without support of the United States.”The full interview is set to be broadcast on Sunday, according to NBC.His comments were aired on the first day of the Munich Security Conference, where hundreds of anxious European diplomats and others gathered expecting to hear Vice President JD Vance speak about President Trump’s strategy to broker peace negotiations with Russia to end the war in Ukraine.But Mr. Vance mentioned Ukraine only in passing and offered no road map for negotiations or even any strategic vision of what Europe should look like after the most devastating ground war being waged on the continent in 80 years. Instead, he urged European nations to stop isolating their far-right parties, saying the biggest security threat was the suppression of free speech.Earlier in the week, Pete Hegseth, Mr. Trump’s defense secretary, jolted Kyiv and European allies of Ukraine by saying in a meeting with NATO and Ukrainian defense ministers in Brussels that the United States did not support Ukraine’s desire to join NATO as part of a peace plan. He also described a return to Ukraine’s borders before 2014 — when Russia annexed Crimea — as “unrealistic.”Mr. Trump has repeatedly suggested trading U.S. aid for Ukraine’s critical minerals, telling Fox News earlier this month that he wanted “the equivalent of like $500 billion worth of rare earths,” a group of minerals crucial for many high-tech products, in exchange for American aid. Ukraine had “essentially agreed to do that,” he 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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    Vance Tells Europeans to Stop Shunning Parties Deemed Extreme

    Vice President JD Vance told European leaders on Friday that their biggest security threat was not military aggression from Russia or China, but their own suppression of free speech — including efforts to block hard-right parties from joining governments.An audience that was largely expecting Mr. Vance to lay out the Trump administration’s priorities for the trans-Atlantic alliance, NATO military spending and negotiations with Russia over ending the war in Ukraine, instead received a lecture on what Mr. Vance described as the continent’s own failures in living up to democratic ideals.Those failures, Mr. Vance said, included efforts to restrict so-called “misinformation” and other content on social media and laws against abortion protests that he said unfairly silenced Christians.Perhaps most strikingly, the vice president called on Europeans to drop their opposition to working with anti-immigration parties, calling them a legitimate expression of the will of voters angered by high levels of migration over the last decade. Those parties include the Alternative for Germany, or AfD, parts of which have been classified as extremist by German intelligence.Supporters of the Alternative for Germany party at a campaign launch event in Halle, Germany, last month.Sergey Ponomarev for The New York TimesAll other parties in Germany refuse to join with the AfD in forming governments, an effort known as a “firewall” against extremism in a country where memories of the Nazis still dominate its political culture.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