Good morning. Elon Musk is targeting NASA’s space station. Wall Street is buzzing about a "Mar-a-Lago Accord." And the world of James Bond is shaken (but not stirred). Listen to the day’s top stories.
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Elon Musk called for an early end to NASA’s International Space Station program, reiterating his ultimate plan: “Let’s go to Mars.“ In other DOGE developments, a worker who was removed from the Social Security Administration for aiding Musk’s government efficiency program was made the agency’s boss a couple of days later. And Donald Trump took aim at an iconic San Francisco park, calling the trust that manages it a “Nancy Pelosi pet project.”
Wall Street is buzzing about talk of a "Mar-a-Lago Accord" that could see Trump forcing foreign creditors to swap Treasuries for ultra-long bonds. Ultimately, some say he could upend the global financial order to boost US industry and weaken the dollar. Meanwhile, here's a reminder what the president can, and can't do, to influence the Federal Reserve.
Congressional Republicans are beginning to put up more forceful resistance to Trump’s sharp turn away from Ukraine’s president, warning that they won’t tolerate concessions to Vladimir Putin. Trump told Republican governors that implementing his agenda is key to their own political futures, including in midterm elections. And read how the president is getting his revenge on New York’s elite.
The next Musk project. Maybe. A high-level Japanese group that includes a former prime minister has drawn up plans for Tesla to invest in struggling carmaker Nissan, according to a report. And as much of corporate America rolls back its DEI policies to get on the right side of the Trump administration, Coca-Cola noted that its diverse employee base is actually good for business and growth.
Photographer: James MacDonald/Bloomberg
Trump’s tariff wars are leaving small US businesses with no place to hide. Many firms say they’re having to hike prices, freeze expansion plans or absorb a hit to already-thin profit margins as import bills climb. Here’s an explainer on how the president’s first trade war with China gave rise to new targets like Vietnam, Canada and Mexico.
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Elon Musk speaks virtually at the Alternative for Germany party's general election campaign launch on Jan. 25. Photographer: Krisztian Bocsi/Bloomberg
The Trump administration is using freedom of speech as the latest line of attack on the European Union, and on the surface the campaign appears focused on boosting far-right parties.
But the US broadsides may also have a more prosaic motivation: Less regulation may free Silicon Valley companies from burdensome requirements and spare them billions of dollars of fines that the EU has levied against them.
Trump has blasted EU regulators for targeting the firms—which include Apple, Alphabet’s Google and Meta—and called the fines “a form of taxation. Read our QuickTake on the tech crackdowns
European officials argue that the issue is about ensuring social media companies take steps to mitigate disinformation and foreign interference.
A new corner of finance has become a factory for billionaires. Worth over $61 billion, the titans of private credit have joined the list of masters of the Wall Street universe.
It was only a matter of time before the threats against federal judges began, Gabe Roth writes. Trump supporters have flooded social media with threats against them, calling several of them “evil,” “radical,” “corrupt scum” and worse. And plans to hire dozens more US marshals—responsible for protecting federal judges—have been slowed due to budget cuts.
