Welcome to the weekend!

A certain company (whose customers know all about belt-tightening) is preparing to file for bankruptcy after the emergence of a widely used alternative exacerbated its debt problem. Do you know which company? Find out in this week’s Pointed quiz. 

What’s a widely used alternative to reading Bloomberg Weekend? Our audio playlist, available in the Bloomberg app. Run your errands while fueling your brilliance. 

Don’t miss Sunday’s Forecast, in which we prepare for three elections. For unlimited access to Bloomberg.com, subscribe!

Careful What You Wish for

As Donald Trump raises tariffs on friends and foes alike, support is building in both parties to give Congress a greater role in overseeing foreign trade. Trump may be a “tariff man,” the thinking goes, but Congress could rein in his protectionist instincts. Not so fast, writes economist Marc Levinson. History shows that the legislature has long preferred higher import barriers, and would be unlikely to champion a more open US economy. 

Trump’s tariffs are part of an ‘America First’ economic agenda that supporters say is worth some short-term pain in equity markets. But jitters about the future of US growth are giving way to something more sinister, Edward Harrison writes. Now investors are questioning the rule of law underpinning the dollar as the world’s reserve currency and US government debt as the safest financial asset in the world. It’s a recipe for a ‘Sell America’ panic. 

In the annals of unforced errors, Trump’s Liberation Day tariffs are getting a lot of attention. But the US might also gut-check its 2019 decision to blacklist Huawei from the American tech sector. An exiled Huawei went on to develop its own operating system — which it now sees as a challenger to Android and iOS. The pivot shows how US efforts to kneecap China can backfire and undermine US competitiveness, Samm Sacks writes.

Dispatches

South Africa
When Linda-Gail Bekker presented clinical trial results for HIV drug lenacapavir at an AIDS conference last year, she received a standing ovation. The twice-yearly injectable would help women protect themselves discreetly, making it a gamechanger in the fight against infection. But now the very women who helped prove that lenacapavir works may never get it, as sweeping cuts to US foreign aid put the drug’s rollout in doubt.

Illustration: Ibrahim Rayintakath for Bloomberg

Norway
It’s the middle of the night in the hills of northern Norway as a small group of soldiers skis silently towards an enemy target. The -37°C temperature drains batteries on their night-vision goggles, stiffens their skis and makes everyone irritable — but that’s all by design. These soldiers are members of a Norwegian military unit that’s spending 100 days in the Arctic to test its effects on their equipment, bodies and minds. 

Photograph: Norwegian Armed Forces

Botswana
On a recent Saturday afternoon, 60 young women gathered at a local university to hear a few of their countrymen make the case for moving to Russia. On offer: well-paying jobs in the Alabuga Special Economic Zone, an industrial complex dedicated in part to producing kamikaze drones. As Russia deals with a labor shortage, the recruitment program aims to attract nearly 8,500 workers this year.

Illustration: Isabella Cotier for Bloomberg

Vote With Your Soul 

Weekend Plans

What we’re working on: a rebrand. So is Ahmed Al-Sharaa, the former Al-Qaeda leader now steering Syria’s recovery. “This is actually a massive investment opportunity,” Sharaa has said. “Because the country is thirsty for everything.” 

What we’re asking our boss for: a little empathy. Private equity firm KKR found that the empathy level of a CEO reduces quit rates and increases employee engagement, two key statistics it tracks alongside company financials.

What we’re watching: US bonds. Trump’s tariff pause was a victory for bond vigilantes, fixed-income investors who sell government debt to express displeasure with fiscal policy. They seem to be the only group who can make him blink. 

What we’re saving for: college. Middle-class US families often have incomes too high for financial aid, but too low to pay out of pocket. The squeeze starts at $150,000 of pre-tax household income, 20% of which is supposed to go to tuition. 

What we’re not saving up for: a professional sports team. Without private equity money, owning a piece of one is getting tougher. The shift means franchises will be run more like businesses seeking returns, which may be bad for fans.

One Last Thing

Enjoying Bloomberg Weekend? Check out these newsletters:

• Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen
• Wall Street Week for David Westin’s weekly newsletter where the top newsmakers in finance talk stories of capitalism
• Opinion Today for an afternoon roundup of our most vital opinions
• Screentime for a front-row seat to the collision of Hollywood and Silicon Valley
• Where To Invest for expert strategies on making smarter investing decisions

Explore all newsletters at Bloomberg.com.