ImageImagePresident Trump has ramped up the tariff war. This time, the markets reaction has been muted.Credit...Pete Marovich for The New York Times

Hope you enjoyed the Super Bowl on Sunday night8casino, and congrats to the Philadelphia Eagles. The ads were better than the game. We’ve got a rundown below.

I got into a substantive debate on Sunday with Joe Lonsdale, the venture capitalist and co-founder of Palantir, and other investors, about how carried interest is taxed. President Trump has vowed to eliminate the tax exemption, which I’ve been writing about since 2007. You can read excerpts from the debate below.

The new phase of the tariff fight

Get ready for the latest round of President Trump’s trade wars.

Mr. Park, a Korean-born graduate of Georgetown University, leveraged a family fortune and an easy gregariousness to seduce the power brokers of Capitol Hill in the 1970s.

In between, Mr. Trump invited Laura Loomer, a right-wing influencer known for promoting Sept. 11 conspiracy theories, to join him at events commemorating the anniversary of the attacks. He urged a government shutdown, attacked a cornerstone of his own tax policy, declared “I HATE TAYLOR SWIFT!” on social media after she endorsed his rival and — at events intended to woo Jewish voters — said “the Jewish people” would be responsible if he lost the election, prompting fears of antisemitic reprisal.

On Air Force One on Sunday,9x999 en route to the Super Bowl, the president said he would impose a 25 percent levy on all steel and aluminum imports and that reciprocal tariffs on trading partners were coming.

China has already retaliated against new Trump tariffs that took effect on Monday, leaving the global economy to grapple with the reality of worldwide trade battles.

The latest: Beyond the metals levy — which is aimed squarely at China — Trump is also eyeing broad tariffs on Europe, Taiwan and others, as well as on industries and key commodities like copper, pharmaceuticals and semiconductors.

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Beijing has retaliated with $14 billion worth of tariffs against select American exports, including, coal, liquid natural gas and farm equipment, a sign that the trade war could expand quickly. “Trade and tariff wars have no winners,” Guo Jiakun, a spokesman for China’s foreign ministry, said on Monday.

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