Good morning. Donald Trump floats another idea on trade, this time with China. Apple finally debuts its new low-end cellphone. And Argentina’s president is dealing with a crypto crisis of his own making. Listen to the day’s top stories.

Donald Trump said it’s possible to reach a fresh trade deal with China, signaling he’s open to heading off a brewing trade fight between Washington and Beijing. (What about those tariffs?) There weren’t any details, but the president praised Xi Jinping and said they have a “great” relationship. 
 

Another idea. Trump floated giving 20% of DOGE savings to Americans, along with using 20% to pay down the national debt. DOGE head (or not) Elon Musk has previously suggested a “DOGE dividend” in the form of a $5,000 tax refund. Next up on the DOGE list of priorities: the US military.

One month in, and the investor euphoria around the so-called Trump trade is fading. The S&P 500’s record run still trails European, Chinese and Mexican benchmarks, crypto assets are off their peak and the greenback looks anemic. On the bright side, Musk’s companies are set to add $613 billion in value since the election and Commerce Secretary Howard Lutnick has built a new dynasty on Wall Street as he hands control of Cantor Fitzgerald to his sons.

Goodbye to all that. The Trump administration is moving to block New York City’s congestion pricing program, and Governor Kathy Hochul has vowed to fight back. Mayor Eric Adams is still feeling the heat, too, but so far isn’t quitting—because of who’s in waiting.

Hello, it’s me: Apple’s new low-end smartphone was finally revealed. The iPhone 16e goes on sale Feb. 28 (priced at $599) and gets rid of the old-school home button while adding the company’s AI software. Meanwhile, Microsoft unveiled its first quantum computing chip, a major step in the company’s effort to produce devices that might someday solve problems beyond the reach of modern computers.

Bloomberg Invest: When it comes to your world and your money, you want answers from leaders who know how to build empires, protect portfolios and create the next big thing. Held in the heart of New York’s Financial District, Bloomberg Invest on March 4-5 is an essential gathering that convenes allocators, dealmakers and investors from across the globe. Learn more here.

Deep Dive: Argentina’s Crypto Crisis

Javier Milei and his sister Karina. Photographer: Anita Pouchard Serra/Bloomberg

Argentina’s Javier Milei touted a memecoin last Friday—but 86% of crypto traders who took positions lost money, according to a research firm, and now the president is struggling with the scandal.

• Milei initially promoted the LIBRA token with a post on X, saying money raised would help businesses in the country. But when Argentines began to panic it was some sort of scam, he deleted the post.
• The coin crashed, with fallout spreading to Argentine assets and the Solana cryptocurrency, on whose blockchain LIBRA was launched. 
• The president says he didn’t do anything wrong—“I’m not an expert”—but that effort backfired in a TV interview earlier this week. And now there are allegations against his closet adviser, his sister. 
• As Bloomberg Opinion’s JP Spinetto writes: At best, the debacle shows Milei unprepared and distracted from more important priorities. At worst, the case brings up legitimate questions about what kind of deals are done in Milei’s name.

The Big Take

The Paul Loebe building is part of the sprawling government district in Berlin and designed to symbolize transparency. Photographer: Iona Dutz/Bloomberg

Germany’s political system is under strain as a far-right nationalist party rises in the polls. Sunday’s election may be the last chance for mainstream parties to prove they can fix past mistakes and work together.

Opinion

Ukraine is just a pawn for Donald Trump to reset relations with Russia, with Kyiv the most valuable card he has in his hand, Marc Champion writes. As with like-minded ultra-nationalist political parties across the democratic West, Vladimir Putin’s Russia is a brother in arms in the fight against liberalism.

Before You Go

Four Seasons San Domenico Palace, where season two of White Lotus was shot. Source: Four Seasons

Call it the White Lotus effect. Four Seasons CEO Alejandro Reynal sat down with Bloomberg to talk about the boost the HBO show has given the hotel chain and what he does (and doesn’t) know about the plots and locations of season 3—and even season 4.

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