Good morning. Ukraine’s president is ready to try again with Donald Trump, but with something of a caveat. A tariff barrage is coming for the largest US trading partners. And Anora wins big at the Oscars. Listen to the day’s top stories.

Ready to try again. After Friday’s acrimonious Oval Office meeting, Volodymyr Zelenskiy said he’s willing to meet Trump again, but only for a “serious” and “constructive” dialog. Trump’s team is yet to respond. As for the immediate fallout: Moscow seems to be reveling in the turn of events, Zelenskiy remains popular at home, and Europe is racing to assemble a “coalition of the willing” to secure Ukraine after any US-brokered ceasefire. But there’s a nagging question: who speaks for Europe?

Tariff time. Trump is barreling toward his Tuesday deadline for slapping levies on Canada, Mexico and China, potentially affecting $1.5 trillion in annual imports. But the move may yet be delayed, as happened last month. Trump is also honing in on lumber imports, just as he did with copper. Read our guide to what Trump aims to achieve with his tariffs.

Americans aren’t sold on Trump’s promise to bring down inflation. Two polls suggest he isn’t prioritizing the battle, but Treasury Secretary Scott Bessent is confident consumer price increases will slow over the course of this year. Sticking with the economy, Bridgewater’s billionaire founder Ray Dalio has a warning for Trump: commit right now to reducing the deficit or risk a major debt crisis within three years. Listen to the full interview on our Odd Lots podcast.

Trump is going big on crypto, again. The president talked up his plan for a strategic crypto reserve, and will preside over the White House’s first cryptocurrency summit on Friday. On cue, cryptocurrencies rallied after getting battered last month. Read our explainer on how Trump pivoted to a crypto cheerleader after once deriding digital assets as a “scam.”

In the Middle East, Israel halted humanitarian aid into Gaza as Hamas balked at a US proposal to extend the ceasefire, which expired yesterday. Israel’s move signals a renewed zero-tolerance toward Hamas, emboldened by the Trump administration’s firm support.

Deep Dive: Dollar Bears

A growing group of investors is betting against the dollar as the aura of US economic exceptionalism dims.

• The bears believe the greenback’s value will drop if Trump’s policies damage the economy, and some investors are shorting the dollar against peers like the pound and Mexican peso.
• The renewed focus on European defense may also end up buoying the region’s currencies against the dominance of dollar.
• “Volatility is likely to increase, but it is not clear to me that the US dollar comes out winning,” said Alessio de Longis at Invesco.

The Big Take

Signs in Seminole, Texas on Feb. 27, 2025. Photographer: Jan Sonnenmair/Getty Images

The US is withdrawing from global health alliances at a dangerous time, just as the country experiences a surge in measles cases and a growing risk of a pandemic strain of bird flu.

Opinion

Zelenskiy’s disastrous Oval Office meeting crystallized that US support for Ukraine’s war effort is fading fast, and Europe needs to pick up the slack, the Bloomberg editors write. European leaders need to recognize their strengths and start deploying them before it’s too late.

Before You Go

US filmmaker Sean Baker accepts the award for Best Picture for Anora. Photographer: Patrick T. Fallon/AFP

Oscar winners. Anora swept the board at the Academy Awards with five trophies: best picture, best director, best actress for Mikey Madison, original screenplay and editing. Adrien Brody was named top actor for his role in The Brutalist. But there’s also some cause for concern at the star-studded event: fewer people are watching, and the Academy has started a search for a new broadcast partner.

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