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How Hard It Is to Make Trade Deals

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How Hard It Is to Make Trade Deals

President Trump has announced wave after wave of tariffs since taking office in January, part of a sweeping effort that he has argued would secure better trade terms with other countries. “It’s called negotiation,” he recently said.

In April, administration officials vowed to sign trade deals with as many as 90 countries in 90 days. The ambitious target came after Mr. Trump announced, and then rolled back a portion of, steep tariffs that in some cases meant import taxes cost more than the wholesale price of a good itself.

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The 90-day goal, however, is a tenth of the time it usually takes to reach a trade deal, according to a New York Times analysis of major agreements with the United States currently in effect, raising questions about how realistic the administration’s target may be. It typically takes 917 days, or roughly two and a half years, for a trade deal to go from initial talks to the president’s desk for signature, the analysis shows.

Roughly 60 days into the current process, Mr. Trump has so far announced only one deal: a pact with Britain, which is not one of America’s biggest trading partners.

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He has also suggested that negotiations with China have been rocky. “I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” Mr. Trump wrote on Truth Social on Wednesday. China and the United States agreed last month to temporarily slash tariffs on each other’s imports in a gesture of good will to continue talks.

Part of what the president can accomplish boils down to what you can call a deal.

The pact with Britain is less of a deal than it is a framework for talking about a deal, said Wendy Cutler, the vice president of the Asia Society Policy Institute and a former U.S. trade negotiator. What was officially released by the two nations more closely resembled talking points for “what you were going to negotiate versus the actual commitment,” she said.

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During his first term, Mr. Trump secured two major trade agreements, both signed in January 2020. One was the United States-Mexico-Canada Agreement, which was a reworking of the North American free trade treaty from the 1990s that had helped transform the economies of the three nations.

U.S.M.C.A. is an all-encompassing, legally binding agreement that resulted from a lengthy and formal process, according to trade analysts.

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Such deals are supposed to cover all aspects of trade between the respective nations and are negotiated under specific guidelines for congressional consultation. Closing the deal involves both negotiation and ratification — modifying or making laws in each partner country. The deals are signed by trade negotiators before the president signs the legislation that puts it into effect for the United States.

Mr. Trump’s other major agreement in his first term was with China, in an echo of the current trade war. The pact, unlike previous deals, came about after Mr. Trump threatened tariffs on certain Chinese imports. This “tariff first, talk later” approach, said Inu Manak, a trade policy fellow at the Council on Foreign Relations, is part of the same playbook the administration is currently using.

The result was a nonbinding agreement between the two countries, known as “Phase One,” that did not require approval from Congress and that could be ended by either party at any time. Still, it took almost one year and nine months to complete. China ultimately fell far short of the commitments it made to purchase American goods under the agreement.

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A comparison of the two first-term Trump deals shows the drawn-out and sometimes winding paths each took to completion. Fragile truces (including ones made for 90 days) were formed, only for talks to break down later, all while rounds of tariffs injected uncertainty into the diplomatic relations between countries.

The Times analysis used the date from the start of negotiations to the date when the president signed to determine the length of deal making for each major agreement dating back to 1985 that’s currently in effect. The median time it took to get to the president’s signature was just over 900 days. (A separate analysis published in 2016 by the Peterson Institute for International Economics used the date of signature by country representatives as the completion moment and found that the median deal took more than 570 days.)

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With roughly one month before the administration’s self-imposed deadline, Mr. Trump’s ability to forge deals has been thrust into sudden doubt. Last week, a U.S. trade court ruled he had overstepped his authority in imposing the April tariffs.

For now, the tariffs remain in place, following a temporary stay from a federal appeals court. But in arguing its case, the federal government initially said that the ruling could upset negotiations with other nations and undercut the president’s leverage.

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In a statement on Wednesday, Kush Desai, a White House spokesman, said that trade negotiators were working to secure “custom-made trade deals at lightning speed that level the playing field for American industries and workers.”

But in other recent public statements, White House officials have significantly pared back their ambitions for the deals.

In April, Scott Bessent, the Treasury secretary, hedged the number of agreements they might reach, suggesting that the United States would talk to somewhere between 50 and 70 countries. Last month he said the United States was negotiating with 17 “very important trading relationships,” not including China.

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“I think when the administration first started, they thought they could actually do these binding and enforceable deals within 90 days and then quickly realized that they bit off more than they could chew,” Ms. Cutler said.

The administration told its negotiating partners to submit offers of trade concessions they were willing to make by Wednesday, in an effort to strike trade deals in the coming weeks. The deadline was earlier reported by Reuters.

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The current approach to deal making may be strategic, Ms. Manak said. One of the benefits of not doing a comprehensive deal like U.S.M.C.A. is that the administration can declare small “victories” on a much faster timeline, she said.

“It means that trade agreements simply are just not what they used to be,” she added. “And you can’t really guarantee that whatever the U.S. promises is actually going to be upheld in the long run.”

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Data and graphics are based on a New York Times analysis of information from the Congressional Research Service, the U.S. Trade Representative, the Organization of American States’ Foreign Trade Information System and public White House communications.

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Video: What the Jobs Report Tells Us About the Economy

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Video: What the Jobs Report Tells Us About the Economy

new video loaded: What the Jobs Report Tells Us About the Economy

What does the September jobs report, delayed by six weeks because of the government shutdown, say about the economy? Lydia DePillis, our economics reporter, describes how the report, which was better than expected, comes at a moment of deep uncertainty.

By Lydia DePillis, Claire Hogan, Stephanie Swart, Gabriel Blanco and Jacqueline Gu

November 21, 2025

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Consumers are spending $22 more a month on average for streaming services. Why do prices keep rising?

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Consumers are spending  more a month on average for streaming services. Why do prices keep rising?

Six years ago, when San José author Katie Keridan joined Disney+, the cost was $6.99 a month, giving her family access to hundreds of movies like “The Lion King” and thousands of TV episodes, including Star Wars series “The Mandalorian,” with no commercials.

But since then, the price of an ad-free streaming plan has ballooned to $18.99 a month. That was the last straw for 42-year-old Keridan, whose husband canceled Disney+ last month.

“It was getting to where every year, it was going up, and in this economy, every dollar matters, and so we really had to sit down and take a hard look at how many streaming services are we paying for,” Keridan said. “What’s the return on enjoyment that we’re getting as a family from the streaming services? And how do we factor that into a budget to make sure that all of our bills are paid at the end of a month?”

It’s a conversation more people who subscribe to streaming services are having amid an uncertain economy.

Once sold at discounted rates, many platforms have raised prices at a clip consumers say frustrates them. The entertainment companies, under pressure from investors to bolster profits, have justified upping the cost of their plans to help pay for the premium content they provide. But some viewers aren’t buying it.

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Customers are paying $22 more for subscription video streaming services than they were a year ago, according to consulting firm Deloitte. As of October, U.S. households on average shelled out $70 a month, compared with $48 a year ago, Deloitte said.

About 70% of consumers surveyed last month said they were frustrated the entertainment services that they subscribe to are raising prices and about a third said they have cut back on subscriptions in the last three months due to financial concerns, according to Deloitte.

“There’s a frustration, just in terms of both apathy, but also from a perspective that they just don’t think it’s worth the monthly subscription cost because of just fatigue,” said Rohith Nandagiri, managing director at Deloitte Consulting LLP.

Disney+ has raised prices on its streaming service nearly every year since it launched in 2019 at $6.99 a month. The company bumped prices on ad-free plans by $1 in 2021, followed by $3 increases in 2022 and 2023, a $2 price raise in 2024 and, most recently, a $3 increase this year to $18.99 a month.

Disney isn’t the only streamer to raise prices. Other companies, including Netflix, HBO Max and Apple TV also hiked prices on many of their subscription plans this year.

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Some analysts say streamers are charging more because many services are adding live sports, the rights to which can cost millions of dollars. Streaming services for years have also given consumers access to big budget TV shows and original movies, and as production costs rise, they expect viewers to pay more, too.

But some consumers like Keridan have a different perspective. As much as some streaming platforms are adding new content like live sports, they are also choosing not to renew some big budget shows like “Star Wars: The Acolyte.” Keridan, a Marvel and Star Wars fan, said she mainly watched Disney+ for movies such as “Captain America: The Winter Soldier” and shows like “The Mandalorian.” Now she’s going back to watching some programs ad-free on Blu-Ray discs.

While Keridan cut Disney+, her family still subscribes to YouTube Premium and Paramount+. She said she uses YouTube Premium for workout videos instead of paying for a gym membership. Her family enjoys watching Star Trek programs on Paramount+, like the third season of “Star Trek: Strange New Worlds,” Keridan said.

Other consumers are choosing to keep their streaming subscriptions but look for cost savings through cheaper plans with ads, or by bundling services.

“Consumers are more willing today than ever to withstand advertising and for the sake of being able to get content for a lower subscription rate,” said Brent Magid, CEO and president of Minneapolis-based media consulting firm Magid. “We’ve seen that number increase just as people’s budgets have gotten tighter.”

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Keridan said she’s already cutting other types of spending in her household in addition to quitting Disney+. The amount of money her family spends on groceries has gone up, and in order to save cash, they’ve cut back on traveling for the year. Typically, Keridan says, they would go on two or three vacations annually, but this year, they will only go to Disneyland in Anaheim.

But even the Happiest Place on Earth hasn’t escaped price hikes.

“Just as the streaming fees have risen, park fees have risen,” Keridan said. “And so it just seems every price of anything is rising these days, and they’re now directly in competition with each other. We can’t keep them all, so we have to make hard cuts.”

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Former Google chief accused of spying on employees through account ‘backdoor’

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Former Google chief accused of spying on employees through account ‘backdoor’

When Columbia University law and MBA student Michelle Ritter met former Google chief executive Eric Schmidt in 2020, she said she wanted to pitch a potential investment in a sports tech startup she had been developing.

That dinner blossomed into far more, a romance and business partnership in which she says the 70-year-old billionaire invested in excess of $100 million into a jointly owned tech incubator — before it all fell apart.

Now, Ritter is accusing Schmidt of stealing business out from under her, sexually assaulting her twice during their relationship, and tapping his Google background to hack into her email and online computer files, according to a lawsuit filed Wednesday in Los Angeles County Superior Court.

“During their relationship, Schmidt confided that when he worked at Google, he built an insider “backdoor” to Google servers with a team of Google engineers in order to spy on Google employees. Accordingly, the backdoor enabled him to access anyone’s Google account and private information,” the lawsuit says.

Google is also named as a defendant in the lawsuit and is alleged to “knowingly acquiescing in, failing to remedy, and materially assisting the unauthorized access” into Ritter’s accounts despite being provided notice. Schmidt and the company are accused of violating the California Comprehensive Computer Data Access and Fraud Act, and a section of the state penal code that prohibits wiretapping.

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Patricia Glaser, an attorney representing Schmidt, called the lawsuit “yet another desperate and destructive effort to publish false and defamatory statements to escape accountability from an existing arbitration over a business dispute.”

Glaser added: “The claims made here are directly contradicted by her own words … and are just a final Hail Mary to save her from the consequences of her own actions. We are confident that we will prevail on both the specific legal issue enforcing the arbitration and disproving these fabricated pathetic allegations.”

Google did not immediately respond to a request for comment.

The complaint is the latest filing in a legal dispute that stretches back to at least December 2024, when Ritter sought a domestic violence restraining order against Schmidt. She later withdrew it after reaching a financial settlement with Schmidt with whom she had started the high-tech New York incubator with offices in Los Angeles, according to court records.

In her new lawsuit, Ritter alleges that Schmidt has not honored the settlement due to false accusations she was behind a media leak. She is seeking to have the settlement, which requires arbitration of disputes, thrown out.

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Schmidt’s attorneys have called her legal filings a “blatant abuse of the judicial system” and a “transparent hit piece intended to smear and defame” Schmidt, according to court records. He is seeking to have the dispute settled in arbitration.

Several records in the case are under seal and many filings are heavily redacted. The lawsuit seeks at least $100 million in damages, with the next hearing set for Dec. 4. She is being represented by the law firm of prominent Los Angeles attorney Skip Miller.

Schmidt served as Google chief executive from 2001 to 2011 and later as the chairman of the Silicon Valley company and its parent, Alphabet Inc., until 2017. He retains shares in parent Alphabet worth about $14 billion giving him a net worth of about $34 billion, according to Forbes. He owns multiple homes in greater Los Angeles.

In the application for the December 2024 restraining order, Ritter alleged she lived in an “absolute digital surveillance system” and that Schmidt had directed affiliates to steal her corporate website, take control of her digital business records and have personal investigators follow her parents, according to a court filing.

The restraining order request also asked the judge to order Schmidt to not assault her “sexually or otherwise.”

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The lawsuit filed on Wednesday provides more details about their business ventures and alleges a personal relationship that developed to the point that Schmidt made promises to marry her and have children, despite their 39-year age gap.

The lawsuit states their Steel Perlot venture was a success, with Schmidt investing more than $100 million into the accelerator and its startups in AI, crypto and other industries — prompting Schmidt to wrest control of the venture and its businesses from her.

Media reports suggest otherwise. Forbes has written the venture ran out of money in 2003 and needed millions from Schmidt to meet payroll and other expenses.

The lawsuit alleges that Schmidt became abusive as the relationship progressed and he “forcibly raped” her while on a yacht off the coast of Mexico in November 2021 and had sex with her without her consent during the Burning Man festival in Nevada in August 2023.

Schmidt, who has been married more than 40 years, has been linked romantically in the media with a series of much younger women.

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The bitter dispute with Ritter echoes another business disagreement he had with public relations executive Marcy Simon, with whom he had a two-decade relationship that ended in 2014. It also involved a troubled joint business venture, according to a New York Times report. The report did not involve sexual assault claims.

Schmidt has achieved a certain gravitas in Silicon Valley, serving as tech advisor to the Obama administration and the military, testifying about artificial intelligence on Capitol Hill and giving away more than $1 billion in charity.

He’s also a part owner of the Washington Commanders football team and has amassed a real estate portfolio estimated to be worth several hundred million dollars.

Schmidt is reported to have spent $110 million this year on the 56,000-square-foot mansion in Holmby Hills built by the late producer Aaron Spelling. In 2021, he acquired a 15,000-square-foot Bel Air estate previously owned by the Hilton family, where court records indicate Ritter lived at the time she filed the restraining order.

Schmidt earlier this year took a controlling interest in Relativity Space, a Long Beach startup founded in 2015 with the intent to bring 3-D manufacturing to rocketry.

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However, it has since shifted its focus and Schmidt indicated in a social media post that his interest may have to do with launching AI data centers into space due to their huge power needs.

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