Tag: United States

Man Convicted in Assassination Plot Targeting President Trump
NEW YORK — The allegation sounded like the stuff of spy movies: A Pakistani businessman trying to hire hit men, even handing them $5,000 in cash, to kill a U.S. politician on behalf of Iran ‘s powerful paramilitary Revolutionary Guard.
It was true, and potential targets of the 2024 scheme included now-President Donald Trump, then-President Joe Biden and former presidential candidate and ex-U.N. Ambassador Nikki Haley, the man told jurors at his attempted terrorism trial in New York on Wednesday. But he insisted his actions were driven by fear for loved ones in Iran, and he figured he’d be apprehended before anything came of the scheme.
“My family was under threat, and I had to do this,” the defendant, Asif Merchant, testified through an Urdu interpreter. “I was not wanting to do this so willingly.”
Merchant said he had anticipated getting arrested before anyone was killed, intended to cooperate with the U.S. government and had hoped that would help him get a green card.

This image provided by the Justice Department, contained in the complaint supporting the arrest warrant, shows Asif Merchant. (Justice Department via AP, File)
U.S. authorities were, indeed, on to him – the supposed hit men he paid were actually undercover FBI agents – and he was arrested on July 12, 2024, a day before an unrelated attempt on Trump’s life in Butler, Pennsylvania. Merchant did sit for voluntary FBI interviews, but he ultimately ended up with a trial, not a cooperation deal.
“You traveled to the United States for the purpose of hiring Mafia members to kill a politician, correct?” Assistant U.S. Attorney Nina Gupta asked during her turn questioning Merchant Wednesday in a Brooklyn federal court.
“That’s right,” Merchant replied, his demeanor as matter-of-fact as his testimony was unusual.
The trial is unfolding amid the less than week-old Iran war, which killed Iranian Supreme Leader Ayatollah Ali Khamenei in a strike that Trump summed up as “I got him before he got me.” Jurors are instructed to ignore news pertaining to the case.
The Iranian government has denied plotting to kill Trump or other U.S. officials.
Merchant, 47, had a roughly 20-year banking career in Pakistan before getting involved in an array of businesses: clothing, car sales, banana exports, insulation imports. He openly has two families, one in Pakistan and the other in Iran – where, he said, he was introduced around the end of 2022 to a Revolutionary Guard intelligence operative. They initially spoke about getting involved in a hawala, an informal money transfer system, Merchant said.

Merchant testified that his periodic visits to the U.S. for his garment business piqued the interest of his Revolutionary Guard contact, who trained him on countersurveillance techniques.
The U.S. deems the Revolutionary Guard a “foreign terrorist organization.” Formally called the Islamic Revolutionary Guard Corps, the force has been prominent in Iran under Khamenei.
Merchant said the handler told him to seek U.S. residents interested in working for Iran. Then came another assignment: Look for a criminal to arrange protests, steal things, do some money laundering, “and maybe have somebody murdered,” Merchant recalled.
“He did not tell me exactly who it is, but he told me – he named three people: Donald Trump, Joe Biden and Nikki Haley,” he added.
After U.S. immigration agents pulled Merchant aside at the Houston airport in April 2024, searched his possessions and asked about his travels to Iran, he concluded that he was under surveillance. But still he researched Trump rally locations, sketched out a plot for a shooting at a political rally, lined up the supposed hit men and scrambled together $5,000 from a cousin to pay them a “token of appreciation.”
He even reported back to his Revolutionary Guard contact, sending observations – fake, Merchant said – tucked into a book that he shipped to Iran through a series of intermediaries.
Merchant said he “had no other option” than to play along because the handler had indicated that he knew who Merchant’s Iranian relatives were and where they lived.
In a court filing this week, prosecutors noted that Merchant didn’t seek out law enforcement to help with his purported predicament before he was arrested. He testified that he couldn’t turn to authorities because his handler had people watching him.
Prosecutors also said that in his FBI interviews, Merchant “neglected to mention any facts that could have supported” an argument that he acted under duress.
Merchant told jurors Wednesday that he didn’t think agents would believe his story, because their questions suggested “they think that I’m some type of super-spy.”
“And are you a super-spy?” defense lawyer Avraham Moskowitz asked.
“No,” Merchant said. “Absolutely not.”
March 6, 2026
United States and Israel Target Iranian Leadership in Coordinated Military Action
The United States and Israel carried out military strikes on Iran on Saturday, targeting its top leaders and plunging the Middle East into a conflict that President Donald Trump said would end a security threat to the U.S. and give Iranians a chance to topple their rulers.
Tehran called the attacks unprovoked and illegal, and responded by launching missiles at Israel and at several Gulf Arab allies of the United States that host American bases.
It promised a stronger response to come, with a senior Iranian Revolutionary Guards commander, Ebrahim Jabbari, saying it had so far used only “scrap missiles” and would soon unveil unforeseen weapons, state television reported.
Iran’s Defence Minister Amir Nasirzadeh and Revolutionary Guards commander Mohammed Pakpour were killed in Israeli attacks, three sources familiar with the matter said.
Explosions rang out in nearby oil-producing Gulf Arab countries, which said they had intercepted missiles after Tehran warned it would strike the region if it was attacked.
The first wave of strikes in what the Pentagon named “OPERATION EPIC FURY” mainly targeted Iranian officials, a source familiar with the matter said, two days after indirect talks mediated by Oman failed to produce a breakthrough on Iran’s nuclear programme.
An Israeli official said Iranian Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian were both targeted but the result of the strikes was not clear. A source with knowledge of the matter had earlier told Reuters that Khamenei was not in Tehran and had been transferred to a secure location.
An Iranian source close to the establishment said several senior commanders in Iran’s Revolutionary Guards and political officials had been killed. Forty people were killed in an Israeli airstrike on a school, state media said. Reuters could not independently confirm the reports.
Trump Says ‘Bombs will be dropping everywhere’
In a video message published on social media, Trump cited Washington’s decades-old dispute with Iran, including the seizure of the 1979 U.S. embassy in Tehran, when students held 52 Americans hostage for 444 days, as well as a range of other attacks the U.S. has blamed on Iran since the 1979 Islamic revolution brought the clerics to power.
Trump, who had deployed vast U.S. military firepower in the region saying he hoped to force Iranian concessions in nuclear talks, said the “massive” operation was intended to ensure Tehran does not obtain a nuclear weapon and was aimed at “eliminating imminent threats from the Iranian regime”.
He urged Iranians to stay sheltered because “bombs will be dropping everywhere”. But he added: “When we are finished, take over your government. It will be yours to take. This will be probably your only chance for generations.”
Israeli Prime Minister Benjamin Netanyahu said the joint U.S.-Israeli attack “will create the conditions for the brave Iranian people to take their destiny into their own hands” and “remove the yoke of tyranny”. Defence Minister Israel Katz called it a pre-emptive strike to remove threats to Israel.
Iran’s clerical leaders were already in a difficult position after mass anti-government demonstrations in January, which led to a crackdown in which thousands of people were killed, the worst domestic unrest since the era of the 1979 revolution.
Protesters had again taken to the streets in recent days in remembrance of those killed the previous month.
Israeli military operations have killed some of Iran’s senior military officials and severely weakened several of Tehran’s once-feared proxy forces across the Middle East.
After Israel pounded Iran in a 12-day air war last June joined by the United States, the U.S. and Israel had warned that they would strike again if Iran pressed ahead with its nuclear and ballistic missile programmes. The threats were backed up in recent weeks by a U.S. military buildup in the region.
An Israeli defence official said the operation had been planned for months in coordination with Washington, and that the launch date was decided weeks ago.
Israel’s military said its Air Force had identified Iranian operatives in western Iran loading a missile unit and preparing to launch an attack. The Air Force struck the operatives and the launcher, preventing the attack, it said.
U.S. air defences intercepted and shot down a drone over a U.S. military base near Erbil in Iraq.
The renewed confrontation dimmed hopes of a diplomatic solution to Tehran’s nuclear dispute with the West. Oil markets have been closely watching the standoff between Washington and Tehran to try and determine if supplies will be impacted.
“If we don’t see signs of de-escalation over the weekend, risk premiums could still drive Brent up” by $10–$20 per barrel when markets reopen on Monday, said Jorge Leon, head of geopolitical analysis at Rystad Energy.
Iran, the third largest producer in the Organization of the Petroleum Exporting Countries, pumps about 4.5% of global oil supplies, and a far larger share is shipped past its coast through the strait leading out of the Gulf.
Iran’s Revolutionary Guards said all U.S. bases and interests in the region were within Iran’s reach and that Iran’s retaliation would continue until “the enemy is decisively defeated”. Iraq’s Iran-aligned armed group Kataib Hezbollah said it would soon attack U.S. bases in the region.
Saudi Arabia’s Crown Prince Mohammed bin Salman called United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan to discuss the on countries in the region and expressed solidarity, the UAE state news agency said.
Loud booms sounded in Abu Dhabi, capital of the United Arab Emirates, an oil producer and close U.S. ally, and several blasts were heard in the business capital Dubai.
Bahrain said the service centre of the U.S. Fifth Fleet – base for American naval forces in the region – had been subjected to a missile attack. Video footage showed a thick grey plume of smoke rising from near the island state’s coastline as sirens wailed.
Qatar said it had downed all missiles targeting the country and that it had a right to respond. Kuwait confirmed a missile attack on a U.S. military base there.
An explosion was heard in Iran’s southeastern port city of Chabahar, Iranian state media reported.
Israel’s military did not immediately respond to a request for comment on the report of a strike at a primary school for girls in southern Iran, where Iranian state media reported 40 deaths.
In Israel, police said all holy sites were closed to visitors under national emergency guidelines after authorities announced several barrages of missiles were launched from Iran.
Global airlines cancelled flights across the Middle East and the attacks raised the prospect of oil prices rising. Some oil majors and trading houses suspended crude oil and fuel shipments via the Strait of Hormuz, four trading sources said.
February 28, 2026
Israeli Official Says U.S. Was Informed and Aligned on Iran Operation
Feb 28 (Reuters) – The Israeli operation against Iran on Saturday was coordinated with the U.S., an Israeli defence official told Reuters.
The operation was planned for months and the launch date was decided weeks ago, the official added.
February 28, 2026
White House Cuts Ties With Anthropic After Pentagon Flags Security Risk
President Donald Trump said Friday that he was ordering every U.S. government agency to “immediately cease” using technology from the artificial intelligence company Anthropic.
Trump in a Truth Social post said there would be a six-month phase-out for agencies such as the Defense Department, which “are using Anthropic’s products, at various levels.”
Defense Secretary Peter Hegseth, soon after Trump’s order, said on X that he was ordering the Pentagon to “designate Anthropic a Supply-Chain Risk to National Security” after the A I startup refused to comply with demands about the use of its technology.
Anthropic, which signed a $200 million contract with the Pentagon in July, wanted assurances that its AI models would not be used for fully autonomous weapons or mass domestic surveillance of Americans.
The Pentagon, which strongly resisted that request, set a deadline of 5:01 p.m. ET Friday for Anthropic to agree to its demands that the U.S. military be allowed to use the technology for all lawful purposes.
That deadline passed without an agreement.
“Anthropic’s stance is fundamentally incompatible with American principles,” Hegseth said in a statement on X.
Thank you for your attention to this matter.

cc: @AnthropicAI @DarioAmodei pic.twitter.com/FLCByLHF73
— Pete Hegseth (@PeteHegseth) February 27, 2026

“Their relationship with the United States Armed Forces and the Federal Government has therefore been permanently altered.”
“Anthropic will continue to provide the Department of War its services for a period of no more than six months to allow for a seamless transition to a better and more patriotic service,” the Defense secretary said.
“America’s warfighters will never be held hostage by the ideological whims of Big Tech. This decision is final.”
Trump, in his Truth Social post, wrote, “The Leftwing nut jobs at Anthropic have made a DISASTROUS MISTAKE trying to STRONG-ARM the Department of War, and force them to obey their Terms of Service instead of our Constitution.”
“Their selfishness is putting AMERICAN LIVES at risk, our Troops in danger, and our National Security in JEOPARDY.”
“Therefore, I am directing EVERY Federal Agency in the United States Government to IMMEDIATELY CEASE all use of Anthropic’s technology,” Trump wrote.
“We don’t need it, we don’t want it, and will not do business with them again!”
Sen. Mark Warner, the Virginia Democrat who is vice chair of the Senate Select Committee on Intelligence, condemned Trump’s action.
“The president’s directive to halt the use of a leading American AI company across the federal government, combined with inflammatory rhetoric attacking that company, raises serious concerns about whether national security decisions are being driven by careful analysis or political considerations,” Warner said in a statement.
“President Trump and Secretary Hegseth’s efforts to intimidate and disparage a leading American company — potentially as the pretext to steer contracts to a preferred vendor whose model a number of federal agencies have already identified as a reliability, safety, and security threat — pose an enormous risk to U.S. defense readiness and the willingness of the U.S. private sector and academia to work with the IC [Intelligence Community] and DoD, consistent with their own values and legal ethics,” Warner said.
Elon Musk, the mega-billionaire who had been Trump’s biggest financial backer in the 2024 election, owns xAI, which aims to compete directly with Anthropic and another major AI company, OpenAI.
Musk in recent weeks has repeatedly bashed Anthropic on his social network X, writing on Friday that the company “hates Western civilization.”
Anthropic CEO Dario Amodei said Thursday that his company “cannot in good conscience” allow the Pentagon to use its models without limitation.
In a statement on Thursday, Amodei said, “It is the [Defense] Department’s prerogative to select contractors most aligned with their vision. But given the substantial value that Anthropic’s technology provides to our armed forces, we hope they reconsider.”
“Our strong preference is to continue to serve the Department and our warfighters — with our two requested safeguards in place,” Amodei said.
“Should the Department choose to offboard Anthropic, we will work to enable a smooth transition to another provider, avoiding any disruption to ongoing military planning, operations, or other critical missions. Our models will be available on the expansive terms we have proposed for as long as required.”
On Friday, another major AI company, OpenAI, said it has the same “red lines” as Anthropic regarding the use of its technology by the Pentagon and other customers.
“We have long believed that AI should not be used for mass surveillance or autonomous lethal weapons, and that humans should remain in the loop for high-stakes automated decisions,” Open AI CEO Sam Altman wrote in a memo seen by CNBC.
OpenAI last year signed its own $200 million contract with the Pentagon.
OpenAI’s contract is for AI models in non-classified use cases, which include everyday office tasks.
Anthropic’s contract with the Defense Department included classified work.
The Defense Department had no comment on Friday other than pointing to Trump’s announcement.
Hegseth, in a post on X, included a screengrab of Trump’s post, and cc:ed Anthropic and Amodei with the message, “Thank you for your attention to this matter.”
February 27, 2026
Bill Clinton Denies Knowledge of Epstein Crimes in House Deposition: ‘I Did Nothing Wrong’
Former President Bill Clinton, long dogged by scandals involving his personal conduct and questionable associations, faced a grueling six-hour deposition before the House Oversight Committee on Friday, where he repeatedly denied any awareness of Jeffrey Epstein’s heinous sex trafficking operations.
In a performance that Republicans praised as cooperative but critics dismissed as evasive, Clinton insisted he “saw nothing that gave me pause” during his multiple interactions with the disgraced financier, whose crimes against underage girls have shocked the nation and exposed a web of elite enablers.
“I did nothing wrong,” Clinton declared, a refrain that echoes his past defenses amid allegations of misconduct, but one that rings hollow to many given the mounting evidence of his proximity to Epstein’s predatory world.
The closed-door session, held in Chappaqua, New York, near the Clintons’ residence to avoid a public spectacle in Washington, marked a historic low for a former commander-in-chief: the first time a ex-president has been compelled to testify under subpoena before Congress.
This came after months of negotiations and threats of contempt charges, underscoring the gravity of the committee’s probe into Epstein’s network—a sordid empire built on exploitation, manipulation, and connections to powerful figures, including those in influential financial circles that Epstein navigated with ease. Republicans, led by Chairman James Comer (R-Ky.), hailed Clinton’s appearance as a step toward transparency, while Democrats accused the GOP of partisan gamesmanship aimed at shielding President Donald Trump from similar scrutiny.
Clinton’s testimony followed that of his wife, Hillary Clinton, who appeared the day before and claimed she never met Epstein—a stark contrast to her husband’s documented ties. In his opening statement, released publicly, Clinton portrayed his relationship with Epstein as a “brief acquaintance” that ended well before the financier’s 2008 conviction for soliciting prostitution from a minor.
“I had no idea of the crimes Epstein was committing,” he said. “I know what I saw, and more importantly, what I didn’t see. I know what I did, and more importantly, what I didn’t do.” Yet, skeptics point to flight logs showing Clinton aboard Epstein’s infamous “Lolita Express” private jet at least 26 times between 2001 and 2003, often without Secret Service detail, raising questions about what exactly transpired on those trips to destinations including Epstein’s private island, Little St. James.
Lawmakers grilled Clinton on a trove of recently unsealed documents from the Department of Justice, including photographs depicting him in compromising settings with redacted women—images that have fueled speculation about his involvement.

Jeffrey Epstein (left) and Bill Clinton (center) in a photo released by the justice department on Friday. (Department Of Justice/Zuma Press Wire/Shutterstock)
One particularly infamous photo showed Clinton in a jacuzzi with an unidentified woman, her face obscured. Sources familiar with the deposition told outlets that Clinton denied knowing her or engaging in any sexual activity, a response he repeated for each image presented. “No matter how many photos you show me,” he stated, “it won’t change the fact that I saw nothing wrong and did nothing wrong.”
But these denials do little to dispel the cloud of suspicion, especially given Epstein’s modus operandi of using his wealth and connections—often within elite, predominantly Jewish social networks—to lure and abuse vulnerable girls, all while hobnobbing with global leaders like Clinton.
The committee also probed Epstein’s donations to the Clinton Foundation, a charitable entity that has faced its own controversies over foreign influence and opaque finances. Epstein contributed tens of thousands of dollars, and records show him visiting the White House multiple times during Clinton’s presidency.
Clinton maintained that these interactions were innocuous, focused on philanthropy, but critics argue they exemplify how Epstein ingratiated himself with power brokers to mask his criminal enterprise. “We are only here because he hid it from everyone so well for so long,” Clinton said in his prepared remarks, shifting blame squarely onto Epstein—a convenient narrative that ignores the red flags many believe should have alerted someone of Clinton’s stature.
Republicans on the panel, including Comer, described Clinton as “charming” and “very cooperative,” noting he answered every question without invoking the Fifth Amendment. “He’s a charming individual, obviously,” Comer remarked, adding that the testimony “exonerated President Trump” by recounting a early-2000s golf tournament conversation where Trump allegedly told Clinton he severed ties with Epstein over a land deal dispute. This anecdote, volunteered by Clinton, aligns with Trump’s longstanding claim that he distanced himself from Epstein before the 2008 charges.
Trump himself weighed in from the White House, expressing reluctance about the deposition: “I like Bill Clinton, and I don’t like seeing him deposed.” Yet, Democrats seized on the moment to demand Trump testify, pointing to his own extensive socializing with Epstein in the 1990s and 2000s, as well as mentions in Epstein-related files.

From left, Trump and his girlfriend (and future wife), former model Melania Knauss, Epstein and Maxwell pose together at the Mar-a-Lago club, Palm Beach, Florida on February 12, 2000 [File: Davidoff Studios/Getty Images]
The broader investigation stems from Epstein’s 2019 death in custody—ruled a suicide but mired in conspiracy theories—and the subsequent conviction of his accomplice, Ghislaine Maxwell, for sex trafficking. Epstein’s crimes, which involved grooming and abusing dozens of underage girls, often at his lavish properties, have implicated a roster of high-profile names, from British royalty to Wall Street titans.
The House probe, launched amid calls for accountability, has drawn bipartisan support but devolved into partisan sniping. Democrats accuse Republicans of selective outrage, noting the Justice Department’s reluctance under Trump to release records on allegations against him, including a claim of sexual abuse of a minor—which the department is reviewing.
Clinton’s spokesperson has reiterated that he cut ties with Epstein before the 2006 charges and was unaware of the crimes, denying any visits to Little St. James. However, a 2025 FBI document lists Clinton among figures with unverified sexual assault allegations tied to Epstein’s orbit, though no charges have been filed. This deposition, while not accusing Clinton of wrongdoing, revives painful memories of his own impeachment over the Monica Lewinsky affair and allegations of sexual misconduct from women like Juanita Broaddrick and Paula Jones—patterns that, for detractors, make his Epstein denials less credible.
As transcripts from both Clintons’ testimonies are expected to be released soon—possibly as early as this weekend—the political fallout intensifies. Republicans frame the sessions as vindication for Trump, with Comer slamming Democrats for “weaponizing” the probe.
Democrats, like top panel member Rep. Robert Garcia (D-Calif.), counter that the precedent now demands Trump’s appearance, along with others like Commerce Secretary Howard Lutnick, who admitted visiting Epstein’s island.
February 27, 2026
Zohran Mamdani Seeks $21 Billion Federal Backing for Massive Queens Housing Project.
New York City Mayor Zohran Mamdani met with President Donald Trump at the White House on Thursday, February 26, to pitch a ambitious $21 billion federal investment in a long-dormant housing project over Sunnyside Yard in Queens.
The Democratic socialist mayor, known for his progressive stance on housing affordability, described the meeting as “productive” and expressed optimism about partnering with the Republican president to address the city’s acute housing crisis. This development marks a potential revival of a project first proposed under former Mayor Bill de Blasio, which could deliver 12,000 affordable homes—the largest such initiative in New York City since the 1970s.
Mamdani, 34, shared a photo on Instagram capturing the moment: Trump smiling broadly while holding two mock New York Daily News front pages. One was the infamous 1975 headline “Ford to City: Drop Dead,” referencing President Gerald Ford’s refusal to bail out a near-bankrupt New York. The other, a custom creation from Mamdani’s team, proclaimed “Trump to City: Let’s Build,” with subheadings touting “Backs New Era of Housing” and “Trump Delivers 12,000+ Homes; Most Since 1973.” Anna Bahr, a spokesperson for City Hall, confirmed that Mamdani presented these printouts to symbolize a shift from historical federal neglect to collaborative progress.

View this post on Instagram
A post shared by Mayor Zohran Kwame Mamdani (@nycmayor)
“He came to the president today with a couple of pitches that would produce and construct more housing in a handful of projects than has happened in 50 years,” Bahr told reporters. The White House has not yet committed to funding, but sources familiar with the discussions indicate Trump was receptive, particularly given his Queens roots and lifelong ties to New York real estate.
At the heart of the proposal is Sunnyside Yard, a sprawling 180-acre active rail yard in western Queens, often called the busiest in North America. Owned jointly by Amtrak, the Metropolitan Transportation Authority (MTA), and other entities, the site serves as a critical hub for Amtrak, Long Island Rail Road, and New Jersey Transit trains.
The plan involves constructing what Mamdani’s office describes as “the world’s largest deck” over the yard—a massive platform to support development without disrupting rail operations below.
If funded, the project would yield 12,000 affordable housing units, including 6,000 modeled after the Mitchell-Lama program, which provides subsidized rentals and cooperatives for moderate- and middle-income families.
Beyond housing, the development promises 30,000 good-paying union jobs during construction, along with new parks, schools, and healthcare clinics to serve the surrounding communities. Senior city housing official Cea Weaver, director of the Mayor’s Office to Protect Tenants, highlighted the project’s potential to unify neighborhoods divided by the rail yard.
“It’s a barrier between some of the most diverse neighborhoods in Queens,” Weaver said. “And so I think it’s important that we’re able to connect neighborhoods.” However, she acknowledged the challenges: “It’s extraordinarily expensive, and we need federal support in order to be able to do it.”
The Sunnyside Yard concept isn’t new. It traces back to urban planning ideas from the 1960s, but gained traction under de Blasio in 2015, with a 2020 master plan estimating costs at $14 billion for a mixed-use development including housing, offices, and public spaces.
The Economic Development Corporation (EDC) led the effort, incorporating public input to prioritize affordable housing, jobs, transportation improvements, and sustainability. The COVID-19 pandemic halted progress, and successor Eric Adams did not revive it. Earlier versions faced opposition from local figures like Rep.
Alexandria Ocasio-Cortez and community groups concerned about density, environmental impacts, and displacement. Mamdani’s pitch escalates the scale, focusing heavily on affordability amid escalating costs.
New York City’s housing woes provide the urgent backdrop. Elected on promises to tackle affordability, Mamdani faces a crisis where renters spend 54.52% of their median income on housing—the highest in the nation, per a 2025 WalletHub report.
Over the past two decades, inflation-adjusted wages for renters rose less than 15%, while average rents surged nearly 40%. The city’s rental vacancy rate dipped to 1.41% in 2023, far below the 5% needed to ease rent regulations under state law. A 2024 Regional Plan Association analysis pegged the housing shortage at 540,000 units, a gap that stifles mobility and forces many into substandard living.
Recent 2026 data paints an even grimmer picture. Manhattan’s vacancy rate hovered just above 2% in 2025, with average rents exceeding $5,400 monthly—a 6% jump from the prior year. Citywide, nearly half of renters are rent-burdened, spending over 30% of income on housing. Evictions in subsidized housing spiked, with 43,000 of 120,000 filings in 2024 occurring in such units, per a New York Housing Conference report. Meanwhile, thousands of rent-stabilized apartments sit vacant due to economic disincentives under current laws, exacerbating the crunch.
The project’s revival could be transformative. Drawing parallels to Hudson Yards—a 28-acre decked development in Manhattan—Sunnyside Yard’s 180 acres offer exponentially more space for mid-rise buildings, greenways, and community amenities. Proponents argue it aligns with “Keeping it Queens” ethos, blending sustainability, pedestrian-friendly design, and workforce development. Mamdani’s office called it a “once-in-a-generation opportunity to confront the city’s housing crisis at the scale it demands,” potentially the largest infrastructure investment since Co-op City’s completion in 1973.
Yet hurdles abound. Beyond securing federal funds—requiring Amtrak’s approval and congressional buy-in—the project faces technical complexities, like building over active tracks without service interruptions. Local stakeholders, including City Council members and residents, may revive past concerns over gentrification and environmental risks. Mamdani acknowledged the timeline: “many, many years” ahead. Trump, while interested, has not committed, and his administration’s priorities lean toward deregulation and private-sector involvement.
This meeting underscores Mamdani’s pragmatic approach, despite ideological differences with Trump. As Joe Calvello, Mamdani’s press secretary, noted, the mayor seized Trump’s invitation to “do just that” on housing. If successful, it could reshape Queens, alleviate the housing squeeze, and set a precedent for federal-city partnerships in urban renewal. For now, New Yorkers watch as this bold vision inches toward reality.
February 27, 2026
Japan Backs Tech Venture Led by Former Epstein Associate Joichi Ito
After a disgraced exit from the top ranks of U.S. tech and media circles, an entrepreneur who had deep ties to convicted sex offender Jeffrey Epstein secured a second act in Japan with the help of powerful allies in the Japanese government.
Joichi Ito, the entrepreneur, resigned in 2019 from a prominent position at the Massachusetts Institute of Technology after revelations about his efforts to conceal millions of dollars he raised through connections to Epstein. He also quit a position at Harvard University and board seats at the MacArthur Foundation and The New York Times.
Six years later, in Japan, Ito is helping lead a government initiative championed by Prime Minister Sanae Takaichi and her inner circle. The project, a strategic priority for the government, has more than $400 million in public funding and seeks to team up with top U.S. and Japanese universities to create a startup hub in Tokyo.
Within the next few months, the Japanese government will decide whether to authorize the project, known as the Global Startup Campus Initiative, as a legal entity, the final step required for it to move ahead.
But Ito’s involvement caused universities including MIT, Harvard, Carnegie Mellon and Keio University in Japan to distance themselves from the initiative after being approached as potential partners, according to interviews with government and university officials, as well as internal documents and emails reviewed by the Times. The project has fallen behind its own timeline targets.

And that was before the latest tranche of Epstein files released by the Justice Department shed new light on the depth of Ito’s ties to Epstein. These latest revelations are likely to further deter some potential partner organizations, said six government and university officials who spoke on the condition of anonymity to discuss their groups’ internal views.
Ito was a prolific correspondent with Epstein. A Times analysis shows that Ito and Epstein exchanged more than 4,000 emails through the years. The emails show that Ito was a frequent visitor to Epstein’s private Caribbean island, and the two were so close that Ito even joked about naming his daughter “Jeffrina.”

Prime Minister Sanae Takaichi and her inner circle are backing a tech initiative led by Joichi Ito. (Haiyun Jiang / The New York Times)
Ito did not respond to requests for comment. The university he heads in Japan declined to make him available for an interview. In previous statements made to local media, Ito has said he deeply regrets soliciting donations from Epstein. “I was never involved in, never heard him talk about, and never saw any evidence of the horrific acts that he was accused of,” Ito said in a statement in 2019.
A spokesperson for Japan’s Cabinet secretariat, which promotes the Global Startup Campus Initiative, said she recognized there were concerns about Ito. But the secretariat office decided to bring Ito on as an executive adviser, she said, “as we haven’t confirmed any wrongdoing by him and we believe he is highly knowledgeable.”
Ito, 59, was born in Kyoto and raised in suburban Detroit. After dropping out of Tufts University and the University of Chicago, he returned to Japan in the 1990s to start a string of early internet service providers.
A master networker, Ito maintained U.S. connections as a venture capitalist with early stakes in companies like Twitter. In 2011, he was tapped for a prestigious position leading MIT’s Media Lab, a sort of academic Skunk Works where designers and engineers build futuristic prototypes.
It was through these circles that Ito began associating with Epstein, who became a significant, concealed MIT donor. Starting in 2013 — roughly five years after Epstein was convicted in Florida of soliciting prostitution from a minor — Ito met frequently with Epstein, and the financier contributed funding on multiple occasions for Ito’s ventures.
After a 2019 article in The New Yorker described the measures that Ito took to conceal Epstein-directed donations made to his lab, Ito resigned from MIT. At the time, he said he had “screwed up” by accepting the money but that he had done so after a review by the university and consultation with his advisers.
Ito returned to Japan, taking a position at a little-known private university on the outskirts of Tokyo in 2021.

Fumio Kishida addresses the U.S. Congress in 2024, when he was prime minister. Kishida personally pitched the Global Startup Campus Initiative idea to then-U.S. President Joe Biden. (BLOOMBERG)
The next year, in 2022, Fumio Kishida, then the prime minister, introduced the Global Startup Campus Initiative. The plan was to build a research hub focused on technologies, including artificial intelligence and robotics. It was to be anchored by a partnership with MIT and sought to recruit researchers from U.S. universities to collaborate with Japanese entrepreneurs.
Kishida personally pitched the idea to then-President Joe Biden during a 2023 meeting in Hiroshima. A campus in central Tokyo was supposed to be completed by around 2028.
At its outset, Ito was not involved with the government group leading the project. But in early 2024, people involved in the initiative received a memo naming Ito as one of three leaders who would dictate the group’s strategies, along with two high-ranking Japanese government officials.
According to documents reviewed by the Times, the memo was sent by Akira Amari, a long-standing and influential figure within Japan’s Liberal Democratic Party, which has dominated Japanese politics for decades. At least four government and university officials said they were surprised at the time by the appointment of Ito, given his ties to Epstein.
Amari is close with the current prime minister, Takaichi, who has been known to call him “aniki,” or “big brother.” Takaichi has endorsed the initiative as one of her administration’s growth strategies. The prime minister and Amari’s offices did not respond to requests for comment.
In Japan, Ito’s role in the Global Startup Campus Initiative has gone mostly unnoticed. In 2025, a lawmaker, Satoshi Honjo, raised questions about the appointment during parliamentary sessions. He asked whether it was problematic for a person with ties to Epstein to, in effect, lead the initiative.
A high-ranking Takaichi administration official, Kiyoto Tsuji, then a Cabinet office vice minister, responded by saying Ito “has provided us with a variety of useful information and advice toward realizing the initiative.” And, he added, “he is merely acting as a part-time adviser.”
But documents suggest Ito plays a much bigger part. Government officials have told potential partner universities that he plays a “pivotal role” in the initiative, according to internal documents and correspondence. The documents show a framework for the project that is based solely on “ideas from Professor Joichi Ito.”
More than three years after the group’s launch, it publicly lists a few universities — the University of Tokyo, Imperial College London and the National University of Singapore — as “pilot activity” partner organizations. Others have expressed hesitation in associating with a group tied to Ito.
MIT, Harvard and Keio have each conveyed to Japanese officials that they would be reluctant to work with the initiative if Ito was involved, according to emails viewed by the Times and four individuals with direct knowledge of the interactions. At the start, MIT was supposed to be a cornerstone partner.
Last year, Martial Hebert, a dean at Carnegie Mellon’s School of Computer Science, wrote in an email to Japanese officials obtained by the Times, “We will not be part of any project that involves Joi.” A spokesperson for Carnegie Mellon confirmed that the school is not working with the Global Startup Campus Initiative but declined to comment on its reasoning.
In 2024, Richard K. Lester, then MIT’s vice provost for international activities, told Japan’s minister in charge of economic revitalization that many of the school’s faculty would “find it difficult to cooperate with the Global Startup Campus if Mr. Joichi Ito was to occupy a significant position,” according to internal minutes from the meeting.
Imperial College London, the University of Tokyo, MIT, Harvard, and Keio did not respond to requests for comment. The National University of Singapore said in a statement that it is working with the Global Startup Campus Initiative “under the purview of Japan’s Cabinet Office” and that it had no relationship with Ito.
Before Ito was appointed in early 2024, the Global Startup Campus Initiative was behind schedule.
Two people familiar with its operations said it further lost pace after Ito joined. The spokesperson for the Cabinet secretariat said Ito helped introduce new strategies for the project that have enabled the group to “progress rapidly.” The spokesperson said she could not comment on the progress of conversations with individual universities.

Although the Global Startup Campus Initiative has already been allocated a budget of more than $400 million, it will need to be approved by parliament as a so-called operating corporation. The group had originally aimed to receive this approval last year. The decision on whether the initiative will be approved is now expected by July.
Some notable names publicly listed as the project’s “pilot activity” partner organizations include the Chan Zuckerberg Initiative, the philanthropy run by Meta’s CEO, Mark Zuckerberg, and his wife, Priscilla Chan; and Hakuhodo, a major Japanese advertising company.
In a statement, a spokesperson for the Chan Zuckerberg Initiative said it does not provide funding to the Global Startup Campus Initiative. Hakuhodo did not respond to a request for comment.
The latest Epstein files provide more detail about Ito’s money transfers with Epstein. In a May 2014 email exchange, Ito wrote to Epstein, “The slush fund, if it’s at MIT is easy. Should I send you the instructions?” Later that month, Ito confirmed receipt of the capital, writing, “I just got notice that $500K came into my slush fund account. Thanks!”
Honjo, the politician who questioned Ito’s appointment in parliament, said in an interview that it was “an established fact” that Ito had not properly disclosed Epstein-directed financial contributions to his MIT lab. “He can’t be called the right person for the job,” Honjo said.
The spokesperson for the Cabinet secretariat said the Global Startup Campus Initiative is moving into its next phase starting in the fiscal year that begins April 1. With regard to Ito, “we don’t believe there is a problem currently, but we will choose the appropriate people for the next fiscal year’s goals,” she said.
The recently released emails, as well as flight logs, detail at least five instances in 2013 and 2014 in which Ito planned to or did visit Epstein’s private island. In 2017, two years before he resigned from MIT, Ito wrote to Epstein saying he hoped his estate was OK after the devastation of Hurricane Irma. In a separate exchange, Epstein jokingly asked if “little Jeffrina,” Ito’s baby, had been born yet.
In Japan, the Epstein files have been treated mostly as a “domestic American issue,” said Chizuko Ueno, chief director of Women’s Action Network, a Japanese advocacy group. The Japanese establishment tends to ignore or bury contentious matters involving high-powered officials if there is no criminal conviction, she said.
Ueno is also a professor emeritus at the University of Tokyo, one of the institutions publicly associated with the initiative. Ueno said that Japan and the university had become less tolerant of individuals with histories of possible misconduct and that she believed the school and government officials would increasingly find they “can no longer ignore it; they have to do something.”
February 27, 2026
Federal Reserve Challenges Justice Department Subpoenas in Powell Probe
WASHINGTON—The Federal Reserve is waging a behind-closed-doors legal challenge to a pair of subpoenas issued as part of U.S. Attorney Jeanine Pirro’s criminal investigation into Chair Jerome Powell, according to people familiar with the matter.
Pirro, a longtime ally of President Trump, opened the probe to examine whether Powell gave false testimony to Congress last summer about the central bank’s building-renovation project. The move prompted an unprecedented public response from Powell, who in a Jan. 11 video statement said the investigation was a pretext for Trump’s continuing campaign to pressure the Fed to lower interest rates and end the independence of the central bank.

The Fed, in sealed proceedings, is asking a judge to quash the subpoenas, which could reduce or eliminate its obligation to respond. Its specific legal arguments couldn’t immediately be learned. It isn’t uncommon, especially in high-profile investigations, for a subpoena recipient to challenge prosecutors’ demands as being overly broad or seeking information protected by legal privilege.
The fight is taking place out of public view because of secrecy rules that apply to criminal investigations pending before a grand jury.
Pirro was present during a White House event on Jan. 8 where Trump excoriated his U.S. attorneys for not moving fast enough to prosecute his favored targets. The Justice Department sent the Fed a pair of subpoenas the following day. The subpoenas asked the Fed to respond toward the end of January.
Republicans have been looking for an off-ramp to the standoff because it is threatening to delay the confirmation of Kevin Warsh, the former Fed governor Trump has chosen to succeed Powell when his term as chair ends in May.
“There were subpoenas issued. But that doesn’t have to mean that there are charges,” Treasury Secretary Scott Bessent said on CNBC earlier this month. He has also defended the probe, telling CBS in January, “I think that the message is that independence does not mean no accountability.”

Construction on the Marriner S. Eccles Federal Reserve building in Washington (Samuel Corum/Bloomberg)
Sen. Thom Tillis (R., N.C.) has repeatedly said he wouldn’t advance any Fed nomination, including Warsh’s, until the Justice Department probe has ended. With all Democrats on the Senate Banking Committee taking the same stand, the 13-11 GOP majority isn’t enough to push a nominee through without him.
Tillis has said the probe was launched outside of traditional channels and has warned about steps that erode investors’ expectations that the central bank will be given reasonable latitude to set interest rates as economic conditions warrant.
The investigation centers on a few minutes of answers Powell provided to questions at a Senate hearing last summer about cost overruns on renovations of two historic buildings. White House officials last year suggested either Powell made false statements about the project’s costs or the Fed failed to update building records, but the furor quickly faded after Trump toured the project with Powell in July.

U.S. Attorney For Washington, DC Jeanine Pirro at a press conference (Image source: Getty Images/Photo by Win McNamee)
Pirro has defended the probe, saying the subpoenas were issued after her office hadn’t received answers to multiple information requests. The inquiry opened in November. A lawyer in Pirro’s office sent two emails to the Fed in December asking for a meeting about the renovation.
Trump has sounded less concerned about resolving the impasse. Pirro is “going to take it to the end and see,” Trump told reporters at the White House on Feb. 2, where he inflated to $4 billion the cost of the $2.5-billion renovation.
February 26, 2026
High Court Rules Trump Exceeded Authority With Worldwide Tariff Plan
WASHINGTON — In a 6-3 decision that dealt a temporary blow to President Donald Trump’s bold trade agenda, the Supreme Court ruled Friday that the administration overstepped its bounds by using the International Emergency Economic Powers Act (IEEPA) to impose sweeping tariffs on most U.S. trading partners. Chief Justice John Roberts, authoring the majority opinion, argued that IEEPA does not grant the president “unbounded” authority to levy peacetime tariffs at will, labeling it a “transformative expansion” of executive power.
Yet, in a display of unyielding resolve, Trump swiftly unveiled a robust backup plan, announcing a new 10% global tariff under alternative legal authorities and vowing to restore—and potentially exceed—the original rates that have already delivered billions in revenue and narrowed key trade deficits.
The ruling, which invalidated about 75% of the tariffs imposed in 2025—including the 10% baseline “reciprocal” duties on imports from nearly every nation—stemmed from a lawsuit by Learning Resources Inc., a manufacturer of educational materials. Justices sided with the company, emphasizing that Congress must explicitly delegate such broad tariff powers.
Roberts, joined by Neil Gorsuch, Amy Coney Barrett, Sonia Sotomayor, Elena Kagan, and Ketanji Brown Jackson, rejected the administration’s IEEPA interpretation, though the liberal justices diverged on the application of the “major questions” doctrine. Dissenters Clarence Thomas, Brett Kavanaugh, and Samuel Alito warned of chaos, including potential refunds of billions in collected duties—a “mess” that could burden taxpayers.
Trump, undeterred, wasted no time in countering the decision. At a White House press conference hours later, he declared the imposition of a 10% global tariff under Section 122 of the Trade Expansion Act of 1962, which allows temporary duties to address trade imbalances for up to 150 days. “We have alternatives—great alternatives,” Trump asserted. “We’ll take in more money, and we’ll be a lot stronger for it.” He also directed the U.S. Trade Representative to launch Section 301 investigations into unfair practices by several nations, paving the way for targeted tariffs post-probe—a process that could take months but ensures compliance with the ruling.

This nimble pivot highlights the enduring strength of Trump’s pro-America trade strategy, which has already yielded tangible wins. According to Bureau of Economic Analysis data released Thursday, U.S. tariffs narrowed the goods trade deficit with China by 32% to $202.1 billion in 2025—the lowest since 2006—while slashing imbalances with Canada (25%), South Korea (14%), Germany (14%), and Japan (8%). Overall, the U.S. trade deficit dipped 0.2% despite a surge in high-tech imports for AI investments, with tariffs generating $216 billion in revenue that helped shrink the federal budget deficit from $1.84 trillion in 2024 to $1.78 trillion. “It’s ultimately pretty clear that tariffs weighed on imports,” noted Wells Fargo economists Shannon Grein and Tim Quinlan, crediting the duties for reshaping global flows in America’s favor.
Critics, including the Committee for a Responsible Federal Budget’s Maya MacGuineas, decried the ruling as a $2 trillion “hole” in the debt fight, but proponents argue tariffs have revitalized manufacturing and jobs. The immediate post-ruling drop in effective tariff rates—from 16% to 13%, per Wells Fargo—offers short-term relief for importers, but Trump’s plan aims to reclaim that ground. “The administration retains the ability to re-impose tariffs,” economists at Morgan Stanley observed, suggesting a “lighter-touch” recalibration could balance affordability with protectionism.
The decision injects uncertainty into global markets, with the S&P 500 dipping 0.8% Friday amid fears of refund lawsuits—potentially chaotic, as Justice Kavanaugh warned. Yet, Trump’s tariff threats have historically spurred deals, like those easing duties with allies.
As he eyes higher rates, the move reaffirms his commitment to fair trade, countering what he calls decades of exploitation. “We’re screwed if we don’t fight back,” Trump posted on Truth Social last month—a sentiment echoed by supporters who see tariffs as essential for American sovereignty.
This ruling, while a setback, may ultimately fortify Trump’s legacy: proving tariffs’ efficacy in deficit reduction and revenue generation, even as legal hurdles force creative enforcement. As the administration ramps up investigations, the world watches—America first, tariffs intact.
February 21, 2026
Inside the Supreme Court’s Decision to Strike Down Trump’s Global Tariffs
WASHINGTON — In a 6-3 ruling that exposed the limits of even a strong executive’s reach, the Supreme Court on Friday invalidated the bulk of President Donald Trump’s innovative global tariffs, deeming his use of the International Emergency Economic Powers Act (IEEPA) an overstep without explicit congressional backing. Chief Justice John Roberts, penning the majority opinion, argued that IEEPA does not confer “unbounded” peacetime tariff authority, framing it as a potential “transformative expansion” of presidential power.
Yet, in a testament to Trump’s unyielding commitment to American economic sovereignty, the president swiftly pivoted, announcing a new 10% global tariff under alternative statutes and vowing to restore the protective measures that have already slashed trade deficits, generated billions in revenue, and revitalized U.S. manufacturing.
The decision, a rare check on Trump’s pro-America trade revolution, overturned about 75% of the 2025 tariffs—including the 10% baseline “reciprocal” duties on imports from nearly every nation—stemming from a lawsuit by educational materials maker Learning Resources Inc. Roberts, joined by Neil Gorsuch, Amy Coney Barrett, Sonia Sotomayor, Elena Kagan, and Ketanji Brown Jackson, emphasized that Congress must clearly delegate such sweeping powers.
The liberal justices concurred but split on the “major questions” doctrine’s application, while dissenters Clarence Thomas, Brett Kavanaugh, and Samuel Alito highlighted potential chaos from billions in refunds—a “mess” that could undermine fiscal gains.
Trump, ever the fighter, didn’t miss a beat. Emerging from a truncated meeting with governors—where he confided his inner fury at the “disgraceful” ruling—he held a defiant 45-minute White House press conference, dimming the lights for dramatic effect.

“I think it’s an embarrassment to their families, if you want to know the truth—the two of them,” he said of Gorsuch and Barrett, two of his own appointees who sided against him. Praising the dissenters for their “strength and wisdom and love of our country,” Trump singled out Kavanaugh as a “genius.” He even quipped that the six majority justices were “barely invited” to the State of the Union, underscoring his frustration with a court he helped solidify as conservative.
Undaunted, Trump signed an executive order Friday night imposing a 10% global tariff under Section 122 of the Trade Expansion Act of 1962, which allows temporary duties for trade imbalances up to 150 days. “We have alternatives—great alternatives. Could be more money. We’ll take in more money, and we’ll be a lot stronger for it,” he declared.
The administration also launched Section 301 investigations into unfair practices by key partners, enabling targeted tariffs post-probe—a more deliberate but equally potent tool. “Other alternatives will now be used to replace the ones that the court incorrectly rejected,” Trump affirmed, spinning the setback as a clarifying win that bolsters his arsenal.
This resilience highlights why tariffs remain a cornerstone of Trump’s America First doctrine. Bureau of Economic Analysis data released Thursday showed the policy’s triumphs: The U.S. goods trade deficit with China plunged 32% to $202.1 billion in 2025—the lowest since 2006—while imbalances with Canada (25%), South Korea (14%), Germany (14%), and Japan (8%) narrowed sharply.
Overall, the deficit dipped 0.2% despite AI-driven high-tech import surges, with tariffs raking in $216 billion—slashing the federal budget gap from $1.84 trillion in 2024 to $1.78 trillion. “It’s ultimately pretty clear that tariffs weighed on imports,” noted Wells Fargo economists Shannon Grein and Tim Quinlan, crediting the duties for reshaping flows in America’s favor and boosting domestic jobs.
Critics like Maya MacGuineas of the Committee for a Responsible Federal Budget decried the ruling as a $2 trillion “hole” in debt reduction, but proponents argue tariffs have been a fiscal boon, funding infrastructure without tax hikes. The immediate drop in effective rates—from 16% to 13%, per Wells Fargo—offers short-term relief, but Trump’s plan promises restoration.
Morgan Stanley strategists Ariana Salvatore and Bradley Tian predict a “lighter-touch” approach could balance affordability with protectionism, reducing sudden shocks while concentrating on strategic sectors.
The ruling injects procedural hurdles—Section 301 probes take months—but economists at State Street Investment Management see it shifting risk to targeted, non-tariff measures like sanctions, enhancing precision in geopolitical contests. For Trump, facing midterms, it’s a chance to rally his base: “We’re screwed if we don’t fight back,” he posted on Truth Social last month. As the White House eyes congressional tweaks to IEEPA or new statutes, the decision may fortify tariffs’ legacy—proving their efficacy in deficit slashing and revenue generation, even amid legal battles.
Trump’s morning woes—Q4 2025 GDP growth slowed by shutdowns and spending dips—only amplified his defiance. “I’ve been waiting forever,” he lamented in Georgia Thursday, confident in his authority. With refunds looming but barriers high, the economic impulse leans positive: lower duties boost margins for import-heavy sectors, softening the dollar modestly. Yet, Trump’s vow for “higher” tariffs reaffirms his vision: a stronger, fairer America through bold trade action.
February 20, 2026
Supreme Court Tariff Ruling Throws $133 Billion Into Uncertainty, Strikes Down Key Trump Trade Policies
The Supreme Court on Friday struck down a swath of President Trump’s tariffs, paving the way for businesses to try to reclaim billions of dollars.
The decision was a major blow for the Trump administration, which had said the money could be used to help pay down federal debt, fund rebate checks to Americans and bail out farmers hurt by tariffs. Trump even claimed that tariff revenues would be large enough to replace the need for income taxes.
On Friday, Trump panned the decision and said he would sign an order to impose a 10% global tariff under a different authority, “over and above our normal tariffs already being charged.”

Source: Treasury Department
Through mid-December, U.S. Customs and Border Protection had brought in about $133.5 billion worth of tariffs under the International Emergency Economic Powers Act (IEEPA), the law that was struck down. Such tariffs accounted for about 67% of the tariffs collected in the 2025 fiscal year, which runs through September, and 57% of the tariffs collected between the end of September and Dec 14.
Altogether, including a host of miscellaneous duties not related to trade measures by the president, customs collected fees of about $202 billion in the 2025 fiscal year, about 2.4 times the total amount collected the previous year.

The Supreme Court didn’t provide guidance on whether, or how, tariffs would be refunded, likely leaving those issues to lower courts. Still, trade lawyers say that hundreds of firms have already filed lawsuits to increase their chances of clawing back money.
The president declared 10% across-the-board tariffs on all imports back in April, and imposed even higher rates on a slew of nations. His team branded these “reciprocal” tariffs, saying they were intended to ensure fair treatment for American companies and goods.
Trump walked back or delayed some of the threatened reciprocal tariffs. But the government was still able to collect significant sums from major trading partners using different tariffs also imposed under IEEPA. In regard to China, the president at one point slapped the nation with 125% “reciprocal” duties and added another 20% for the country’s alleged role in the fentanyl trade. The two tariffs were each lowered to 10% under a trade agreement later.
February 20, 2026
Boaz Weinstein Targets Blue Owl BDCs With Tender Offer Amid Private Credit Concerns
Activist investor Boaz Weinstein is offering to buy shares in Blue Owl Capital Inc.’s business development companies after a challenging week for the lender and broader fears about bubbling risks in the $1.8 trillion private credit market.
Saba Capital Management, led by Weinstein, and Cox Capital Partners launched the tender with an offer price that’s expected to be at a 20% to 35% discount to the most recent estimated net asset value and dividend reinvestment price. That will be determined when tender offers start after a 10-business day notice period, Cox and Saba said in a statement Friday.
Existing shareholders in the non-traded BDCs would have the option — but no obligation — to sell to the firms.

The price that any tender clears at will provide a window into where the market gauges the value of these funds and if it reflects Blue Owl’s internal net asset value. Steeply discounted exits could hurt future fundraising efforts.
“The purchasers’ tender offers would provide a liquidity solution to retail investors in the wake of a significant industry-wide increase in BDC redemption requests, multiple quarters of net outflows and a rise in redemption gate provisions,” Saba and Cox said in the statement.
The move comes just days after Blue Owl decided to restrict withdrawals from one of its private credit funds. Facing a looming deadline to return cash to investors in Blue Owl Capital Corp. II, also known as OBDC II, it raised capital by selling a $1.4 billion portfolio of loans to three of North America’s biggest pension funds and its own insurance firm.

Boaz Weinstein. (Jason Alden/Bloomberg)
Blue Owl shares extended losses on Friday, closing the week at their lowest level since June 2023, while shares in other asset managers also sold off.
“Saba and Cox are looking to capitalize on the headlines in the market,” said Michael Covello, executive managing director at investment bank Robert A. Stanger & Co. Inc.
For an investor who says, “I’ve read all the headlines, I’m scared, I don’t care what it costs, I want to get out today,” the tender offer could be a good opportunity, even with the discount, Covello said. “But there’s a cost to liquidity.”
Saba and Cox sent notice to purchase OBDC II shares on Feb. 17. They plan to make similar offers for Blue Owl Technology Income Corp. and Blue Owl Credit Income Corp., which are also BDCs.
Who’s Buying?
Weinstein is a seasoned activist investor who has waged aggressive proxy battles against Wall Street’s biggest names, including BlackRock Inc. and Nuveen. He launched Saba in 2009 and the hedge fund has focused on building stakes in closed-end funds and special purpose acquisition companies.
A Deutsche Bank AG alum, Weinstein has sometimes positioned himself as a defender of retail investors, taking on fund managers that he sees as more interested in collecting fees than maximizing returns for shareholders.
Cox Capital is an investor in dozens of private funds, from BDCs to real estate investment trusts. The Philadelphia-based firm, founded by John Cox in 2020, provides a source of “secondary liquidity” to investors in alternative assets, according to its website.
The credit secondaries market is a fast-growing area of finance, and has proven useful to private equity firms in need of cash, especially as dealmaking slowed down after the Covid-19 pandemic.
February 20, 2026