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12 states sue Trump over tariff actions, saying it has “brought chaos to the American economy”

A dozen states sued the Trump administration in the U.S. Court of International Trade in New York on Wednesday to stop its tariff policy, saying it is unlawful and has brought chaos to the American economy.

The lawsuit said the policy put in place by President Trump has been subject to his “whims rather than the sound exercise of lawful authority.”

It challenged Trump’s claim that he could arbitrarily impose tariffs based on the International Emergency Economic Powers Act. The suit asks the court to declare the tariffs to be illegal, and to block government agencies and its officers from enforcing them.

A message sent to the Justice Department for comment was not immediately returned.

The states listed as plaintiffs in the lawsuit were Oregon, Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, New York and Vermont.

In a release, Arizona Attorney General Kris Mayes called Trump’s tariff scheme “insane.”

She said it was “not only economically reckless — it is illegal.”

Connecticut Attorney General William Tong said, “Trump’s lawless and chaotic tariffs are a massive tax on Connecticut families and a disaster for Connecticut businesses and jobs.”

White House spokesman Kush Desai in response accused Democratic attorneys general of “prioritizing a witch hunt against President Trump” and said, “The Trump Administration remains committed to using its full legal authority to confront the distinct national emergencies our country is currently facing—both the scourge of illegal migration and fentanyl flows across our border and the exploding annual U.S. goods trade deficit.”

The lawsuit maintained that only Congress has the power to impose tariffs and that the president can only invoke the International Emergency Economic Powers Act when an emergency presents an “unusual and extraordinary threat” from abroad.

“By claiming the authority to impose immense and ever-changing tariffs on whatever goods entering the United States he chooses, for whatever reason he finds convenient to declare an emergency, the President has upended the constitutional order and brought chaos to the American economy,” the lawsuit said.

Last week, California Gov. Gavin Newsom, a Democrat, sued the Trump administration in U.S. District Court in the Northern District of California over the tariff policy, saying his state could lose billions of dollars in revenue as the largest importer in the country.

White House spokesperson Kush Desai responded to Newsom’s lawsuit, saying the Trump administration “remains committed to addressing this national emergency that’s decimating America’s industries and leaving our workers behind with every tool at our disposal, from tariffs to negotiations.”

USAID cuts felt far outside Washington, D.C.: “Layoff trauma hit across the country”

Lindsay Brown was working from home in Little Rock, Arkansas, when, during a company meeting in February, her employer said that due to the United States Agency for International Development not making payments to the organization, staff changes needed to happen. 

Brown, who worked in internal communications for the nonprofit FHI 360, has been furloughed since shortly after that meeting.  

She learned that her last day at FHI 360 will be May 2. 

She is one of the close to 20,000 employees — many living in states such as North Carolina, Vermont, California and Georgia — who lost their jobs as the Trump administration took steps to shutter USAID

Secretary of State Marco Rubio, who has authority over the agency, said on Tuesday that the government plans to make staffing cuts, eliminating every position at the agency not required by law, and consolidate domestic offices at the State Department. The impending cuts are most likely to be felt by workers outside of Washington, D.C., already reeling from the decimation of their livelihoods and fields.

USAID provided federal funding to hundreds of companies, organizations and universities to help run programs and research dedicated to various aspects of foreign aid. These companies employed people around the country, many of whom have already been furloughed, and are now finding out their positions have been eliminated. 

USAIDstopwork, a website tracking the economic impact of the USAID funding cuts, determined that 19,187 American jobs have been lost as of Wednesday. The tracker found a total of 46 states were affected by job cuts and that, outside of Maryland and Virginia, some of the most impacted states were North Carolina, New York, Vermont, Massachusetts and California. In Georgia, for example, USAID funded 18 organizations that ran 79 programs, and 44 of those programs were shuttered, leading to layoffs and an estimated loss of $257.9 million. 

For workers living in states outside the beltway, job loss can be particularly isolating. 

“I have used all my savings during this furlough while FHI 360 fights to get the government to pay what it is owed. Being in Arkansas and getting resources like unemployment has been very difficult,” Brown told CBS News. She said the organization has communicated with staff about the impending cuts, but it didn’t make the layoffs any easier. 

CEO Tessie San Martin posted on LinkedIn last week that the company terminated 480 U.S. employees, including 140 in North Carolina, where it’s headquartered.

“FHI 360 is not alone in experiencing this type of impact,” San Martin wrote. “Foreign service nationals, USAID staff, colleagues in our sector, and technical experts worldwide are all part of what has been an important sector in the U.S. economy.”

Wayan Vota was working from Chapel Hill, North Carolina, for the international development organization Humentum when he was laid off in February. He said employees were stunned as companies laid off people left and right. 

“Layoff trauma hit across the country,” said Vota, adding the pain of USAID cuts extend beyond federal workers living in Washington D.C., Maryland and Virginia. He pointed to his newsletter Career Pivot, which he started in the aftermath of the mass cuts in February as a way to help fellow contractors and federal workers who were affected by the USAID cuts. It’s already grown to an audience of more than 12,000 subscribers as more federal agencies face staffing and budget cuts, he told CBS News. 

He anticipates the crisis will get worse when the remaining USAID workers who are still receiving their salaries stop getting paid. The vast majority of USAID employees will lose their jobs on either July 1 or Sept. 2, according to a memorandum to staff obtained by CBS News. 

Vota said several job seekers living outside the Washington, D.C., corridor are searching for work in the private sector or state government. Others are exiting the formal job market, he said, because the type of work they did is limited in the state where they live. Vota said job seekers tell him, “I don’t see anything I can or want to do in the formal job market, so I am going to take any job, driving Ubers, waiting tables, cause my dream is dead and I’m not sure what I’m going to do next.”

Kasia Hatcher, 45, moved from Virginia to Georgia after her position at EnCompass was terminated and was eventually shut down due to funding loss. 

Hatcher, who has worked in international development for 20 years, said watching all the job losses was heartbreaking and “all was gone in what seemed like overnight.” 

She said she spent 20 years building up experience where people knew her work and the quality of her work – and it was daunting to have to build again. She’s been searching for work in human resources in the Atlanta area and said she remains hopeful she’ll find something soon. 

“I can offer so much,” she said. 

Trump’s meme coin, which had fizzled in value, surges after offer of dinner with the president

President Trump’s meme coin, which had slumped 88% from its most recent high, got a boost Wednesday after its website invited the top 220 holders of the digital token to an “intimate private dinner” with the president.

After the dinner offer was posted on the $TRUMP meme coin website and X account, the value of the meme coin surged as much as $5.32, or 58%, to $14.32 on Wednesday afternoon. That gain only partially erased the meme coin’s decline in value, which hit a peak of $75.35 on January 19 the day before Mr. Trump’s inauguration. 

The dinner offer promises $TRUMP coin investors the opportunity to “Hear close-up, from President Trump, about the future of Crypto!” Mr. Trump, who has vowed to turn the U.S. into the cryptocurrency capital of the world, has also pushed his own ventures into the realm of digital products, issuing everything from NFTs billed as “Trump digital trading cards” to a cryptocurrency platform called World Liberty Financial.

CIC Digital LLC, an affiliate of The Trump Organization, and Fight Fight Fight LLC together own 80% of the meme coins, according to the Trump coin site. Fight Fight Fight is a Delaware LLC, according to the Wall Street Journal.

The White House and the Trump Organization didn’t immediately respond to a request for comment about the promotion.

Invitations to the dinner event with Mr. Trump will only be offered to those who own the most $TRUMP meme coins, according to the website. The top 25 holders will get a bonus of “an Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT!” the website marketing the dinner said.

“Our leaderboard updates hourly in real time. Your $TRUMP coin count puts you in the running. The competition is fierce. Own $TRUMP — or watch from the sidelines,” according to the website marketing the coin. 

The leaderboard will be determined by the average holdings of $TRUMP owners from April 23 to May 12, according to the website. “The more $TRUMP you hold — and the longer you hold it — the higher Your Ranking will be,” it said.

The dinner will take place on May 22 at the Trump National Golf Club in Washington, D.C., according to the site. 

Offer draws swift criticism

Meme coins, which have no economic or transactional value, are cryptocurrencies linked to celebrities or internet trends, such as Dogecoin, which was inspired by the image of a Shiba Inu dog. Elon Musk named his federal cost-cutting group, the Department of Government Efficiency, or DOGE, after the token.

Both Mr. Trump and his wife, Melania, debuted meme coins just days before his inauguration, although both tokens have lost much of their value since their debuts. The $MELANIA meme coin now sells for about 49 cents each, down from a peak of $13.76 on Jan. 20. 

The presidential dinner promotion drew criticism from lawmakers and anti-corruption groups. Sen. Chris Murphy, a Democrat from Connecticut, on social media blasted the offer as the “most brazenly corrupt thing a President has ever done.”

Tony Carrk, U.S. executive director with Accountable.US, a nonpartisan advocacy group focused on corporate and government ethics, said in a statement that Mr. Trump “is openly inviting investors to have a bidding war over who can buy the most access to him while he laughs all the way to the bank.”

Trump Pressures Ukraine to Accept a Peace Plan That Sharply Favors Russia

President Trump and his top aides demanded on Wednesday that Ukraine accede to an American-designed proposal that would essentially grant Russia all the territory it has gained in the war, while offering Kyiv only vague security assurances.

The American plan, which would also explicitly block Ukraine from ever joining the North Atlantic Treaty Organization, was rejected by President Volodymyr Zelensky of Ukraine, whose long-running dispute with Mr. Trump broke into the open two months ago in the Oval Office. The proposal also appears to call for the United States to recognize Russia’s 2014 takeover of Crimea, a region of Ukraine.

“There is nothing to talk about,” Mr. Zelensky said. “This violated our Constitution. This is our territory, the territory of Ukraine.”

Mr. Trump shot back on social media that the Ukrainian president was being “inflammatory” and said he would only “prolong the ‘killing field.’”

Mr. Trump suggested the proposal was on the verge of acceptance by President Vladimir V. Putin of Russia. “I think we have a deal with Russia,” he told reporters at the White House. The problem, he suggested, was Mr. Zelensky.

“I thought it might be easier to deal with Zelensky,” he said. “So far it’s harder.”

Vice President JD Vance struck a similar theme while traveling in India.

He said the United States would “walk away” from the peace process if both Ukraine and Russia refused to accept the American terms. But Mr. Zelensky was clearly the target.

“We’ve issued a very explicit proposal to both the Russians and the Ukrainians, and it’s time for them to either say yes or for the United States to walk away from this process,” Mr. Vance told reporters. “The only way to really stop the killing is for the armies to both put down their weapons, to freeze this thing and to get on with the business of actually building a better Russia and a better Ukraine.”

It was not clear whether the U.S. announcements were part of a pressure campaign to force Mr. Zelensky to make territorial concessions or whether they were designed to create a pretext for abandoning American support for Ukraine.

But the United States is essentially settling on a deal that favors the aggressor in the war, one that forces Ukraine to accept the forcible rewriting of its border and give up its hope of eventually joining NATO, as other former Soviet republics have.

European allies, who in recent weeks have been promising more military and economic support for Mr. Zelensky, have charged that Mr. Trump is essentially switching sides in the war, and that his real goal is to cast Ukraine aside and to find a way to normalize American relations with Moscow. Mr. Trump and his top aides have already begun discussing the prospect of lifting sanctions on Russia, and striking energy and mineral deals with Mr. Putin.

Whatever Mr. Trump’s motives, what happened on Wednesday signaled the possible abandonment of the American commitment to Mr. Zelensky that the United States would never engage in talks that excluded the country from determining its own fate.

While the United States did not release a text of its proposal, European officials who have seen it say that under its terms the United States would recognize Crimea — which Mr. Putin seized illegally in 2014 — as Russian territory. While the peninsula was part of Russia for hundreds of years, it was given to Ukraine by the Soviet leader, Nikita Khrushchev, nearly seven decades ago.

In his social media post, Mr. Trump said he was not asking Mr. Zelensky to recognize Crimea as Russia, even though the U.S. plan would call for Washington to do so.

“Nobody is asking Zelenskyy to recognize Crimea as Russian Territory but, if he wants Crimea, why didn’t they fight for it eleven years ago when it was handed over to Russia without a shot being fired?” Mr. Trump wrote.

Just three years ago, Marco Rubio, then a senator and now Mr. Trump’s secretary of state, cosponsored an amendment to prohibit the United States from ever recognizing any Russian claim of sovereignty over parts of Ukraine that it has seized.

“The United States cannot recognize Putin’s claims or we risk establishing a dangerous precedent for other authoritarian regimes, like the Chinese Communist Party, to imitate,” he said at the time, an allusion to Taiwan.

Now Mr. Rubio has become a defender of Mr. Trump’s approach, even if Ukraine has to surrender 20 percent of the country to Mr. Putin and give the Russian leader most of his war goals.

Mr. Trump has been taking other steps to mollify Mr. Putin. He has dismantled or neutralized units in the State Department and the Justice Department charged with collecting evidence of possible war crimes committed by Russia, including the killings of civilians in Bucha, outside of Kyiv, soon after the Russian invasion.

It is unclear what happens if Mr. Zelensky refuses to relent. Mr. Trump has suggested he would simply wash his hands of the peace effort — one he once said was solvable in 24 hours — and, in Mr. Rubio’s words, “move on.”

Already, the United States has limited its weapons shipments to Ukraine, although some weapons are still going through. And U.S. intelligence sharing has resumed, after a temporary pause to pressure Kyiv to come to the negotiating table.

But Mr. Trump continued his effort to belittle the Ukrainian leader, who was once cheered by lawmakers of both parties who likened him to Churchill. “The situation for Ukraine is dire,” Mr. Trump wrote. “He can have peace, or he can fight for another three years before losing the country.”

On Wednesday afternoon, Yulia Svyrydenko, the Ukrainian economy minister, also vowed that her country “will never recognize the occupation of Crimea.” Writing on X, the social media site, she said that “Ukraine is ready to negotiate — but not to surrender. There will be no agreement that hands Russia the stronger foundations it needs to regroup and return with greater violence.”

Mr. Vance told reporters in India that under the American proposal, “We’re going to freeze the territorial lines at some level close to where they are today.”

“The current lines, or somewhere close to them, is where you’re ultimately, I think, going to draw the new lines in the conflict,” he added. “Now, of course, that means the Ukrainians and the Russians are both going to have to give up some of the territory they currently own.”

A Kremlin spokesman on Wednesday welcomed Mr. Vance’s remarks.

“The United States is continuing its mediation efforts, and we certainly welcome those efforts,” the spokesman, Dmitri S. Peskov, said. “Our interactions are ongoing but, to be sure, there is a lot of nuances around the peace settlement that need to be discussed.”

The aggressive push for a deal by Mr. Trump’s administration is a blow to European leaders, who have spent weeks attempting to shore up Ukraine’s position by brokering peace talks with the United States. The first effort convened last week in Paris and another session was set to start Wednesday in London before Mr. Rubio announced that he would no longer attend.

Mr. Rubio’s decision to cancel caught the British government off guard, according to a British official who said that David Lammy, the foreign secretary, had fully expected the secretary of state in London on Wednesday.

Lower-level diplomats from Britain, France, Germany, Ukraine, and the United States still gathered for technical talks. But the absence of Mr. Rubio or Steve Witkoff, Mr. Trump’s chief negotiator with Russia, renewed fears that Ukraine and Europe were being marginalized as the Trump administration seemed to be working primarily with Russia.

Mr. Witkoff is scheduled to be in Moscow later this week, Karoline Leavitt, the White House press secretary, said Tuesday.

Andriy Yermak, the Ukrainian president’s chief of staff, arrived in London on Wednesday morning for the scaled-back talks, along with his country’s ministers of defense and foreign affairs.

“Despite everything,” he wrote on X, the social media platform, after arriving, “we continue working for peace.”

Reporting was contributed by Ségolène Le Stradic from Paris; Steven Erlanger and Anton Troianovski from Berlin; Nataliya Vasilyeva from Istanbul; Andrew E. Kramer from Kyiv, Ukraine; and Julian E. Barnes and John Ismay from Washington.

Trump returning to Michigan next week for first time since election

Gov. Whitmer talks tariffs with Michigan auto dealers



Gov. Whitmer talks tariffs with Michigan auto dealers

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President Trump is set to visit Michigan next week for the first time since he won the battleground state in the 2024 election.

Mr. Trump’s press secretary, Karoline Leavitt, confirmed on X that he will be in the state on Tuesday — one day before the Trump administration reaches the 100-day mark. The Detroit News first reported on the president’s upcoming visit. 

“President Trump is excited to return to the great state of Michigan next Tuesday, where he will rally in Macomb County to celebrate the first 100 days,” Leavitt said in the post. Leavitt did not say where the president was going to be and what he was going to discuss.

The president last visited Michigan the night before the November election, the same place he visited on the eve of the 2016 and 2020 elections.

Michigan Gov. Gretchen Whitmer visited the president twice at the White House in the last two months. The Democratic governor, who is finishing out her second term, discussed jobs and tariffs, the economy and manufacturing. The meetings came as Mr. Trump announced tariffs on foreign-made cars and auto parts, a move praised by United Auto Workers union President Shawn Fain.

On Wednesday, Michigan auto dealers, feeling the impact of the tariff policies, took their concerns to Whitmer.

“When we have an economy that’s sputtering because of national policy, it’s going to impact our ability to fund our schools and build roads,” Whitmer said. “Every one of us pays for this, and Michiganders pay more dearly than anyone else in the country when we’ve got indiscriminate tariffs that policy’s changing constantly. It’s hurting every industry.”

Hegseth Set Up Signal on a Computer in His Pentagon Office

Defense Secretary Pete Hegseth had the commercial messaging app Signal set up on a computer in his office at the Pentagon so that he could send and receive instant messages in a space where personal cellphones are not permitted, according to two people with knowledge of the matter.

Mr. Hegseth’s move facilitated easier communications in a building where cell service is poor and personal phones are not allowed in certain areas. It was first reported by the Washington Post.

The defense secretary has two computers in his office, one for personal use and one that is government-issued, according to one of the people with knowledge of the matter. Both spoke on condition of anonymity because of the sensitivity of the situation.

Mr. Hegseth had cables installed in early March so that he could connect a private computer to Signal, according to a second person with knowledge of the matter.

His confidential assistant and Col. Ricky Buria, his junior military aide, had the same Signal capability, the person said.

The latest revelation came after The New York Times reported that Mr. Hegseth had shared highly sensitive and detailed attack plans in a Signal chat group that included his wife, his brother and his personal lawyer hours before a mission was launched against Houthi targets in Yemen on March 15.

He had shared essentially the same information in a group chat with top national security officials, also shortly before the strikes. The fact of that conversation became public when The Atlantic reported that its editor, Jeffrey Goldberg, had been inadvertently included in the group chat.

Trump administration officials suggested there was no issue with Mr. Hegseth’s use of Signal in his office.

“The secretary of defense’s use of communications systems and channels is classified,” said Sean Parnell, the chief spokesman for the Pentagon. “However, we can confirm that the secretary has never used and does not currently use Signal on his government computer.”

Karoline Leavitt, the White House press secretary, called it “another nonstory,” noting that Signal is an app approved for government use.

The Pentagon’s acting inspector general announced earlier this month that he would review Mr. Hegseth’s Yemen strike disclosures on Signal.

Senator Roger Wicker, a Mississippi Republican who chairs the Armed Services Committee, and the committee’s senior Democrat, Senator Jack Reed of Rhode Island, requested the review. In a letter last month, the senators asked the inspector general to conduct an inquiry into whether Mr. Hegseth had shared sensitive or classified information in the national-security group chat.

The details about the strikes that Mr. Hegseth sent came from U.S. Central Command through a secure government system designed for transmitting classified information, according to an official and a person familiar with the conversations.

Besides the disclosures of the Signal chats, in the past month Mr. Hegseth has seen the dissolution of his inner circle of close advisers — military veterans who, like him, had little experience running large, complex organizations. Three members of the team he brought with him into the Pentagon were accused last week of leaking unauthorized information, and escorted from the building.

President Trump and White House officials have stood by Mr. Hegseth through both controversies related to Signal.

But Mr. Hegseth also irritated White House officials by booking himself for a Fox News interview on Tuesday morning, during which he accused fired advisers of making up stories about him.

White House officials have told him they want him to get the fractious situation with his staffing under control, according to a person with knowledge of the discussions.

Trump signs executive order to influence college accreditations

President Trump on Wednesday signed an executive order aiming to change the college accreditation process so colleges are accredited based on “results,” with the president wondering aloud about looking into the math capabilities of students admitted to Harvard University and Yale University. 

The president also signed an order to enforce laws on the books requiring universities to disclose when they accept large foreign gifts, with one of Mr. Trump’s top aides specifically calling out Harvard as a school they believe has violated the law. Federal law requires higher education institutions that receive federal funds to disclose any gifts or contracts from a foreign source valued at $250,000 or more in a calendar year, and some in Congress are trying to lower that threshold to $50,000. 

The new executive orders come as the president has singled out Harvard University. His administration has frozen billions in federal funding to Harvard, demanded sweeping changes to school policies and suggested it should lose its tax-exempt status

Colleges and universities are accredited to ensure they meet basic standards by third-party entities, not the federal government, though the Department of Education decides which accrediting agencies to recognize. The accreditation process has broad implications since the government uses it to determine which schools are allowed to participate in federal student aid programs, which distribute billions in student loans and grants.

The executive order directs the Department of Education to “hold accountable” any college accreditors that “fail to meet the applicable recognition criteria or otherwise violate Federal law” — including by terminating or suspending the accreditors’ federal recognition. It specifically singles out accrediting agencies that require schools to “engage in unlawful discrimination … under the guise of ‘diversity, equity, and inclusion’ initiatives.” The order also says the Department of Education should start recognizing new college accreditors.

The Trump administration believes accreditation entities have become too focused on “woke ideology” instead of results, White House staff secretary Will Scharf said. The executive order Mr. Trump signed affects law schools and graduate programs as well.

“The basic idea is to force accreditation to be focused on the merit and the actual results that these universities are providing, as opposed to how woke these universities have gotten,” Scharf said ahead of Mr. Trump signing the executive order. “So we’re setting up new accreditation pathways, we’re charging the Department of Education to really look holistically at this accreditation mess and hopefully make it much better.” 

Mr. Trump wanted to know if the executive order he was signing will “look into” people who he says go to prestigious schools like Harvard or Princeton but can’t do basic math. 

“Will we look into the past people that they’ve taken?” Mr. Trump asked Scharf. “For instance, I hear all about certain great schools. And then we read where they’re going to teach people basic math, math that we can all do very easily, but they can’t do there.”

“When universities are not performing appropriately, whether that’s in admission or whether that’s in their actual instructional activities, that’s certainly something that accreditors should be considering that right now we believe they’re not doing a good enough job of,” Scharf responded. 

The president also signed an executive order charging federal departments and agencies to make sure universities are following the law in disclosing the acceptance of large foreign gifts. 

“We believe that certain universities, including, for example, Harvard, have routinely violated this law and this law has not been effectively enforced,” Scharf said. “So this executive order charges your departments and agencies with enforcing the laws on the books with respect to foreign gifts to American universities.” 

Scharf didn’t offer evidence or details on how Harvard has allegedly violated the foreign gift disclosure law. Harvard told CBS News in a statement it has filed foreign gift reporting reports “for decades as part of its ongoing compliance with the law.”

Harvard University on Monday announced it filed a lawsuit against the Trump administration, alleging the administration unlawfully froze billions in federal funding. Tensions have escalated between the administration and Harvard, which had rejected the administration’s demands to change many of the school’s policies and leadership. Several other schools, including Columbia University, have faced similar funding freezes, with the Trump administration alleging the schools have responded inadequately to antisemitism.

The president on Wednesday also signed executive actions to ensure the effectiveness and efficiency of Historically Black Colleges and Universities (HBCUs), make sure schoolchildren are adequately trained in artificial intelligence, boost apprenticeships and allow educators to enforce school discipline policies.

Trump Offers a Private Dinner to Top 220 Investors in His Memecoin

The flashy online announcement called it “the most EXCLUSIVE INVITATION in the World,” a chance to have “an intimate private dinner” with President Trump at his members-only golf club in Virginia, followed by a tour of the White House.

A seat would be reserved for each of the top 220 investors in $TRUMP, a cryptocurrency that Mr. Trump launched on the eve of his inauguration.

In an astonishing escalation of the Trump family’s efforts to profit from crypto, a website promoting $TRUMP, the president’s so-called memecoin, announced on Wednesday that the coin’s largest buyers would be invited to meet him. The effort was, in effect, an offer of access to the White House in exchange for an investment in one of Mr. Trump’s crypto ventures.

“Have Dinner with President Trump and the $TRUMP Community!” the invitation said. “Let the President know how many $TRUMP coins YOU own!”

For months, Mr. Trump’s forays into crypto have created ethical conflicts with little precedent in presidential history. As he markets digital currencies to the public, Mr. Trump has also appointed regulators who are scaling back crypto enforcement and called for legislation that would boost the industry’s prospects in the United States.

As news of the dinner invitation spread on social media, the memecoin’s price surged more than 60 percent, suggesting that investors were rushing to accumulate enough coins to qualify for a dinner seat.

“This is really incredible,” said Corey Frayer, who oversaw crypto policy for the Securities and Exchange Commission during the Biden administration. “They are making the pay-to-play deal explicit.”

A business entity linked to Mr. Trump owns a large tranche of the coins, meaning the president personally profits every time the price increases, at least on paper. Mr. Trump and his business partners also collect fees when the coins are traded, a windfall that amounted to nearly $100 million in the weeks after the coin debuted in January.

Victoria Haneman, a law professor at Creighton University, said the offering raised concerns about the ways Mr. Trump and his businesses “may maneuver to profit off the presidency.”

Early this year, the S.E.C. issued official guidance saying memecoins, a type of cryptocurrency based on an online joke or celebrity mascot, will not be subject to oversight by the agency. Crypto skeptics criticized the policy as a risky move that could open the door to rampant fraud by memecoin promoters.

As president, Mr. Trump has broad immunity from laws governing conflicts of interest, a loophole he has pointed out in the past. Representatives for the White House did not immediately respond to requests for comment. Mr. Trump’s son Eric, who helps run the Trump Organization, a sponsor of the $TRUMP coin, declined to comment.

Once a cryptocurrency skeptic, Mr. Trump embraced digital currencies on the campaign trail last year, as crypto companies poured tens of millions of dollars into the 2024 election.

In the fall, Mr. Trump and his sons, Donald Jr., Eric and Barron, said they were starting a company, World Liberty Financial, that offered a digital currency called WLFI. So far, $550 million of those coins have been sold, according to the company.

Not long after, Mr. Trump’s social media firm, Trump Media & Technology Group, moved to offer crypto-related financial products to amateur investors and announced a partnership with Crypto.com, a digital trading platform.

But Mr. Trump’s memecoin venture has generated the most attention.

Just three days before the inauguration, Mr. Trump posted on Truth Social, his social media site, that he was selling the coin. Sales of $TRUMP immediately spiked, making the president-elect a crypto billionaire on paper.

Memecoins tend to rise and fall quickly, and $TRUMP’s price soon cratered. Traders who had accumulated the coin suffered more than $2 billion in cumulative losses.

The dinner announcement appeared calculated to ignite more interest in the coins.

When $TRUMP went on sale in January, a large stash of the coins were allocated to the project’s backers. But rules built into the offering prevented those insiders from selling any of the coins until last week, raising fears that they would try to offload their holdings and cause $TRUMP’s price to drop further.

Instead, the price gradually climbed in the days before the invitation was released and then surged as the announcement went live.

On the memecoin’s website, the $TRUMP promoters set up a leaderboard of the coin’s biggest investors — essentially an online game allowing buyers to track their place in the rankings. Dinner invitations would go to the “top 220 average $TRUMP owners” between April 23 and May 12, the website said. The top 25 buyers would win access to a reception with Mr. Trump before the dinner and a V.I.P. tour of the White House. (At the moment, the 25th-ranked investor on the chart owns about 4,000 coins, worth roughly $54,000.)

“The more $TRUMP you hold — and the longer you hold it — the higher Your Ranking will be,” the website said.

The dinner with Mr. Trump is scheduled to take place on May 22 at the Trump National Golf Club, the website said, calling it the “Most Exclusive Once in Lifetime Invitation.”

Hundreds of colleges and universities issue letter condemning Trump’s “political interference”

Washington — Hundreds of U.S. universities and colleges, including Harvard, Princeton, Penn, Brown, MIT, Cornell and Tufts issued a joint letter Tuesday condemning President Trump’s “political interference” in the nation’s education system.

The move comes a day after Harvard University sued the Trump administration, which announced an initial funding freeze of $2.2 billion and later signaled its intention to suspend an additional $1 billion in grants. The moves came after weeks of escalation between the administration and Harvard, which had rejected the administration’s demands to change many of the school’s policies and leadership, including auditing the student body and faculty for “viewpoint diversity.”

“We speak with one voice against the unprecedented government overreach and political interference now endangering American higher education,” Tuesday’s letter read.

“We are open to constructive reform and do not oppose legitimate government oversight. However, we must oppose undue government intrusion,” it said, adding: “We must reject the coercive use of public research funding.”

Mr. Trump has sought to bring several prestigious universities to heel over claims they tolerated campus antisemitism, threatening their budgets and tax-exempt status and the enrollment of foreign students.

The letter said the universities and colleges were committed to serving as centers where “faculty, students, and staff are free to exchange ideas and opinions across a full range of viewpoints without fear of retribution, censorship, or deportation.”

“Most fundamentally,” the letter reads, “America’s colleges and universities prepare an educated citizenry to sustain our democracy.

“The price of abridging the defining freedoms of American higher education will be paid by our students and our society. On behalf of our current and future students, and all who work at and benefit from our institutions, we call for constructive engagement that improves our institutions and serves our republic.”

Mr. Trump’s confrontations with universities has seen him threaten to cut federal funding at schools beyond Harvard over their policies meant to encourage diversity among students and staff.

The president has also pursued a wide-ranging immigration crackdown that has expanded to foreign students.

The White House has publicly justified its campaign as a reaction to uncontrolled “antisemitism” and the desire to reverse diversity programs aimed at addressing historical oppression of minorities.

The administration claims protests against Israel’s war in Gaza that swept across U.S. college campuses last year were rife with antisemitism.

Many U.S. schools, including Harvard, cracked down on the protests over the allegations at the time.

Several top institutions, including Columbia University, have also bowed to demands from the Trump administration, which claims the educational elite is too progressive.

Elon Musk Backs Away From Washington, but DOGE Remains

As Elon Musk sought to reassure Wall Street analysts on Tuesday that he would soon scale back his work with the federal government, the strain of his situation was audible in his voice.

The world’s richest man said that he would continue arguing that the Trump administration should lower tariffs it has imposed on countries across the world. But he acknowledged in a subdued voice that whether President Trump “will listen to my advice is up to him.”

He was not quite chastened, but it was a different Mr. Musk than a couple months ago, when the billionaire, at the peak of his power, brandished a chain saw onstage at a pro-Trump conference to dramatize his role as a government slasher.

Back then, Mr. Musk was inarguably a force in Washington, driving radical change across the government. To the president, he was a genius; to Democrats, he was Mr. Trump’s “unelected co-president”; to several cabinet secretaries, he was a menace; and to G.O.P. lawmakers, he was the source of anguished calls from constituents whose services and jobs were threatened by cuts from his Department of Government Efficiency.

As Mr. Musk moves to spend less time in Washington, it is unclear whether his audacious plan to overhaul the federal bureaucracy will have lasting power. The endeavor has already left an immense imprint on the government, and Mr. Musk has told associates that he believes he has put in place the structure to make DOGE a success. But he has still not come close to cutting the $1 trillion he vowed to find in waste, fraud and abuse.

Mr. Trump has constrained some of Mr. Musk’s influence over the past two months, telling cabinet secretaries that they were in charge of their own agencies. But the president also told the secretaries to work with Mr. Musk and DOGE to cut spending. At the same time, Mr. Musk has fought publicly and privately against the president’s steep tariffs that have threatened the manufacturing and profits of Tesla, his car company.

Mr. Musk has told friends that he has been frustrated by the encounters he has had with Mr. Trump’s trade advisers, according to a person briefed on the conversations who spoke on the condition of anonymity to describe private discussions. The billionaire has tried to work behind the scenes to persuade Mr. Trump to abandon his draconian protectionist posture, according to two people with knowledge of their conversations.

The White House did not respond to a request for comment, and a spokeswoman for Mr. Musk declined to comment. On Wednesday, Mr. Trump said the billionaire “was a tremendous help, both in the campaign and in what he’s done with DOGE.”

“He was always at this time going to ease out,” the president told reporters in the Oval Office.

Shaun Maguire, one of Mr. Musk’s closest friends and an adviser to DOGE officials, said that he was confident the endeavor would thrive without Mr. Musk’s full-time involvement. He compared DOGE to a Falcon 9 rocket — an initial thrust of energy powers the rocket even after it has separated from its engines.

“At this point, a rocket is only a couple hundred kilometers from Earth, but it has escaped its gravity well and can travel far into the solar system,” Mr. Maguire said. “DOGE has escaped D.C.’s gravity well.”

Mr. Maguire, who was involved in interviews for Pentagon appointments during the presidential transition, said he believed that “history will judge DOGE very favorably, well beyond what is appreciated today.”

Mr. Musk has placed DOGE allies across the federal government, seeking to dismantle some agencies, including the U.S. Agency for International Development and the Consumer Financial Protection Bureau.

The New York Times has identified more than 60 employees hired to work for Mr. Musk’s effort, although some have since left the federal government. Many have worked with the billionaire in the private sector, including at least 20 who have ties to Mr. Musk’s companies. DOGE is led by Steve Davis, Mr. Musk’s top adviser and enforcer.

DOGE staff members have overridden the objections of career civil servants at the Social Security Administration and the Internal Revenue Service to access closely held data about immigrants. Inside a Social Security database, Mr. Musk’s team put into place a system to list living immigrants they claimed were criminals as dead, in an effort to cut them off from financial services and to force them to leave the country.

All told, DOGE has tried to gain entry to more than 80 data systems across at least 10 federal agencies, The New York Times found. Those data sets include personal information about federal workers, detailed financial data about federal procurement and spending and intimate personal details about the American public.

Some of Mr. Trump’s advisers have watched anxiously as Mr. Musk has taken risky political swings at agencies that tens of millions of Americans rely on.

At the Social Security Administration, rushed policy changes have led to panicked beneficiaries overwhelming field offices. And a return-to-office policy and layoffs of probationary employees at the Department of Veterans Affairs have imperiled the agency’s mental health care program and threatened its ability to conduct medical research.

Mr. Musk came into the Trump administration claiming he would find governmental cost savings so large that they sounded impossible to budget experts.

In February, the group posted an online “wall of receipts” that detailed the savings from thousands of canceled grants, contracts and office leases. But that site included claims that confused “billion” with “million,” double- or triple-counted the same cancellations and even took credit for canceling programs that ended when George W. Bush was president.

Earlier this month, at a cabinet meeting, Mr. Musk said he had so far cut $150 billion from next year’s federal budget — far less than the $1 trillion he claimed he would extract.

DOGE has triggered sharp cuts to the federal work force and to the budgets of some agencies. But it is difficult to gauge exactly how much it has saved, because DOGE’s public claims have been riddled with errors and guesswork that inflated its success.

Mr. Musk’s slashing of the government has been politically costly, but he remains in good standing with the president, according to people familiar with Mr. Trump’s views.

While some of Mr. Trump’s close aides and advisers have argued with Mr. Musk, the president still praises him at nearly every opportunity, and still invites him to hang out at his clubs and to bring along his children.

Mr. Trump has told advisers that Mr. Musk put it all on the line for him. And he feels bad about what he calls left-wing “lunatics” attacking Tesla dealerships to protest Mr. Musk’s role in the Trump administration. Mr. Trump also respects the power of Mr. Musk’s social media platform, X, even as the president retains a commercial interest in Truth Social, his own platform.

In private, Mr. Trump has occasionally indicated to associates that it might be time for Mr. Musk to move on and spend more time with his companies. But the president is unlikely to ever pressure Mr. Musk to leave, or do anything deliberate to alienate him. He remains grateful for the hundreds of millions of dollars that Mr. Musk spent to elect him in 2024, and mindful of the additional $100 million that Mr. Musk has pledged to Mr. Trump’s political operation, the associates note.

Mr. Musk is now a financial cornerstone of the Republican Party, and will keep immense influence as long as he wants to stay involved in politics.

Still, Mr. Trump has recognized problems that Mr. Musk has caused, such as a plan for him to get briefed at the Pentagon on sensitive national security matters related to China — something even the president described privately as a conflict of interest and a meeting he was not told about in advance, according to people familiar with what took place. When Mr. Trump learned of that potential session from news reports, it was the first time people close to the president could remember him expressing displeasure with Mr. Musk.

Mr. Trump has also acknowledged to advisers that Mr. Musk has stumbled as a political force — most notably with his costly long-shot effort to flip a Wisconsin Supreme Court seat. Mr. Trump, a student of public opinion, has paid attention to the billionaire’s standing in opinion polls, watchful for any signs that Mr. Musk’s deep unpopularity might transfer.

But people close to Mr. Trump have also said that Mr. Musk has been helpful as a “heat shield,” absorbing unrelenting attacks that would otherwise be aimed at the president.

On Tuesday, Mr. Musk told analysts that he planned to dial back his government work to “a day or two per week” to turn his attention back to his companies. Administration officials with knowledge of Mr. Musk’s schedule said that they have already noticed he has reduced the amount of time he spends in Washington.

By dialing back the number of days he spends working for the White House, Mr. Musk can also potentially stretch out the 130 days he is allotted as a “special government employee.”

Zach Montague, Emily Badger, Wilson Andrews and Alexandra Berzon contributed reporting.