Changpeng Zhao, jailed in the United States for a financial crime and pardoned by President Trump, is now living a gilded life in the United Arab Emirates.

© Laura Boushnak for The New York Times

A backlash over high prices helped Republicans capture a majority in 2024. Now, it may be the source of the party’s own undoing.

© Doug Mills/The New York Times

American capitalism may never be the same again.