Good morning. Financial institutions were betting a new national beneficial ownership database would help make their jobs a little easier. But with recent enforcement curbs, they are becoming increasingly skeptical, reports Risk Journal’s Mengqi Sun.

• The change: The Financial Crimes Enforcement Network on March 21 officially announced only foreign entities and their foreign owners would need to file ownership reports under the Corporate Transparency Act, exempting all U.S. entities and U.S. owners from the requirement.
   
• The impact: The news is disappointing to financial institutions that hoped the registry could help pull back the curtain on owners of shell companies and further anti-money-laundering compliance efforts, industry experts said. 
   
• Not a done deal? Some banking groups, however, aren’t convinced a broader U.S. national beneficial ownership database is dead yet, as they work on submitting comment letters that may push the Trump administration to require more American entities to report ownership information and make the registry more useful.

Trump grants 75-day extension to reach TikTok deal.

President Trump is giving more time for investors to attempt to pull off a highly complex deal to operate TikTok in the U.S., sparing the Chinese-owned social-video app from a national ban.

Pushing out the deadline. Trump—alluding to Chinese frustration over his tariffs—on Friday signed an executive order granting a 75-day extension to work out details of a potential deal. He had faced a Saturday deadline to act, having previously suspended enforcement of a 2024 law calling for TikTok to be sold or shut down in the U.S.

Americans concerned about lax AI regulation.

Most Americans worry the federal government and industry will fail to effectively control artificial intelligence, according to findings of a Pew Research Center survey.

Nearly two-thirds of U.S. adults and 53% of AI experts said they aren’t confident the government will do an effective job regulating AI, according to the survey report Pew released Thursday. The nonpartisan think tank surveyed more than 5,000 adults and another 1,000 experts to gauge their views on the burgeoning tech sector.

A majority of Americans also don’t trust companies to do the job of regulating AI: 59% of the public and 55% of experts have little or no confidence U.S. companies will develop and use AI properly.

• The U.K. has largely pursued a sanctions policy in line with Europe and the U.S., but President Trump could fracture that common front with a possible easing of restrictions on Russia, creating compliance complications for businesses with large global footprints.
   
• Kirkland & Ellis, the largest U.S. law firm by revenue, is in talks with the White House to avoid an executive order similar to those levied against several of its rivals, according to people familiar with the matter.
   
• The U.K.’s Office of Financial Sanctions Implementation has published a threat assessment for the legal services sector, highlighting key risks and compliance challenges facing the industry, with a particular focus on Russian sanctions evasion schemes.
   
• China warned it will “take necessary measures” to counter the Japanese government’s recent announcement of export controls on more than a dozen semiconductor-related items.
   
• The European Commission conditionally approved French aerospace supplier Safran’s planned purchase of a part of Collins Aerospace’s business, clearing a key regulatory hurdle for the deal to progress.
   
• Switzerland has amended its ordinance on measures against Iran in response to Tehran’s continued military support for Russia’s war in Ukraine, the Swiss Federal Council announced.
   
• Paramount Group, a big New York City and San Francisco office landlord, made at least $4 million in previously undisclosed payments for its CEO’s personal expenses and business interests, according to recent securities filings. 

In matter of days, outlook shifts from solid growth to recession risk.

The stock market went off a cliff last week after President Trump announced the highest tariffs in more than a century, vaporizing more than $6 trillion of wealth in two days.

Whether the real economy will follow is impossible to know. But the risks are tilting in that direction. In a note titled “There Will Be Blood,” JPMorgan’s head of economic research, Bruce Kasman, raised the probability of a global recession to 60% from 40%. 

• Jamie Dimon Warns Tariffs Will Raise Prices, Slow Growth
• Tariffs Will Disrupt Corporate Profits and Supply Chains, McKinsey CFO Says
• The Big Losers in Trump’s Tariff Chaos—and a Couple of Survivors
• Surging Costs Complicate Plans for New U.S. Factories
• The First Victim of Trump’s Trade War: Michigan’s Economy
• Trump Promised to Lower Energy Prices—but It Wasn’t Supposed to Be Like This
• How Global Trade Could Survive Trump’s Tariffs
• What Lies Ahead for the U.S. Economy? Brexit Offers Clues

China wanted to negotiate with Trump. Now it’s arming for another trade war.

Beijing spent the first months of President Trump’s second term trying—and failing—to figure out the new administration’s approach to China. Officials hoping to build lines of communication with Washington had no luck.

With Trump’s latest tariff action, the magnitude of his trade assault hit home and Beijing’s hope for dialogue melted into frustration and anger. On Friday, Beijing matched Trump’s 34% additional tariffs and for the first time it hit all U.S. products, no exceptions. It also restricted exports of certain rare-earth minerals, added U.S. companies to trade blacklists and aimed an antitrust probe at the China operations of U.S. chemicals and materials company DuPont.

• Trump’s Trade Broadside Puts Chinese Economy Under Heavy Pressure
• Semiconductor Sector Under Pressure After China Counters in Trump’s Tariff War
• Tariffs Are Bad for Europe. Drawing Closer to China Isn’t a Magic Bullet.

• Employers added jobs in March at a much stronger pace than expected, a sign that the labor market remained solid despite economic uncertainty, government layoffs and market turbulence.
   
• President Trump is pressing for access to mineral rights across the globe, hoping to outduel China in a global competition for raw materials to fuel U.S. military and industrial might.
   
• The U.S. is pressing to hold direct nuclear talks with Iran, U.S. officials say, as the Trump administration seeks an ambitious goal: dismantling Tehran’s nuclear program.
   
• Secretary of State Marco Rubio said he told a top Kremlin envoy visiting the U.S. that Russia needs to clarify whether it is committed to peace in Ukraine and that the White House expects an answer soon.
   
• Campus recruiting is the newest front in the Trump-induced turmoil at some of the country’s most prominent law firms.
   
• Investor sentiment for the eurozone has plummeted after U.S. President Trump’s tariff announcement and ensuing market turmoil, according to a monthly sentiment survey published Monday.
   
• Industrial production in Germany fell back into contraction in February, reflecting the persistent weakness of the sector even before President Trump’s tariff measures imposed last week.
   
• The events that triggered Friday’s ouster of South Korea’s president split the nation and paralyzed state affairs—while delivering a jackpot of military secrets to the country’s archnemesis: North Korean leader Kim Jong Un.

• In the months since Trump took office, Musk has retained his status as among the most influential advisers in Trump’s White House—producing shock-and-awe, for a shock-and-awe president—and using his unpaid perch to reshape the federal bureaucracy, punish critics and serve as a key interlocutor to Trump.
   
• France's Marine Le Pen was at the heart of a system to create phony contracts directing millions in EU funding to her inner circle and party officials.
   
• President Trump has pushed to expand the powers of the presidency as he carries out his bold agenda of budget cuts and deportations. A new Wall Street Journal poll finds that voters want Congress and the courts to put some limits on his authority.
   
• Trump’s tariff plan threatens to upend one of modern history’s great comeback stories: the rehabilitation of the U.S.-Vietnam relationship after the Vietnam War, which ended 50 years ago this month.
   
• In an Alaskan region dependent on cross-border trade with Canada, neighbors are working to overcome an ugly international standoff: "It is one divorce you can’t have."

Follow us on X at @WSJRisk. Send tips to our reporters Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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