• In today’s CEO Daily: Diane Brady breaks down Netflix’s blockbuster deal for Warner Bros. Discovery. • The big story: China’s trade surplus surpasses $1 trillion. • The markets: Mixed, with U.S. futures edging up. • Plus: All the news and watercooler chat from Fortune.

Good morning. There’s a lot of debate over last week’s surprise announcement that Netflix struck an $83 billion deal to acquire Warner Bros. Discovery. President Donald Trump said Sunday that their combined market share “could be a problem,” and the deal will face international scrutiny, too. Some takeaways so far:

Warner Bros. held out for a bigger shared win. An insider told me that Warner Bros. chief David Zaslav was not eager to partner with Paramount Skydance because of financing, the price, and the fact that

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