Good Tuesday morning. Last night, Steve Schwarzman of Blackstone shared his insights on the U.S.-China trade war — and why he’s worried about the long-term effects of it dragging on. More below. (Was this email forwarded to you? Sign up here.)

WeWork delays its public debut

The co-working company has signaled that it is delaying its initial public offering by at least a month. It’s the latest blow to the one-time darling of the start-up scene — and to SoftBank, its biggest backer.

The decision was made after investors remained cool to the I.P.O., the WSJ reports, citing unnamed sources. Recent moves by WeWork to reduce the power of its co-founder and C.E.O., Adam Neumann, haven’t been enough to overcome concerns about its business model — including its insatiable need for cash — or corporate governance.

WeWork now expects the I.P.O. to take place by the end of the year, according to a brief statement from its parent company last night. It had originally expected to start pitching the offering to investors as soon as yesterday, unnamed sources had previously told the NYT, which could have let WeWork begin trading on the public markets by the end of next week.