The next reality show? Donald Trump is taking a big gamble in agreeing to a summit with Kim Jong Un in what would be the first meeting between a sitting U.S. president and a North Korean leader. For decades, the Kim family has honed its skills in the game of nuclear chicken: push to the brink of conflict, then suddenly offer olive branches in return for economic aid. Talks invariably collapse and tensions resume. Trump can rightfully claim some credit for getting things this far. But accepting a meeting may just give Kim the recognition he craves. History is not on Trump’s side on this one. — Bloomberg Balance of Power

Most read on the terminal: Trump Hails ‘Great Progress’ with Plan to Meet Kim Jong Un (Bloomberg)
Get smart: How Trump-Kim Talks Must Overcome History of Failure (Bloomberg QuickTake)

Today’s New York Post cover.

Trade War Update: As expected, President Trump slapped a 25 percent tariff on steel imports and 10 percent on aluminum on Thursday. But he showed more leniency than initially thought. China was quick to respond: The Ministry of Commerce said in a statement Friday that China will take “strong measures’ to protect its own interests and warned the U.S. government’s actions will “seriously shake” the global trade order. Trump Launches Global Race for Exclusion from Steel Tariffs (Bloomberg)

TPP moves forward without the U.S.: The most significant trade story of the year might be happening about 5,000 miles away from Donald Trump. Revived TPP Shows Trade Will Go On Without U.S. (Bloomberg View – Daniel Moss)

China’s Climate Crackdown: China is cracking down on pollution like never before, with new green policies so hard-hitting and extensive they can be felt across the world, transforming everything from electric vehicle demand to commodities markets. China’s War on Pollution Will Change the World (Bloomberg)

Beyond Coal Campaign On Track for Big Year: From Texas to Pennsylvania to West Virginia, recent U.S. coal plant retirement announcements are part of a trend that adds up to one coal plant retirement every 16 days. The campaign, backed by more than $100 million in funding from Michael Bloomberg, is on track for the second biggest year of coal retirements ever. Coal Retirements Continue Despite Trump’s Promises (Mary Anne Hitt, Director of the Sierra Club’s Beyond Coal Campaign)

Media News:

Rupert Murdoch’s Down Under? (New York Daily News)
News Corp head Rupert Murdoch has suffered a head injury, according to a newsletter from a media gossip site, which supports multiple claims from sources that the billionaire businessman hasn’t been himself in recent months.

The U.S. version of the The Crown? Obama in Talks to Provide Shows for Netflix (New York Times)
Former President Barack Obama is in advanced negotiations with Netflix to produce a series of high-profile shows that will provide him a global platform, according to people familiar with the discussions.

TicToc (not the Kesha song): In a joint-interview, John Micklethwait and Justin Smith highlight Bloomberg’s innovations like TicToc, the modernization of the newsroom, and global reach. Bloomberg Chief Says Pendulum of Media Dominance is Swinging Away from Facebook and Google (The Drum)

Ironic Suggested Weekend Reading: For Two Months, I Got My News from Print Newspapers. Here’s What I Learned (New York Times)

Headlines from around the world.

El Pais (Spain): Spanish unions say 5.3 million observed morning strike on Women’s Day

China Daily: China firmly opposes US tariffs on steel, aluminum imports

Japan Times: Abe to visit U.S. in April to discuss North Korea with Trump

Korea Times: All eyes on PyeongChang again: 2018 Winter Paralympics kicks off

Evening Standard (UK): Brexit news: UBS poised to move hundreds of staff out of London

New York Times: It’s True: False News Spreads Faster and Wider. And Humans Are to Blame.

Best of Late Night:

“There’s more news out of the Russia investigation. For months the FBI has been questioning witnesses over the possible collusion between Trump administration and Russia, and according to a new report, Trump has been asking witnesses what questions came up in the interview. Trump is basically that kid who didn’t study for a test and is like “what did you get for number 2?….same, same..”
— James Corden

Photo of the day: It’s Friday!

TGIF! It’s been a long week for those of us at Bloomberg. Take some time to relax this weekend. See you Monday.