It took me a long time (and help from a couple of “strangers” online) to figure out how to make this work now that we have the new <.link> component, but I finally got it working, so I’m leaving the working example below:

<%= Phoenix.HTML.raw(
  gettext(
    ~s(Please review our %{terms_of_service_link} and %{privacy_policy_link}...),
    terms_of_service_link: safe_link(%{url: @terms_of_service_url, label: gettext("Terms of Service")}),
    privacy_policy_link: safe_link(%{url: @privacy_policy_url, label: gettext("Privacy Policy")})
  )
) %>

Where safe_link is defined as:

defp safe_link(assigns) do
  Phoenix.HTML.Safe.to_iodata(~H"""
  <.link href={@url} class="font-bold hover:underline" target="_blank">
    <%= @label %>
  </.link>
  """)
end

\o/

This would work (using interpolation and the raw function):

<p>
  <%= gettext("Already have an account? %{a_start}Sign in%{a_end} to continue", a_start: "<a href='/login'>", a_end: "</a>") |> raw() %>
</p>

or without interpolation with the html tags directly in the text:

<p>
  <%= gettext("Already have an account? <a href='/login'>Sign in</a> to continue") |> raw() %>
</p>

You interpolate the html tags like you would interpolate anything else and then simply pass everything that gettext spits out to raw function. This assumes that the gettext text is safe. Keep that in mind.