Good Monday morning and happy August eve. JAMES A. BAKER’S ADVICE for White House chiefs of staff, in Peter Baker’s story on John Kelly’s first day: “You can focus on the ‘chief,’ or you can focus on the ‘of staff.’ Those who have focused on the ‘of staff’ have done pretty well.” http://nyti.ms/2va15wF
SPOTTED at Politicon in L.A.: Rep. Brad Sherman (D-Calif.) — the author of articles to impeach Donald Trump — chatting with Trump allies Roger Stone and Robert Davi in the green room in Pasadena Saturday. Pic http://bit.ly/2veEzT3
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WAPO’S CAROL MORELLO — TENSIONS FLARING — “In a sign that tensions are spiraling upward rapidly, the United States flew two supersonic B-1 bombers over the Korean Peninsula as part of a joint exercise with Japan and South Korea. And U.S. forces conducted a successful missile defense test over the Pacific Ocean, sending aloft from Alaska a medium-range ballistic missile that it detected, tracked and intercepted using the Terminal High Altitude Area Defense System.” http://wapo.st/2hfyNvi
— THE BIG PICTURE: The United States is at a standoff with Russia, as Moscow just expelled hundreds of diplomats in response to U.S. sanctions. More from the AP here http://bit.ly/2uMA7ul North Korea is flexing its military muscle. The world is a tricky place.
— TRUMP talked to Japanese PM Shinzo Abe. http://reut.rs/2wdpiiB
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NYT’S DAVID SANGER on A5 — “Putin’s Bet on a Trump Presidency Backfires Spectacularly”: “A little more than a year after the Russian effort to interfere in the American presidential election came to light, the diplomatic fallout — an unraveling of the relationship between Moscow and Washington on a scale not seen in decades — is taking its toll.
“President Vladimir V. Putin bet that Donald J. Trump, who had spoken fondly of Russia and its authoritarian leader for years, would treat his nation as Mr. Putin has longed to have it treated by the West. That is, as the superpower it once was, or at least a major force to be reckoned with, from Syria to Europe, and boasting a military revived after two decades of neglect. That bet has now backfired, spectacularly. If the sanctions overwhelmingly passed by Congress last week sent any message to Moscow, it was that Mr. Trump’s hands are now tied in dealing with Moscow, probably for years to come. …
“[I]t is unclear how much the announcement will affect day-to-day relations. While the Russian news media said 755 diplomats would be barred from working, and presumably expelled, there do not appear to be anything close to 755 American diplomats working in Russia.” http://nyti.ms/2uPF2Jh
— ASHLEY PARKER in Tallinn, Estonia, with VP Mike Pence: “Vice President Pence touched down in Estonia on Sunday… and said he came bearing a message from the president: ‘Russia’s destabilizing activities, its support for rogue regimes, its activities in Ukraine, are unacceptable.’ …
“[P]ence reaffirmed the president’s decision to sign the sanctions bill but also held out the possibility that the implementation of the penalties … might actually improve relations between the two countries, saying he and Trump ‘expect Russian behavior to change.’ ‘The president and I remain very hopeful that we’ll see different behavior by the Russian government, with regard to Ukraine, with regard to supporting rogue regimes in Iran and North Korea,’ Pence said. ‘We continue to believe that if Russia will change its behavior, our relationship can change for the good and improve for the interests in both of our countries and the interest of peace and stability in this region and around the world.’” http://wapo.st/2vXItOm
ANOTHER BIG SUSAN GLASSER GET — INTERVIEW WITH LEBANESE PM SAAD HARIRI — “Why the Middle East Hated Obama But Loves Trump” — “The tone was measured, but taken together his comments amount to a striking and stark indictment of Obama and much recent U.S. policy in the Middle East. ‘The unfortunate consequence of not acting’ there, Hariri argues, has been Russia’s restoration as a regional heavyweight, the resurrection of Bashar al-Assad’s bloody regime in Syria and the failure to produce an Israeli-Palestinian peace deal.
“‘Clarity,’ the prime minister says, and the hope for a more decisive approach is the reason why he and other Arab leaders prefer Trump, despite the bombast and uncertainty the first six months of his presidency has unleashed. Unstated, but by all accounts just as significant, is the expectation that Trump will take a more hawkish approach toward Syria’s backers in Iran, and Hariri repeatedly brought up concessions Obama made toward Tehran to get his nuclear deal as an example of how the U.S. lost its way in the region.” http://politi.co/2tQKSIW … Transcript http://politi.co/2vaA8sR
A BLINK OF BIPARTISANSHIP — THE LATEST ON HEALTH CARE — “Centrist lawmakers plot bipartisan health care stabilization bill,” by Heather Caygle and Paul Demko: “A coalition of roughly 40 House Republicans and Democrats plan to unveil a slate of Obamacare fixes Monday they hope will gain traction after the Senate’s effort to repeal the law imploded. The Problem Solvers caucus, led by Tom Reed (R-N.Y.) and Josh Gottheimer (D-N.J.), is fronting the effort to stabilize the ACA markets, according to multiple sources. But other centrist members, including Rep. Kurt Schrader (D-Ore.), and several other lawmakers from the New Democrat Coalition and the GOP’s moderate Tuesday Group are also involved.
“Their plan focuses on immediately stabilizing the insurance market and then pushing for Obamacare changes that have received bipartisan backing in the past. The most significant proposal is funding for Obamacare’s cost-sharing subsidies. Insurers rely on these payments – estimated to be $7 billion this year – to reduce out-of-pocket costs for their poorest Obamacare customers.” http://politi.co/2vdbyY7
— WILL ANYTHING COME OF THIS? We’ll see. This is just a House effort, at the moment. Senators are also in talks, and discussing options with the White House. Therein lies the problem: there is lots of talk, and much of it uncoordinated. But it shows that there is interest on both sides of the aisle in getting something done on health care. The problem, though, is conservative Republicans want the law gutted. But if enough middle-of-the-road lawmakers band together for changes, it could marginalize the wings.
ALEX ISENSTADT on MCCONNELL’S LATEST FIGHT — “McConnell wages war down South: The Senate leader is being pilloried in an Alabama special election as the hated symbol of the establishment — and he’s responding in force,”: “The Republican leader is aiming to thwart Rep. Mo Brooks and former state Supreme Court Chief Justice Roy Moore in a special election in Alabama next month. Both men are campaigning against McConnell as a despised symbol of the establishment — and both would exacerbate his already stiff challenge wrangling his GOP conference. McConnell is responding in kind.
“His super PAC is set to spend much as $8 million to boost his favored candidate, recently-appointed Republican Sen. Luther Strange. McConnell has activated his sprawling donor network and pressed the White House for more resources. And the [NRSC], the Senate GOP campaign arm which McConnell controls, has warned consultants they’ll be cut off from future work if they assist Strange’s opponents.” http://politi.co/2f0zIPm
****** A message from Morgan Stanley: The Path After Paris: President Trump moved to pull the U.S. out of the Paris Agreement. Now what? Read more. ******
JARED AND IVANKA SCORECARD — “Ivanka and Jared find their limits in Trump’s White House,” by Annie Karni and Eliana Johnson: “[I]f Ivanka Trump and Kushner, socially liberal former Democratic donors, remain influential voices with Trump on personnel decisions, they have so far had little effect on his policies. Last week they were blindsided by the president’s tweet saying he planned to ban transgender people from serving in the military, according to several White House aides, a major coup for conservatives who had been quietly lobbying the administration on the issue for months. … Ivanka Trump … learned of the decision when she saw her father’s tweet on her phone. …
“Meanwhile, she desperately wants to lower expectations of what she can achieve in an administration where she views herself as one person on a large team — even though other White House officials said she still has access to the president whenever she desires it. … Ivanka Trump is aware she needs a real win — not just starting a conversation about paid family leave that may or may not materialize in a final budget — to win back credibility.” http://politi.co/2hePsiB
THE BACKSTORY — “For Trump and Sessions, a warm beginning turned into an icy standoff,” by WaPo’s Sari Horwitz and Bob Costa: “One recent evening, Sessions and his wife, Mary, went to dinner at the Capitol Hill townhouse of his old friend Sen. John Cornyn (R-Tex.). Over pork brisket and banana pudding, Sessions and his wife chatted with Cornyn and his wife, Sandy, about their families and mutual friends.
“But when Cornyn asked the attorney general about his new job as the nation’s top law enforcement official, his friend seemed a little dispirited. ‘He came into the office with a clear agenda and ideas about what he wanted to do as attorney general,’ Cornyn said in an interview. ‘There’s a lot of work to do, and there’s not a lot of support there for him yet. He expressed his frustration with being distracted from that mission that he had so clearly in mind.’
“People close to Sessions say he has been hurt by the president’s barbs and cold shoulder but is hoping the storm will pass. Trump’s clash with Sessions mirrors bitter fights he has had with executives at the Trump Organization, according to veteran Trump watchers. … Since March, Sessions has been trying to ‘compartmentalize’ the tension with the president, one person close to the attorney general said. He comes to work at 6 a.m. and works late, methodically moving forward with his conservative agenda to crack down on illegal immigration, provide more support to state and local law enforcement, and overhaul the criminal justice policies of the Obama administration.” http://wapo.st/2vkkWKl
THE LONG WAR — “White House Looks at Scaling Back U.S. Military Presence in Afghanistan,” by WSJ’s Dion Nissenbaum: “President Donald Trump’s reservations about sending more troops to Afghanistan have triggered a new exploration of an option long considered unlikely: withdrawal. Unable to agree on a plan to send up to 3,900 more American forces to help turn back Taliban advances in Afghanistan, the White House is taking a new look at what would happen if the U.S. decided to scale back its military presence instead, according to current and former Trump administration officials. ‘It’s a macro question as to whether the U.S., this administration, and this president are committed to staying,’ one senior administration official said. ‘It doesn’t work unless we are there for a long time, and if we don’t have the appetite to be there a long time, we should just leave. It’s an unanswered question.’” http://on.wsj.com/2wcBYX4
COMING ATTRACTIONS — “Trump plan on China may come as soon as this week,” by Andrew Restuccia and Josh Dawsey: “President Donald Trump’s top advisers are huddling behind the scenes in a bid to craft a set of economic measures meant to punish China, two administration officials told POLITICO. Trump’s aides met over the weekend and will continue the discussions on Monday, with a final decision expected as soon as this week, the officials said. They said there are a range of options on the table, including trade restrictions. Other possibilities include economic sanctions. But the officials said it’s too early to say what the president might decide.” http://politi.co/2heDKEC
BUSINESS DOUBLING DOWN — “Major GOP-aligned group pledges to spend millions on tax reform fight,” by McClatchy’s Katie Glueck: “Republican lawmakers, bruised by a failed effort to repeal and replace Obamacare, are now turning their focus to tax reform, and they’ll be getting a multi-million dollar boost from American Action Network, a major outside group aligned with House leadership. The organization expects to spend as much as $20 million on a pro-tax reform effort dubbed the ‘Middle Class Growth Initiative,’ AAN told McClatchy. … As part of the effort, AAN is pledging to spend $5 million in August alone, and is kicking off the initiative with a $1 million member-specific radio ad buy slated to run in 34 congressional districts … Kevin Madden … is coming on board as an adviser to the effort.” http://bit.ly/2vjYIrN
TRUMP’S MONDAY — TRUMP will participate in the swearing in of John Kelly before leading a Cabinet meeting. Trump will then meet with U.S. Ambassador to Israel David Friedman, followed by a meeting with Secretary of State Rex Tillerson. Trump is presenting a medal of honor in the afternoon.
— A WHITE HOUSE OFFICIAL tells us that Friedman is also meeting today with Jared Kushner and Jason Greenblatt.
FIRST IN PLAYBOOK – Qatar will pay Nelson Mullins $100,000 per month for three months as the country ramps up its K Street presence, according to a draft FARA filing obtained by Playbook. Qatar is facing a blockade from Gulf states and Saudi Arabia. Robert Crowe, Vinoda Basnayake, and Christopher Cushing will be representing Qatar. Nelson Mullins has lobbied for the families of 9/11 victims suing the Saudi government, Iranian hostages and victims of the 2008 Mumbai attacks.
THE JUICE …
— THE NATIONAL DEMOCRATIC REDISTRICTING COMMITTEE — backed by former President Barack Obama and chaired by former Attorney General Eric Holder raised $10.9 million in its first six months, reports Isaac Dovere. “Mega-donors were key: Chicago’s Fred Eychaner and Florida’s Donald Sussman gave $500,000 each, while Jon Stryker gave $200,000. Director J.J. Abrams and his wife, actress Katie McGrath, gave $125,000 each.” http://politi.co/2ubPwkc
— FORMER SPEAKER JOHN BOEHNER’S PAC gave the NRCC and Team Ryan $15,000 each on May 31, according to a recently released campaign finance report.
–“Senate GOP outside groups raised $17M in first half of 2017,” by Kevin Robillard: “Senate Leadership Fund, a super PAC which regularly launches blistering attacks on Democrats in television and digital ads, raised $8.2 million and had $9.6 million on hand as of June 30. One Nation, which promotes GOP policies and Republican senators who back them, raised $8.7 million and had $7 million in its bank account.” For Pro subscribers http://politico.pro/2tVGZXz
— RYAN LIZZA’S interview with Anthony Scaramucci last week has had 4.4 million unique visitors, making it newyorker.com’s most-read piece of 2017 so far, according to the magazine. The piece (http://bit.ly/2h75I58) got 1.7 million mentions on social-media platforms, and since the story was published, the magazine has seen a 92% increase in the July daily average of new subscriptions.
— HOT VIDEO — Josh Billinson (@jbillinson): “Chris Christie got in a Cub’s fans face at Miller Park in Milwaukee today” http://bit.ly/2uaF6S2
TOP TALKER — JAMES WARREN in Vanity Fair’s September issue, “Is the New York Times vs. the Washington Post the Last Great Newspaper War?”: “To hear Elisabeth Bumiller tell it, her work life today is more intense than when she covered the White House on 9/11 and after, or when she covered the war in Afghanistan. Today she is the Washington-bureau chief of the Times. ‘There’s a relentlessness to it that’s new,’ she told me. There’s the need to match competitors quickly; the incessant ‘breaking news’ claims of cable TV; and, needless to say, the behavior of the president himself …
“The Times today has 1,350 editorial employees, or about 600 more than the Post. It has more than 30 international bureaus and 75 overseas correspondents. Ironically, in terms of information, it’s a little like Amazon, trying to be an all-purpose department store in an age of specialization. ‘No news organization has the breadth of The New York Times,’ [Dean] Baquet observed. That said, ‘we worry deeply about the Post on national security and politics, worry about The Wall Street Journal on Uber, and worry about The New York Review of Books on books and culture.’” http://bit.ly/2vaU9zs
MOLLY BALL in TheAtlantic.com, “The Final Humiliation of Reince Priebus: Like his party, the former White House chief of staff swallowed his principles in the name of power. He was repaid in savage indignity”: “Six years ago, a humble party hack from Kenosha, Wisconsin, took on the thankless job of turning around the Republican Party. As he exits the White House—battered, bruised, and humiliated—Reince Priebus argues he accomplished just what he set out to do. ‘We won,’ Priebus told me in an interview. Calling from the golf course on Sunday afternoon, he sounded both defiant and relieved. …
“Priebus’s critics view him as the man who sold his party out to Donald Trump. … His story, in a way, is the story of the Republican Party itself: His initial wariness of Trump gave way to capitulation and then enabling. He swallowed his private qualms for the sake of the team, until his turn to be the victim of Trump’s pageant of dominance finally came—publicly disgraced, dismissed in a tweet. …
“Ironically, Priebus’s own career in national politics began with an act of disloyalty. In 2011, he won the RNC chair by running against his own boss, then-chairman Michael Steele. … Steele knew he would have challengers when he sought another term as chairman—but he didn’t expect a challenge from Priebus, his general counsel, whom he considered a teammate. ‘This is the bed Reince has been making for himself since he was my general counsel,’ Steele told me. ‘He’s a guy who’s always positioning himself for the next thing. Karma’s a bitch, ain’t it?’” http://theatln.tc/2wcUdLQ
TIM ALBERTA in POLITICO Magazine, “Without Priebus, Trump Is a Man Without a Party: By ousting Reince Priebus, the president is severing one of his few remaining ties to the GOP”: “Trump has, since taking office, consistently referred to Republicans as though he is not one himself—it’s invariably ‘they’ or ‘them.’ Unlike past presidents of his party, Trump entered the White House with few personal relationships with prominent Republicans: donors, lobbyists, party activists, politicians. This liberated him to say whatever he pleased as a candidate, and, by firing Priebus, Trump might feel similarly liberated.
“The fear now, among Republicans in his administration and on Capitol Hill, is that Trump will turn against the party, waging rhetorical warfare against a straw-man GOP whom he blames for the legislative failures and swamp-stained inertia that has bedeviled his young presidency. It would represent a new, harsher type of triangulation, turning his base against the politicians of his own party that they elected.” http://politi.co/2vdfyrE
RYAN ZINKE PROFILE — ELAINA PLOTT’s debut in GQ – “Ryan Zinke, Trump’s Cowboy Enforcer, Is Ready for His Closeup”: Zinke on challenges in the White House: “Operating a business sometimes is a little different from operating in the Oval Office. [In business], it’s just ‘All right, you’re hired.’ But I think the White House is running into the swamp … there’s a bureaucracy there that’s very difficult to determine.” … On navigating Trump’s White House: “Obviously the White House is getting its legs under it, but early on it was a bit of a pain. They were getting in other people’s business a little bit too much.”
— On how Zinke got his appointment: “Zinke was Donny Jr.’s pick,” Roger Stone says. “I don’t think Trump even knew who he was.” http://bit.ly/2tV9wMV
THE TRUMP ADMINISTRATION — “At EPA museum, history might be in for a change,” by WaPo’s Juliet Eilperin and Brady Dennis: “In an obscure corner of the Ronald Reagan International Trade Building, a debate is underway about how to tell the story of the EPA’s history and mission. … [T]he museum, which opened just days before President Barack Obama left office, is being reworked to reflect the priorities of the Trump administration, an effort that probably will mean erasing part of the agency’s history. … On a tour of the exhibit Thursday, a career official said that these climate displays are slated to be removed, adding that the agency may add a display of coal to the museum.” http://wapo.st/2uaEUlM
****** A message from Morgan Stanley: Now that President Trump has announced his intention to withdraw the U.S. from the 2015 Paris Agreement, what does it mean for the stated goals of the accord, and what might be the impact on markets and investors? Read more from Morgan Stanley. ******
DEEP DIVE — BENJAMIN WALLACE-WELLS in The New Yorker, “The Dream Deferred: Bernie Sanders’s not-quite-finished campaign”: “Since the election, he has staged events in Michigan, Mississippi, Maine, West Virginia, Arizona, Nevada, Ohio, Kentucky, Wisconsin, Pennsylvania, Montana, Florida, Iowa, Maryland, and Illinois. At every one, he speaks about the suffering of smalltown Americans, and his belief that the Democrats can help them. … Hillary Clinton’s loss gave his efforts a new urgency. The electoral map, with its imposing swaths of red, pointed to a crisis confronting American liberalism. Donald Trump may have lost the popular vote, but, as he likes to point out, he won 2,626 counties to Clinton’s four hundred and eighty-seven.” http://bit.ly/2uOTD7L
WEST COAST WATCH — “These political newbies are stepping up to run for Congress, and many say it’s because of Trump,” by L.A. Times’ Christine Mai-Duc: http://lat.ms/2wd79Bp
MEDIWATCH — WHAT DAVID RHODES IS READING — “New CBS newsmagazine promises immersive storytelling,” by AP’s David Bauder: “‘CBSN: On Assignment’ airs the first of four summer episodes Monday at 10 p.m. EDT, a day after NBC’s ‘Sunday Night with Megyn Kelly’ has its last show until next spring. The CBS series promises no host, no celebrity interviews and a storytelling style that will be familiar to young fans of Vice and John Oliver. Its first episode includes stories on foreign workers building American auto plants, the recruitment of children as Islamic State fighters and innovative uses of robots in Japan. The idea is to give broadcast exposure to the more immersive storytelling used on CBSN, said Mosheh Oinounou, the series’ executive producer.” http://bit.ly/2tPYq7s
— CBS News White House reporter Jackie Alemany has been named a 2017 International Women’s Media Foundation fellow. She is traveling to Tanzania next week as part of their African Great Lakes Reporting Initiative, to report on under-covered issues facing the region.
–T.R.L. is coming back to MTV, per the New York Times. http://nyti.ms/2vXoAqH
SPOTTED: Sen. Sheldon Whitehouse (D-R.I.) eating dinner at Castle Hill Inn in Newport, Rhode Island last night … Chief Justice John Roberts at DCA late Sunday afternoon.
TRANSITIONS — NARAL Pro Choice America has expanded its communications team and hired Amanda Thayer as press secretary and Maya Hixson as senior communications manager. Thayer previously worked at Global Strategy Group and Hixson has worked on congressional races in New Jersey and Florida.
–FIRST IN PLAYBOOK: Zac Petkanas, former director of rapid response for the Clinton campaign, launched Defend the Republic, “a new messaging and strategic communications project focused on the … Russian collusion investigation and scandal.”
WELCOME TO THE WORLD – Levi Russell, VP of public affairs at Americans for Prosperity, and Laura Russell, e-commerce sales manager at E. & J. Gallo Winery, on Saturday welcomed Afton Jacobi Russell, born at 4lbs 1oz, 18 inches long. “Afton made her appearance a little early at only 34 weeks, so she’ll be spending some time in NICU before she’s ready to take on the world. Mama and baby girl are healthy and we’re feeling incredibly blessed.” Pics http://bit.ly/2uaWohD … http://bit.ly/2vdAUow … http://bit.ly/2hfjrXJ
BIRTHDAY OF THE DAY: Mark Cuban is 59. The books he’s reading these days: “‘The True Believer: Thoughts on the Nature of Mass Movements,’ by Eric Hoffer. ‘Machine Learning for Dummies,’ by John Paul Mueller and Luca Massaron. ‘The White Working Class: Overcoming Class Cluelessness in America,’ by Joan Williams. ‘Mr. Putin: Operative in the Kremlin,’ by Fiona Hill and Clifford G. Gaddy. I’m trying to keep up with what’s happening around the world. So my reading has been a little more eclectic than past summers.” Read his Playbook Plus Q&A: http://politi.co/2uPRcSo
BIRTHDAYS: Bill Bennett is 74 … libertarian VP nominee and former Mass. Gov. William Weld is 72 … former Mass. Gov. Deval Patrick is 61 … Rep. Joe Wilson (R-S.C.) is 7-0 … Bob Tai of Meiwah … Politico’s Bill Duryea and Walter Dantzlerward … Nelson Garcia … Katie Longo, senior director of gov’t affairs comms for American Hotel and Lodging Association … Kouri C. Marshall … Jessica Lautz … John Parks, celebrating with Maggie and Bailey (h/t Jon Haber) … FDA alum Audrey Sheppard … Tiffany Shackleford … former congressional candidate Sean Eldridge is 31 … Cory Bythrow … Elizabeth Wurtzel … Micah Levi Spangler … Dan Schnur, director of the Jesse M. Unruh Institute of Politics at USC … Ben Ostrower … Time alum Sam Frizell, who’s heading to Yale Law School, is 26 … Dale Emmons … Sara Steele … Danielle Meister Cohen, senior manager of corporate comms at Samsung Electronics America …
… former Rep. Adam Putnam (R-Fla.), the Sunshine State’s agriculture commissioner now running for Florida governor, is 44 (h/t Miguel Solis, filing from Berlin) … Terry Schilling … Elena Becatoros, AP bureau chief for southeast Europe … Matthew Ballard, senior associate at Glen Echo Group … John Weber is 22 … Maryam Rashid … CJ Pearson … WNYC’s Yasmeen Khan … attorney Ron Kuby … Todd Novascone, principal at Ogilvy GR, is 45 … Rachel Wilensky … Lauren Russell … Royce Reding… Walter Cross … Elizabeth Montgomery Schneider MacTaggart … Dan McFaul is 46 … Ed Laskowski … Michael Gerard Nixon is 58 … Kevin Latek … Cara ‘Stein’ Rinkoff … Denis Dison is 5-0 … Anne Dimmette Bell … Marjorie Clifton … Richard Rosenstein … Zoé Reyners … Jay Dunn … Margi Weiss … David Goldenberg (h/ts Teresa Vilmain)
****** A message from Morgan Stanley: What’s the real impact of President Trump’s move to pull the U.S. out of the global accords to combat climate change? Current country commitments are insufficient to hold global warming to under 2° Celsius from preindustrial levels, the stated goal of the accords, so little changes in the immediate future. Meanwhile, countries abroad in Europe and China have doubled down on their investments to combat climate change. Trump’s decision diverges from what many companies and investors have been signaling lately, and Morgan Stanley’s view is that most sectors are currently driven by economics and technology rather than policy. Read more from Morgan Stanley. ******
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