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Trump's motorcade in Singapore. Photo: VCG via Getty Images

The White House, saying that discussions with North Korea "have moved more quickly than expected," released an updated schedule of President Trump's summit with North Korean leader Kim Jong-un, set to kick off in just under 13 hours.

The big things: Trump and Kim will kick off the summit with a 45-minute one-on-one meeting, but things won't last long — Trump is set to leave Singapore at 8 p.m. on Tuesday, just 11 hours after the summit starts

The details:

  • 9:15 a.m. to 10:00 a.m. (9:15 p.m. to 10:00 p.m. ET): "Following the initial greeting, President Trump and Chairman Kim will participate in a one-on-one meeting, with translators only, an expanded bilateral meeting, and a working lunch."
  • 10:00 a.m. to 11:30 a.m. (10:00 p.m. to 11:30 p.m. ET): The bilateral meeting will include Secretary of State Mike Pompeo, Chief of Staff John Kelly, and National Security Advisor John Bolton.
  • 11:30 a.m. (11:30 p.m. ET) During the working lunch, Press Secretary Sarah Sanders, Ambassador Sung Kim, and National Security Council Senior Director for Asia Matt Pottinger will join.
  • 4 p.m. (4 a.m. ET) Trump will hold a press conference after the meetings and before his departure at 8 p.m. local time (8 a.m. ET) on Tuesday.

Go deeper

Dan Primack, author of Pro Rata
53 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
4 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.