Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Michael Cohen leaves the U.S. Courthouse in New York. Photo by Hector Retamal/AFP via Getty Images

Lanny Davis — a lawyer for Michael Cohen, President Trump's former lawyer and fixer — tells me that, following last night's release of a secret Trump-Cohen recording, we'll soon learn more "about what Michael Cohen saw and heard."

In an astounding spectacle, Davis released to CNN a tape of Cohen talking with Trump, who was apparently being taped without his knowledge, about buying the rights to a Playboy model's story about an alleged affair.

  • "When Cohen tells Trump, 'We'll have to pay,' Trump is heard saying 'pay with cash' but the audio is muddled and it's unclear whether he suggests paying with cash or not paying," CNN reports.
  • CNN debuted the audio in prime time last night, and soon MSNBC was also playing the tape.
  • The FBI seized the tape in a raid on Cohen's office in April. Cohen cooperating with special counsel Robert Mueller is one of the scenarios Trump advisers fear most.

Davis, a damage-control maestro going back to the Clinton administration, told me: "Michael Cohen has made a turn. This is on the record — Michael and I talked about it."

  • "Michael is going to tell the truth to the powers that be, and let the chips fall where they may."
  • "I've used this line too many times, but who talks about cash like that besides drug dealers and mobsters?"
  • Davis said that the tape's release sends the message: "I am no longer the previous Michael Cohen that you knew — taking a bullet for Donald Trump, saying anything to defend him, being a good soldier. ... That is over."
  • Davis said he was unable to say what Cohen's next move is: "I’m not saying there are more tapes as telling as [this] one, ... but there are more tapes. ... There is more to come."

Rudy Giuliani, a Trump lawyer, told Fox News' Laura Ingraham that the tape is exculpatory for the president.

  • Rudy: "I agree with you the tape is a little bit hard to hear. But I assure you that we listened to it numerous, numerous times. And the transcript makes it quite clear ... that President Trump says 'don't pay with cash.'"
  • Lanny Davis said that response amounts to: "Don't believe your lying ears."
Subscribe to Axios AM/PM for a daily rundown of what's new and why it matters, directly from Mike Allen.
Please enter a valid email.
Please enter a valid email.
Server error. Please try a different email.
Subscribed! Look for Axios AM and PM in your inbox tomorrow or read the latest Axios AM now.

Go deeper

COVID-19 vaccine will arrive to states by Monday

General Gustave Perna, chief operating officer for the Defense Department's Project Warp Speed. Photo: Tasos Katopodis/Getty Images

Pfizer's coronavirus vaccine, which was authorized for emergency use on Friday night, is expected to arrive throughout the U.S. by Monday to administer to health care workers, U.S. officials said Saturday.

Why it matters: The administration green-lighting shipments and distribution this weekend comes as the U.S. topped more than 3,000 deaths a day — more than 9/11 or D-Day.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

China unveils new emissions and clean energy pledges

Chinese President Xi Jinping. Photo: Xinhua News Agency / Getty Images

Chinese President Xi Jinping on Saturday pledged to cut carbon emissions per unit of economic output by over 65% by 2030 and boost the share of nonfossil fuels in energy consumption to roughly 25% by then.

Why it matters: China is by far the world’s largest greenhouse gas emitter, and the announcement offers new specifics about the country’s existing climate targets. However, the pledge includes a slightly strengthened emissions intensity target, and some environmentalists’ immediate response to the overall package was lukewarm