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Good morning and welcome back! A reminder about a something exciting: Sinocism's Bill Bishop, one of the smartest minds on China, is moving his weekly must-read newsletter to Axios. Starting tomorrow, Bill will bring his new Axios China subscribers commentary and analysis on the most important U.S.-China news of the week. Sign up for the new Axios China newsletter here.

And a quick aside: Greg Brown is just a heck of a songwriter. Some proof is here and here. Ok! Let's get to the news . . .