Good afternoon: Today's PM — edited by Justin Green — is 497 words, a 2 minute read.
📉 The Dow Jones Industrial Average lost 621 points today, or 2.37%. The Nasdaq lost 3%, and the S&P 500 was off 2.59%.
Situational awareness: Justice Ruth Bader Ginsburg has completed a 3-week course of radiation therapy for a malignant tumor on her pancreas.
Illustration: Sarah Grillo/Axios
President Trump may not intend to launch the 2nd Cold War, but his tweets today laid out one path to get there.
Why it matters: The president is using Twitter to demand a conscious uncoupling of the world's two largest economies.
Trump's tweets, sent after China announced retaliatory tariffs on $75 billion in U.S. goods:
Reality check: Presidents don't get to order companies to come home.
Behind the scenes: Trump recently told advisers that he would be perfectly happy if the U.S. did no trade whatsoever with China, Axios' Jonathan Swan tells me.
What's next: Sources briefed on the president’s reaction this morning say they expect him to announce more tariffs imminently.
The bottom line: All of this has gone down during a strong economy. Imagine how bad it'd get were things to turn in the other direction.
The above chart shows the Dow's reaction to Trump's China tweets.
Photo: Guillermo Legaria Schweizer/Getty Images
Photo: Kevin Mazur/Getty Images for SiriusXM
Taylor Swift's 7th album, "Lover," was released today — and, after the celebrity-world-revenge-tour of 2017's "Reputation," it's a return "to her specific, observational, and heart-on-her-sleeve songwriting style," writes Pitchfork's Quinn Moreland.
Don't forget that Swift is still a business force to be reckoned with: