Situational awareness: The markets got smoked today. The Dow was down 3%, and the NASDAQ nearly 4%.
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President Trump dubbed himself a "Tariff Man" today, but the people he listens to are increasingly concerned the China trade war might not have his desired result.
Driving the news: Hawkish former Pentagon official Mike Pillsbury is worried Trump's negotiations with China are unraveling, telling Axios' Jonathan Swan that "there's a risk the deal will come undone."
Why it matters: Trump has called Pillsbury "probably the leading authority on China" and the two reportedly huddled in the Oval Office the day before the president left for his G20 meeting with President Xi.
Between the lines: Pillsbury told Swan he's "getting warnings from knowledgable Chinese about the American claims of concessions" that the Chinese have said they never made.
The bottom line: It's never easy dealing with the Chinese. They routinely abuse trade laws and steal from U.S. businesses, and Trump is right that his predecessors failed to adequately confront Beijing.
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