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AP

On Friday afternoon, after a signing ceremony on trade, President Trump sat down with the Financial Times in the Oval Office and gave a blunt, hard-edged interview that foreshadows some tense conversations with Chinese President Xi Jinping at their Mar-a-Lago summit on Thursday and Friday:

[H]e made clear that he would deal with North Korea with or without China's help. Asked if he would consider a "grand bargain" — where China pressures Pyongyang in exchange for a guarantee that the US would later remove troops from the Korean peninsula — Mr Trump said: "Well if China is not going to solve North Korea, we will. That is all I am telling you."

Bill Bishop (@niubi) — publisher of The Sinocism China Newsletter, and one of Washington's most astute China-watchers — offered to help Axios AM read between the lines of Trump's interview, and to get us smart ahead of this week's summit:

  • "The U.S. does need a different approach, and Trump is right to threaten unilateral actions if Beijing does not do what it can."
  • "Beijing does not control Pyongyang, ... but it does still has significant economic influence. ... China does not like North Korea but they value stability and the status quo above everything else. And we should remember that China is currently at much more risk from Kim's nuclear weapons than the U.S. is, and that is something Beijing worries about."
  • "There were people under Obama who pushing for a much harder line, from secondary sanctions to telling the Chinese that attempts at [North Korean] regime change would be considered, but as far as I know Obama was not willing to send that message clearly. It sounds like Trump is, and that should focus minds in Beijing."
  • The bottom line: "[T]he Chinese are going to be very resistant to anything that threatens the stability on the Korean Peninsula, the paradox of course being that [North Korea] is threatening that stability more now than it has in years."

Also worthy: Josh Rogin's column in WashPost, "The Kushner channel to China".

"In mid-November, Kissinger met Kushner, national security adviser designate Michael Flynn and the president-elect at Trump Tower. Trump asked Kissinger to travel to Beijing and deliver a verbal message to Xi saying that everything was on the table in terms of bilateral cooperation. Kissinger met Xi in Beijing on Dec. 2, and Xi sent back a private reply conveying China's wish to set up an early meeting of the two presidents."
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Go deeper

Fed revamps rules for officials, restricts trades after controversies

Federal Reserve Chairman Jerome Powell. Photo: Kevin Dietsch/Getty Images

The Federal Reserve on Thursday announced significant changes to its rules regulating officials' financial activities following controversy last month over some officials' past trading practices.

Why it matters: The rule revamp is a coda on the biggest scandal to hit the Fed in recent memory.

Texas urges Supreme Court to leave abortion ban in place

Photo: Emily Elconin/Bloomberg via Getty Images

Texas on Thursday asked the Supreme Court to keep in place a law that bans abortions after an embryo's cardiac activity is detected, which can be as soon as six weeks and before many people know they are pregnant.

Driving the news: Texas Attorney General Ken Paxton is asking the high court to ignore the Justice Department's emergency request that they temporarily block the law while federal courts consider its constitutionality since it "lacks standing because it has not been injured by SB 8."

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

Meme stonks lose their appeal to the world of crypto

Data: Cardify; Chart: Axios Visuals

That sucking sound you hear is the outflow of meme-chasing dollars from the stock market.

Why it matters: The caravan has moved on. The dream of getting rich quick still lives, but today it's more often found in the world of crypto, NFTs or even sports betting than it is in the stock market.

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