Apr 7, 2017

Trump on Xi: "We have developed a friendship"

Alex Brandon / AP

President Trump and Chinese president Xi Jinping dined at Mar-a-Lago tonight with their wives and about 20 other people, including Ivanka Trump, Steve Bannon, Jared Kushner, Wilbur Ross, and Reince Priebus, per a pool report. Trump sidestepped questions about Syria and North Korea, but said of the conversations with Jinping so far:

We had a long discussion already. So far, I have gotten nothing. Absolutely nothing. But we have developed a friendship. I can see that.

One key takeaway: Kushner sat by the Chinese couple, but Bannon was at the end of the table, just days after being sidelined from the National Security Council and amid reports of a rift with the president's son-in-law.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.