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Washington Edition
Trump-Putin meeting overwhelms Anchorage
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This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Today, White House correspondent Hadriana Lowenkron sets the scene for President Trump’s meeting with Russian leader Vladimir Putin. Sign up here and follow us at @bpolitics. Email our editors here.

Frenzy Level

President Donald Trump and Russian leader Vladimir Putin landed today in a city that is bursting at the seams.

Tourist-friendly Anchorage, Alaska, was already bustling with crowds at the height of the season, and the highly anticipated meeting between the two leaders has brought in a deluge of journalists from around the world, government delegations and a massive assembly of security personnel.

As I checked into my hotel last night, the desk clerk rated the frenzy level in the city since the summit was announced just a week ago at 11 on a scale of one to 10.

Putin and Trump greet each other after landing in Anchorage. Photographer: Andrew Caballero-Reynolds/AFP/Getty Images

Planning for such a massive event was compressed into a week’s time, straining the system, as my colleague Myles Miller reported. The city’s hotels have limited space and the available rental car fleet is relatively small compared to larger US cities. 

My uber driver, Jerry Wilson, recounted coming across stranded travelers whose flights or hotels were canceled in the past few days and noted that the security presence could be seen and felt. He said there were a smattering of demonstrations yesterday. (About 1,000 Ukrainian refugees have been resettled in the state since Russia’s invasion, according to the Anchorage Daily News.)

Overall, though, Wilson said the “historic” event brought a boost of optimism and energy to the city. 

By late in the evening on the eve of the summit Anchorage was calm. There were few people on the streets, which were still lit up by the pink and purple streaks of the late sunset’s afterglow.

Trump shook hands with Putin on the tarmac at Joint Base Elmendorf-Richardson in Anchorage, less than 1,000 miles from Russian territory, shortly before their formal talks began. In an unusual move, Trump and Putin rode together in the armored US presidential limousine to the meeting site on the base. 

Trump has spent the past several days downplaying expectations, suggesting that a potential second meeting — which he floated could also take place in Alaska — would be the more important meeting because it would include Ukraine President Volodymyr Zelenskiy and potentially European leaders.

On the way to Alaska, Trump posted on social media and sat for an interview with Fox News’ Bret Baier aboard Air Force One.

“I’m not here to negotiate for Ukraine” the president told Baier. “I’m here to get them at the table.”  Hadriana Lowenkron

Key Reading:

Don’t Miss

Trump’s aides have created a scorecard ranking hundreds of companies based on how strongly they supported his tax cut law, though it’s unclear how it might affect they way the government deals with the firms.

The Trump administration is considering using funds from the US Chips Act to take a stake in Intel, part of efforts to rescue the embattled chipmaker and shore up domestic semiconductor manufacturing. 

Trump said he would set levies on semiconductors in the coming two weeks, the latest indication he’s readying a substantial expansion of his tariff regime.

Washington, DC, is asking a federal court to immediately block the Trump administration’s effort to take over the city’s police force, saying that the move is illegal and risks public safety.

Retail sales rose in July in a broad-based advance and the prior month was revised higher, though economists were cautious on the trend going forward given a softening jobs market and weaker consumer sentiment.

Democratic state lawmakers who left Texas to block controversial new congressional maps backed by Trump are planning a return to the state early next week, shifting tactics so they can fight the plan in court.

A select group of government contractors could see a windfall after the Trump administration secured an unprecedented $45 billion for the mass detention of immigrants.

Nonprofits and businesses that carry out foreign aid programs said they plan to contest a recent court ruling that let the Trump administration refuse to spend funding approved by Congress.

Watch & Listen

Today on Bloomberg Television’s Balance of Power early edition at 1 p.m., host Joe Mathieu interviewed retired General Philip Breedlove, former NATO supreme allied commander, about the situation on the ground in Ukraine as Trump and Putin meet.

On the program at 5 p.m., he anchors special coverage of the Trump-Putin meeting with guests including former US Ambassadors John Herbst and Ivo Daalder.

On the Big Take podcast, Bloomberg economic statecraft reporter Joe Deaux joins host Sarah Holder to explain the unprecedented nature of Trump’s deal to have Nvidia and AMD pay the US government 15% of their revenue from AI chips they sell to China, concerns about its legality and how it fits into Trump’s approach to trade with global competitors. Listen on iHeart, Apple Podcasts and Spotify.

Chart of the Day

Online shopping continues to swipe market share from traditional retailers. In July, online sales as a share of total retail sales outside of autos and gasoline rose to 23.7%, according to Bloomberg calculations of Census Bureau data. That's the most ever outside a few months when the pandemic closed much in-person commerce. Growth in online shopping is accelerating too. The share of total sales rose from 22.5% in July 2023 to 22.9% in July 2024 and added another 0.8 percentage points over the past year. The trend doesn't bode well for retail sales establishments and those working there. The number of retail employees peaked in early 2017 and is down by about 300,000 since. — Alex Tanzi

What’s Next

Housing starts and building permits for July will be reported Tuesday.

Minutes from the Fed’s last meeting will be released Wednesday.

Existing home sales in July are set to be reported Thursday.

The Conference Board’s Leading Economic Index is released Thursday.

The Kansas City Fed’s annual economic symposium in Jackson Hole begins Thursday.

The House and Senate are on break until Sept. 2.

Seen Elsewhere

  • Americans are moving to new homes and cities at a record low rate as housing costs and a stagnant job market keep many stuck in place, developments which have broad economic consequences, according to the Wall Street Journal.
  • The US has long attracted the most foreign students, but Trump's restrictions on visas and cuts to academic research has many prospective students looking elsewhere, the New York Times reports.
  • Vaccine misinformation flourished in the months before the Aug. 8 shooting at the Centers for Disease Control and Prevention headquarters as many social media platforms relaxed moderation, NBC News reports.

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