Today's Agenda  Trade-Warring Continues, Morale Doesn't Improve Wall Street's bull case for President Donald Trump's impeachment has been that he'll shut down his trade war so he can focus on fighting for his job. Trouble is, he's apparently willing to wage both wars at once. Even as he tweeted about missing hyphens and his PERFECT CONVERSATION with Ukrainian President Volodymyr Zelenskiy, Bloomberg News reported his administration was considering curbs on U.S. investments in China. As John Authers wrote a couple of weeks ago, such a move could grievously harm China's economy and make a trade deal much less likely, among other unwanted repercussions. The stock market went from a warm green to a rich red immediately, and stayed that way. So much for the bull case. The day's action highlighted just how frazzled market nerves are after more than a year of unpredictable trade-warring. Stock indexes are still near all-time highs, but anxiety shows up in other ways. Several hyped unicorn IPOs have fizzled this year, for example, including Peloton Interactive Inc. yesterday. As Robert Burgess notes, this is a healthy sign investors won't just choke down any old money-losing commercial real-estate startup you shove at them. But it also suggests we're far from exuberant. Investors are starting to turn up their noses at parts of the junk bond market too, Robert Burgess writes in a second column. New debt issues are having a harder time finding buyers than they were just five months ago. Again, that's probably rational, but it could also hint at a broader mood shift. Similarly, survey data tracking consumer and business sentiment have softened lately, writes Noah Smith, even as "hard" economic numbers have stayed solid. Two years ago, the "soft" data were positive leading indicators. Are they foretelling the future again? More trade warring certainly won't help. L'Affaire Ukraine: The Sounds of Republican Silence Trump may be fighting for his political life, but most people assume the Republican Party will once again rush to his defense. Maybe we shouldn't be so sure, suggests Jonathan Bernstein. Over the past 48 hours, a few loyal Republicans have parroted talking points the White House helpfully distributed to everyone, but many more didn't. A couple have criticized Trump. Most have stayed mum or pretended not to have read the whistleblower's report that has Trump in so much trouble. This relative silence is ominous for Trump, Jonathan argues. The base case is still that Republicans won't vote him out of office, but the tide could turn. And all the defenses Trump's backers offer crumble under scrutiny, writes Ramesh Ponnuru. One is that the whistleblower's account of Trump pushing Ukraine to help him find dirt on Joe Biden is mostly second-hand hearsay. That's true of most whistleblower reports; they're tools to spark further investigation, which is happening now. But Trump's defenders believe this undermines the whistleblower's credibility. Unfortunately for them, Trump turned around last night and suggested the whistleblower should be executed for spying. That kind of undercuts the whole "hearsay" defense, notes Eli Lake. If this guy is so mistaken, then why execute him? Other Trump defenses consist of conspiracy theories and other fever dreams being broadcast (with some exceptions) around the clock on Fox News. Trump dines on this slurry of bile and fakery daily, which helped bring him to power but has now almost wrecked his presidency, and the GOP with it. Maybe, Jonathan Bernstein writes in a second column, Republicans should think twice about taking marching orders from an entertainment network, which has very different incentives than a political party should have. Further L'Affaire Ukraine Reading: Twilight of the Elite Cities If you've tried to use public transportation in New York City or San Francisco lately, our condolences. It's awful. Imagine living here, while also paying exorbitant rent for the privilege. These elite American cities thrived for decades because they attracted the country's brightest minds, writes Conor Sen. Somewhere along the way, though, they got arrogant and let themselves be hollowed out from the middle, leaving rich people who don't need services or affordable rent and poor people who can't campaign effectively for either. This is bad news for these cities, but if it leads to talent spreading across America, then maybe that's for the best. Telltale Charts Justin Fox notes Americans seem to have gotten the message that fruit juices and sweeteners are bad …  … and fresh fruit is good.  Further Reading Europe's new plan for dealing with migration is a good start, but must also find a way to discourage illegal immigration and make the legal process more orderly. – Bloomberg's editorial board Labour has put together a deeply far-left agenda that could shock the U.K. economy. – Therese Raphael We Co. is changing itself with surprising speed to meet investor demands, in a triumph of corporate governance. – Matt Levine Christine Lagarde is about to take over an ECB at war with itself. – Ferdinando Giugliano Jeffrey Epstein's philanthropy is explained by his endless narcissism. – Faye Flam ICYMI The CDC tied THC products to vaping-related lung problems. H&M wants customers to recycle clothes. A Dutch treasure hunter is digging for legendary gold on Robinson Crusoe's island. Kickers Area woman goes missing, joins the search party for herself. (h/t Scott Kominers) The economics of being ripped off on vacation. Language is the scaffold of the mind. R.E.M.'s "Monster" turns 25. Note: Please send a search party and complaints to Mark Gongloff at mgongloff1@bloomberg.net. New to Bloomberg Opinion Today? Sign up here and follow us on Twitter and Facebook. | 
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