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--> A midday take on what's happening in politics and how to have a sense of humor about it.*

*Ha. Haha. Hahah. Sniff. Haha. Sniff. Ha--breaks down crying hysterically.

The Hill's 12:30 Report: Trump labels Fed chief an 'enemy' | Powell says more rate cuts can't solve trade war | China announces $75B in new tariffs | Stocks sink as trade fight intensifies | Why Trump's immigration moves might not be a political winner | Dem field shrinks with Moulton dropping out | Says Biden would be 'fantastic president' | Disney+ prepares to challenge Netflix | National Sponge Cake Day

IN 2020 NEWS

They're dropping like flies:

Via The New York Times's Alexander Burns, Rep. Seth Moulton Seth MoultonOvernight Defense: Nearly 500 former national security officials formally back Biden | 40 groups call on House panel to investigate Pentagon's use of coronavirus funds The Hill's Morning Report - Presented by Facebook - Markey defeats Kennedy; Trump lauds America's enforcers in Wisconsin Moulton fends off primary challenges in Massachusetts MORE (D-Mass.) is ending his presidential campaign. https://nyti.ms/2Z94T17

Moulton said in an interview: "I think it's evident that this is now a three-way race between Biden, Warren and Sanders, and really it's a debate about how far left the party should go."

What's next for Moulton: "Mr. Moulton said he would run for re-election to the House, representing a coastal district to the north and east of Boston. Several other Democrats filed to run for his seat while Mr. Moulton was a presidential candidate, and he is likely to face a contested primary."

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Moulton will say at the Democratic National Committee's meeting later today: "I will be campaigning my ass off for whoever wins our nomination in 2020." (Via The Wall Street Journal's Eliza Collins) http://bit.ly/2ZcFoMr

Who Moulton supports: Moulton told The Washington Post, "I think Vice President Biden would make a fantastic president. He's a mentor and a friend, and I've been impressed by the campaign he has run so far." http://bit.ly/2Zdatzq

WHAT ALL THE 2020 DROPOUTS SO FAR HAVE IN COMMON:

They are all now running for other offices. But as The New York Times's Alexander Burns pointed out, "How long will it take to winnow the candidates who aren't under pressure to file for House or gov or Senate?" http://bit.ly/2Z9IYHb

Here's a list of the 2020 candidates who are left: https://nyti.ms/2IKvzxA

Happy Friday! I'm Cate Martel with a quick recap of the morning and what's coming up. Send comments, story ideas and events for our radar to cmartel@thehill.com -- and follow along on Twitter @CateMartel and Facebook.

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PROGRAMMING NOTE: The 12:30 Report will be off next week but will resume after Labor Day. Enjoy the last week of August and don't work too hard!

IN THE WHITE HOUSE

I'll take controversial statements for $400, Alex:

This morning, President Trump Donald John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick MORE slammed Federal Reserve Chairman Jerome Powell, questioning whether his own hand-picked Fed chief is a bigger "enemy" than Chinese President Xi Jinping. http://bit.ly/2NsYkQ6

Trump tweeted: "As usual, the Fed did NOTHING! It is incredible that they can 'speak' without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work 'brilliantly' with both, and the U.S. will do great. My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" http://bit.ly/2NtUR3t

WHAT SPARKED THIS TWEET:

This morning, Jerome Powell suggested this morning that the Federal Reserve may cut interest rates, but he warned it may not be enough to head off trouble from Trump's trade wars.

Does it feel like everyone is looking at you? Because everyone is looking at you:

Via The Hill's Sylvan Lane, all eyes are on Federal Reserve Chairman Jerome Powell amid fears of an impending recession. http://bit.ly/2ZduPZt

Why Powell's speech this morning was important: "Washington and Wall Street will be parsing Powell's words Friday morning as he speaks for the first time since a recent series of economic red flags spurred fears of an impending recession. In the weeks following last month's rate cut by the Fed -- its first since 2008 -- Trump has escalated his trade war with China, stock markets have turned volatile and dismal data from around the world has signaled a potential economic slowdown." http://bit.ly/2ZduPZt

NEWS THIS MORNING

Happy Friday! Here are more tariffs:

This morning, China announced that it will impose tariffs on $75 billion in U.S. goods. http://bit.ly/2Z88Ovc

The tariffs: "The country's State Council said tariffs of 5 percent to 10 percent will be imposed on a variety of American goods in two batches, with the first going into effect next month and a second scheduled for December, multiple media outlets reported, citing state-run media. The second batch of tariffs will reportedly include a 25 percent tariff on all U.S. automobiles."

REACTION FROM PRESIDENT TRUMP:

In a series of tweets, President Trump announced that he will be "responding" to China's tariffs. http://bit.ly/2NqC1dK

Part of Trump's tweets: "We don't need China and, frankly, would be far...better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Read Trump's full series of tweets: http://bit.ly/2NxYAxj

THEN THE STOCK MARKET DROPPED:

U.S. stocks dropped sharply after President Trump tweeted that he would respond to China's tariffs. The numbers: "The Dow Jones industrial average fell more than 420 points, a 1.6-percent drop ... the Nasdaq composite fell 2 percent after Trump's tweets, while the S&P 500 index fell 1.7 percent." http://bit.ly/2NqC1dK

It may not be a chicken dinner:

Via The Hill's Niall Stanage, "President Trump is ramping up his rhetoric on immigration, but it may not be the political winner he thinks." http://bit.ly/2Nr2HLn

Why: "Trump's approach to immigration plays well with his base, but there are deep doubts about its political efficacy with the broader electorate."

Examples: "On Wednesday, Trump raised the idea of abolishing 'birthright citizenship' -- the concept, enshrined in the Constitution, that anyone born in the United States is automatically an American citizen. This came on the heels of a move to indefinitely extend the period for which families can be held in immigration detention facilities. Trump also continues to press the case for building a wall on the border with Mexico, while assailing Democrats for being overly lax, as he sees it, on border security."

Rest in peace:

Billionaire conservative activist David Koch has died at the age of 79 after suffering from deteriorating health. https://cbsn.ws/2Z8lfXQ

Read his obituary in The Wall Street Journal: https://on.wsj.com/2No5V2h

ON THE CAMPAIGN TRAIL

Interesting read -- not a good year to be a governor running for president:

Via The Hill's Jonathan Easley, Democratic governors are fizzling out in the race for the 2020 Democratic presidential nomination. http://bit.ly/2Z9JODG

How so: Washington Gov. Jay Inslee Jay Robert InsleeBarr asked prosecutors to explore charging Seattle mayor over protest zone: report Bottom line Oregon senator says Trump's blame on 'forest management' for wildfires is 'just a big and devastating lie' MORE and former Colorado Gov. John Hickenlooper John HickenlooperThe Hill's Morning Report - Sponsored by Facebook - Trump previews SCOTUS nominee as 'totally brilliant' Cook Political Report shifts Colorado Senate race toward Democrat Willie Nelson playing at virtual fundraiser for Hickenlooper MORE have both dropped out. That leaves Montana Gov. Steve Bullock Steve BullockCourt removes Pendley from role as public lands chief On The Trail: Making sense of this week's polling tsunami McConnell locks down key GOP votes in Supreme Court fight MORE as the only remaining governor running for president. Bullock's campaign is also struggling.

Why this is notable: "Governor's mansions were once reliable steppingstones to the White House for members of both parties."

WHAT ABOUT TWO OTHER WHITE HOUSE LONG-SHOTS?:

In The Concord Monitor, Paul Steinhauser spoke with Rep. Tim Ryan Timothy (Tim) RyanNow's the time to make 'Social Emotional Learning' a national priority Mourners gather outside Supreme Court after passing of Ruth Bader Ginsburg Lincoln Project hits Trump for criticizing Goodyear, 'an American company' MORE (D-Ohio) and former Rep. John Delaney John DelaneyCoronavirus Report: The Hill's Steve Clemons interviews Rep. Rodney Davis Eurasia Group founder Ian Bremmer says Trump right on China but wrong on WHO; CDC issues new guidance for large gatherings The Hill's Coronavirus Report: Kansas City Mayor Quinton Lucas says country needs to rethink what 'policing' means; US cases surpass 2 million with no end to pandemic in sight MORE (D-Md.), who both vowed to stay in the race. http://bit.ly/2NorAaB

NOTABLE TWEETS

Omg, these are hilarious:

PSA: Rob Lowe’s sons dragging him on Instagram is a great way to entertain yourself when you’re awake in the wee hours. pic.twitter.com/kTPJPgKZtt — Marianne Elliott (@zenpeacekeeper) August 21, 2019

Full-size photos: http://bit.ly/2NqaU2s

Jay Inslee is embracing The Onion:

I think you’ll like my new stump speech. https://t.co/PgDktxu4pi — Jay Inslee (@JayInslee) August 22, 2019

ON TAP

The House and Senate are out.

President Trump is in Washington, D.C. Vice President Pence has no public events on his schedule.

12:30 p.m. EDT: President Trump has lunch with Secretary of State Mike Pompeo Michael (Mike) Richard PompeoWatchdog confirms State Dept. canceled award for journalist who criticized Trump Trump's push for win with Sudan amps up pressure on Congress Putin nominated for Nobel Peace Prize MORE.

10:40 p.m. EDT: President Trump and first lady Melania Trump Melania TrumpWatchdog confirms State Dept. canceled award for journalist who criticized Trump Ginsburg becomes the first woman to lie in state in the Capitol Rabbi memorializes Ginsburg: Her dissents were 'blueprints for the future' MORE leave for France for the Group of Seven (G-7) summit.

WHAT TO WATCH

11:30 a.m. EDT: "A federal appeals court hears oral argument on a case concerning a congressional subpoena for President Trump's financial records." Livestream: https://cs.pn/2Z9GbOd

6:30 p.m. EDT: Cindy McCain sits down with NBC's Andrea Mitchell on "NBC Nightly News with Lester Holt."

6:35 p.m. EDT: South Bend, Ind., Mayor Pete Buttigieg Pete ButtigiegBillionaire who donated to Trump in 2016 donates to Biden The Hill's Morning Report - Sponsored by Facebook - GOP closes ranks to fill SCOTUS vacancy by November Buttigieg stands in as Pence for Harris's debate practice MORE (D) speaks at a town hall at Nashua Community College in New Hampshire. Livestream: https://cs.pn/2ZaHuN1

NOW FOR THE FUN STUFF...

Today is National Sponge Cake Day.

A streaming competitor in town:

Via Forbes's Peter Csathy, "Disney recently announced that it would offer its three flagship direct-to-consumer video services (Disney+, Hulu, and ESPN+) for an irresistibly low monthly price of $12.99. Yes, that's right. 'Magically,' the same price as Netflix's standard monthly plan." http://bit.ly/2NtxAyD

Keep in mind: Netflix is losing "The Office" and "Friends" from its platform. https://wapo.st/2NtyQSn

And to get your weekend off to a great start, here's a cat in a disguise. I'm pretty sure this cat is about to fire its owner: http://bit.ly/2NjAmXq