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Subject: Trump and Netanyahu meet amid tensions
From: White House Watch <FT@newsletters.ft.com>
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td></tr></tbody></table><![endif]--> </td> <td align=3D'right' style=3D'ver=
tical-align:top'> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0" align=3D"right"><tbody><tr><td align=3D"right" sty=
le=3D"padding-top: 0px; font-family: MetricWeb, Arial, sans-serif; font-wei=
ght: 400; font-size: 14px; line-height: 16px;">July 28 2026<![endif]--> <ta=
ble width=3D'100%' cellspacing=3D'0' cellpadding=3D'0' border=3D'0'> <tbody=
> <tr> <td style=3D'padding-top:38px;text-align:right;font-family:MetricWeb=
,Arial,sans-serif;font-weight:400;font-size:14px;line-height:16px;white-spa=
ce:nowrap' class=3D'redesign-outlook-hide' classname=3D'redesign-outlook-hi=
de'> July 28 2026 </td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]><=
/td></tr></tbody></table><![endif]--> </td> <!--[if (gte mso 9)|(IE)]></td>=
<![endif]--> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]><table borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"center">=
<tbody><tr><td style=3D"text-align: center; padding-top: 10px;"><![endif]--=
> <table cellspacing=3D'0' cellpadding=3D'0' border=3D'0' width=3D'100%'> <=
tbody> <tr> <td style=3D'margin:0;padding:0' class=3D'link-fix' classname=
=3D'link-fix'> <p style=3D'color:#000;font-family:Georgia,serif;font-size:1=
8px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Good =
morning and welcome to White House Watch. For today:</p><ul><li><p style=3D=
'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margi=
n:0 0 10px 0;padding:0 0 18px 0;clear:both'>Netanyahu comes to Washington</=
p></li><li><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;=
line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Trump=E2=
=80=99s blue-collar messaging</p></li><li><p style=3D'color:#000;font-famil=
y:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0=
0 18px 0;clear:both'>The money race in Maine</p></li></ul><p style=3D'colo=
r:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0=
10px 0;padding:0 0 18px 0;clear:both'>Israeli Prime Minister Benjamin Neta=
nyahu is in Washington for the first time since he and Donald Trump launche=
d their war on Iran five months ago. </p><p style=3D'color:#000;font-family=
:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 =
0 18px 0;clear:both'>Netanyahu is expected to try to get the US president t=
o expand that conflict, just as Washington has <a href=3D'https://email.new=
sletters.ft.com/c/eJyMkc1OJDsMRp8m2Rklzo-TRRZIqCXW984DOIlDl6a7mqlK0eLtRyBGb=
Fnbn-3j03jKy217L6vc94vMKZvuZVSfB2opllJA70MMWq68XJ57MVwpOReBRyXwFQMkiQak--6d=
Y-wc9bmQSZ5sDyZSykjZpOaMDykNrmMg66WgwWgIk3U2oHlwTgKNGqLUFF0Iypvvo_aHMR_a7ao=
v5Tzn667co8KTwtP9fv8qKTy12zplnQpP3riIoTVIjix4JwI5E8OI2STONAKKcqf9fQUMHKvlqN=
yTVRi_OJV7-gmpwrjLy1XW-RnplGw2NgMnFyAbtMAOBSIFxx29YSF9Wfb53EsMNQ1pRFi5V2Nsj=
MKjRf263frRZtlfefutt7IforzZeePzmbc3ef98xCZ_DvkcxIiNOXVwRAye0EMlSmBN5jh8C4no=
X7v0_2Tt_y_Xb7fW6lmOY-nKPf5I7tx43bnN5bZ-bK85SOwMwjmDtyZC9taAb0ztQ2TsWR-7bL-=
OpRdxoycfGHr1DP4jl7OtkN3g0HLO4q1-K_g3AAD__39TwbA' target=3D'_blank' data-ms=
ys-sublink=3D'content-403625cc-8371-43ee-997a-f6908a97f52e'>paused its stri=
kes</a> on the Islamic republic following weeks of escalating violence. </p=
><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-heigh=
t:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>But earlier today T=
rump hinted at <a href=3D'https://email.newsletters.ft.com/c/eJyMkcFuKy0MhZ=
8Gdq7AgIEFi0pVpK7__z6AAU8zuskkd4ZplLe_StSrbru07GP7nK_xkI_Lei-L3LaTjCGr7mWqP=
k-opdiYAnofKGg583x678Vwjck5Ap5qBF8xQBIyIN137xxjZ9LH4ig9y2A9RqZsMMUeusFAXXr0=
ei5okEzEZJ0NaF6ckxCnGkhqIheC8ub7qe1lGi_tctanchzjuin3qvCg8HC73b5aCg_tsgxZhsK=
DYUPJTwJY2YDPJkPCxmAkSDQ5hCZOucN2XwADU7VMyr1ZhfTlU7m3nzhVSJt8nGUZT0mPyWZjM3=
ByAbJBC-xQgGJw3NEblqhP8zbee6FQ0yQtRqzcqzGWSHhqpK_rpe9tlO3K62-9lm0X5c3GKx-Pv=
H7K_RnEKn92eS5ixMacOrgYGXxEDzXGBNZkpsm3kGL8Ny79P1n6__P5m621epR9n7tyrz-CO1Ze=
Nm5jviyP6zUHoc4gnDN4awiytwZ849geIKlnvW-y_trnXsRNPfnA0Ktn8A9dzrZCdhOHlnMWb_V=
nwb8BAAD__9_bweY' target=3D'_blank' data-msys-sublink=3D'content-0a0684fe-2=
ba0-4909-82ca-0e5e70955ce3'>some tensions</a> with the Israeli premier, say=
ing that the US was necessary for Israel=E2=80=99s survival. </p><p style=
=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;ma=
rgin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Asked about reports that Net=
anyahu will give him Israeli intelligence about Iranian efforts to fortify =
Pickaxe Mountain, Trump said on Fox News: =E2=80=9CI don=E2=80=99t need Bib=
i to tell me that. Bibi is telling me that because he wants me to stay invo=
lved.</p><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;li=
ne-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>=E2=80=9CIf=
I weren=E2=80=99t president of the United States, Israel today wouldn=E2=
=80=99t exist,=E2=80=9D the president later added.</p><p style=3D'color:#00=
0;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px=
0;padding:0 0 18px 0;clear:both'>The US and Israel=E2=80=99s interests in =
the Middle East have diverged in recent months. In April, Trump announced a=
n initial ceasefire with Tehran before Israel had achieved any of its war g=
oals. And Trump has said he paused the US=E2=80=99s strikes over the weeken=
d in order to give talks with Iran a chance.</p><p style=3D'color:#000;font=
-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;pad=
ding:0 0 18px 0;clear:both'>A person briefed on the matter said Netanyahu w=
as going to Washington in =E2=80=9Clistening mode=E2=80=9D but wanted the U=
S to expand operations against Iran beyond the Strait of Hormuz, the critic=
al waterway that has become the centre of the conflict. </p><p style=3D'col=
or:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 =
0 10px 0;padding:0 0 18px 0;clear:both'>The US focused its 17 rounds of str=
ikes from July 7 to July 23 on degrading Iran=E2=80=99s military capabiliti=
es that threatened commercial vessels trying to transit the strait, through=
which a fifth of the world=E2=80=99s oil and natural gas flowed before the=
war. </p><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;l=
ine-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>=E2=80=9CN=
etanyahu wants it to be about more than just Hormuz,=E2=80=9D the person br=
iefed on his upcoming meeting with Trump said. When the war was launched in=
late February, Netanyahu said the objectives were to destroy Iran=E2=80=99=
s nuclear and ballistic missile capabilities and topple its regime.</p><p s=
tyle=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28p=
x;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Trump and Netanyahu will=
meet before the funeral for the late senator Lindsey Graham, who was a sta=
unch supporter of the war and a key Washington ally of the Israeli prime mi=
nister. </p><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px=
;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Ukrainia=
n President Volodymyr Zelenskyy =E2=80=94 also in town for the funeral =E2=
=80=94 <a href=3D'https://email.newsletters.ft.com/c/eJyMkc1OJDsMRp8m2QUldp=
yfRRZIqCXW984DOIlDl6a7mqlK0eLtRyBGbFnbn-3j03jKy217L6vc94vMKZvuZVSfB2gpLiYC7=
ymQlisvl-deLNeYEIPhUaPxFcgkCdZI990jMnQO-lyixJ7ToBoRbU_sIREMToidbB1WLwUsBBsh=
OXQE9gFRKI5KQWoKSKS8_T5qfxjzod2u-lLOc77uCh8VnBSc7vf7V0nBqd3WKetUcKLe2LfkTJX=
ExhORydEN45ITqYNQAig87e-rAeJQHQeFT05B-OJU-PQTUgVhl5errPMz0mNy2bpsOCGZbMEZRh=
ATIiF38JYl6suyz-deAtU0pMUIlXu11oUgPFrQr9utH22W_ZW333or-yHK2503Pp95e5P3z0ds8=
ueQz0EM0JhTNxgjGx_BmxpjMs5mDsM3SjH-a5f-n6z9_-X67dY5PctxLF3h44_kzo3XndtcbuvH=
9ppJQmcjnLPxzgaTvbPGN47tQ2ToWR-7bL-OpRfB0ZMnNr16Nv4jl7OrJuNgajln8U6_FfgbAAD=
__-SCwuc' target=3D'_blank' data-msys-sublink=3D'content-5dca4c81-be8a-4555=
-971f-181eebf53e62'>will meet with Trump, too</a>. </p><table width=3D'100%=
' border=3D'0' cellpadding=3D'0' cellspacing=3D'0'> <tbody> <tr> <td> <!--[=
if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0=
" width=3D"700" align=3D"left"><tbody><tr><td style=3D"padding-top: 18px; c=
olor: #000000; font-family: MetricWeb, Arial, sans-serif; font-size: 24px; =
font-weight: 500; text-align: left; line-height: 28px;" class=3D"dark-headi=
ng" className=3D"dark-heading"><![endif]--> <table width=3D'100%' border=3D=
'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'left'> <tbody> <tr> <td st=
yle=3D'padding-bottom:18px;color:#000;font-family:MetricWeb,Arial,sans-seri=
f;font-size:24px;font-weight:500;text-align:left;line-height:28px' class=3D=
'dark-heading' classname=3D'dark-heading'> <h2 style=3D'color:#000;font-fam=
ily:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;text-align:le=
ft;line-height:28px;margin:0' class=3D'dark-heading' classname=3D'dark-head=
ing'>The latest headlines</h2> </td> </tr> </tbody> </table> <!--[if (gte m=
so 9)|(IE)]></td></tr></tbody></table><![endif]--> </td> </tr> <tr> <td> <!=
--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" width=3D"700" align=3D"left" style=3D"Margin: 0 0 0 0;"><tbody><tr><=
td><![endif]--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellsp=
acing=3D'0' align=3D'left' style=3D'Margin:0 0 10px 0;padding:0 0 10px 0'> =
<tbody> <tr> <td width=3D'57' height=3D'4' style=3D'font-size:0;margin:0;pa=
dding:0 0 12px 0'> <div style=3D'border-top-color:#fcd0b1;border-top-style:=
solid;border-top-width:4px;font-size:0' class=3D'dark-thick-line-redesign' =
classname=3D'dark-thick-line-redesign'>=E2=80=8C</div> </td> <td height=3D'=
4' style=3D'font-size:0;margin:0;padding:0'>=E2=80=8C</td> </tr> </tbody> <=
/table> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </=
td> </tr> </tbody> </table><ul><li><p style=3D'color:#000;font-family:Georg=
ia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px=
0;clear:both'>Trump is trying to recapture the waning support of <a href=
=3D'https://email.newsletters.ft.com/c/eJyMkktTAjkQxz_NzC1Unp3kMAfk4U4p4NZi=
Kd46SQ8gMLAzARY__ZaWW-7Rcz_-3fX7Rcy0Pna3qqVrv6ecqStT1QTtG1lSJawzUmsDpqQDbvd=
1qjgG65QChk2wTAdpmCPgjJJOWimUCaHcVDIKSEopRTZolM4n0QTfUNBGB5tSua0kl8CtdEIJI_=
lAKTK2CQYoOFDGFJr_HNUPmjyIx0O5rzY5n_pCDQs5LeT0er1-lwo5jcc2U5sLOQUA6xQoppxMT=
IPxLHCvGIFAGSDEBFioKcZIfb887qgt1PjjOhwO8W74YOvbLvrDm56_L0bi_iUtrju2wgd5meN6=
MphNnkf1n-PV7PWxvi1hdGv8JUzjaKHg6b2eOdhNqJ-33Bz9zuWZDOt6vRjdh-bp43lm1PJu8Zj=
q1eQy_6ObvF3sq5E0vj_9kx5Hq7f8MiskFNKou57WB2pznQo1_tU_Er4hFWr8G0yFhP9nJOuE58=
IzdMowz6VgqCQxsEZhkpoj2XK_7XOdKjDBNRStlQFT4FwAEDYRylN3TOeYq_6E3a7sqv5MheY9d=
rjZYHeh2xfFjv4-09cilDIiusSUtci0lZoFax0T3CM0Ohpn7X_tlP6iNi23hx8xhShzdT5vU6GG=
vzIzd9j2GPP22H6mB28IEjJC75kWHJjXgjMd0cZPCyH58txT93zepopUk5w2yFLQyPTnnPciMK8=
aNNF7T1qUl0r-GwAA__9KTP2R' target=3D'_blank' data-msys-sublink=3D'content-6=
6678363-382d-4659-b093-e61a2b6bcd6a'>blue-collar workers</a> and convince t=
hem to vote for Republicans in November=E2=80=99s midterm elections so his =
party can keep control of Congress. [Free to read]=C2=A0</p></li><li><p sty=
le=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;=
margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>The US Federal Reserve wil=
l decide tomorrow whether recent price pressures on oil warrant the <a href=
=3D'https://email.newsletters.ft.com/c/eJyMkUFOJDsMhk-T2gUlcWLHiyyQUEus35sD=
OBWHLk13NVOVosXtRyBGbFnbv-3P3yxDX27be1n1vl90DN2mVnqN3MOkxVNOIcaEadKrLJfnVpx=
UygBopVeysYZks6Kz2mKLABKa4HQuGYkhoYpDwczJVeLcqLIGx672aSnBBXQUsgefgnsA0ES9Jt=
SaEVIy0X0ftT_08TDfrtOlnMd43Q08mnAy4XS_379KJpzm2zp0HSackvOsDpwlxmYjabbcPdiqC=
rGpb0DRwGl_X21IgtULGnjyJuAXp4Gnn5CagLu-XHUdn5FG2bPzbCVDsuyCtwJBLVICaSE6UZou=
yz6eW8FUc9eZKFRp1TmPqNJnnF63WzvmUfZX2X5PW9kPNdHtssn5LNubvn8-YtM_h34OkhBmkdw=
sEImNFKKtRNl6x4I9zikT_WvX9p-u7f_l-u3W-2mU41iagccfyR2brLvMY7mtH9srJ8UmVoXZRu=
_QcvTOxllo_hCJjadj1-3XsbSi0FuOSWyrUWz8yDH7ahm6pJmZNfrprYS_AQAA__893MIN' tar=
get=3D'_blank' data-msys-sublink=3D'content-5019e030-796d-47e8-9f13-bee34de=
1d374'>first interest rate rise in three years</a>.</p></li><li><p style=3D=
'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margi=
n:0 0 10px 0;padding:0 0 18px 0;clear:both'>The United Arab Emirates is mak=
ing a <a href=3D'https://email.newsletters.ft.com/c/eJyMkU1uGzEMhU8z2smQKOp=
voUWAwkDWbQ9AiVQ8qD12ZzQxcvvCRopssyYf-T58jYa8XdePssh9O8sYsiouvWLuoKTYmDwg-u=
CVXGg-v3IxVGNyLmjqNWqs4HWSYLQwMjpHwBTUqeTQXCJC4piwY23QQ66-ZRaTrBU1FzAQTIRkn=
fVgDs6Jj736IDUF5_2E5qvUdujj0K4XdS6nMW7b5F4mOE5wvN_vn6MJju26DFnGBMfAwKamrA1D=
0CiYdRIPmryr3GxMOeLkjp9Qk_vxHawJwiZvF1nGM8Ix2Wxs1pSc19mA1eRAdIjeEQMakqjO8zZ=
euQRfU5cWI1TiaowNQai3oG7rlfc2ynaj9Y9ay7bLhGajlU4nWt_l40m9yt9dnocIoBEl1i5G0h=
gBdY0xaWsyhY7Npxj_rwv_lIV_zZcvkdaqUfZ95sm9fMvkWGnZqI35ujy-1-wlMGmhnDVaE3RGa=
zQ2iu1hLXBW-ybr733mIq5zQk-aK5LGRy5nW3V2nXzLOQta9V7gXwAAAP__0Vu95w' target=
=3D'_blank' data-msys-sublink=3D'content-6d2d0b89-0d26-4e49-8e52-a53bdc1789=
74'>bold gambit</a>: doubling down on military ties with the US and Israel =
while cautiously starting to reactivate diplomatic and economic channels wi=
th Iran.</p></li><li><p style=3D'color:#000;font-family:Georgia,serif;font-=
size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'=
>America=E2=80=99s leading AI companies <a href=3D'https://email.newsletter=
s.ft.com/c/eJyMkc1OJDsMRp8m2QUljvO3yAIJtcT63nkAJ3bo0nRXM1UpWrz9CMSILWv7s318=
Ok15uW3vdZX7fpE5ZdNcR8MyQEt1KQdADDFoudJyeeZqqaXsfTQ0WjLYIJgs0RphZPSegCnqc00=
OI-buHRaJgYV7sNnlwVCQXRG9VLAQbYLsvAtgH7yXkEYLUVqOPgSF9vuo_WHMh3676ks9z_m6K_=
-o4KTgdL_fv0oKTv22TlmnghNnCqMEMb5FNhg9GcqYTS8ysoAvyE350_6-GggUm6Oo_JNTEL84l=
X_6CamCuMvLVdb5GeGUXbGuGMo-mGLBGfIgJqbgiQEtSdKXZZ_PXGNoeUhPCRpxs9bFKDR61K_b=
jY8-6_5K22-91f0QhXanjc5n2t7k_fMRm_w55HMQAXSizManRAYToGkpZeNsoTiwh5zSv3bh_2T=
l_5frt1vn9KzHsbDyjz-SOzdad-pzua0f21sJEpmMUCkGnY2moLMGO6X-ITJy0ccu269j4Sp-cM=
ZAhhuSwY9cKa6Z4geFXkoRdPqtwt8AAAD___VwwwI' target=3D'_blank' data-msys-subl=
ink=3D'content-d8a5f95e-3b6d-463a-a848-c9ef8e2394db'>spent record sums on l=
obbying</a> in Washington in recent months as they seek to maintain influen=
ce over the Trump administration. </p></li><li><p style=3D'color:#000;font-=
family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padd=
ing:0 0 18px 0;clear:both'>After hundreds of US attacks, Iran has been able=
to sustain the effectiveness of its missile force. <a href=3D'https://emai=
l.newsletters.ft.com/c/eJyMkUFuJCsMhk8DOyIwxsCCRaSopazfmwMYMOnSdFdnqqi0cvtR=
ooyyzdr-bX_-Gk95uW3vZZX7fpE5ZdO9jIp5gJbiYgqAGChoufJyee7Fco3JezI8ajRYIZgkZI1=
07Og9Q2fS51KHJEAYjfoQdCLBk7gqw-XQHTq9FLBANkJy3gWwD95LiKMGkprIh6DQfh-1P4z50G=
5XfSnnOV935R8VnBSc7vf7V0nBqd3WKetUcErAbdiYTAaHBqWSYUdgXBghIQfxjZU_7e-rgcBUH=
ZPyT04BfXEq__QTUgW0y8tV1vkZ6TG5bF02nHww2YIz7EEMxeC5A1qWqC_LPp97oVDTkBYjVO7V=
WkckPBrp1-3WjzbL_srbb72V_RCFdueNz2fe3uT98xGb_DnkcxADNObUjY-RDUZAU2NMxtnMNLC=
FFOO_dun_ydr_X67fbp3TsxzH0pV__JHcufG6c5vLbf3YXnMQ6myEczboLJmMzhpsHNuHSOpZH7=
tsv46lF_GjJwxsekU2-JHL2VWT_eDQcs6CTr8V-BsAAP__xl_DNg' target=3D'_blank' dat=
a-msys-sublink=3D'content-82acf078-9214-4eb6-a162-15f584a5e3ca'>Here=E2=80=
=99s how.</a></p></li></ul><table width=3D'100%' border=3D'0' cellpadding=
=3D'0' cellspacing=3D'0'> <tbody> <tr> <td> <!--[if (gte mso 9)|(IE)]><tabl=
e border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"l=
eft"><tbody><tr><td style=3D"padding-top: 18px; color: #000000; font-family=
: MetricWeb, Arial, sans-serif; font-size: 24px; font-weight: 500; text-ali=
gn: left; line-height: 28px;" class=3D"dark-heading" className=3D"dark-head=
ing"><![endif]--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cell=
spacing=3D'0' align=3D'left'> <tbody> <tr> <td style=3D'padding-bottom:18px=
;color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weig=
ht:500;text-align:left;line-height:28px' class=3D'dark-heading' classname=
=3D'dark-heading'> <h2 style=3D'color:#000;font-family:MetricWeb,Arial,sans=
-serif;font-size:24px;font-weight:500;text-align:left;line-height:28px;marg=
in:0' class=3D'dark-heading' classname=3D'dark-heading'>Datapoint</h2> </td=
> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></tab=
le><![endif]--> </td> </tr> <tr> <td> <!--[if (gte mso 9)|(IE)]><table bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"left" s=
tyle=3D"Margin: 0 0 0 0;"><tbody><tr><td><![endif]--> <table width=3D'100%'=
border=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'left' style=3D'M=
argin:0 0 10px 0;padding:0 0 10px 0'> <tbody> <tr> <td width=3D'57' height=
=3D'4' style=3D'font-size:0;margin:0;padding:0 0 12px 0'> <div style=3D'bor=
der-top-color:#fcd0b1;border-top-style:solid;border-top-width:4px;font-size=
:0' class=3D'dark-thick-line-redesign' classname=3D'dark-thick-line-redesig=
n'>=E2=80=8C</div> </td> <td height=3D'4' style=3D'font-size:0;margin:0;pad=
ding:0'>=E2=80=8C</td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]></=
td></tr></tbody></table><![endif]--> </td> </tr> </tbody> </table><div styl=
e=3D'width:500px;margin:0 auto;padding-bottom:30px' class=3D'content-image-=
mobile' classname=3D'content-image-mobile'><p style=3D'margin:0 0 4px 0;pad=
ding:10px 0 0 0;text-align:center'><img alt=3D'' src=3D'https://images.ft.c=
om/v3/image/raw/https://d1e00ek4ebabms.cloudfront.net/production/0ab9c69e-a=
fee-4b50-9457-41436cba761f.png?source=3Dspark-api&width=3D700&fit=3Dscale-d=
own&bgcolor=3DFFFFFF' style=3D'margin:0;width:100%;max-width:500px;vertical=
-align:middle'></p></div><p style=3D'color:#000;font-family:Georgia,serif;f=
ont-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:b=
oth'>Troy Jackson =E2=80=94 the Democrat chosen to replace Graham Platner a=
s the party=E2=80=99s challenger to unseat Maine=E2=80=99s Republican senat=
or Susan Collins this November =E2=80=94 will face an <a href=3D'https://em=
ail.newsletters.ft.com/c/eJyMkUFuJCsMhk8DOyIwxsCCRaSopazfmwMYMOnSdFdnqqi0cv=
tRooyyzdr-bX_-Gk95uW3vZZX7fpE5ZdO9jIp5gJbiYgqAGChoufJyee7Fco3JezI8ajRYIZgkZ=
I107Og9Q2fS55I5xe66ddG2alvsbXAS9iGMhtE7vRSwQDZCct4FsA_eS4ijBpKayIeg0H4ftT-M=
-dBuV30p5zlfd-UfFZwUnO73-1dJwand1inrVHDKFlODhEaCI4PAw9TumqnkaVRgjwTKn_b31UB=
gqo5J-SengL44lX_6CakC2uXlKuv8jPSYXLYuG04-mGzBGfYghmLw3AEtS9SXZZ_PvVCoaUiLES=
r3aq0jEh6N9Ot260ebZX_l7bfeyn6IQrvzxuczb2_y_vmITf4c8jmIARpz6sbHyAYjoKkxJuNsZ=
hrYQorxX7v0_2Tt_y_Xb7fO6VmOY-nKP_5I7tx43bnN5bZ-bK85CHU2wjkbdJZMRmcNNo7tQyT1=
rI9dtl_H0ov40RMGNr0iG_zI5eyqyX5waDlnQaffCvwNAAD__zqhwvg' target=3D'_blank' =
data-msys-sublink=3D'content-9048c284-e516-42af-bd1c-b636fb2a3462'>immense =
uphill battle</a> to raise funds to battle the 30-year incumbent.</p><p sty=
le=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;=
margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Collins=E2=80=99 campaign =
committee is sitting on a war chest of roughly $11mn and PACs supporting he=
r have another $10mn on hand, as of the end of June. That=E2=80=99s compare=
d with the nearly $150,000 left from Jackson=E2=80=99s ill-fated run for go=
vernor of Maine, though Jackson says he has raised an additional $1mn since=
he launched his bid to replace Platner in early July.</p><p style=3D'color=
:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 =
10px 0;padding:0 0 18px 0;clear:both'>Whether money helps win elections is =
hardly a settled matter =E2=80=94 and given how infrequent elections tend t=
o be, it=E2=80=99s unlikely that any generalisation would hold universally =
true. But there is some evidence that challengers especially benefit from h=
igher campaign spending. </p><p style=3D'color:#000;font-family:Georgia,ser=
if;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;cle=
ar:both'>Looking at FEC filings for 200 Senate races from 2014 to 2024, I f=
ound that while incumbents significantly outspent challengers on average, t=
he races where incumbents were ousted were far closer. In races where the i=
ncumbent won, they typically outspent their rival by nearly double. When th=
e challenger was successful, spending was roughly even, on average.</p><p s=
tyle=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28p=
x;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>In open seats, the winni=
ng candidate spent on average $5mn more than their rivals adjusted for infl=
ation.</p><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;l=
ine-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Correlatio=
n does not imply causation, of course, and stronger challengers may be able=
to raise more money while incumbents in tight races spend money to fend of=
f the risk of defeat. Overall spending in races where the challenger won wa=
s roughly 2.5 times that in races where the incumbent was successful.</p><p=
style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:2=
8px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>This finding supports =
earlier work by Gary Jacobson from the University of California, San Diego,=
who found that better-funded Senate challengers <a href=3D'https://email.n=
ewsletters.ft.com/c/eJyMkMGOIysMRb-m2BGBMVAsWPSmpF73ex9gwEzQJJUMUB31348Szai=
3s7Osa9-jk2nyj1v_ijs_xoXn5C5KrAlDBcFR-9UConVW8JXa5b1ERcmvxjhJNXmJCaxc2SnJBQ=
saQ1DIiXPEQKxLSToF0lhBZa1yYpc9sfMaRIugwCkPqzbagjoZw9bXZB2n1RlrF1TfUONU5ynfr=
uISz3Pex2LeFtgW2B6Px2nkxnvm0jrnV2qB7c9ugY36bPnymtJYYLu3tsD2ocBp4wMqq5SyLohL=
G_O9RGfTWjl7D4lKUko7x1SzE_d-K0eecdyp_xQ9joMXVIM6nc_UP_nrxdf518GvRwSQidYijfc=
k0QPK5P0qtQrkKma7ev83zuWD9_Jfu34r11rMeBytLObtn5zPTvugPNttf7anYNkVkkwhSNTKyY=
BaSczk89OvK0Ecg_v_RyuRTS0rWpIlIUl83oWgkwymks0hBEYtPiP8DgAA__8zG6jq' target=
=3D'_blank'>gained substantially better name recognition and voter approval=
</a> in proportion to their campaign spending. By contrast, Jacobson found =
that Senate incumbents produced little measurable increase in familiarity o=
r favourability.</p><p style=3D'color:#000;font-family:Georgia,serif;font-s=
ize:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>=
A <a href=3D'https://email.newsletters.ft.com/c/eJyMkLtuHSEQQL8GOla8BwoKS9G=
VXCf5gAEG303WuzfAOvLfR2spcZtuijkzR6fgpJejv6edfo-N5qTOa2rZxqY5JQXBaWudd5xecd=
2ea5KYIRjjBbYMwmbtRCAvBVVbrTGoK3p-T0AWAEJVBrwvxQXdTA0ltNYAm258TVpqL0EHZZTTc=
jGGHLTsPOXgjXPMyk-psbS5lOOVb-k-52Mw88T0jenbj-PsO25jeWzHWI7-wvTtGo-dmL5hn2vZ=
iJnbWpn5ouSiDCim3T9weRw7LdJIF6zn2zrmc03e5dCoAOiMNUupvCdsxfNHP-pZZhoP7D95T-M=
kZuXAjvc79jd6_3Ds9Oukj0OodUEMVRgAFBa0FRkgCCUj-maLCwB_16l-pb1-W18_syvFZzrPy_=
3pv7rPjvvAMtdjv77n6MhXFIQxCqukF9EqKWxBKFdjXyM_B_Xv51oTmVaDdShqtijsxcWosoimo=
SsxRrKKvyX9JwAA___wNqpi' target=3D'_blank'>more recent 2024 study</a> from =
Ohio State University political scientist William Minozzi found a more comp=
lex relationship between money and electoral success. Using congressional e=
lections from 1980 to 2018, Minozzi found that campaign spending improves a=
candidate=E2=80=99s chances of winning, but with sharply diminishing retur=
ns: the first dollars spent matter much more than the last.</p><p style=3D'=
color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin=
:0 0 10px 0;padding:0 0 18px 0;clear:both'>Collins=E2=80=99 most recent re-=
election illustrates the point. Democrat Sara Gideon spent more than twice =
as much as Collins in 2020, yet Collins won by nearly 9 percentage points. =
The result does not show that campaign spending is unimportant, but that ev=
en large financial advantages cannot overcome all of the other forces shapi=
ng Senate elections.</p><p style=3D'color:#000;font-family:Georgia,serif;fo=
nt-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:bo=
th'>Once both Senate candidates can afford statewide advertising and voter =
outreach, additional spending produces sharply diminishing returns. That me=
ans Collins=E2=80=99 fundraising edge strengthens an already well-financed =
campaign, but by itself is unlikely to determine the outcome.</p><p style=
=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;ma=
rgin:0 0 10px 0;padding:0 0 18px 0;clear:both'><em>=E2=80=94 Ian Hodgson, F=
T data reporter</em></p><table width=3D'100%' border=3D'0' cellpadding=3D'0=
' cellspacing=3D'0'> <tbody> <tr> <td> <!--[if (gte mso 9)|(IE)]><table bor=
der=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"left">=
<tbody><tr><td style=3D"padding-top: 18px; color: #000000; font-family: Met=
ricWeb, Arial, sans-serif; font-size: 24px; font-weight: 500; text-align: l=
eft; line-height: 28px;" class=3D"dark-heading" className=3D"dark-heading">=
<![endif]--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspaci=
ng=3D'0' align=3D'left'> <tbody> <tr> <td style=3D'padding-bottom:18px;colo=
r:#000;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:50=
0;text-align:left;line-height:28px' class=3D'dark-heading' classname=3D'dar=
k-heading'> <h2 style=3D'color:#000;font-family:MetricWeb,Arial,sans-serif;=
font-size:24px;font-weight:500;text-align:left;line-height:28px;margin:0' c=
lass=3D'dark-heading' classname=3D'dark-heading'>Viewpoints</h2> </td> </tr=
> </tbody> </table> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![=
endif]--> </td> </tr> <tr> <td> <!--[if (gte mso 9)|(IE)]><table border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"left" style=
=3D"Margin: 0 0 0 0;"><tbody><tr><td><![endif]--> <table width=3D'100%' bor=
der=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'left' style=3D'Margi=
n:0 0 10px 0;padding:0 0 10px 0'> <tbody> <tr> <td width=3D'57' height=3D'4=
' style=3D'font-size:0;margin:0;padding:0 0 12px 0'> <div style=3D'border-t=
op-color:#fcd0b1;border-top-style:solid;border-top-width:4px;font-size:0' c=
lass=3D'dark-thick-line-redesign' classname=3D'dark-thick-line-redesign'>=
=E2=80=8C</div> </td> <td height=3D'4' style=3D'font-size:0;margin:0;paddin=
g:0'>=E2=80=8C</td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]></td>=
</tr></tbody></table><![endif]--> </td> </tr> </tbody> </table><ul><li><p s=
tyle=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28p=
x;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Edward Luce argues that =
Trump=E2=80=99s abrupt change to the US-Saudi Arabia nuclear deal demonstra=
tes that with his =E2=80=9Cfantasy announcements=E2=80=9D, the president=E2=
=80=99s =E2=80=9C<a href=3D'https://email.newsletters.ft.com/c/eJyMkU1uGzEM=
hU8z2tGQKOpvoUWAwkDWbQ9ASVQ8qD12ZzQxcvvCRopssyYf-T58lYe8XdePvMh9O8sYsqqWe6H=
UUUk2ITokct4pufB8fm1ZcwnRWg_cSwAq6CCK1yCNGlnL2NirU_YJWRstrScTLHkvlYg9crSpi6=
5qzqjR64DRWONQH6wVF3pxXkr01rmJ9Fep7dDHoV4v6pxPY9y2yb5MeJzweL_fP0cTHut1GbKMC=
Y-WyBTHDKm5CBQxQWkoULDqKtqk2M1kj59Qk_3xHawJ_SZvF1nGM9JCNEmbBBytg6TRAFsU8MFZ=
bkiaJajzvI3Xlr0rsUsNAQu3orXxXrhXr27rte115O3G6x-15m2XifTGK59OvL7Lx5N6lb-7PA8=
xYmWODWwIDBSQoIQQwejEvlN1MYT_69J-ytJ-zZcvkcaokfd9bpN9-ZbJsfKycR3zdXl8L8mJbw=
zCKQEZ7SGR0UCVQ31Y8y2pfZP19z63LLa3SI6hFWKgRy4lUyDZzq6mlISMes_4LwAA___8Bb2Z'=
target=3D'_blank' data-msys-sublink=3D'content-3441b5aa-9d58-4829-bd2e-b2c=
0ce0198f1'>grip on power is su</a><a href=3D'https://email.newsletters.ft.c=
om/c/eJyMkc1uGzsMhZ9mtJMhUdTfQosAFwayvu0DUCIVD2qP3RlNjLx9YTdFtlkfHpIfvkZD3q=
7rR1nkvp1lDFkVl14xd1BSbEweEH3wSi40n1-5GKoxORc09Ro1VvA6STBaGBmdI2AK6lQyEVjkV=
Km3nKNjW5sjYSaOiSmquYCBYCIk66wHc3BOfOzVB6kpOO8nNF9PbYc-Du16UedyGuO2Te5lguME=
x_v9_hlNcGzXZcgy_iYO0VZPpDP7pDFB1pVBdIVmmhibU7eTO35yTe6_75BNEDZ5u8gynhWOyWZ=
js6bkvM4GrCYHokP0jhjQkER1nrfxyiX4mrq0GKESV2NsCEK9BXVbr7y3UbYbrb_UWrZdJjQbrX=
Q60fouH0_wVX7v8lxEAI0osXYxksYIqGuMSVuTKXRsPsX4b1z4f1n4x3z5cmmtGmXfZ57cy7dkj=
pWWjdqYr8vjes1eApMWylmjNUFntEZjo9ge4gJntW-y_txnLuI6J_SkuSJpfPRytlVn18m3nLOg=
Ve8F_gQAAP__jFi_hQ' target=3D'_blank'>ffering</a>=E2=80=9D.=C2=A0</p></li><=
li><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-hei=
ght:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>With just a few m=
onths left before the midterm elections, Trump=E2=80=99s new tariffs are <a=
href=3D'https://email.newsletters.ft.com/c/eJyMkcFuIy0Mx5-GuVGBMQYOHCpVkXr=
-vn0AA6YZbTLJzjCN8varRF312rP9t_3zr_KQj8t6z4vctpOMIevUci-YOkySbYgeED35Sc48n9=
5bNlxCdI409xI0FvA6ChktDRs6x9CYpmMu6KwPHZIUgUYRUy-Bm6CkbqCmac5ggEyAaJ31YF6cE=
x968SQlkvNeofk-anvp46VeztMpH8e4bsq9KjgoONxut6-SgkO9LEOWoeCAQA0Ti7bNBI2-oy4h=
ohbywRNj91yVO2z3RYNnKpZJuTergL44lXv7CakC2uTjLMt4RlqINhmbNEfndTJgNTsQTcE7boC=
GJUyneRvvLZMvsUsNAQq3YowlEu6Vput6aXsdebvy-nta87aLQrPxyscjr59yfz5ilT-7PAcxQG=
WOTbsQWGOAB2uI2prE1LH6GMK_dmn_ydL-n8_fbq2dRt73uSn3-iO5Y-Vl4zrmy_LYXpIXaqyFU=
9JoDemE1misHOpDJLU07Zusv_a5ZXG9RfSsW0HW-MilZItOrrOvKSVBO31m-BsAAP__jnjDJQ' =
target=3D'_blank' data-msys-sublink=3D'content-426d49ae-1d07-45f4-b784-e657=
56a4f5ac'>hardly a voter-friendly move</a>, says the FT=E2=80=99s editorial=
board.</p></li><li><p style=3D'color:#000;font-family:Georgia,serif;font-s=
ize:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>=
Maga=E2=80=99s approach to the <a href=3D'https://email.newsletters.ft.com/=
c/eJyMkUFuJCsMhk8DOyIwYMOCRaSopazfmwMYMOnSdFdnqqi0cvtRooyyzdr-bX_-Gk95uW3vZ=
ZX7fpE5ZdO9jBryAC3FUYoQQsSo5crL5bkXy5WS92h4VDKhQjRJ0BrpoQfvGTqjPpeYB2XImYRq=
7gMDRuqNegOMSZrVSwELaAmS8y6CffBeIo0aUWpCH6MK9vuo_WHMh3a76ks5z_m6K_-o4KTgdL_=
fv0oKTu22TlmnghN39HHIMIlSNIGqmAoYjFCICYLz0lH50_6-GoiM1TEq_-QU4Ben8k8_IVWAu7=
xcZZ2fkU7JZeuy4eSjyRacYQ9ikKLnDsGykL4s-3zuBWNNQxoRVO7VWocoPBrq1-3WjzbL_srbb=
72V_RAV7M4bn8-8vcn75yM2-XPI5yAGaMypG0_EJhAEU4mScTYzjtBiIvrXLv0_Wfv_y_XbrXN6=
luNYuvKPP5I7N153bnO5rR_ba46CnY1wziY4iyYHZ01oTO1DJPasj122X8fSi_jRU4hseg1swkc=
uZ1dN9oNjyzlLcPqtwN8AAAD__6hjwrk' target=3D'_blank' data-msys-sublink=3D'co=
ntent-ad635fef-8785-47be-b264-e74582413ed6'>fertility crisis</a> will not l=
ead to more babies, writes Jemima Kelly.</p></li><li><p style=3D'color:#000=
;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px =
0;padding:0 0 18px 0;clear:both'>Looking at Trump=E2=80=99s war on Iran and=
other conflicts, Gideon Rachman explains <a href=3D'https://email.newslett=
ers.ft.com/c/eJyMkU1uIzsMhE-j3imQKOpvoUWAwEDW780BKJGKG2O3Pd3qGL79wEYG2WZNFl=
lVX6MhH5f1Xha5bScZQ9aJS6-YO0xSbEweEH3wk5xpPr1zMVRjci5o6jVqrOB1kmC0MDI6R8AUp=
mPJnE03NmNtlg23ZG2m0AFQqrUeprmAgWAiJOusB_PinPjYqw9SU3DeKzTfpraXPl7a5TydynGM=
66bcq4KDgsPtdvsaKTi0yzJkGQoO3goZCaB7JtboTNQJa9YYvYEsXMVl5Q7bfdHgKVRLQbk3qyB=
85VTu7SdJFYRNPs6yjKeEY7LZ2KwpOa-zAavJgegQvSMGNCRxOs3beOcSfE1dWoxQiasxNgSh3s=
J0XS-8t1G2K62_p7Vsuyg0G610PNL6KfdnEav82eV5iAAaUWLtYiSNEVDXGJO25tE4Np9i_Lcu_=
J8s_P98_mZr7TTKvs-s3OuP4I6Vlo3amC_L43vNXgKTFspZozVBZ7RGY6PYHiAD52nfZP21z1zE=
dU7oSXNF0vjQ5Wyrzq6TbzlnQTt9FvgbAAD__xGlwnE' target=3D'_blank' data-msys-su=
blink=3D'content-51ea0e62-f9ad-4307-84b9-475029edbe39'>how wars go global</=
a>.</p></li></ul> </td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]><=
/td></tr></tbody></table><![endif]--> <div style=3D'max-width:640px;margin-=
right:auto;margin-left:auto'> <!--[if (gte mso 9)|(IE)]><table border=3D"0"=
cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"center"><tbody>=
<tr><td style=3D"padding: 0 0 0 0;"><![endif]--> <table width=3D'100%' bord=
er=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'center'> <tbody> <tr>=
<td height=3D'1' style=3D'margin:0;padding:5px 0 0 0;font-size:0'>=E2=80=
=8C</td> </tr> <tr> <td height=3D'1' style=3D'padding:0 0 20px 0;font-size:=
0'> <div style=3D'border-top-color:#000;border-top-style:solid;border-top-w=
idth:1px;font-size:0;margin:0 0 2px 0' class=3D'dark-border-line-redesign' =
classname=3D'dark-border-line-redesign'>=E2=80=8C</div> </td> </tr> <tr> <t=
d> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" width=3D"700" align=3D"left" style=3D"margin: 0 0 0 0;"><tbody><t=
r><td style=3D"padding: 0 0 0 0; color: #000000; font-family: MetricWeb, Ar=
ial, sans-serif; font-size: 24px; font-weight: 500; text-align: left; line-=
height: 28px;" class=3D"dark-heading" className=3D"dark-heading"><![endif]-=
-> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' a=
lign=3D'left' style=3D'margin:10px 0 20px 0'> <tbody> <tr> <td style=3D'pad=
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