Will stocks plunge if Trump fails to cut taxes? North Korea’s boom may go bust; Siemens scales back Russia business

Profitable Moment   The market (and I) are on Fire Island! I am writing this on the train out to Long Island: Part of the exodus that takes place each Friday during the summer.   It's a good moment to reflect on markets that are rising to record highs, while the political turmoil and chaos in Washington seemingly gets worse   The Trump administration hoped this would be "Made in America" week. It wasn't. Press Secretary Sean Spicer resigned; Obamacare repeal efforts failed;  the President attacked his own attorney general and there was the always ever present specter of Russian collusion and hearings.   And in that time honored fashion: The band played on -- or in this case, the market kept rising.    The only question is, can this continue? As the S&P broke new highs, some spoke of resistance levels being breached, suggesting even greater heights to be scaled. While others muttered darkly of overvalued equities and potential market corrections.   There is no way to know in this volatile political environment. The old adage "sell in May and go away" suddenly looks very attractive. Shame. It's too late.   So rather than fretting I shall concentrate on the Fire Island beach!   -Richard.Quest@cnn.com  What's new... what's next   By Matt Egan, Patrick Gillespie and Julia Horowitz of CNNMoney 1. Will stocks plunge if Trump's tax plan fails? President Trump's promises of "massive" tax cuts, infrastructure spending and deregulation sent stocks soaring after the election. But Trump has failed so far to enact that agenda. So why is Wall Street shattering records instead of freaking out? Instead of banking on sweeping tax reform, the market has been kept afloat by steady economic growth, strong corporate profits and historically low interest rates. That means the "Trump rally" may not actually need the Trump agenda to survive. 2. China will import U.S. rice for the first time The world's largest rice producer is hungry for more -- and it's looking to the U.S. for supplies. China will import American rice for the first time after a new trade deal was reached on Thursday. The U.S. agriculture secretary said the agreement has been in the works for more than a decade. China produces 20 times more rice than the U.S., but it's also the world's biggest consumer and has begun looking for places to buy the grain abroad. 3. Siemens scales back its Russia business Siemens is backing away from a Russian joint venture. The German industrial group said it received "credible information" that four gas turbines destined for a project in southern Russia had been "modified and illegally moved to Crimea." Russia annexed Crimea from Ukraine in 2014. Sanctions from the U.S. and other Western nations on Moscow prohibit companies from supplying energy tech to the disputed region. The Russian company involved declined to comment. 4. North Korea's economic boom may go bust North Korea grew at its fastest pace last year since 1999. That boom may already be turning to bust. The isolated state doesn't publish its own data, but South Korea has since 1991. But things could turn south soon. Kim Jong Un heavily relies on coal exports, and its top market, China is cutting back severely on North Korean coal.  5. Quick Takes: China wants to build a $150 billion AI industry  Neil Armstrong's moon bag that NASA lost sold for $1.8 million  Lyft is changing gears to build its own self-driving tech Why you should see 'Dunkirk' in 70mm 6. What's next: U.S.-U.K. trade talks kick off: British officials are visiting Washington on Monday, launching the beginning of informal trade talks between the two economic powerhouses. However, trade experts caution that there are many obstacles that could delay a quick trade deal from being reached. Here comes Google: Alphabet, the parent company of Google, hits the earnings stage on Monday afternoon. Google's results could create ripples in the broader market because of its role as a favorite momentum tech stock. Earnings are also on tap from toy giant Hasbro and oil services company Halliburton.  Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. One CNN Center Atlanta, GA 30303 Add us to your address book unsubscribe from this list    update subscription preferences