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AXIOS (Neil Irwin) - What it would take to rebuild U.S. manufacturing might

America's dependence on imported manufactured goods looks like a vulnerability in a world of widening geopolitical fractures . Fixing it won't come cheap. The big picture: New research from McKinsey, the global consulting firm, estimates that it would take $2 trillion, or about 6% of U.S. GDP, to build the industrial capacity needed to replace imports of key strategic goods. - That's the equivalent of two years' worth of the current annual defense budget — and doesn't even include the investment needed to cultivate the workers' skills, infrastructure and energy needs. - There is a particular dearth of American manufacturing capacity for advanced electronics, particularly AI servers, and key chemicals, the study finds. State of play:…

AXIOS (Avery Lotz) - Trump's retribution tour seeks new, more loyal MAGA guard

President Trump is building a fiercely loyal midterm army amid a revenge tour where MAGA credentials appear to outshine traditional conservatism. Why it matters: The president's victory lap following primary wins that ousted several objectors to his agenda could be premature, as there's no guarantee his endorsed candidate will win in November. - However, if candidates do succeed in the midterms, the next group of MAGA politicians will be shaped even further in Trump's image. Dissenters in Congress will be few and far between. Context: Trump has maintained considerable control over MAGA during the primaries, even as his general approval plummets. - Trump-backed Texas Senate candidate Ken Paxton trounced longtime Sen. John Cornyn (R)…

AXIOS (Alex Isenstadt) - Scoop: Mike Collins hires top Trump advisers ahead of Georgia runoff

Several of President Trump's top political advisers are joining Rep. Mike Collins' campaign in the Georgia Senate race, Axios has learned. Why it matters: The hires provide the clearest indication yet that Trump may be leaning towards endorsing Collins ahead of his June 16 primary runoff against former University of Tennessee head football coach Derek Dooley . - The winner will challenge Democratic Sen. Jon Ossoff in November. Zoom in: Trump 2024 adviser Tony Fabrizio has been tapped to serve as Collins' pollster and senior strategist. - Trump campaign chief data strategist Tim Saler will serve in the same capacity for Collins. - Chip Englander, who was Trump's battleground states' strategist, will be general consultant. Between the…