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https://www.washingtonpost.com/politics/reading-between-the-lines-of-trumps-oval-office-tussle/2018/12/11/7c7099f4-fda1-11e8-a17e-162b712e8fc2_story.html?utm_term=.809469483529

TRUMP: I also know that, you know, Nancy’s in a situation where it’s not easy for her to talk right now, and I understand, and I fully understand that. We’re going to have a good discussion, and we’re going to see what happens. But we have to have border security.

PELOSI: Mr. President — Mr. President, please don’t characterize the strength that I bring to this meeting as the leader of the House Democrats, who just won a big victory.

As far as I can tell, there are two plausible ways to interpret this:

  1. Pelosi is saying that she is the leader of the House Democrats who just won a big victory, and Trump is (negatively) characterizing/trivializing her role/power as the leader. In other words, the "as the leader of the House Democrats" clause is referring to "I".
  2. Pelosi is saying that, while her personal role in the party may be in limbo (depending on whether she wins re-election), Trump is overlooking the fact that House Democrats, as a whole, already won the election and have strength/leverage irrespective of Pelosi's election. In other words, "as the leader of the House Democrats" clause is referring to "strength".
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In Ms. Pelosi's sentence,

Mr. President—Mr. President, please don’t characterize the strength that I bring to this meeting as the leader of the House Democrats, who just won a big victory.

the phrase "as the leader of the House Democrats" attaches to "I" (that is, to Pelosi), and the phrase "who just won a big victory" attaches to "House Democrats" (that is, to the subsection of the Democratic Party elected to the U.S. House of Representatives, where the Democrats achieved a net gain of 40 seats over the number of seats they held in the previous session of Congress).

The part of Pelosi's sentence that is most difficult to make sense of is her choice of the verb characterize. The point of her response to Mr. Trump is to urge him not to imply that her quest to become Speaker of the House (by vote of her fellow House Democrats) in the coming new year severely limits her freedom to bargain with Trump over building a wall along the U.S.'s border with Mexico.

The implication of Trump's comment is that Pelosi's political vulnerability to intraparty opposition if she is seen as being too accommodating to him on the wall issue makes her weak as a potential bargaining partner in negotiations with Trump: she can't deal with his proposals on their merits because she is constrained by her precarious position as a candidate for Speaker of the House.

Pelosi's response is that the Democrats just won a significant House majority after having been the minority party there for the previous eight years and that Trump should refrain from speculating about her supposed political vulnerability at the (televised) meeting he was having with her, Vice President Mike Pence, and Senator Charles Schumer.

It seems to me that characterize is a rather odd verb for Pelosi to have chosen. She seems to be using the verb as a short form of a more complicated idea along the lines of "attempt to characterize in a denigrating way":

Please don't attempt to characterize in a denigrating way the strength that I bring to this meeting [following the House Democrats' electoral victory].

But it would have made even more sense for Pelosi to have used the verb mischaracterize (that is, "inaccurately describe or represent") in place of characterize:

Please don't mischaracterize the strength that I bring to this meeting [following the House Democrats' electoral victory].

Of course, Pelosi was speaking extemporaneously, in response to a provocative remark from Trump. If she had had time to edit her remarks for publication, I suspect that she would have replaced characterize with mischaracterize.

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Trump is suggesting that the strength that Nancy brings to the meeting is the fact that she might become the leader of the House Democrats. Nancy indirectly asks Trump to stop stalling and focus on content by asking him to not characterise/focus on the strength she brings to the meeting as being "the leader of...". Trump focuses on form and Nancy focuses on substance. So the strength Nancy brings to the meeting is substance, and form can wait since the House Democrats won a big victory anyhow and whoever will become leader will be capable of handling the substance, so why any further delays.

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She is responding directly to Trump's implication that it is bad that she can't negotiate on his terms on the wall because of the Democratic political caucus. She is responding with an implication that it is a good thing, not a bad thing. She can now negotiate from a position of strength.

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