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Excellent article in the Post. As I see it, here are the most relevant points:
Prosecutors view someone as a subject when that person has engaged in conduct that is under investigation but there is not sufficient evidence to bring charges.
Mueller reiterated the need to interview Trump –
Other advisers, however, noted that subjects of investigations can easily become indicted targets — and expressed concern that the special prosecutor was baiting Trump into an interview that could put the president in legal peril.
… frustration that the president ignored his advice to refuse the special counsel’s request for an interview, according to a Trump friend.
Mueller’s investigators have indicated to the president’s legal team that they are considering writing reports on their findings in stages -
However, legal experts said Mueller’s description of Trump as a subject of a grand jury probe does not mean he is in the clear.
A subject could become a target with his or her own testimony, legal experts warn.
“The president’s personal risk is primarily on the impeachment front,”
Since Trump is not exactly the sharpest tool in the tool box, he will eventually agree to talk with Mueller, and this will be the result: