Fact: Lael Brainard, director of the White House National Economic Council, stated that President Biden is considering raising the corporate tax rate and increasing the federal tax on stock buybacks if he wins a second term.
The United States suspended a shipment of heavy, bunker-busting bombs to Israel amid concerns about their impact in dense urban settings like Rafah. Germany increased defense export approvals for Israel after an attack by Hamas, but has since approved fewer exports due to international criticism. Italy halted new export approvals to Israel since the start of the Gaza war, with the last orders delivered in November. Britain grants export licenses for defense equipment to Israel, while Canada stopped licensing arms exports to Israel to ensure compliance with humanitarian law. The Netherlands halted shipments of parts for F-35 jets to Israel due to concerns about violations of humanitarian law.
The cost of extending the 2017 tax cuts for households, small businesses, and wealthy individuals enacted under President Donald Trump has expanded to .6 trillion, according to new estimates from Congress’ fiscal scorekeeper.
Israeli forces massed tanks near Rafah in response to U.S. President Biden’s threat to withhold weapons if a major invasion occurred. Ceasefire talks in Cairo continued as Palestinian militant groups engaged in battles with Israeli forces on the outskirts of Rafah. The U.S. paused delivery of bombs to Israel due to civilian risks, causing concern for Israel’s ability to neutralize Hamas. Thousands of Palestinians fled to Deir Al-Balah, fearing a humanitarian catastrophe in Rafah. Israel’s assault on Gaza has resulted in the deaths of thousands of Palestinians, with the U.N. warning of a looming humanitarian crisis.
Warren Buffett predicts that U.S. taxes are likely to rise as lawmakers aim to reduce the federal deficit.
The personal envoy of the United Nations Secretary-General, Maria Angela Holguín Cuéllar, met with the two leaders and emphasized the importance of listening to civil society and making progress towards finding a lasting solution to the Cyprus issue. She conveyed the support of the international community and urged the leaders to move forward.
Fact: The personal envoy of the UN secretary-general, Maria Angela Holguin, described her meeting with President Nikos Christodoulides as “constructive.”
– West Texas Intermediate (WTI) crude oil was up slightly and hovering around .50 a barrel in Asian trading on Tuesday following Israel’s strike on Rafah in Gaza.
– Israeli forces targeted Rafah on Gaza’s southern edge through air and ground attacks, leading to concerns about potential disruptions in crude supplies from the region.
– Hamas accepted a ceasefire proposal from mediators, but Israel rejected the terms.
– Analyst forecasts suggested that crude oil and product stockpiles in the United States were anticipated to have declined last week.
– US President Joe Biden’s energy adviser stated that the US has ample oil supply in the Strategic Petroleum Reserve (SPR) to address any supply-related worries.
– The SPR remains close to 40-year lows despite the largest-ever sale of 180 million barrels following Russia’s invasion of Ukraine.
– The Biden administration has halted the repurchase of oil for the reserve due to crude trading above the targeted price of .00 per barrel.
Japan has expressed regret over U.S. President Joe Biden’s comment that “xenophobia” is hindering the country’s economic growth. Despite this, Japan’s ties with the United States remain strong, with Tokyo aiming to strengthen them further. Biden had stated that immigration has been beneficial for the U.S. economy, contrasting it with countries like China, Japan, Russia, and India, which he claimed are struggling due to being xenophobic towards immigrants. Japan, known for its homogeneity, has been hesitant about immigration but is facing a labor shortage due to declining birthrates and an aging population. Prime Minister Kishida mentioned the possibility of inviting skilled workers to Japan but ruled out a comprehensive immigration program, citing resistance within Japanese society towards continuous immigration from overseas.
The U.S. Navy is facing challenges in building a fleet of unmanned vessels due to a focus on big shipbuilding projects, despite the demonstrated effectiveness of sea drones in combat situations. The Pentagon is now incorporating lessons from Ukraine and the Red Sea to counter China’s naval power in the Pacific, launching the Replicator initiative to deploy small air and sea drones. This initiative aims to match China’s military threat and is funded by reallocating funds from the existing Pentagon budget. The use of sea drones for maritime surveillance, minehunting, and protection of critical infrastructure is seen as crucial, with the U.S. Navy testing unmanned vessels in combat scenarios and expanding their use in different regions. Companies like Saildrone and Ocean Aero are actively involved in supplying autonomous vessels to the Navy, showing the increasing focus on deploying sea drones quickly to stay ahead in naval warfare.