Biden Eyes U S Trust as G20 China Alternative
Biden aims to position the United States and like minded partners as a stronger economic and security option than China at the G20 in India and a stop in Vietnam. He plans to push a proposal to expand World Bank IMF lending by 200 billion dollars as an alternative to China’s Belt and Road initiative, while Xi Jinping skips the summit.
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Wall Street slips as high rates pressure tech stocks
Wall Street closed mixed with the S&P 500 down 0.3 percent to 4451.14 while the Nasdaq fell 0.9 percent to 13748.83 and the Dow rose 0.2 percent to 34500.73. Rates high, inflation risk, and strong services data keep Fed policy in focus.
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Democrats urge tighter controls on U.S. firearms exports
Congressional Democrats led by Elizabeth Warren condemn Commerce for lackluster oversight of the post 2020 export license shift. They demand updated data on gun shipments and warn the policy boosts profits while arming corrupt actors. Commerce replies it will respond through proper channels.
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McCarthy urges U.S. to cut reliance on China economy
House Speaker Kevin McCarthy criticized China’s economic policies during a Tokyo visit and urged cutting dependence on the world’s second largest economy. He cited sectors like medical supplies and critical minerals and noted U.S. cooperation with allies to reduce risk while Beijing pressed its sovereignty claims.
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