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☆ Drag queen Nymphia Wind performs at Taiwan’s presidential office
▼ + stars: | 2024-05-16 | by ( Christy Choi | Wayne Chang | ) edition.cnn.com time to read: +5 min

Taipei, Taiwan CNN —Taiwanese drag queen Nymphia Wind gave a riotous performance at Taiwan’s presidential office on Wednesday, celebrating her win on “RuPaul’s Drag Race” last month. Taiwanese drag queen Nymphia Wind shakes hands with Taiwan's outgoing leader Tsai Ing-wen. Taiwanese drag queen Nymphia Wind performs on May 15, 2024. Nymphia Wind attends "RuPaul's Drag Race" Season 16 finale screening at The Edge at Hudson Yards. Nymphia Wind and Jimbo onstage at the "RuPaul's Drag Race" season 16 finale screening event on April 19, 2024 in New York City.

Persons: Nymphia, Tsai Ing, Gaga’s “, Huang Fei’s “ Chase, Chase, ”, ” Nymphia, Tsai, Wang Yu Ching, Xi Jinping, Lai Ching, Taiwan’s, popstar, “, Sun, Sun Yat Sen, Santiago Felipe, Leo Tsao, that’s, Jimbo, ” Tsai Organizations: Taiwan CNN, Communist Party, Democratic Progressive Party, DPP, Facebook, Weibo, Sun Yat, Hudson Yards, Reuters Locations: Taipei, Taiwan, ” Taiwan, Beijing, Taiwanese, Asia, China, Taiwan’s, East, Santiago, West, New York City

☆ Grocery prices are finally falling
▼ + stars: | 2024-05-15 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —Food shoppers can finally breathe a slight sigh of relief: After years of increases followed by months of plateau, grocery prices fell last month. Grocery prices retreated 0.2% from March to April, adjusted for seasonal swings, according to inflation data released Wednesday by the Bureau of Labor Statistics. But back in February, overall food prices remained flat for the first time since April 2023. Fast food prices jumpWhile grocery prices have been moderating, menu prices remain high, especially at fast food spots. At sit-down restaurants, prices went up 3.4%, while at limited-service restaurants — where you’re served at the counter — prices rose 4.8%.

Persons: Milk, you’re, McDonald’s Organizations: New, New York CNN, Bureau of Labor Statistics Locations: New York, Ukraine, Texas, —, McDonald’s

This week, Xi is welcoming him to China for a two-day state visit — their fourth in-person meeting since Russia’s onslaught in Ukraine began. China has repeatedly defended its trade with Russia as part of normal bilateral relations. Russia has also become China’s main oil supplier, overtaking Saudi Arabia, according to official Chinese trade data. Governments warn against support for Russia’s war effortThe wartime surge in trade, and growing purchases of oil, have sparked criticism in the West that China was helping to fund Russia’s war. It mirrors Xi’s state visit to Russia in March 2023, which was the Chinese leader’s first overseas trip after starting a norm-shattering third term as president.

Persons: Vladimir Putin’s, Xi, Putin, Antony Blinken, Emmanuel Macron, Ursula von der Leyen, Von der, ’, Volodymyr Zelensky, Joe Biden, Biden Organizations: Hong Kong CNN, United, European Union, International Monetary Fund, —, EU, White, European Commission Locations: China, Hong Kong, Russia, Ukraine, Russian, United States, Saudi Arabia, India, West, Beijing, France, Chinese

☆ Why Biden’s monster EV tariffs could inflame a Europe-China trade war
▼ + stars: | 2024-05-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

It’s a very different matter in Europe — by far the biggest export market for Chinese EV manufacturers. EU tariffs could backfireAccording to Citi, the EU accounted for 36% of Chinese EV exports last year, more than the next five largest markets combined. By contrast, the United States currently receives just 1.1% of China’s EV exports. For BYD, China’s biggest EV maker, the tariffs would likely have to be even higher to be effective, they add. “I’d say we are entering a very tense period in terms of trade interactions and trade defense,” she added.

Persons: Joe Biden, “ I’m, ” Biden, Joseph Webster, Agatha Kratz, Kratz, That’s, Oliver Zipse, ”, Tu Le, “, Josh Lipsky, Juliana Liu Organizations: London CNN, United, EV, European Union, Atlantic Council, EU, CNN, Citi, Capital Economics, BMW Locations: China, America, Europe, United States, It’s, Brussels, “ Brussels, Beijing, subsidization, EU, States, Italy, Hong Kong

☆ Japan’s economy contracts in first quarter
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +2 min

Tokyo Reuters —Japan’s economy contracted in the first quarter, squeezed by weaker consumption and external demand and throwing a fresh challenge to policymakers as the central bank looks to lift interest rates away from near-zero levels. The reading translates into a quarterly contraction of 0.5%, versus a 0.4% decline expected by economists. “Japan’s economy hit the bottom in the first quarter,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. “The economy will certainly rebound this quarter thanks to rising wages although uncertainty remains on service consumption.”Capital spending, a key driver of private demand, fell 0.8% in the first quarter, versus an expected decline of 0.7%, despite hefty corporate earnings. External demand, or exports minus imports, knocked 0.3 of a percentage point off first quarter GDP estimates.

Persons: Downwardly, ”, Yoshimasa Maruyama Organizations: Tokyo Reuters, Nikko Securities, ”, Daihatsu, Bank of Japan Locations: Tokyo, “, Noto, Toyota’s

☆ Opinion | It’s Not Just Putin. Russia Needs China, Too.
▼ + stars: | 2024-05-15 | by ( Alexander Gabuev | ) www.nytimes.com time to read: +1 min

Vladimir Putin’s trip to Beijing this week, where he will meet with Xi Jinping and top Chinese officials, is another clear demonstration of the current closeness between Russia and China. Yet many in the West still want to believe that their alliance is an aberration, driven by Mr. Putin’s emotional anti-Americanism and his toxic fixation on Ukraine. Never since the fall of the Soviet Union has Russia been so distant from Europe, and never in its entire history has it been so entwined with China. The truth is that after two years of war in Ukraine and painful Western sanctions, it’s not just Mr. Putin who needs China — Russia does, too. China has emerged as Russia’s single most important partner, providing a lifeline not only for Mr. Putin’s war machine but also for the entire embattled economy.

Persons: Vladimir Putin’s, Xi Jinping, Putin, —, it’s Organizations: Soviet Locations: Beijing, Russia, China, Ukraine, Moscow, Europe, Soviet Union

☆ Biden's new tariffs show he's willing to play hardball as China ramps up exports, Nobel economist Paul Krugman says
▼ + stars: | 2024-05-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Biden's tariffs on China are a gesture to show the US will not accept another wave of Chinese imports, Paul Krugman wrote in an op-ed. The previous "China shock" was damaging to US employment, given the localized nature of US industry. China is relying on heavy production to manufacture its way out of an economic slump. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. "They're a shot across the bow — a signal that the United States won't accept a second so-called China shock, a surge of imports that could undermine crucial parts of the administration's agenda."

Persons: Paul Krugman, Biden's Organizations: Service, The New York Times, Business Locations: China, United

☆ Vladimir Putin arrives in China for state visit as Russian troops advance in Ukraine
▼ + stars: | 2024-05-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Russian President Vladimir Putin has arrived in Beijing for the start of a two-day state visit underlining close alignment with Chinese leader Xi Jinping as Russian troops advance in Ukraine. Ahead of the trip, Putin hailed the “unprecedented level of strategic partnership” between the countries in an interview with Chinese state media Xinhua. The two leaders – who declared a “no limits” partnership weeks before the February 2022 invasion – have continued to strengthen their countries’ diplomatic, trade and security ties since Russia’s invasion of Ukraine. Xi hosts Putin in Beijing as the Chinese leader comes under under mounting pressure from the US and Europe to ensure exports from China aren’t propping up Russia’s war effort. This is the fourth in-person meeting between Xi and Putin – known for their personal chemistry – since the invasion and Putin’s second visit to Beijing in that time.

Persons: Vladimir Putin, Xi Jinping, Putin, Volodymyr Zelensky, Russia’s, China’s, –, Xi Organizations: Hong Kong CNN, West, Wednesday, Xinhua, ”, Trade, China aren’t, Kremlin Locations: Hong Kong, Beijing, Ukraine, Kharkiv, Gaza, ” Beijing, United States, Europe, China, Moscow, Harbin, China’s, Heilongjiang, Russia’s

☆ Putin Will Visit Xi, Testing a ‘No Limits’ Partnership
▼ + stars: | 2024-05-14 | by ( David Pierson | Paul Sonne | ) www.nytimes.com time to read: +1 min

When China’s top leader, Xi Jinping, hosts President Vladimir V. Putin of Russia in China this week, it will be more than two years since the two autocratic leaders declared a “no limits” partnership to push back against what they consider American bullying and interference. Growing challenges from the West have tested the limits of that partnership. Mr. Xi is walking a narrowing tightrope, coming under increasing diplomatic and economic pressure to curtail Chinese support for Russia and its war in Ukraine. “China sees Russia as an important strategic partner and wants to give Putin proper respect, but it also wants to maintain sound relations with Europe and the United States for economic reasons and beyond. It is a very difficult balancing act,” said Shen Dingli, a Shanghai-based international relations scholar.

Persons: Xi Jinping, Vladimir V, Putin, ”, Shen Dingli Locations: Russia, China, Ukraine, Europe, Beijing, United States, Shanghai

☆ What Biden’s tariffs on Chinese imports may mean for American jobs, the economy and inflation
▼ + stars: | 2024-05-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Biden’s tariff plan likely won’t move the needle for monetary policy, said Ryan Sweet, chief US economist at Oxford Economics. “Consumers and producers often pay higher prices when tariffs are implemented.”That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately, consumers. Worse, some businesses appeared to take advantage of the trade war by bumping up prices even higher. Container shipping imports from China to Mexico rocketed higher by 60% in January and 34% for the first quarter, Xeneta data shows. “It’s obvious that imports to this extent are not only for domestic purposes in Mexico,” he said.

Persons: Biden, Joe Brusuelas, Donald Trump’s, Trump, —, Ryan Sweet, ” Sweet, Sweet, George W, Bush, Barack Obama, Goldman Sachs, ”, Wells, Nicole Cervi, “ There’s, ” Cervi, Peter Sand, “, Sand, “ It’s Organizations: CNN, RSM US, stoke, Oxford Economics, Biden, Peterson Institute for International Economics, Trump, Federal, “, US International Trade Commission, New, New York Fed, National Bureau of Economic Research, Republican, ramped, Container Locations: China, New York, “, South Korea, Singapore, Taiwan, Vietnam, Wells, Mexico

☆ Why Biden Is Putting Tariffs on Chinese Imports - The New York Times
▼ + stars: | 2024-05-14 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

His signature legislative achievement, the Inflation Reduction Act — which is actually mainly about fighting climate change — contains several nationalistic provisions designed to limit subsidies primarily to manufactured goods produced in North America. And the Biden administration is now imposing tariffs as high as 100 percent on Chinese exports of electric vehicles and taxes on other imported goods, including semiconductors and batteries. The immediate impact of these tariffs will be small, because the United States currently imports very few of the affected goods from China. They’re a shot across the bow — a signal that the United States won’t accept a second so-called China shock, a surge of imports that could undermine crucial parts of the administration’s agenda. China’s exports of manufactured goods to the United States surged beginning in the 1990s.

Persons: Donald Trump, Biden, weren’t Locations: U.S, North America, United States, China, United

☆ Stellantis to rapidly grow exports of Chinese EVs to Europe, other countries
▼ + stars: | 2024-05-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

That's due, in part, to new American tariffs on China-made EVs, Tavares said, citing among other reasons as well. The Biden administration on Tuesday announced stiff new tariff rates on billions' worth of Chinese imports, including quadrupling tariffs on imported Chinese electric vehicles, from 25% to 100%. The joint venture's expansion plans include at least six EVs by 2027, according to a presentation by Stellantis and Leapmotor. The announcement comes amid increasing geopolitical tensions surrounding China-made electric vehicles in the U.S., Europe and other regions. Many in and around the automotive industry fear the less-expensive, China-made vehicles will flood the markets, undercutting domestic-produced EVs.

Persons: Carlos Tavares, Zhu Jiangming, EVs, Tavares, Biden, " Tavares, Stellantis Organizations: Stellantis, Leapmotor, Europe —, Asia Pacific Locations: China, Europe, Europe — France, Italy, Germany, Netherlands, Spain, Portugal, Belgium, Greece, Romania, East, Africa, India, Asia, South America, U.S, Hangzhou

☆ How China Rose to Lead the World in Cars and Solar Panels
▼ + stars: | 2024-05-14 | by ( Keith Bradsher | ) www.nytimes.com time to read: 1 min

For decades, China has moved methodically to dominate ever more industries, from toys and clothing in the 1980s to semiconductors and renewable energy today. China now produces a third of the world’s manufactured goods — more than the United States, Germany, Japan, South Korea and Britain combined. Its trade surplus in these goods is equal to a tenth of the entire Chinese economy. Top leaders in the United States and Europe have begun calling on China to dial back how much it sells to the world, and to increase its imports. On Tuesday, President Biden is expected to raise U.S. tariffs sharply on imports from China of electric cars, solar panels and other high-tech manufactured goods.

Persons: Biden Locations: China, United States, Germany, Japan, South Korea, Britain, Europe

☆ Biden to increase tariffs on $18 billion in Chinese imports in a new warning to Beijing
▼ + stars: | 2024-05-14 | by ( Kayla Tausche | ) edition.cnn.com time to read: +5 min

Washington CNN —President Joe Biden is increasing tariffs on $18 billion in Chinese imports across a handful of sectors deemed strategic to national security – an attempt to cripple Beijing’s development of critical technologies and instead prioritize US production. The increases will apply to imported steel and aluminum, legacy semiconductors, electric vehicles, battery components, critical minerals, solar cells, cranes and medical products. That same trade law also requires the effectiveness of such tariff programs to be evaluated every four years, and the Biden administration decision is the result of that study. “China can’t be the only country that produces clean technology for the world we need,” a senior administration official said. The Chinese government, Biden argued, is providing state money to Chinese steel companies to make more steel than the economy demands, pushing down the price and making it impossible for other companies to compete.

Persons: Joe Biden, “, ”, Lael Brainard, “ China’s, Donald Trump, Biden, Wang Wenbin, Trump, Janet Yellen, Antony Blinken, “ They’re, ” Biden, Sam Fossum Organizations: Washington CNN, White, National Economic Council, CNN, Biden, Trade Organization, Brookings Institute, United Steelworkers, Trump, China’s Ministry, Commerce Locations: China, Beijing, Europe, Brazil, Turkey, Pittsburgh, Midwest

☆ Putin to meet Xi in China as world convulses from global conflicts
▼ + stars: | 2024-05-14 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

Pyongyang – which has an economy almost entirely dependent of China – is believed by Western governments to be aiding Russia with war supplies. Xi has ramped up his calls for Europe and other countries to help the world avoid a “Cold War,” suggesting they resist what Beijing sees as US efforts to contain China. They have also criticized Israel and the United States – converging with mounting global backlash, especially across the Global South against Israel’s war. The conflict has also impacted how China and Russia view their relations with countries there, he added. China “wants to use Russia” for its aims, but Russia is making China weak, he said.

Persons: Xi Jinping, Vladimir Putin, Putin, –, It’s, China –, Xi, France –, Jens Stoltenberg, Sergei Guneyev, ”, Li Mingjiang, Manoj Kewalramani, Russia doesn’t, Stringer, Gaza —, Sergey Lavrov, presser, Wang Yi, Israel, “, Privately, Shen Dingli, China “, Alexander Dugin, Donald Trump, Li Organizations: Hong Kong CNN, West, NATO, Forum, Singapore’s Nanyang Technological University, EU, Takshashila, Boys, Getty, United, Global, Shanghai Cooperation Organization, Russia, Weibo, Moscow, CNN Locations: Hong Kong, China, Russian, Gaza, Ukraine, Moscow, Washington, Iran, North Korea, Pyongyang, Russia, Tehran, Beijing, Europe, France, Serbia, Hungary, Bangalore, Rafah, AFP, Israel, United States, Kewalramani, South, Taiwan, Shanghai, Singapore

☆ U.S. to Stop Buying Russian Uranium, Cutting Cash to Moscow
▼ + stars: | 2024-05-14 | by ( Max Bearak | ) www.nytimes.com time to read: +1 min

President Biden signed a bill into law on Monday night banning the import of uranium enriched in Russia. Russia controls nearly half the world’s enrichment capacity, and American electric utilities have been spending around $1 billion per year on the fuel to run their reactors. It provides waivers for utilities that would be forced to shut down nuclear reactors, allowing them to continue imports until 2028. Russia’s government has threatened in the past to unilaterally halt exports to the United States if a ban were put into effect. Speaking to reporters on Tuesday, the Kremlin spokesman, Dmitri S. Peskov, did not reiterate the threat but called the bill “unfair.”

Persons: Biden, Ted Cruz, Dmitri S, Peskov, ” Organizations: Texas Republican, Kremlin Locations: Russia, Texas, United States

☆ House Democrat presses oil CEOs for details of Trump's fundraising dinner at Mar-a-Lago
▼ + stars: | 2024-05-14 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +1 min

Rep. Jamie Raskin (D-MD) speaks during a House Committee on Oversight and Accountability hearing on Capitol Hill in Washington, DC, on September 28, 2023. The House Oversight Committee's top Democrat asked oil executives to reveal whether former President Donald Trump had proposed a "quid-pro-quo" arrangement to them at a recent Florida fundraising dinner, according to letters released Tuesday by Rep. Jamie Raskin, D-Md. The letters arose from a Washington Post report that Trump hosted the executives for dinner Apr. "You all are wealthy enough," Trump reportedly told the assembled guests. Raskin asked the executives to provide descriptions of any discussions related to policy proposals or campaign finance they had at the dinner, as well as any efforts by the CEOs' respective companies to support Trump's campaign.

Persons: Jamie Raskin, Donald Trump, Trump, Raskin Organizations: Capitol, Democrat, Washington Post, Mar, Biden Locations: Washington ,, Florida, Gulf of Mexico

☆ Why America Still Can't Get Rid of High Prices, Inflation
▼ + stars: | 2024-05-13 | by ( Neil Dutta | ) www.businessinsider.com time to read: +9 min

Typically, price increases are a slow-moving process, so it is rare to see core inflation accelerate this much this quickly. The Survey of Professional Forecasters has found longer-run expectations for inflation have leveled out at 2% — the Fed's target. These one-offs have had an outsize impact on the overall inflation picture. Ahead of 2024, the contribution from acyclical components to core inflation was essentially zero. The strong growth in private demand suggests that second-quarter GDP could be even more robust.

Persons: I've Organizations: America, Federal Reserve, PCE, Atlanta Fed Locations: Real

☆ AI hype is lifting these dividend payers. These names may actually benefit, Wells Fargo says
▼ + stars: | 2024-05-13 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

The growth of AI data centers could drive as much as 323 terawatt hours of electricity demand in the U.S. by 2030, according to Wells Fargo. That's where natural gas enters the picture, as tech companies look for power that can back up their use of renewable energy sources. "And that doesn't include the anticipated substantial increase in gas demand from power associated with AI and data centers," she added. Williams is rated a hold by about 56% of the analysts covering the stock, per LSEG, including Wells Fargo. TC Energy is another name that Wells Fargo highlighted as a beneficiary from the data center trend.

Persons: Kinder Morgan, Kimberly Dang, Michael Blum, Williams Cos, Blum, Williams, Wells, Stanley Chapman, Chapman Organizations: Wells, TC Energy, Canadian Locations: Wells Fargo, U.S, That's, Mexico, Wells, Virginia

Members of gang Kraze Baryé in Port-au-Prince, Haiti, in April 2024. Stopping the flow of guns to Haiti would likely have an immediate impact on the bloodshed, according to police and human rights experts. “We have to cut the gangs’ weapons supply lines. Vitel'homme Innocent walks with armed members of Kraze Baryé in Port-au-Prince, Haiti, in April 2024. CNNAn ‘iron river’ from the United StatesThe guns Haiti’s gangs wield are a mix of stolen and smuggled, and the United States is by far the main source of the latter, according to UN experts.

Persons: Prince, Prince CNN —, they’ve, don’t, ”, Pierre Esperance, William O’Neill, Ariel Henry, ” Sylvie Bertrand, Innocent, Vitel'homme Innocent, Kraze, UNODC, Joly Germine –, Mawozo –, Mariani, Izo, Andre Johnson, ” Esperance, Bertrand Organizations: Prince CNN, ”, CNN, Human Rights Defense Network, Kenyan, UN, Rights, Drugs, United, US, of Alcohol, Tobacco, Firearms, Explosives, Miami, ATF, Haitian National Police, Customs, Cap Haitien . Drugs, Episcopal, ” CNN, Homeland Security Investigations, US Department of Homeland Security, US Department of Commerce’s, Export Enforcement, National Police, Haiti’s, Customs Administration Locations: Port, Dominican Republic, Bahamas, Caicos, British, Florida, Haiti, Prince, Caribbean, ”, Israel, Turkey, Czech Republic, Brazil, United States, Latin America, Texas , Louisiana, Georgia, Gonave ., South America, Jamaica, Haiti’s, Cap Haitien, Haitian, Esperance

☆ Bob Menendez: Here’s what prosecutors say bought off a US senator
▼ + stars: | 2024-05-12 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +8 min

Here’s what prosecutors say the senator and his wife got:Gold barsProsecutors say Hana and Daibes gave Menendez and his wife gold bars, which were seized by the FBI from the Menendez residence. After returning from a trip to Egypt and getting a ride home from the airport from Daibes’ driver, prosecutors say Menendez searched online for the price of a gold bar. Nadine Menendez needed a new car, apparently after hitting and killing a jaywalker in Bogota, New Jersey, in December 2018. There is a long list of actions prosecutors say Menendez undertook in exchange for all of these alleged bribes. The envelopes of cash prosecutors say bore Daibes’ fingerprints may be more difficult to explain.

Persons: CNN — Democratic Sen, Bob Menendez, Mercedes, Menendez, CNN’s Manu Raju, “, ”, Nadine, Wael Hana, Fred Daibes, Jose Uribe, Daibes, Nadine Menendez’s, Nadine Menendez, Uribe, Hana, –, …, Qataris, retry Menendez, Salomon Melgen, Melgen, Donald Trump Organizations: CNN — Democratic, Bob Menendez of New, Senate Foreign Relations Committee, Capitol, FBI, Court Southern District of, Prosecutors, Court Southern District of New York Prosecutors, Court Southern District of New York, Menendez, Uribe, Mercedes, Benz, Senate Foreign Relations, US Department of Agriculture, New York, of Justice Locations: Bob Menendez of, Bob Menendez of New Jersey, Egypt, Qatar, New Jersey, Daibes, Court Southern District of New York, Bogota , New Jersey, New

☆ Trump asked top oil execs for $1 billion campaign cash in exchange for environmental policy rollbacks, report says
▼ + stars: | 2024-05-12 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

The transactional campaign promise indicates what a second Trump presidency would mean for the White House's environmental agenda. Pornsak Na Nakorn/EyeEm/GettyWhile Biden has positioned the climate crisis as an existential threat and championed aggressive environmental regulations, Trump has dismissed it as a hoax and systematically dismantled environmental protections during his tenure. Related storiesSince taking office in 2021, Biden has swiftly reversed many of Trump's environmental actions, including blocking future oil drilling in the Alaskan Arctic. However, despite oil industry grievances over Biden's policies, the US has experienced record oil production, leading to substantial profits for major energy companies like ExxonMobil and Chevron, said The Post. As the campaign trail heats up, Trump's message to the oil industry remains clear: support him, and he'll deliver on their demands.

Persons: —, Donald Trump, Joe, Trump, Getty, Biden, BI's Benji Jones, he'll Organizations: Service, Lago Club, The Washington Post, Business, Democratic, Post, Keystone XL, ExxonMobil, Chevron, Trump, Fox News, Iowa Locations: Gulf of Mexico

☆ Ukrainian attacks on Russian oil refineries may be proving the Biden Administration wrong, experts say
▼ + stars: | 2024-05-11 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Ukraine has been targeting Russian oil refineries in recent months. The Biden Administration has criticized the strikes, warning of global energy price rises. AdvertisementUkraine has been ramping up attacks on Russian oil refineries in recent months as it seeks to hamper Russian export revenues and curtail fuel supplies to Russian President Vladimir Putin's forces. Advertisement"Those attacks could have a knock-on effect in terms of the global energy situation," Austin said. Related storiesThe experts said that Ukrainian attacks on oil refineries would only hinder Russia's ability to turn its oil into refined products such as gasoline and would not impact the volume of oil it can extract or export.

Persons: Biden, —, Vladimir Putin's, Radiy Khabirov, Lloyd Austin, Austin, Michael Liebreich, Lauri Myllyvirta, Sam Winter, Levy, Alexander Novak Organizations: Biden Administration, Service, Reuters, Russia's, Defense, Foreign Affairs, Bloomberg New Energy Finance, Centre for Research, Energy, Clean, Princeton University, Bloomberg Locations: Ukraine, Russia's Kaluga, Russia's Republic, Bashkortostan, Russia, China, India

☆ The Rise and Fall of China’s Economic ‘Miracle’ - The New York Times
▼ + stars: | 2024-05-11 | by ( Anne Stevenson-Yang | ) www.nytimes.com time to read: +1 min

Not surprisingly, China’s leaders did not like what they heard, and they didn’t budge. Years of erratic and irresponsible policies, excessive Communist Party control and undelivered promises of reform have created a dead-end Chinese economy of weak domestic consumer demand and slowing growth. The only way that China’s leaders can see to pull themselves out of this hole is to fall back on pumping out exports. The tide of Chinese exports will continue, tensions with the United States and other trading partners will grow, China’s people will become increasingly unhappy with their gloomy economic prospects and anxious Communist Party leaders will respond with more repression. It is baked into China’s political system and has only worsened during President Xi Jinping’s decade in power.

Persons: Antony Blinken, Janet Yellen, that’s, Xi Organizations: Communist Party Locations: Beijing, United States

☆ The U.S. is now Germany’s biggest trading partner — taking over from China
▼ + stars: | 2024-05-10 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Photo: Christoph Soeder/dpa (Photo by Christoph Soeder/picture alliance via Getty Images)After years of China being Germany's main trading partner, the U.S. looks like it's quietly taking that top spot as the year progresses. Several factors played a role in the change, Carsten Brzeski, global head of macro research at ING Research, told CNBC. […] At the same time, decoupling from China, weaker domestic demand in China and China being able to produce goods it previously imported from Germany (mainly cars) reduced German exports to China," he said. China has been Germany's biggest trading partner for years, but the gap between China and the U.S. narrowed in recent years. The U.S. has also long been a bigger market for German exports than China, Holger Schmieding, chief economist at Berenberg Bank, told CNBC.

Persons: Habeck, Christoph Soeder, it's, Carsten Brzeski, Holger Schmieding, China's, Schmieding Organizations: German, Getty, U.S, CNBC, Reuters, ING Research, Berenberg Bank Locations: Germany, China, U.S

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