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Crude oil futures edged slightly lower on Tuesday, after rallying about 3% in the prior session on fears that the war between Ukraine and Russia is escalating. President Joe Biden has authorized Ukraine to use long-range missiles to hit targets in Russia in a major departure from Washington's previous position, according to media reports. ET:Stock market futures fell on the growing geopolitical tensions, with Dow futures down more than 200 points. President-elect Donald Trump campaigned on ending the war in Ukraine. Moscow's full-scale invasion of Ukraine roiled global energy markets in 2022 as European nations sought to end their dependence Russian natural gas.
Persons: Joe Biden, Vladimir Putin, Donald Trump Organizations: Dow Locations: Ukraine, Russia, Moscow's
China is installing wind and solar power projects faster than any other country on the planet. It’s not that China is using less energy — it’s using more than ever — but it’s just adding wind and solar power to its grid at an astonishing pace. The country is constructing two-thirds — nearly 339 gigawatts — of the world’s utility-scale solar and wind projects. That is in addition to the 758 gigawatts of wind and solar capacity it has already built, according to the Global Energy Monitor. Wind and solar are now capable of generating 37% of the country’s power, according to Global Energy Monitor, already displacing coal’s dominance.
Persons: Donald Trump, It’s, , , Jonathan Pershing, William, Flora Hewlett, John Podesta, ” Podesta, Xi Jinping, hasn’t, Xia Yingxian, ” Li Shuo, Shuo, ” Shuo Organizations: CNN, Department, Global Energy Monitor, International Energy Agency, White, US, State Department, China’s Ministry of Foreign Affairs, Climate, Asia Society Policy Institute Locations: Mongolia, China, Europe, Africa, Podesta, Paris, China’s
President-elect Donald Trump on Saturday selected Liberty Energy CEO Chris Wright to serve as the next energy secretary of the United States. Wright serves on the board of Oklo , a nuclear power startup backed by OpenAI CEO Sam Altman that is developing micro reactors. Wright will also serve on Trump's Council of National Energy, the president-elect said Saturday. "There is no climate crisis and we're not in the midst of an energy transition either," Wright said in a video posted on his LinkedIn page last year. "There is no such thing as clean energy or dirty energy," Wright said.
Persons: Donald Trump, Chris Wright, Wright, Sam Altman, Trump's, Doug Burgum, we're, Trump, Chris Organizations: Republicans, Hyatt, Saturday, Liberty Energy, United States . Liberty Energy, Trump, U.S, Trump's, of National Energy, Interior Secretary, North Dakota Gov, American Energy Independence, Global Energy Markets, The, Energy Information Administration Locations: Washington , DC, United States, Denver, The U.S, Russia, Saudi Arabia
CNN —President-elect Donald Trump on Saturday named Chris Wright, the CEO of Denver-based fracking company Liberty Energy, as his pick to be the next secretary of the Department of Energy. Wright will also serve as a member on the newly formed Council of National Energy, which Trump said will consist of all agencies involved in the “permitting, production, generation, distribution, regulation, transportation” of energy. In addition to his company’s work on fracking oil and natural gas, Wright also sits on the board of a modular nuclear reactor company and has talked about the potential of nuclear energy. Developing nuclear energy has become a big focus of the Biden administration’s Energy Department. “Standing in the way of today’s energy system before we’ve built a new energy system, there’s just no upside in that,” Wright told CNBC.
Persons: Donald Trump, Chris Wright, Wright, Trump, Doug Burgum –, “ Chris, Chris, ” Trump, Harold Hamm, ” Wright, Joe Biden, , we’ve, Organizations: CNN, Liberty Energy, Department of Energy, of National Energy, North Dakota Gov, Department of, Energy, Gas, American Energy Independence, Global Energy Markets, Biden administration’s Energy Department, National Nuclear Security Administration, Hart Energy, CNBC, International Energy Agency Locations: Denver, Oklahoma
London CNN —Shell is not obliged to dramatically reduce its planet-heating pollution by 2030, a Dutch appeals court ruled Tuesday, overturning a previous verdict that imposed steep carbon emissions reductions on the British oil and gas giant. Shell (SHEL) had appealed the previous ruling, handed down in 2021, which ordered the company to slash its CO2 emissions by 45% by 2030 from 2019 levels. That included emissions from its own operations and from the energy products it sells. As such, it dismissed the previous ruling. “At the same time, we see that this case has ensured that major polluters are not inviolable and has further fueled the debate about their responsibility in combating dangerous climate change.
Persons: Wael Sawan, , Donald Pols Organizations: London CNN — Shell, Hague, Appeal, Shell, , Supreme Locations: Netherlands
Mr. Trump is widely regarded around the world as a transactional leader. Chinese officials do see a potential upside if Mr. Trump pulls the United States back from its role as a global leader. But the Kremlin seems skeptical that Mr. Trump would actually push for such a deal, especially because of his track record: There was jubilation in Moscow when Mr. Trump won in 2016, but over the next four years, U.S. sanctions against Russia only increased, and Mr. Trump sent antitank weapons to Ukraine. On Wednesday, he quickly made clear that he would seek to have Mr. Trump on his side, as one of the first world leaders to congratulate Mr. Trump in a post on X. Mr. Trump has been effective in demanding more military spending from fellow NATO members, said Mr. Heisbourg.
Persons: David Pierson, Trump, Donald Trump’s, India Mujib Mashal, Narendra Modi, Trump’s, Africa Abdi Latif Dahir, , Gaza Patrick Kingsley, Benjamin Netanyahu, Benjamin Netanyahu’s, Mr, Netanyahu, , , Basem Naim, ” Read, Mexico Natalie Kitroeff, Claudia Sheinbaum, Read, Ukraine Anton Troianovski, J.D, Vance, Volodymyr Zelensky, Donald J, Somini Sengupta, NATO Steven Erlanger, Georgina Wright, Vladimir V, Putin, François Heisbourg, Heisbourg Organizations: The Times, Global, Trump, West Bank, Second Trump, NATO, Mr, Russia, Signals, U.S, Biden, International Studies, Institut Montaigne, Republican Locations: China, Beijing, United States, Taiwan, India, Asia, Africa, U.S, Russia, Niger, Chad, Israel, Gaza, Jerusalem, Iran, Mexico, Mexico City, Stake, Ukraine, Moscow, Kyiv, Paris, Europe, , French
Since Otto Schott invented specialty glass in 1884, the simple material has become a cornerstone of modern technology, and driving innovation. From semiconductors to clean energy, home tech, and electric vehicles, glass is the silent enabler of progress. Specially engineered laser glass helped researchers achieve what was once thought impossible: creating more energy from a reaction than was put into it. The light, amplified by active laser glass and focused through precisely crafted optical glass, delivered significant energy to a tiny fuel pellet, triggering a fusion reaction that produced a net energy gain. The fusion reaction generated 3.15 megajoules of energy, exceeding the 2.05 megajoules of laser energy delivered to the target.
Persons: Bill James, Otto Schott, SCHOTT Organizations: SCHOTT North, Industry, photonics, Lawrence Livermore National Laboratory, SCHOTT, Insider Studios Locations: SCHOTT North America
The company's energy strategy team recently pitched CEO Andy Jassy on the benefits of nuclear power. AdvertisementIn June, Amazon's Global Energy Strategy team pitched CEO Andy Jassy the idea of doubling down on nuclear power to support its growing network of data centers. Jassy agreed, according to an internal Amazon document from the third quarter that was obtained by Business Insider. The company considered tapping into at least four additional existing nuclear power plants and sought even more small modular reactor deals. Nuclear power can be safer, more reliable, and more cost-efficient in the long term compared to other power sources, according to Jacopo Buongiorno, a nuclear engineering professor at MIT.
Persons: Andy Jassy, , Thos Robinson, It's, Sam Altman, Jassy, Jacopo Buongiorno, Buongiorno Organizations: Service, Amazon's Global Energy, Business, Amazon, Amazon Web Services, Hulton, Google, Kairos, Microsoft, Amazon's Global Energy Strategy, BI, US Department of Energy, MIT, Global Energy Strategy Locations: Pennsylvania, Fukushima, Maryland, Texas
London CNN —For consumers still scarred by jumps in their energy bills in recent years, the International Energy Agency has good news: Oil and natural gas prices will probably be lower over the next five years. Energy prices soared in the wake of Russia’s full-scale invasion of Ukraine in February 2022, which followed a rise in global demand as economies reopened after Covid lockdowns put lives on hold. And that “would move us into a very different energy world from the one we have experienced in recent years during the global energy crisis,” he added in a statement accompanying the IEA’s latest World Energy Outlook report. But global oil output has been increasing, thanks mostly to producers in the United States and other countries in the Americas. The energy body reiterated its previous forecasts that demand for oil, natural gas and coal will peak by the end of the decade.
Persons: Covid lockdowns, Ukraine don’t, Fatih Birol, Birol, ” Birol, Organizations: London CNN, International Energy Agency, Energy, Brent, IEA, US, CNN, Locations: Ukraine, United States, Americas, Qatar
Iran fired hundreds of ballistic missiles and drones at Israel in retaliation for an attack on an Iranian diplomatic facility in Syria. The global economy is entering a "dangerous time" like never before as Middle East tensions remain elevated, said S&P Global's vice chairman Daniel Yergin. When asked if the global economy is on the precipice of another supply shock resulting from Middle East tensions, Yergin said it's a precarious time for markets. "The betting is that the Israelis would not attack, try to attack, the nuclear facilities at this time. It is a strategically important waterway linking crude producers in the Middle East with key markets across the world.
Persons: Yergin, CNBC's, Joe Biden, Daniel Yergin, it's, , Pavel Molchanov, Raymond James, Iran's Organizations: White House, Cuban Missile, Iran Watch, Wisconsin, U.S . Energy Information Administration Locations: Iran, Israel, Iranian, Syria, China, Hormuz, Oman
In 2022, oil flow in the Strait of Hormuz averaged 21 million barrels per day, according to the U.S. Energy Information Administration (EIA). Saul Kavonic, senior research analyst at MST Financial, said supply disruptions along the Strait of Hormuz could send oil prices significantly higher. Oil prices traded more than 3% on Monday, extending gains even after notching their sharpest weekly gain since early 2023 last week. "But seeing where the oil price sits right now the market doesn't seem to hold much probability for such a development at all," he added. "A significant disruption to these flows would be enough to push oil prices to new record highs, surpassing the record high of close to $150/bbl in 2008," he added.
Persons: Alan Gelder, Wood Mackenzie, CNBC's, Iraq —, Gelder, Saul Kavonic, Kavonic, Bjarne Schieldrop, SEB, Brent, Schieldrop, Warren Patterson, Patterson Organizations: Nurphoto, U.S . Energy Information Administration, Energy, Brent, U.S, West Texas, ING, bbl, United Arab Emirates, Space Shuttle Columbia Locations: Persian, Bushehr, Iran, Hormuz, Oman, Strait, Israel, Saudi Arabia, Kuwait, Iraq, UAE, Gulf, Muscat
This is a photograph of a Rio Tinto mining helmet taken on 2 Jun. The world's second-largest miner Rio Tinto expressed interest in acquiring U.S. lithium producer Arcadium, the two companies confirmed in separate statements on Monday. Rio Tinto said that there is no certainty that any transaction will be agreed to. If the deal goes through, Rio Tinto would become one of the largest suppliers of lithium, trailing only Albemarle and SQM. "Ultimately, Rio Tinto only wanted to play in the lithium space if they were going to be a top 3 producer," he told CNBC via email.
Persons: Rio, Arcadium, Saul Kavonic Organizations: Rio Tinto, CNBC Locations: Rio Tinto, Rio, Albemarle, SQM
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets looking at a 'record global energy crisis' if Strait of Hormuz is affected, says analystSaul Kavonic, senior research analyst at MST Financial, says that would be "coming on top of a quite fragile market in the wake of the reduction of Russian gas over the last two years."
Persons: Saul Kavonic Locations: Hormuz
The Chinese central bank's largest stimulus measures since Covid should provide the world's second-largest economy with a much-needed boost, which should help our portfolio companies doing business there. The Club has a broad range of companies with significant sales exposure to China, and some with none. Here's a look at the percentages in our 32 stock portfolio, as well as recent earnings call commentary, about the business climate and the potential in China. On the industrial side, DuPont has the most China exposure because of its electronics and water businesses. Eaton and Dover don't have nearly as much China exposure.
Persons: Donald Trump, Kamala Harris, Biden, Colette Kress, Tim Cook, Brian Niccol, Gamble, Andre Schulten, Peter Arduini, Lori Koch, Stanley Black, , Jeff Marks, Jim Cramer's, Jim Cramer, Jim, Peng Organizations: People's Bank of China, Wall, Commodities, Republican, House, Democratic, Trump, Broadcom, Nvidia, AMD, Nvidia's, Apple, Starbucks, Investors, Huawei, Jefferies, Consumer, Procter, Barclays, GE Healthcare, GE, DuPont, Banking, Coterra Energy, Investing, Jim Cramer's Charitable, CNBC Locations: Asia, China, America, U.S, Eaton, Dover, People's Republic of China
Investors have turned bearish on oil amid fears of an OPEC+ price war and weak China oil demand. But if world GDP grows 3.3% next year, energy demand will likely surge, Bank of America says. That's because if GDP grows according to estimates, energy demand growth will likely follow. AdvertisementOPEC+ plans to add crude oil barrels into an existing surplus oil market after a series of cuts in the last two years. Those factors, along with the chance for a global economic slowdown, pose downside risks to the analysts' oil price target.
Persons: Organizations: Bank of America, Service, Federal Reserve, bbl Locations: OPEC, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAI is the X factor of digital transformation in the energy industry, says SLB CEO Olivier Le PeuchSLB CEO Olivier Le Peuch joins 'Squawk Box' to discuss the state of the global energy market, impact of AI on the energy industry, the company's continued presence in Russia, and more.
Persons: Olivier Le Peuch Locations: Russia
The federal government and many state governments are passing laws and regulations designed to reduce our use of fossil fuels and increase renewable energy production. Now let's talk about energy production. Big picture, America's production of oil, natural gas, and renewables is growing with natural gas growing most of all. In 1950, natural gas was about 18% of total US energy production. As for oil, US domestic crude oil production has more than doubled since 2000.
Persons: Steve Ballmer, That's Organizations: Insider Studios, LA Clippers, US, Buildings, Transportation, Global Locations: United States, America, China, Russia, Ukraine, Venezuela
New York CNN —New Starbucks CEO Brian Niccol won’t be a constant presence at its Seattle headquarters where he takes the helm next month. Starbucks is giving him a corporate jet to use to commute back and forth. Niccol is also expected to be traveling often, visiting stores and workers since he’s running a global operation of 39,000 stores and 450,000 employees. Earlier this month, Starbucks announced that Niccol would replace Laxman Narasimhan, whose stint as CEO lasted less than two years. Niccol is tasked with turning Starbucks’ fortunes around and mirroring the success he’s had at Mexican-inspired food chain Chipotle for the past six years.
Persons: Brian Niccol won’t, “ Brian Niccol, “ We’re, Niccol, Laxman Narasimhan, he’s, – CNN’s Chris Isidore Organizations: New, New York CNN, Starbucks, CNN, , International Energy Agency, Greenpeace, Institute for Policy Studies Locations: New York, Seattle, California, Newport Beach , California
As the aviation industry scrambles for ways to reduce its carbon footprint, hydrogen has emerged as a high-potential solution to its problems. In 2022, aviation accounted for 2% of global energy-related CO2 emissions, according to the International Energy Agency. The International Air Transport Association, the trade association for the world's airlines, has committed to achieving net zero by 2050. IATA's 330 member airlines will rely on sustainable aviation fuel, offsets and carbon capture, and new technology to reach the goal. So, how would hydrogen fuel and planes work?
Organizations: International Energy Agency, International Air Transport Association
How Does Your State Make Electricity?
  + stars: | 2024-08-02 | by ( Nadja Popovich | ) www.nytimes.com   time to read: +58 min
Wind turbines provided just 1 percent of the electricity produced in the state in 2001 and nearly 60 percent last year. How Kentucky made electricity from 2001 to 2023 Percentage of power produced from each energy sourceCoal still generates the majority of the electricity produced in Kentucky, a longtime coal mining state. Since then, virtually all of the electricity produced in the state has come from renewable sources, including hydropower, biomass, wind and solar. It has supplied more than 85 percent of the electricity produced in the state every year for more than two decades. Last year, wind supplied more than a fifth of the electricity produced in the state.
Persons: Biden, , Melissa Lott, ” Dr, Lott, Glenn McGrath, , Connecticut’s, Coal, Philip D, Murphy, Dr, Tony Evers Organizations: Midwest . Coal, Petroleum, . Energy, Center, Global Energy, Columbia University, United States Energy Information Administration, Alabama Alaska, Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois, Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan, Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri, Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode, South, South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington, Hydro, U.S . Energy Information Administration, Arizona Public Service, Xcel Energy, Delaware, Sunshine State, Gas, Georgia Power, Maryland, Nuclear, Nebraska, New, New Jersey Legislature, North, Duke Energy, Ohio, Coal, Rhode, Central and Western, Utilities, Vermont Yankee, Virginia’s Democratic, Republican, Dominion Energy Locations: United States, U.S, Nevada, Iowa, Wyoming, Midwest, Alabama, Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho, Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland, Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi, Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon, South Carolina South Dakota Tennessee Texas Utah Vermont, South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming, Alaska, Arizona, . Arizona, Arkansas, California, Colorado, Connecticut, Bridgeport Harbor, Delaware, Florida, Texas, Georgia, Hawaii, Idaho, Oregon, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Canada, Maryland, States, Massachusetts, , Massachusetts, Michigan, Minnesota, State, Mississippi, . Mississippi, Missouri, Montana, Washington and Oregon, Nebraska, Fort Calhoun, Plains, New Hampshire, Seabrook, . New Hampshire, Hampshire, New England, New Jersey, ” New Jersey, New Mexico, New York, North Carolina, Carolina, North, Dakota, North Dakota, Ohio, Lake Erie, . Ohio, Oklahoma, Pennsylvania, Rhode, Rhode Island, New, South Carolina, South Dakota, Central, Central and Western United States, Tennessee, , Texas, Utah, Vermont, Virginia, Washington, West Virginia, West, Wisconsin, . Wyoming
New York CNN —Chevron is moving its headquarters out of California, the company announced Friday. The oil giant said it would be relocating its corporate offices from San Ramon, where they have been since 2002, to Houston. This will be the first time Chevron will be headquartered outside of California since its founding more than a century ago. Chevron chairman and CEO Mike Wirth and vice chairman Mark Nelson will move to Houston by the end of 2024, while other corporate operations will slowly relocate over the next five years. Chevron’s exodus from the Bay Area comes on the heels of Elon Musk’s announcement last month that SpaceX and X, formerly known as Twitter, would be relocating to Texas, as well.
Persons: Mike Wirth, Mark Nelson, Elon Musk’s, Musk, Gavin Newsom, ” Musk, Organizations: New, New York CNN, Chevron, San, SpaceX, Twitter, CNN Locations: New York, California, San Ramon, Houston, Chevron, Bay, Texas, Hawthorne , California, Starbase , Texas, Austin , Texas
It’s an unlikely place for such talk: It is out of the way, under authoritarian rule and, crucially, hyper-dependent on fossil fuels. Azerbaijan is hosting the annual climate summit, called COP29, only by dint of a quirky United Nations selection process that left it as the last option on the table. It’s a nearly vertical learning curve for officials who acknowledge their inexperience in global climate politics. They also acknowledge that they are under pressure from some people in their own country, who fear the global energy transition away from fossil fuels. Mr. Babayev himself spent most of his career rising through the middle ranks of the state oil company.
Persons: Mukhtar Babayev, , Mr, Babayev Organizations: United Locations: Azerbaijan, Russia, Iran, United Nations, Saudi Arabia, Vanuatu, It’s, Europe
Read previewEurope has pledged to wean itself from Russian natural gas following Moscow's invasion of Ukraine, but it's still buying the fuel. Europe's monthly imports of Russian liquefied natural gas — the supercooled version of natural gas that can be transported on ships — have been holding relatively steady, in the 850,000 to 1.6 million metric ton range, since the invasion of Ukraine, per Bloomberg records. This continued import of Russian fuel shows the complications of cutting off Russian gas completely in the global energy market. AdvertisementBefore the invasion, Europe imported over 40% of its natural gas from Russia — its single largest supplier and a major energy producer — mainly via pipelines. At the end of January, Europe imported 5.2 million tons of LNG from the US and just 1.5 million tons from Russia.
Persons: , Masanori Odaka Organizations: Service, Bloomberg, Business, Brookings, Reuters Locations: wean, Ukraine, Europe, Russia, Asia, North Asia, Japan
Air New Zealand is waiting for eight Boeing 787 Dreamliners and five Airbus A320neo and A3201neo planes, according to its website. SAF has a lower carbon footprint than traditional jet fuel because it’s made from waste products, where the carbon has already been emitted; or from plants that absorb CO2 as they grow. That was much higher than the 5% reduction target in international aviation emissions by 2030 agreed by 193 countries at a United Nations-backed conference last November. The aviation industry accounted for 2% of global energy-related carbon emissions in 2022, according to the International Energy Agency (IEA). “Planned production capacity for sustainable aviation fuels will provide just a small fraction of jet fuel demand by 2027,” notes the IEA on its website.
Persons: ” Greg Foran, , it’s, Organizations: London CNN — Air, Zealand, Air, Boeing, Airbus, CNN, SAF, United, International Energy Agency, New, Reuters Locations: Zealand, Air, United Nations, New Zealand
President Joe Biden and former President Donald Trump couldn't be farther apart when it comes to climate action. Trump and his pick for vice president, Sen. JD Vance of Ohio, are both climate deniers. By contrast, the Democrats unveiled a platform that said it would build on the Biden administration's unprecedented spending on renewable energy and the green workforce while cracking down on the oil-and-gas industry. The center conducted the survey with the Yale Program on Climate Change Communication. The majority of Americans support climate actionMaibach said the shift among Republicans shouldn't distract from the fact that the majority of Americans support many of Biden's climate policies.
Persons: Joe Biden, Donald Trump couldn't, Trump, isn't, Sen, JD Vance, pollsters, Edward Maibach, Maibach, shouldn't, Karoline Leavitt, Biden, Alec Tyson, Tyson, Donald Trump Organizations: Service, Republican National Convention, Democrats, Biden, Business, America, George Mason University, Yale, GOP, Republicans, Pew Research Center, Pew, , Trump, China Locations: Milwaukee, Ohio, China, Caribbean and Texas, America, Ukraine
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