Bloodied and Bruised US Markets

According to Bloomberg, Jan-Mar 2025 quarter was full of disappointments due to the plunging indices. While the markets are under pressure, the bigger threat is weakening dollar, making other currencies safe heavens.

The S&P 500 ended the quarter down 4.6%, its worst performance in three years. The Nasdaq 100 posted its worst quarter in nearly three years, down 8.3%, after a pair of warnings last week fanned anxieties about a possible pullback in the hundreds of billions of dollars flowing into data center infrastructure. 

Making matters worse for the United States, the dollar hasn’t been behaving as normal, raising fears that America’s radical policy turns are opening the door for rival currencies to become havens.

Trump’s trade war continues to fuel concern the US economy could stall. Most economists still don’t anticipate America will fall into recession in the next year, but they do say the chance of a contraction has increased.

While many economists have spent the past three years being wrong on recession calls, another worry is the risk that a slowdown in growth will occur alongside accelerating inflation, the dreaded scenario known as stagflation.

Garnering the least support in the Associated Press-NORC poll was Trump’s signature initiative so far—tariffs. Some 60% of Americans disapprove of his trade tactics while 58% disapprove of his handling of the economy in general.

 

 

 

 

Shift in US allegiance from Kyiv to Moscow raises concerns

A pressing question is emerging: can Asian allies such as Japan, South Korea, Taiwan, and the Philippines still rely on Washington after Donald Trump's betrayal of Ukraine? The US administration’s shift in allegiance from Kyiv to Moscow has raised concerns.

There are growing fears that Trump's unorthodox approach to the Ukraine conflict could signal a broader, more isolationist US strategy. This shift suggests that no allies, whether in Europe or Asia, can count on Washington's support in the event of a major crisis. Both the Pentagon and Congress are increasingly influenced by voices advocating restraint, with a clear desire to keep America out of significant overseas conflicts.

In this uncertain geopolitical landscape, Asian allies will likely need to strengthen their strategic autonomy. Notably, even the Philippines has begun openly discussing the advantages of multi-alignment, with plans to host a summit bringing together like-minded states from Europe and Asia to explore closer cooperation among middle powers.

It is expected that US allies in both Asia and Europe will pursue a collective strategic approach, aimed at countering Trump's erratic policies while addressing the growing threats posed by Russia and China.

Trump’s unsent letter to Iran

US President Donald Trump claimed to have sent a letter to the Leader of the Islamic Revolution, Ayatollah Seyyed Ali Khamenei, expressing interest in striking a deal with Iran on its nuclear program – a move that represents neither a swerve in Iran-US relations nor holds much promise under the current US policies.

"I wrote them a letter saying I hope you are going to negotiate," Trump stated, coupling the plea with the familiar threat to either "handle" Iran militarily or "make a deal." In an eyebrow-raising moment, when asked when he'd sent the letter to [Imam] "Khomeini," the long-deceased founder of the Islamic Republic, Trump claimed it was "yesterday," meaning Wednesday.

An unnamed American official, later told Al Jazeera that the letter had been "written" but not yet sent. That came after Iran’s mission to the UN said the country had received no such letter.

This isn't the first instance of a US president writing – or, in this case, claiming to have written – to Iran's Leader. Former President Barack Obama penned two letters to Ayatollah Khamenei, and Trump himself entrusted former Japanese Prime Minister Shinzo Abe with a message for the Leader during Abe's 2019 visit to Tehran. Ayatollah Khamenei declined to receive the letter, telling Abe that he didn't consider Trump a “worthy” interlocutor.

This also isn’t the first instance of Trump saying he wants a deal with Iran. He's been making this statement since 2018, the year he withdrew from the Joint Comprehensive Plan of Action (JCPOA).

That 2015 agreement, negotiated over at least two years by Iran, the United States, Britain, Russia, China, and Germany, traded limits on Iran's nuclear program for sanctions relief.

Trump's abandonment of the JCPOA and reimposition of sanctions not only undermined the agreement but ultimately spurred European nations to enact their own embargoes later, despite remaining official signatories.

On the same Thursday that Trump told a Fox anchor he wanted to negotiate with Iran, his Treasury Secretary, Scott Bessent, addressed the Economic Club of New York.

There, Bessent vowed that the president’s anti-Iran sanctions during his second term would be even more severe.

“We are going to shut down Iran’s oil sector and drone manufacturing capabilities,” Bessent stated, adding that the administration also intends to cut off Tehran’s access to the international financial system.

Multiple Iranian officials have reiterated in recent weeks that Iran will not engage in talks under pressure, aligning with a directive from Ayatollah Khamenei, who in early February described negotiations with the US as "unwise, unintelligent, and dishonorable."

Iranians’ deep-seated distrust towards the US is rooted in decades of American meddling in Iran's affairs, especially during the Pahlavi era. But Ayatollah Khamenei’s stance has especially hardened since Trump withdrew Washington from the JCPOA.

The fact that the president continues to threaten Iran with sanctions or military action is not helping ease Tehran’s concerns either. 

During his Fox Business interview, Trump stated his primary concern was preventing Iran from developing nuclear weapons. However, his decision to withdraw from the JCPOA – a deal that subjected Iran's nuclear facilities to unprecedented international scrutiny and compelled the country to roll back some of its advancements – suggests other priorities are at play.

As a February directive revealed, Trump's real goals are to force Iran to curtail its missile programs and sever ties with regional Resistance forces.

Analysts argue that publicizing a letter before it reaches the intended recipient serves primarily to advance Trump's own interests, rather than reflecting a genuine desire for good faith diplomacy.

Given Iran's sustained resistance to years of sanctions, it's clear that propaganda and media maneuvers alone will not compel the country to negotiate.

Iran also remains firm on its refusal to negotiate its military capabilities, and persistent or intensified Western pressure may ultimately force it to reconsider its nuclear doctrine. 

There's no guarantee that Trump's potential military options against Iran would achieve the desired outcome. Washington likely lacks the capacity to destroy all of Iran's fortified and dispersed nuclear sites, while a devastating response from Tehran would be all but certain.

 

Gazans face tough choice, stay or go away

The level of destruction in Jabalia when viewed from the air is truly astonishing. A Hiroshima-like wasteland stretches as far as the eye can see. The mangled carcasses of buildings dot the churned-up landscape, some leaning at crazy angles.

Great undulating waves of rubble make it all but impossible to make out the geography of this once bustling, tightly packed refugee camp. And yet, as a drone camera flies over the wreckage, it picks out splashes of blue and white where small tent camps have been set up in patches of open ground.

And figures, clambering over broken buildings, moving along streets of dirt, where food markets are springing up under tin roofs and canvas awnings. Children using a collapsed roof as a slide. After more than six weeks of Gaza's fragile ceasefire, Jabalia is slowly coming back to life.

In the neighborhood of al-Qasasib, Nabil has returned to a four-story house that's somehow still standing, even if it lacks windows, doors and -- in some places -- walls. He and his relatives have made crude balconies out of wooden pallets and strung-up tarpaulin to keep out the elements.

"Look at the destruction," he says as he surveys Jabalia's ocean of ruins from a gaping upper floor.

"They want us to leave without rebuilding it? How can we leave? The least we can do is rebuild it for our children."

To cook a meal, Nabil lights a fire on the bare staircase, stoking it carefully with pieces of torn-up cardboard.

On another floor, Laila Ahmed Okasha washes up in a sink where the tap ran dry months ago. "There's no water, electricity or sewage," she says. "If we need water, we have to go to a far place to fill up buckets."

She says she cried when she came back to the house and found it wrecked. She blames Israel and Hamas for destroying the world she once knew. "Both of them are responsible," she says. "We had a decent, comfortable life."

Soon after the war began in October 2023, Israel told Palestinians in the northern part of the Gaza Strip – including Jabalia – to move south for their own safety. Hundreds of thousands of people heeded the warning, but many stayed, determined to ride out the war.

Laila and her husband Marwan clung on until October last year, when the Israeli military reinvaded Jabalia, saying Hamas had reconstituted fighting units inside the camp's narrow streets.

After two months of sheltering in nearby Shati camp, Leila and Marwan returned to find Jabalia almost unrecognizable.

"When we came back and saw how it was destroyed, I didn't want to stay here anymore," Marwan says. "I had a wonderful life, but now it's a hell. If I have the chance to leave, I'll go. I won't stay one more minute."

Stay or go? The future of Gaza's civilian population is now the subject of international debate.

In February, Donald Trump suggested that the US should take over Gaza and that nearly two million Palestinian residents should leave, possibly for good.

Faced with international outrage and fierce opposition from Arab leaders, Trump has subsequently appeared to back away from the plan, saying he recommended it but would not force it on anyone.

In the meantime, Egypt has led Arab efforts to come up with a viable alternative, to be presented at an emergency Arab summit in Cairo on Tuesday.

Crucially, it says the Palestinian population should remain inside Gaza while the area is reconstructed.

Donald Trump's intervention has brought out Gaza's famously stubborn side. "If Trump wants to make us leave, I'll stay in Gaza," Laila says. "I want to travel on my own free will. I won't leave because of him."

Across the way sits a nine-story yellow block of flats so spectacularly damaged it's hard to believe it hasn't collapsed.

The upper floors have caved in entirely, threatening the rest. In time, it will surely have to be demolished, but for now it's home to yet more families. There are sheets in the windows and washing hanging to dry in the late winter sunshine.

Most incongruously of all, outside a makeshift plastic doorway on a corner of the ground floor, next to piles of rubble and rubbish, stands a headless mannequin, wearing a wedding gown. It's Sanaa Abu Ishbak's dress shop.

The 45-year-old seamstress, mother of 11, set up the business two years before the war but had to abandon it when she fled south in November 2023.

She came back as soon as the ceasefire was announced. With her husband and daughters, she's been busy clearing debris from the shop, arranging dresses on hangers and getting ready for business. "I love Jabalia camp," she says, "and I won't leave it till I die."

Sanaa and Laila seem equally determined to stay put if they can. But both women speak differently when they talk of the young.

"She doesn't even know how to write her own name," Laila says of her granddaughter. "There's no education in Gaza."

The little girl's mother was killed during the war. Laila says she still talks to her at night.

"She was the soul of my soul and she left her daughter in my hands. If I have the chance to travel, I will do so for the sake of my granddaughter."

Courtesy: Saudi Gazette

Trump still supplying arms to Israel

According to media reports, the US State Department has approved the sale of nearly US$3 billion worth of bombs, demolition kits and other weaponry to Israel. The weapons sales were notified to Congress on Friday afternoon on an emergency basis. 

That process sidestepped a long-standing practice of giving the chairs and ranking members of the House Foreign Affairs and Senate Foreign Relations Committees the opportunity to review the sale and ask for more information before making a formal notification to Congress.

The sales included 35,529 general-purpose bomb bodies for 2,000-pound bombs and 4,000 bunker-busting 2,000-pound bombs made by General Dynamics. While the Pentagon said that deliveries would begin in 2026, it also said “there is a possibility that a portion of this procurement will come from US stock which means immediate delivery for some of the weapons.

A second package, valued at US$675 million, consisted of five thousand 1,000-pound bombs and corresponding kits to help guide the “dumb” bombs. Delivery for this package was estimated to be in 2028. A third notification consisted of US$295 million worth of Caterpillar D9 bulldozers.

Friday’s announcements marked the second time this month the Trump administration has declared an emergency to quickly approve weapons sales to Israel. The Biden administration also utilized emergency authorities to approve the sale of arms to Israel without congressional review.

On Monday, the Trump administration rescinded a Biden-era order that required it to report potential violations of international law involving US-supplied weapons by allies, including Israel. It has eliminated most US humanitarian foreign aid.

Since Israel’s inception, it has received hundreds of billions of dollars in US foreign aid, a level of support that reflects many factors, including a US commitment to Israel’s security and the countries’ shared foreign policy interests in the Middle East.

Israel is a leading buyer of US weapons systems via traditional arms sales. The Council on Foreign Relations (CFR) report found Israel as one of the largest cumulative recipient of US foreign aid since its founding, receiving about US$310 billion in total economic and military assistance.

Nearly all US aid today goes to support Israel’s military, the most advanced in the region. The United States has provisionally agreed via a memorandum of understanding (MoU) to provide Israel with $3.8 billion per year through 2028, as per the CFR report.

The report also highlighted that since the start of Israel’s conflict with Hamas on October 07, 2023, the US has enacted legislation providing at least US$12.5 billion in direct military aid to Israel, which includes US$3.8 billion from a bill in March 2024 and US$8.7 billion from a supplemental appropriations act in April 2024.

 

Five Takeaways from Trump-Vance-Zelensky meeting

An astonishing scene played out in the Oval Office on Friday as President Trump and Vice President Vance got into a shouting match with Ukrainian President Volodymyr Zelensky, reports The Hill.

Amid angry crosstalk, Trump told Zelensky “without us, you don’t have any cards” and “you’re gambling with World War III.” Vance, for his part, accused Zelensky of being “disrespectful.”

Zelensky had taken issue with Trump’s depiction of him as having so much “hatred” for Russian President Vladimir Putin that it made it hard to end the conflict.

The Ukrainian president also pushed back on Vance’s suggestion that diplomacy could end the war — insisting that his nation had previously adopted that approach after Russia annexed Crimea in 2014, only for Putin to launch a full-scale invasion in 2022.

The clash derailed the proposed signing of a deal granting the United States some rights over Ukraine’s mineral deposits. A news conference between Trump and Zelensky that had been scheduled was abruptly canceled, and Zelensky left the White House without further comment.

Here are five big takeaways:

A row heard around the world

It’s hard to exaggerate the seismic shock created by the squabble in the Oval Office.

The political world, in the US and internationally, was instantly aflame over what had taken place. On cable news, usually loquacious anchors were left struggling for words.

It’s been years, if ever, since such a spectacle was seen on public display at the White House.

Inevitably, the shock spurred fevered speculation. One big question was whether Trump and Vance had intentionally provoked Zelensky, whom Trump recently dubbed a “dictator,” into a confrontation.

The other was whether the Ukrainian leader had reacted too intemperately in the moment, to the detriment of his national interests.

Certainly, Trump’s initial comments about Zelensky’s “hatred” for Putin carried a disparaging tone that it is hard to imagine being expressed toward any other US ally who was trying to repel an invasion. 

Likewise, Vance’s role will be closely dissected, especially his reference to Zelensky being “disrespectful” and his demands that the Ukrainian president say “thank you” for US aid.

But Zelensky’s volleys back made it clear he was not going to adopt the mollifying tone used by the week’s other high-profile visitors to the White House, French President Emmanuel Macron and British Prime Minister Keir Starmer.

The White House has seemed to celebrate the encounter.

Meanwhile, a photo posted by CNN’s Kaitlan Collins of the Ukrainian ambassador to the US with her head in her hands during the encounter told its own story.

Now what?

The big question is where things go from here.

The minerals deal was presented, at least in some quarters, as a way to reimburse the US for future assistance to Ukraine, but Trump had been conspicuously vague on the key point of whether Washington would offer firm security guarantees in return.

Now, with that deal presumably shelved for the foreseeable future, nobody honestly knows what happens.

Zelensky could lean more heavily on Europe for both military and diplomatic support. Macron and Starmer have far more pro-Ukrainian viewpoints than does Trump. 

Italian Prime Minister Giorgia Meloni, who has more of a Trump-like worldview, called on Friday for an immediate summit between the US and European nations to discuss Ukraine.

If the spigot of US aid is to be choked off and a piqued Trump is now fully embittered against Zelensky, the future looks bleak from a Ukrainian perspective.

It’s also worth noting that neither the US nor its European allies are willing to put boots on the ground during the war itself, for fear of being drawn into their own war with Russia

The suggestion so far is that the Europeans might help shore up a peace agreement — if one is reached.

Democrats, Trump critics blast Trump for helping Putin

Prominent Democrats blasted Trump and Vance for how they conducted the meeting with Zelensky, and some other Trump foes joined in.

Senate Minority Leader Chuck Schumer on social media accused Trump and Vance of “doing Putin’s dirty work” and pledged that “Senate Democrats will never stop fighting for freedom and democracy.”

Sen. Elizabeth Warren contended that it was “shameful and dangerous” for Trump to engage, as she saw it, in “treating the destruction of a democracy as a political show — throwing Ukraine to the wolves and doing a favor for Putin.” 

Meanwhile, former Republican congresswoman and leading Trump critic Liz Cheney said on social media that Trump and Vance had “attacked Zelenskyy and pressured him to surrender the freedom of his people to the KGB war criminal who invaded Ukraine.”

Cheney added, “History will remember this day— when an American President and Vice President abandoned all we stand for.”

Trump loyalists wear such disapproval as a badge of honor, of course. But there is no mistaking how deep the dismay runs on the other side.

Republicans counter that Trump stood up for American interests

GOP voices rushed to acclaim Trump — and often bash Zelensky — for the way the Oval Office drama went down.

Broadly, the chorus of Republican approval viewed Trump as standing up for American interests and cast Zelensky as an ingrate.

Treasury Secretary Scott Bessent told Bloomberg that the Ukrainian president “chose to let things go into a downward spiral on worldwide television.”

Sen. Lindsey Graham said he had “never been more proud” of Trump and blamed Zelensky for a “disrespectful” display.

“I don’t know if we can ever do business with Zelensky again,” Graham said.

Sen. Bill Hagerty, alluding to the contrast with the Biden presidency, wrote on social media, “The United States of America will no longer be taken for granted. The contrast between the last four years and now could not be clearer. Thank you, Mr. President.” 

The White House Office of Communications collated many such responses and sent them out in an email with the subject line, “Support Pours in for President Trump, VP Vance’s America First Strength.”

Happiest of all: Russia

For all the delight expressed by some of Trump’s domestic allies, the real gloating seemed to come from Moscow.

Putin ally Dmitry Medvedev, who served as Russia’s president more than a decade ago, celebrated on social media that “the insolent pig finally got a proper slap down in the Oval Office.”

Medvedev also endorsed Trump’s view that Zelensky was gambling with World War Three. 

The Associated Press (AP) quoted a Russian lawmaker, Andrei Klishas, as describing the outcome of the meeting as “a brilliant result.”

Klishas, per the AP, wrote on Telegram that Zelensky had “played his role of a ‘president’ poorly in the White House and was thrown out for bad behavior and disrespect towards the US.”

Whatever Trump’s intentions, the current picture could hardly look rosier from the Kremlin’s perspective. 

Russia has been advancing on the battlefield, Ukraine is now starkly at odds with its chief benefactor and it’s not at all clear Trump will press Putin for major concessions in any peace deal.

 

New tariffs on Mexico, Canada, and China

According to Saudi Gazette, US President Donald Trump will impose new tariffs on imports from Mexico, Canada, and China starting Saturday, marking a significant escalation in global trade tensions.

The tariffs will include a 25% duty on Mexican and Canadian imports and a 10% tariff on Chinese goods.

However, Trump stated on Friday that Canadian oil would face a reduced tariff of 10%, set to take effect on February 18.

Trump also signaled potential future tariffs on the European Union, accusing the bloc of unfair treatment toward the United States.

"These are promises made and promises kept by the President," White House Press Secretary Karoline Leavitt said, justifying the Mexico and Canada tariffs as a response to what she described as their role in the distribution of illegal fentanyl in the United States.

The president has frequently cited undocumented migration and trade imbalances with neighboring countries as key reasons for the tariffs.

During his campaign, Trump had threatened to impose tariffs of up to 60% on Chinese goods but has so far held off on immediate action, instead directing his administration to conduct further analysis.

US imports from China have remained flat since 2018, following a series of tariffs imposed during Trump’s first term.

However, concerns are mounting that renewed trade restrictions could trigger a wider trade conflict and drive up costs for American consumers.

In response to the tariffs, Canadian Prime Minister Justin Trudeau warned that Canada would retaliate if the US moves forward with the new levies.

"It's not what we want, but if he moves forward, we will also act," Trudeau said.

Both Canada and Mexico have indicated they will implement countermeasures while also working to reassure Washington that they are addressing US border concerns.

Chinese officials have also urged against protectionist measures, with Vice Premier Ding Xuexiang calling for a "win-win" approach to trade during a speech at the World Economic Forum in Davos. While he did not mention the US by name, his comments underscored China's concerns about a renewed trade war under Trump's presidency.

The new tariffs come as the US relies heavily on imports from Canada, Mexico, and China, which together accounted for 40% of all goods brought into the country last year. If tariffs on Canadian and Mexican oil imports are enforced, they could undermine Trump’s promise to lower the cost of living, potentially raising prices on fuel and consumer goods.

Trump acknowledged on Friday that tariffs could lead to short-term economic disruption, as costs are often passed along to businesses and consumers. 

Trump dancing to Zionist drumbeat

US President Donald Trump's insistence on the proposal to relocate Palestinians from the Gaza Strip evidently reflects his alignment with the expansionist aspirations of Zionist ideologies. Trump reiterated his suggestion while trying to initiate a charm offensive directed at the Palestinian people. He added that Cairo and Amman will comply with his request to take in Palestinians. 

“I want them to live in a place without violence. Gaza has been hell for so many years. They can live in much better and more comfortable areas,” Trump said while referring to Israel’s devastating war on the Palestinian territory. 

On Saturday, Trump floated the idea of transferring Gazans to Egypt and Jordan to “clean out” the enclave. 

 “It is literally a demolition site right now, almost everything is demolished and people are dying there. So, I would rather get involved with some of the Arab nations and build housing in a different location, where they can maybe live in peace for a change,” he said. 

Jordan and Egypt have issued official statements rejecting the removal of Palestinians from Gaza.

Trump’s idea is in line with those Israeli politicians who have consistently supported the mass relocation of Palestinians from the Gaza Strip and the reestablishment of Jewish settlements in the territory.

In October 2024, former National Security Minister Itamar Ben Gvir called for reestablishing settlements in Gaza and “encouraging emigration” of the strip’s 2.3 million population. 

“If we want to we can renew settlement in Gaza…We can [also] do something else – encourage emigration. Israel is giving them (Palestinians) the option of going to other countries,” the far-right minister, who resigned following the establishment of a ceasefire in Gaza said.

The ceasefire between Israel and Hamas took effect on January 19 after Israel failed to “destroy” the Palestinian resistance groups following more than a 15-month conflict.  

Israel launched a genocidal war on Gaza on October 07, 2023, killing more than 47,000 Palestinians including some 17,000 children. 

Israeli intentions extend beyond the reoccupation of Gaza to include the annexation of the occupied West Bank.

Following Trump’s reelection as the US president in the November 2024 election, Finance Minister Bezalel Smotrich suggested the regime would look to annex the West Bank in 2025. 

“2025: the year of sovereignty in Judea and Samaria,” the far-right minister said, using the biblical name by which Israel refers to the West Bank.

Days after the US presidential election, Smotrich hoped that the Trump administration would recognize Israel’s push for “sovereignty” over the occupied territory.

"I am convinced that we will be able to work closely together with President-elect Trump and all members of the incoming administration, to promote the common values and interests of the two countries, to strengthen the strength and security of the State of Israel, to expand the circle of peace and stability in the Middle East out of strength and faith and on the basis of recognition in the unquestionable historical belonging of the whole Land of Israel to the people of Israel," Smotrich said.

Trump moved the US embassy from Tel Aviv to Jerusalem (al-Quds) during his first term (January 20, 2017 – January 20, 2021). He also proposed a plan that would have cemented Israeli control over al-Quds and protected settlements in the West Bank. This is while all Israeli settlements are illegal under international law. 

From now on, it seems that Trump will likely align his objectives with those of Smotrich and similar figures.

Mike Huckabee, Trump's nominee to be the next US ambassador to Israel, is a strong advocate for the recognition of Israeli sovereignty over the West Bank.

Huckabee told the Associated Press when he was running to be the Republican presidential nominee in 2015 that if elected, his administration would formally recognize the West Bank as part of Israel.

The Israeli army attempted to ethnically cleanse Palestinians from Gaza, but it failed to do so amid rising resistance. 

Meanwhile, Israel has intensified deadly assaults on the West Bank as it seeks to implement its malevolent plans in the occupied territory.  

But Palestinians have shown that they will fight tooth and nail against the Israeli army that is armed to the teeth. 

 

German economy in deep crisis

The German economy is in deep crisis, with gross domestic product likely to contract 0.1% this year, the BDI industry association said on Tuesday, putting it on track for three years of declining growth for the first time since reunification.

At the same time, the euro zone will grow by 1.1% and the global economy by 3.2%, BDI said, indicating Germany will remain one of the currency bloc's laggards in economic terms.

"The situation is very serious, growth in industry in particular has suffered a structural break," BDI president Peter Leibinger said in Berlin. East and West Germany were reunited as a single sovereign state in the 1990s.

Increasing competition from abroad, high energy costs, still elevated interest rates and uncertain economic prospects have taken their toll on the Germany economy, which contracted in 2024 for two years in a row.

Disagreements over how to revive Europe's largest economy contributed to the governing coalition's demise, with the dire economic situation reflected in the storied auto industry as Volkswagen undertakes steep cost cuts to remain relevant.

The economic crisis is more than just a consequence of the pandemic and Russia's invasion of Ukraine, Leibinger said.

The problems are home-made and the result of a structural weakness since 2018 that governments have failed to tackle, Leibinger said.

"Public investment in modern infrastructure, in the transformation and the resilience of our economy, is urgently needed," Leibinger said, also calling for a reduction in bureaucracy, lower energy prices and a clear strategy for strengthening the German innovation and research landscape.

With a view to Brussels, Leibinger said it was important for Germany to take on a more confident leadership role again and for Europe to become more strategically independent.

The BDI president also addressed US President Donald Trump's return to the White House and his tariff threats, which could make the export-oriented German economy shrink by almost 0.5% in 2025 instead of the forecast 0.1% decline.

"The most important thing will be to enter into a transactional relationship and to have strategically important competencies that our partner can only find with us," Leibinger said.

 

Trump's America First to America Expands

The Hill reports, President-elect Trump’s imperialist tendencies ahead of his second term are begging a question that dominated his first term, should he be taken seriously, or literally?

Trump during a Tuesday press conference declined to rule out using military force to gain control of Greenland and the Panama Canal.

He said he would use economic force to merge the United States with Canada, shrugging off the border between the countries as an “artificial line.”

He threatened to tariff Denmark at “a very high level” if it did not relinquish control of Greenland, the autonomous territory home to valuable minerals.

As he spoke, Donald Trump Jr. was in Greenland where he was joined by influential conservative activist Charlie Kirk and two members of the incoming Trump administration - Sergio Gor, who will head the Presidential Personnel Office, and James Blair, who will serve as a deputy chief of staff.

Chris LaCivita, who co-managed the senior Trump’s 2024 campaign, quipped that the group amounted to a “Landing Team” in Greenland.

A source familiar said Trump Jr. did not meet with any Greenland government official and was there to film content for an upcoming podcast, but he posed for photos with Greenlanders clad in red “Make America Great Again” hats.

Trump has long used bombastic rhetoric as a negotiating and posturing tool, and the same is likely the case here, particularly when it comes to threats of military force. Greenland is an autonomous territory of Denmark, which is a NATO member. Using military force against a NATO member would create chaos and confusion among allies.

Annexing Canada as the 51st state is also unlikely to come to pass. But Trump’s constant belittling of the neighbor to the north is likely intended to bring Canadian leaders to heel as he threatens tariffs and seeks to renegotiate the US-Mexico-Canada Agreement that was brokered during Trump’s first term.

Trump’s rhetoric also has the benefit of giving fodder to his supporters, who have embraced his view of American exceptionalism and dominance abroad and relish seeing liberals overreact to what the president-elect is saying.

It was in that spirit that Trump declared Tuesday that he would soon seek to rename the Gulf of Mexico the “Gulf of America.”

Numerous Trump allies cheered the idea on social media — “I am SO HERE FOR THIS,” former Rep. Matt Gaetz wrote — and Rep. Marjorie Taylor Greene quickly announced she would introduce legislation to make the change official on government maps.

The idea of an imperialist second Trump term has ruffled feathers abroad.

Danish Prime Minister Mette Frederiksen said Tuesday that Greenland “is not for sale and will not be in the future either.”

Canadian Prime Minister Justin Trudeau said Tuesday there “isn’t a snowball’s chance in hell that Canada would become part of the United States.”

His potential replacement, Conservative Party Leader Pierre Poilievre, has said Canada “will never be the 51st state of the US”

Panamanian President José Raúl Mulino previously rejected Trump’s suggestion of the U.S. taking over the canal, which was built in the early 1900s and handed over to Panama as part of a 1977 treaty.

But Trump has not been one to take kindly to public rejection or embarrassment from other world leaders, and the pushback could only embolden him to inflict economic pain on those leaders.

Kirk, responding to Trudeau on social media, wrote to the Canadian prime minister: “When you’re playing defense, you’re already losing!”

 

 

 

 

 

 

 

US deputy special envoy for Middle East peace

US President-elect Donald Trump on Friday named Morgan Ortagus as deputy special presidential envoy for Middle East peace, joining real estate executive Steven Witkoff, who was appointed special envoy in November 2024.

"She will hopefully be an asset to Steve, a great leader and talent, as we seek to bring calm and prosperity to a very troubled region. I expect great results, and soon," Trump announced on his social media platform, Truth Social.

Ortagus, the former State Department spokesperson during Trump’s first term, expressed her gratitude for the appointment.

"To be given the opportunity to once again represent my country and the Trump Administration in a crucial diplomatic role is a dream come true," Ortagus wrote on X.

She emphasized the importance of the US fostering "peace and stability" in the Middle East, calling her new role a "small" contribution to that goal.

Ortagus served as State Department spokesperson from 2019 to 2021 under then-Secretary of State Mike Pompeo. Before that, she worked as a financial intelligence analyst at the Treasury Department and served as deputy US Treasury attaché in Saudi Arabia from 2010 to 2011.

Trump wants EU to buy more US oil and gas or face tariffs

According to Reuters, US President-elect Donald Trump said on Friday that the European Union (EU) may face tariffs if the bloc does not cut its growing deficit with the United States by making large oil and gas trades with the world's largest economy.

The EU is already buying the lion's share of US oil and gas exports, according to US government data, and no additional volumes are currently available unless the United States increases output or volumes are re-routed frm Asia - another big consumer of US energy.

"I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas," Trump said in a post on Truth Social.

"Otherwise, it is tariffs all the way!!!," he added.

The European Commission said it was ready to discuss with the president-elect how to strengthen an already strong relationship, including in the energy sector.

"The EU is committed to phasing out energy imports from Russia and diversifying our sources of supply," a spokesperson said.

The United States already supplied 47% of the European Union's LNG imports and 17% of its oil imports in the first quarter of 2024, according to data from EU statistics office Eurostat.

Trump has vowed to impose tariffs on most if not all imports, and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.

Trump has repeatedly highlighted the US trade deficit for goods, but not trade as a whole.

The US had a goods trade deficit with the EU of 155.8 billion euros (US$161.9 billion) last year. However, in services it had a surplus of 104 billion euros, Eurostat data shows.

Trump, who takes office on January 20, 2025 has already pledged hefty tariffs on three of the United States' largest trading partners - Canada, Mexico and China.

Most European oil refiners and gas firms are private and the governments have no say on where the purchases are coming from unless authorities impose sanctions or tariffs. The owners usually buy their resources based on price and efficiencies.

The EU has steeply increased purchases of US oil and gas following the block's decision to impose sanctions and cut reliance on Russian energy after Moscow invaded Ukraine in 2022.

The United States has grown to become the largest oil producer in recent years with output of over 20 million barrels per day of oil liquids or a fifth of global demand.

US crude exports to Europe stand at over two million bpd representing over a half of US total exports with the rest going to Asia. The Netherlands, Spain, France, Germany, Italy, Denmark, and Sweden are the biggest importers, according to the US government data.

The United States is also the world's biggest gas producer and consumer with output of over 103 billion cubic feet per day (bcfd).

The US government projects that US exports of liquefied gas (LNG) will average 12 bcfd in 2024. In 2023, Europe accounted for 66% of US LNG exports, with the Britain, France, Spain and Germany being the main destinations.

EU exports are dominated by Germany with key goods being cars, machinery and chemicals.

 

How would WTO brace Donald Trump?

The World Trade Organization (WTO) held the last of its 2024 meetings this week, and for anyone rooting for the institution to conclude long-discussed agreements just ahead of its 30th anniversary, the results were a little hard to watch. Here’s a recap of what came out of gatherings of the WTO’s General Council and its Dispute Settlement Body.

Here’s a recap of what came out of gatherings of the WTO’s General Council and its Dispute Settlement Body:

·        Dispute settlement reform was unresolved and there was a pledge to continue talking next year

·        On the second fisheries agreement, India and Indonesia were granted more time to air their concerns. “Fish 2” was at the decision stage but was demoted to a “discussion” item

·        India, South Africa and Turkey blocked a deal known as Investment Facilitation for Development. That left it short of the needed consensus, even though 126 members backed its incorporation into WTO bylaws

·        Progress was made on two administrative issues: picking dates for the next ministerial conference (March 26-29, 2026, in Cameroon) and approval of WTO Secretariat pension reforms

Newly re-appointed Director General Ngozi Okonjo-Iweala tried to maintain a positive outlook, saying she hopes members return in the new year with a “spirit of compromise, ready to do deals.”

For an organization that needs everyone to agree, that’s going to be a challenge when US President-elect Donald Trump takes office January 20, 2025. His threatened tariffs and “America First” trade agenda run counter to the mission of the Geneva based WTO.

Trump promised 60% duties on Chinese imports and at least 10% for the rest of the world. In November, he threatened to impose further 10% tariffs on Beijing and 25% on Mexico and Canada if they fail to stop the flow of fentanyl and undocumented migrants to the US.

All of that violates the commitments that more than 160 nations make to join the WTO, said Bill Reinsch, a Commerce Department official during the Clinton administration and now a senior adviser at the Center for Strategic and International Studies.

Trump is known to dislike multilateral institutions, having withdrawn the US from a trade deal for the Indo-Pacific, the Paris Climate Agreement and the World Health Organization in his first term.

He could quit the WTO, too. Or he could stay in it, heap more scorn on the rules-based international order and ignore other countries complaining about Washington’s protectionism.

In Trump’s first term, US Trade Representative Robert Lighthizer watched the WTO’s appellate body grind to a standstill by preventing the appointment of new judges as terms expired, leaving it short of the number needed to function.

This week Biden administration delegates blocked a move by 130 WTO member countries that called for a restart of the process to fill vacancies on the appellate body — the 82nd time that that proposal failed.

The outlook for the WTO to free itself of paralysis under the incoming Trump administration isn’t favorable. 

Jamieson Greer, Trump’s nominee for USTR, was a close adviser to Lighthizer. His views on WTO relevancy are unclear, but he did say in testimony in May that “efforts to hold China accountable under WTO dispute mechanisms were largely unfruitful.”

The WTO also irked some Trump allies by accelerating the process this year of approving Okonjo-Iweala for another four-year term at its helm.

That was “almost certainly designed to prevent the incoming Trump administration from having a say in the matter,” said Dennis Shea, Trump’s ambassador to the WTO in his first term.

“The WTO already has diminished reputation in the United States,” he said. “This unprecedented action only diminishes it further.”

According to a Geneva-based trade source, Trump’s name wasn’t mentioned during this week’s General Council session.

Courtesy: Bloomberg

Trump tariffs could impact US tanker trades

US President-elect, Donald Trump, has threatened to slap 25% tariffs on neighbours, Canada and Mexico, until such time as the flow of drugs and migrants stops. Since Canada to the north and Mexico to the south both supply large volumes of crude oil to US markets, there are far-reaching implications for the North American energy market.

Analysis by London shipbroker, Gibson, notes that Canada’s exports to the US of more than four million barrels of heavy crude a day move mostly through pipelines and would therefore be difficult to redirect.

About three quarters of the Canadian crude goes to the midcontinent region of the US, Gibson said, where refineries are geared up for these heavy grades. There is no ready alternative source of crude oil and refiners would have few options but to pay the tariff and pass the cost on to consumers, or cut refinery runs.

If Trump were to proceed with the tariffs, Canadian oil producers would have few options for other markets, Gibson said.

The Trans Mountain Expansion (TMX) pipeline, opened in May, has doubled Canadian seaborne exports but spare capacity is limited.

About 175,000 barrels a day of TMX crude that currently goes to the US west coast could be redirected to Asia but these barrels would have to be replaced with supplies from Latin America or the Middle East, driving up ton-mile demand.

For Mexico, the situation is less complex, Gibson said. All of that country’s exports move by sea and European and Asian refiners could take up more Mexican oil if US demand fell.

This would boost ton-mile demand and could generate more business for larger tankers on long hauls. However, Gibson warned that vessels currently ballasting from east of Suez Canal to the US Gulf might well ship these cargoes, lessening the impact.

The shipbroker concludes that it is difficult to see the tariffs being enacted in their present form because they would raise costs for US consumers.

The broker notes that the President-elect has used tariffs as a negotiating ploy in the past.

Canadian Prime Minister Justin Trudeau dined with Trump at his Mar a Lago estate on Friday evening. The two men were said to have had a productive meeting and an ‘excellent conversation’.

Courtesy: Seatrade Maritimes News

Karoline Leavitt to be youngest ever White House press secretary

US President-elect Donald Trump has announced that Karoline Leavitt, his campaign press secretary, will serve as his White House press secretary, making her the youngest person ever to hold the position. Ronald Ziegler, who was 29 when he became press secretary during Richard Nixon’s administration in 1969.

“Karoline Leavitt did a phenomenal job as the National Press Secretary on my Historic Campaign, and I am pleased to announce she will serve as White House Press Secretary,” Trump said in a statement.

“Karoline is smart, tough, and has proven to be a highly effective communicator. I have the utmost confidence she will excel at the podium and help deliver our message to the American people as we Make America Great Again.”

In response, Leavitt posted on X (formerly Twitter): “Thank you, President Trump, for believing in me. I am humbled and honored. Let’s MAGA.”

As press secretary, Leavitt will become the public face of the administration, a role historically involving daily press briefings.

However, Trump disrupted these norms during his first term, often preferring to communicate directly with the public through rallies, social media posts, and personal briefings.

When asked in August whether regular press briefings would be held in his new administration, Trump stated, “I will give you total access, and you’ll have a lot of press briefings and you’ll have, uh, from me.”

He added, “Probably they’ll do something. If it’s not daily, it’s going to be a lot. You’ll have more than you want.”

Leavitt, a New Hampshire native, is known for her strong defense of Trump and her quick-witted responses in television interviews. Before joining his 2024 campaign, she worked as a spokesperson for MAGA Inc., the super PAC supporting Trump.

In 2022, she ran for Congress in New Hampshire, winning a crowded Republican primary before losing to incumbent Democratic Rep. Chris Pappas.

Leavitt also served in the White House press office during Trump’s first term and later worked as communications director for Republican Rep. Elise Stefanik, whom Trump has nominated as US ambassador to the United Nations.

Trump’s previous press secretaries, including Sean Spicer, Sarah Huckabee Sanders, and Stephanie Grisham, each faced varying levels of public scrutiny, with Grisham notably never holding a briefing. Kayleigh McEnany, who succeeded Grisham, frequently took a combative stance with the media during her appearances.

 

Trump Victory: Impact on Iran-Russia relations

Iranian political experts have quickly projected that a Trump victory in the presidential elections could lead to renewed US-Russia relations due to Trump and Putin's reportedly friendly ties. Some in Iran worry that this shift might undermine the strategic partnership between Iran and Russia, which has been strengthened over the past three years.

However, a closer look at Russian experts' views presents a more balanced and realistic perspective. These analysts believe that the US-Russia relationship is unlikely to return to pre-conflict levels, given the profound trust issues that have persisted since the Ukraine crisis.

Russian-Iranian partnership, which has gained unprecedented momentum, is unlikely to be sacrificed for potential rapprochement with the United States.

Examining the opinions of notable Russian experts can shed light on Moscow's likely short-term approach to US relations, especially regarding the Ukraine conflict.

In initial responses, some speculate that Trump's return might lead Russia to slightly slow its Eurasian integration efforts, potentially making space for renewed discussions with the US, especially on the Ukraine crisis.

Yet, Alexander Dugin, a prominent proponent of Eurasianism in Russia, expresses a different view. He argues that while Trump’s administration may deprioritize the Ukraine crisis, it will likely focus on domestic US issues and its trade war with China.

Dugin, who frames Russia's actions in Ukraine as part of a destiny-driven mission to “de-Nazify Kyiv,” is adamant that this campaign should continue westward in Ukraine. In his view, even if Trump were to ask Putin to halt military operations in Ukraine, such a request would be improbable to affect Russia's plans.

Similarly, Andrey Bezrukov, an international relations expert and professor at Russia's Ministry of Foreign Affairs University, believes that resolving the Ukraine issue depends more on Russia's military progress than the US elections.

He emphasizes Trump’s unpredictability, citing Iran's experience with US policy shifts, and warns of the risks if future Democratic administrations disregard any agreements.

Bezrukov adds that Trump's administration would likely focus primarily on countering China's global influence, rather than confronting Russia directly in Ukraine.

However, this does not necessarily mean the end of US support for Ukraine; the US might shift more of this responsibility to Europe, despite Trump's potential disagreements with European leaders.

Andrey Sushentsov, director of the Valdai Discussion Club’s programs and an expert on international relations, says US institutions constrained Trump’s policy intentions on Ukraine during his presidency from 2017-2021.

During his campaign, Trump asserted he could resolve the Ukraine crisis swiftly, but Sushentsov views such claims skeptically.

He argues that Ukraine is a tool for the US to manage Russia’s influence, rally European allies, and compel them to bear the economic and social costs of the crisis unless the US decides that Ukraine is no longer an effective lever.

In reviewing these insights from prominent Russian analysts and commentaries in Russian media, it is apparent that most Russian experts are skeptical about any rapid impact of a Trump-Putin rapport on resolving the Ukraine conflict.

Given the unprecedented level of Russian-Iranian relations over the past three years, it is unlikely that this alliance would be sacrificed for hypothetical negotiations between a Republican-led US and Russia.

 

Trump's Victory: Implications for Pakistan

Donald Trump’s second term as the US President is expected to have profound impact on geopolitics and global asset/ commodity prices, which would ultimately have implications for the ongoing macro recovery in Pakistan.

There is a high probability of a “clean sweep” by the Republican Party (it is likely to take control of both the US Senate and House), which will give Trump greater ability to execute his campaign pledges.

Trump’s policies – cracking down on immigration and large import tariffs on China – are expected to be inflationary for the US economy and negative for global growth. If he is able to bring a quick end to both the wars, in Ukraine and Gaza, oil prices are likely to continue falling under the weight of weakening global demand.

There are various caveats to these expectations:

Global experts point to the strength of US institutions in checking/ taming some of the draconian policies Trump has pledged. Second, China has begun rolling out huge stimulus measures, both fiscal and monetary, to revive its ailing economy (particularly its large property sector). This could serve as a boost to global commodity prices.

For Pakistan, the prospect of lower or stable oil/ commodity prices is positive. US-China trade war improves the opportunity to attract Chinese industries into Pakistan. Certain exports out of Pakistan, including steel and textiles, may become more competitive in the US. But, it could be a challenge for Pakistan to execute CPEC Phase 2 in the face of deteriorating US-China relations.

At this stage, the event does not materially affect outlook of continued macro stability in Pakistan – continued disinflation and foreign exchange reserves buildup – and equity market re-rating,

According to Pakistan’s leading brokerage house, Inter Market Securities:

Oil prices are more likely to fall or stabilize around US$70/bbl over the medium term. Trump is likely to encourage greater shale oil production in the US, while at the same time, he would work to bring an end to the conflicts in Ukraine and the Middle East.

Global inflation could make a comeback as Trump promises to slap up to 60% import tariffs on China and up to 20% from elsewhere. He has also committed to deport illegal immigrants from the country – which could stoke another round of labor shortage in the United States.

US interest rates may remain elevated as the resurgent inflation could lead to a slowdown of rate cuts in the US, leading to a stronger greenback against other major currencies. This could mean that global equity flows into the emerging and frontier markets would remain weak.

Raising debt through Eurobonds could therefore become difficult for Pakistan. The USD index has appreciated 5% since September, while the US 10-year bond yield has risen to 4.5% from 3.6% by end September – both have risen in anticipation of Trump’s re-election.

Global growth could be slower and commodity prices, depressed if Trump administration impose higher import tariffs on China, then growth in China could be undermined (notwithstanding the stimulus measures the Chinese government has recently begun rolling out. This would spell an extended period of down-trending commodity prices and a global oversupply in some key commodities (steel, petrochemicals) and products (EVs).

Weak US participation in achieving global climate goals could reverse or slow down the recent trend of multilateral lenders (IMF, WB and ADB) ramping up loans to developing economies for building defense against climate change.

Possible implications for Pakistan

A decline in global commodity prices would maintain the dis-inflationary trend in Pakistan. However, a fresh wave of global inflation will be felt in Pakistan through a stronger greenback and imported inflation. At this stage, the brokerage house maintains it outlook for average inflation in Pakistan over the next 12 months to be around 9% and expect the State Bank of Pakistan (SBP) to cut the policy rate up to 11% by June 2025.

US-China trade war could make some exports out of Pakistan more competitive in the US, compared to imports from China. These would include HVA textiles, flat steel, tires and cement. However, if PKR-US$ remains stable while other regional currencies depreciate against the greenback, it could undermine the competitiveness of Pakistani exports.

Pakistan could see greater Chinese FDI. As Chinese industries would continue to set up facilities outside China to avoid import tariffs, some could potentially be set up in Pakistan. However, for this to happen, Pakistan would have to offer a more stable policy environment to Chinese investors, and the government may have to drop plans to renegotiate the power tariffs of CPEC power plants, in our view.   

 

Netanyahu should resign and surrender

Jill Stein has been one of the loudest and clearest voices in the race for president demanding justice for Gaza, and that begins with Benjamin Netanyahu immediately resigning as Prime Minister and surrendering to authorities. Netanyahu is a war criminal who has been charged with the following crimes by the International Criminal Court (ICC);

·  Starvation of civilians as a method of warfare as a war crime contrary to article 8(2)(b)(xxv) of the Statute;

·  Willfully causing great suffering, or serious injury to body or health contrary to article 8(2)(a)(iii), or cruel treatment as a war crime contrary to article 8(2)(c)(i);

·  Willful killing contrary to article 8(2)(a)(i), or Murder as a war crime contrary to article 8(2)(c)(i);

·  Intentionally directing attacks against a civilian population as a war crime contrary to articles 8(2)(b)(i), or 8(2)(e)(i);

·  Extermination and/or murder contrary to articles 7(1)(b) and 7(1)(a), including in the context of deaths caused by starvation, as a crime against humanity;

·  Persecution as a crime against humanity contrary to article 7(1)(h);

·  Other inhumane acts as crimes against humanity contrary to article 7(1)(k).

Jill demands Americans should not support the Biden-Harris funded genocide, and they should never accept this forced alliance with a war criminal.

Jill Stein: Wildcard Entry in US Election

Jill Ellen Stein born on May 14, 1950, is an American physician, activist, politician. She is currently running for president in the 2024 United States presidential election. Her campaigns for president have focused heavily on the proposal of a Green New Deal, which includes a number of reforms intended to address climate change and income inequality, as well as civil and political rights reform.

She was the Green Party's nominee for president of the United States in the 2012 and 2016 elections and the Green-Rainbow Party's candidate for governor of Massachusetts in 2002 and 2010.

In 2012, Stein received 469,015 votes, which accounted for 0.36% of the popular vote; in 2016, she received 1.45 million votes or 1.07% of the popular vote.

Stein originally supported activist and scholar Cornel West's 2024 presidential campaign under the Green Party and became his campaign manager.

After West withdrew his bid for the Green presidential nomination in order to instead continue his run for the presidency as an independent, Stein retracted her endorsement for West and said the Green Party would find a nominee elsewhere. She also hinted at a possible bid of her own.

On November 09, 2023, Stein announced her third bid for president on X (formerly Twitter), citing her main priorities as being anti-war, paving the way for a Green New Deal, Universal Healthcare, and a "pledge to stop genocide”. 

Stein's campaign has been criticized by the Democratic Party as having the potential to erode Joe Biden's support in the general election among left-wing voters.

US Election: A race like no other in history

Immediately after US President Joe Biden dropped out of the 2024 race, a move not seen since President Lyndon Johnson stepped back at the height of the Vietnam War, a question suddenly arose. What path would Vice President Kamala Harris take to try and beat Donald Trump?

“Americans are going to have to choose between moving forward or backward, between hope and hate, between unity and division,” Biden said. “We have to decide—do we still believe in honesty, decency, respect, freedom, justice and democracy.”

The Republican nominee had been on a winning streak of late, avoiding a spotlight on his historic criminal conviction, pending trials or even repeated references to a fictional serial killer.

The media spent almost a month focused on Biden, his age and botched debate performance (Biden, at 81, is three years older than Trump).

Kamala wasted no time providing answers to the question. Her campaign is focusing on Trump’s status as a convicted felon, his various other legal entanglements, including being found liable for sexual abuse, and his starring role in blowing up abortion rights.

“I know Donald Trump’s type,” said the 59-year-old Kamala, a former US senator, state attorney general and district attorney.

Francis Wilkinson writes in Bloomberg Opinion that from here to November, the prosecutor should prosecute the predator. 

Polls showed the race tightening with Kamala’s entry, with more enthusiasm among Black and younger voters. Republicans are already trying to use immigration against her, despite Trump arguably being the main reason a bipartisan immigration reform bill was killed.

Then there’s the question of whether Americans are ready to elect the first female president.

Trump, who has a history of racist and misogynistic statements, risks alienating some of the very voters he needs if he pursues that track this time.

Many prominent Republicans however have already started racial attacks on Kamala, calling her “the DEI candidate.” In short, this is a race like no other in US history.

The next step will be for Kamala to select a running mate ahead of the Democratic National Convention.

As the new race was forming up this week, Biden addressed the nation, framing his decision to bow out as a way of uniting the country around a new generation of leaders. He also warned of what he’s said is the existential peril democracy faces in November. 

Courtesy: Bloomberg