This is a big week for Joe Biden. He fully takes the world stage at the G7 in London, and will also meet separately with several allied leaders, including Prime Minister Scott Morrison.
BRUCE WOLPE EXPLAINS WHAT’S ON BIDEN’S AGENDA IN EUROPE.
He will then go on to a NATO summit and a crucial meeting with Russia’s Vladimir Putin.
President Biden’s presence there will embody his core commitment that “America is Back” as a leader of the Western nations.
He will also report to them that “America is on the move again” – his signature message to Congress and the American people in April.
Biden is sitting on some pretty notable achievements, with the pandemic coming under control, and the economy roaring back with very strong growth and employment gains.
America’s renewed commitment
Biden’s first trip overseas is, as he wrote on Sunday, “about realizing America’s renewed commitment to our allies and partners, and demonstrating the capacity of democracies to both meet the challenges and deter the threats of this new age.
“This is a defining question of our time: Can democracies come together to deliver real results for our people in a rapidly changing world? … I believe the answer is yes. And this week in Europe, we have the chance to prove it,” said Biden.
‘BIDEN HAS ALWAYS SAID THAT WE WILL HAVE STRONGER LEVERAGE ON CHINA… WITH ALL THE ALLIES TOGETHER, NOT JUST A TRADE WAR,” WOLPE SAYS ON TICKER NEWS.
Biden is also nearing a decisive moment politically at home on the second pillar of his program to repair America.
Bipartisan talks on his $2 trillion infrastructure proposal are stuck, with a very wide gap in money to be spent and how to pay for it.
Republicans are several hundred billion dollars short of a true compromise on scale, yet they are utterly opposed to rolling back some of the Trump tax cuts.
WOLPE ON WHY BIDEN NEEDS THE $2 TRILLION INFRASTRUCTURE PROPOSAL TO BE SUCCESSFUL FOR HIS PRESIDENCY.
“Can he do it with republicans, or will he have to go alone? If he goes alone… can he win?”
Biden will have to decide soon whether a deal is possible. Alternatively, he’ll have to go forward just with his Democrats and their perilously narrow margin in the House (4 votes).
Combined with the president’s reach in the Senate (where in a 50-50 Senate any Democratic defection means failure), this shows for some tough politics.
However, it’s nothing that Biden has not faced in his five decades of experience.
As Biden engages on his agenda, the ex-president wallows in his grievances
To be certain, Donald Trump is the leader of the Republican Party, with powerful support among the rank-and-file.
Trump defines the agenda and controls the party’s narrative (which is whatever Trump says it is at any moment).
He also makes or breaks Republican candidates for office. The former president is intent on using his candidates to take back the House and Senate next year, setting the stage for a return to the White House in 2025.
At his rally in North Carolina over the weekend, Trump attacked Biden’s “radical Socialist agenda”.
China is public enemy #1, and he wants China to pay $10 trillion is “reparations” for the virus Trump insists they inflicted on the world.
But the heart of Trump’s message is his litany of anger and revenge over an election that he knows was stolen. Over investigations designed to persecute him. Over immigrants and criminals and social activists that are destroying the country.
Biden and the future. Trump and the past. Which road does America want to travel?
Bruce Wolpe is a Ticker News US political contributor. He’s a Senior Fellow at the US Studies Centre and has worked with Democrats in Congress during President Barack Obama's first term, and on the staff of Prime Minister Julia Gillard. He has also served as the former PM's chief of staff.
The United States has begun deploying its advanced THAAD missile defence system to Israel, accompanied by approximately 100 U.S. troops to operate the battery.
This move is intended to bolster Israel’s defence capabilities amid rising tensions in the Middle East.
The THAAD system, designed to intercept incoming missiles at high altitudes, adds an extra layer of protection to Israel’s existing missile defence infrastructure. This deployment highlights the strengthening of U.S.-Israel defence cooperation and underscores concerns about regional threats.
The introduction of THAAD also raises broader strategic implications for the region, especially regarding U.S. relations with neighbouring countries like Iran. The move could influence both military dynamics and ongoing diplomatic efforts in the Middle East. The deployment reflects not only the growing security cooperation between the U.S. and Israel but also sends a strong message about the U.S. commitment to its allies in the region.
ASML Cuts Forecast as U.S.-China Tech Tensions Loom: Key Impacts on the Semiconductor Industry
Dutch semiconductor giant ASML has lowered its earnings forecast for the year, citing growing risks from U.S. export restrictions on advanced chip technology to China.
As one of ASML’s largest markets, China plays a critical role in the company’s revenue stream, but mounting geopolitical tensions are threatening to disrupt this relationship.
The U.S. government’s efforts to curb China’s access to cutting-edge semiconductor technology could have significant implications for ASML’s future growth.
ASML and the tech sector brace for China exposure
Beyond ASML, other technology companies with deep ties to China are feeling the pressure. The U.S. export bans could further strain tech firms that rely on China not only for manufacturing but also for sales.
For companies like Nvidia and Tesla, which depend heavily on Chinese consumers and production networks, the risks are becoming harder to ignore.
As U.S.-China trade policies evolve, tech giants are closely monitoring the situation, assessing how to mitigate potential losses.
The outlook for semiconductors: tension vs. demand
Despite the challenges posed by geopolitical tensions, the long-term outlook for the semiconductor industry remains optimistic.
Global demand for chips is soaring, driven by the explosion of artificial intelligence (AI), cloud computing, and the automotive industry’s shift towards electric and autonomous vehicles.
ASML and other chipmakers are expected to capitalise on these trends, but they must also navigate complex regulatory landscapes, especially when it comes to cross-border technology transfers.
Airline faces record penalty after mask rules incident stirs backlash
The U.S. Department of Transportation has slapped Lufthansa with a record $4 million fine after Jewish passengers were denied boarding on a flight in 2022.
Lufthansa has denied any discrimination, blaming the incident on communication failures, but has agreed to the penalty.
The passengers, many wearing traditional Orthodox Jewish clothing, were travelling from New York to Budapest via Frankfurt.
Lufthansa says it remains committed to promoting diversity and tolerance following the backlash.
The U.S. says it’s the largest penalty issued for civil rights violations against an airline.
