Over three quarters of U.S. states experiencing some form of drought
Story at a glance New data from the United States Drought Monitor shows that most U.S. states are experiencing some form of drought. While the worst drought conditions are in the Western part of the country, some Midwestern and Eastern states are almost entirely in a moderate level of drought. Most states are also suffering from ex
Read MoreWhy ‘friend-shoring’ is at the top of Yellen’s agenda in Japan
Treasury Secretary Janet Yellen is in Tokyo meeting with Japanese officials about ways to restructure supply chains to bring down inflation. Specifically, she’ll be talking about “friend-shoring,” a riff on the term “on-shoring” that refers to the process of re-jigging supply chains to favor U.S.-friendly countries that is gaining popularity in policymaking circles. As the U.S. battles high inflation while keeping an eye on the geopolitical fallout from the war in Ukraine, alliances with key countries in East Asia are rising to the forefront of the U.S. econ
Read MoreBiden closes in on China tariffs decision while midterms loom
President Biden is contending with competing political and policy pressures as he closes in on a decision on whether to lift Trump-era tariffs on Chinese imports. On one hand, it’s one of the only options at Biden’s disposal to try to lower the price of everyday goods that are subject to tariffs of up to 25 percent. But axing tariffs would have a minimal impact on inflation, experts say, and doing so could alienate Biden’s labor union backers, some of his own Cabinet members and voters while causing him to look weak on China — all while heading into the midterm electio
Read MoreHow Elon Musk’s Twitter feud could unfold in court
Elon Musk’s attempt to walk away from his $44 billion deal to buy Twitter is likely to result in a protracted legal battle between the billionaire and the social media platform. Musk’s team contended in a filing Friday that Twitter had breached the agreement, which allows him to terminate the purchase. But Twitter is unlikely to let the Tesla and SpaceX CEO off the hook from what it says is a binding commitment to purchase the company, and it retains the ability to ask a judge to compel Musk to complete the deal. The company is expected
Read MoreHarris to request $600M for ocean resilience in Pacific Islands
Vice President Harris on Tuesday will request $600 million in funding for economic development and ocean resilience, which is intended to build on efforts that enable U.S. fishing-fleet access to the Pacific and combat the scourge of illegal, unreported, and unregulated fishing. The $600 million request to Congress will break down to $60 million per year for the next 10 years and builds on the 33-year-old South Pacific Tuna Treaty that is considered a cornerstone of political and economic cooperation between the U.S. and Pacific Islands. The funding request is part of a
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