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US Announces 13-Nation Indo-Pacific Economic Pact To Counter China’s Influence In The Region

US Announces 13-Nation Indo-Pacific Economic Pact To Counter China’s Influence In The Region

In addition to misspeaking about waging war to…

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US Announces 13-Nation Indo-Pacific Economic Pact To Counter China's Influence In The Region

In addition to misspeaking about waging war to protect Taiwan, and rehashing an old talking point about revisiting Trump's China trade tariffs, something he has done repeatedly in recent weeks, yet which the market took as "news" overnight pushed futures higher, on Monday the Biden administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region, amid lingering questions about its effectiveness.

Altogether the nations involved in the Indo-Pacific Economic Framework, or IPEF, constitute roughly 40% of global GDP according to the White House, which has touted its launch as a marquee accomplishment of President Joe Biden’s first trip to Asia. Australia, India, Japan, South Korea and New Zealand are among the inaugural members, along with seven Southeast Asian countries, including Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam and Brunei although neither Taiwan was not included, nor were Myanmar or the China-friendly members of ASEAN, Cambodia and Laos.

“This framework is a commitment to working with our close friends and partners in the region on challenges that matter most to ensuring economic competitiveness in the 21st century,” Biden said.

Eleven of the 13 countries in the IPEF -- all but India and the U.S. -- are part of the Regional Comprehensive Economic Partnership (RCEP), the world's largest trade bloc, and together account for 30% of the world's GDP. China also belongs to RCEP.

Seven of the 13 countries -- Japan, Brunei, Malaysia, Singapore, Vietnam, Australia and New Zealand -- belong to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which the U.S. withdrew from in 2017 when it was known as the Trans-Pacific Partnership.

Speaking at the launch event in Tokyo, President Joe Biden said that the future of the 21st Century economy will be written in the Indo-Pacific. "We're writing the new rules," he said.

"The key to our success will be the framework's emphasis on high standards and inclusivity," he noted, adding that the IPEF will be "open to others who wish to join in the future."

Biden, Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi participated in the event in person, while other leaders joined online. Modi said: "It is necessary that we find shared solutions to the economic challenges of the region and that we make creative arrangements."

As the Epoch Times reports, Indo-Pacific leaders are congregating in Tokyo for a second Quad Summit. In addition to launching the IPEF, Biden will hold distinct bilateral meetings with Indian Prime Minister Narendra Modi and recently-sworn-in Australian Prime Minister Anthony Albanese.

According to a May 22 White House press gaggle, National Security Advisor Jake Sullivan said that a potential Taiwanese invasion “won’t be part of the formal agenda of the Quad,” but the countries will discuss “significant security issues in the Indo-Pacific.”

Sullivan told reporters that the United States continues to work closely with Taiwan, looking to “deepen our economic partnership with Taiwan, including on high-technology issues, including on semiconductors and supply chains,” considering the importance of the self-ruled island in global supply chains. He also reiterated the United States’ support for the One China policy guided by the Taiwan Relations Act, three joint communiques, and six assurances.

* * *

Ahead of the formal launch of the U.S.-led framework, Chinese foreign minister Wang Yi said in a statement on May 22 that the United States was forming “small circles” under the banner of “freedom and openness” to contain China. “Facts will prove that the so-called Indo-Pacific strategy is in essence a strategy to create division, to incite confrontation, and to undermine peace,” he said.

On whether IPEF will be a “closed club,” as alleged by Beijing, Sullivan replied that it has already secured a wide-ranging membership and, “in addition to the countries that join for the launch tomorrow, others will come along in the months and years ahead.”

The IPEF is “not a security arrangement” and will deal with mostly economic policies focusing on digital economies and “secure and resilient supply chains,” he said.

Besides this, the program seeks to bind regional countries more closely through common standards in areas like infrastructure and clean energy.

Japanese Prime Minister Fumio Kishida told reporters ahead of the formal IPEF launch that while China is currently demonstrating a significant economic presence in the region, other countries in the region do not believe it is not living up to its international obligations.

“[L]ook into the substance of their presence: Are they abiding by international rules? What about their development projects. Are they caring about sustainable initiatives? They have to do that because they are a major power. They have a significant responsibility even in the economic field; they have to live up to that responsibility. So Japan will cooperate with the United States, and vis-a-vis China, persuade them to live up to their responsibility to abide by international rules,” Kishida said.

Since the pandemic, global supply chains have been greatly disrupted, contributing to product shortages across the world and also to inflationary pressures.

The Russian invasion of Ukraine has exacerbated the problem with closure of Ukrainian ports that has resulted in increased food prices and related shortages especially in vulnerable regions of Africa and Asia. The Chinese Communist Party’s “zero-COVID” policies keeping Chinese in lockdown are also contributing to global supply pressures.

Japan wants more nations to join the IPEF, which may result in Monday’s launch marking a start of discussions rather than finalizations.

Regarding the American ability to build mutually beneficial alliances in Asia against a backdrop of China’s economic slowdown, Sullivan said, “When you see the breadth of participation in IPEF tomorrow, we believe that that will be strong evidence that countries do want to bet on the United States [and] do want to be part of an economic arrangement with the United States where we’re setting rules together.”

Tyler Durden Mon, 05/23/2022 - 09:47

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate…

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.

(Shutterstock)

A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.

Long COVID Patients Have Low Iron Levels

Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.

In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.

According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.

But it can jeopardize a person’s recovery.

When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”

The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.

It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”

The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.

1 in 5 Still Affected by Long COVID

COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.

Tyler Durden Sat, 03/09/2024 - 12:50

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Walmart joins Costco in sharing key pricing news

The massive retailers have both shared information that some retailers keep very close to the vest.

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As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters. 

The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.

The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.

Related: Popular mall retailer shuts down abruptly after bankruptcy filing

It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.

You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.

Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.

However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.

Walmart has seen inflation drop in many key areas.

Image source: Joe Raedle/Getty Images

Walmart sees lower prices

McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.

During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.

"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.

He was specific about where the chain has seen prices go down.

"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."

McMillon said that in other areas prices were still up but have been falling.

"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.

Costco sees almost no inflation impact

McMillon avoided the word inflation in his comments. Costco  (COST)  Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.

The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.

"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.

Galanti made clear that inflation (and even deflation) varied by category.

"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.

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Walmart has really good news for shoppers (and Joe Biden)

The giant retailer joins Costco in making a statement that has political overtones, even if that’s not the intent.

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As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters. 

The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.

The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.

Related: Popular mall retailer shuts down abruptly after bankruptcy filing

It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.

You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.

Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.

However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.

Walmart has seen inflation drop in many key areas.

Image source: Joe Raedle/Getty Images

Walmart sees lower prices

McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.

During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.

"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.

He was specific about where the chain has seen prices go down.

"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."

McMillon said that in other areas prices were still up but have been falling.

"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.

Costco sees almost no inflation impact

McMillon avoided the word inflation in his comments. Costco  (COST)  Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.

The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.

"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.

Galanti made clear that inflation (and even deflation) varied by category.

"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.

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