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Date: Fri, 11 Apr 2025 14:21:18 -0400 (EDT)
From: Michael Froman <communications@e.cfr.org>
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Subject: Deal or no deal (Iran, not tariffs)
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ne-height-alt:16.8px"><em>April 11, 2025</em></p></div></div></td></tr></ta=
ble></td></tr></tbody></table></td></tr>
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e:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width=3D"60=
0"><tbody><tr><td class=3D"column column-1" width=3D"100%"=20
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<p style=3D"font-size:13px;line-height:18px;font-family:arial,sans-serif;co=
lor:#04284a;">By <strong><a href=3D"https://link.cfr.org/click/39397985.477=
87/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvbWljaGFlbC1mcm9tYW4_dXRtX3NvdXJjZT10=
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;" target=3D"_blank">Michael Froman</a></strong><br /> President, Council o=
n Foreign Relations
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h=3D"100%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:10px;padding-left:20px;padding-right:20px;padding-top:10=
px;vertical-align:top"><table class=3D"text_block block-1" width=3D"100%" b=
order=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td cl=
ass=3D"pad" style=3D"padding-bottom:5px;padding-left:10px;padding-right:10p=
x"><div style=3D"font-family:sans-serif"><div class=20
style=3D"font-size:12px;font-family:Georgia,Times,Times New Roman,serif;mso=
-line-height-alt:18px;color:#3d454e;line-height:1.5"><p style=3D"margin:0;f=
ont-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">During a week in w=
hich the volatility of markets mirrored the fluctuations in the president=
=E2=80=99s tariff policy, one might expect this to be a piece about trade. =
I=E2=80=99m sure there=E2=80=99ll be many more opportunities to address tho=
se issues, but I thought we could all use a break from 24/7 tariff discussi=
ons. I know I could.</span></p><p style=3D"margin:0;font-size:16px;mso-line=
-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><=
p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">This weekend, the =
United States and Iran are set to hold their first talks on Tehran=E2=80=99=
s nuclear program since the U.S. President Donald Trump has returned to the=
 White House. In 2018, Trump withdrew from the original Joint Comprehensive=
 Plan of Action (JCPOA) agreement, which the Barack Obama administration st=
ruck with Iran, in partnership with China, the European Union, France, Germ=
any, the United Kingdom, and Russia, because he believed it to be =E2=80=9C=
a horrible, one-sided deal that should have never, ever been made.=E2=80=9D=
 Last month, Axios reported that Trump gave the Islamic republic a two-mont=
h deadline to reach a new agreement to restrict their nuclear program: =E2=
=80=9CIf they don't make a deal, there will be bombing=E2=80=A6bombing the =
likes of which they have never seen before.=E2=80=9D&nbsp;</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=3D"word-b=
reak: break-word; font-size: 16px;">The question is what kind of deal=E2=80=
=94if any=E2=80=94is likely to emerge from these talks. To understand the r=
ange of possible outcomes, it=E2=80=99s useful to look at what=E2=80=99s ch=
anged and what remains the same since the JCPOA was negotiated.</span></p><=
p=20
style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=3D"w=
ord-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=3D"margi=
n:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">In 2013, Iran was =
forced to come to the table under acute economic distress brought on by U.S=
., EU, and UN sanctions. By the numbers, these sanctions helped shrink Iran=
=E2=80=99s GDP by about 3.7 percent in 2012 and 1.5 percent in 2013, reduce=
 oil exports from 2.5 million barrels per day to approximately 1.1 million =
bpd, devalue the Iranian rial by some 80 percent against the dollar, and re=
strict Iran=E2=80=99s accessible foreign reserves from about $100 billion t=
o less than $20 billion. While enforcement of the sanctions was imperfect, =
there is no doubt they had a meaningful impact on Iran=E2=80=99s economy.</=
span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">While Iran=E2=80=
=99s heavily sanctioned economy hasn=E2=80=99t recovered, one major change =
is the nature of Iran=E2=80=99s relations with key partners. Back in 2010, =
Russia and China worked with the United States to constrain Iran=E2=80=99s =
nuclear ambitions, supporting UN Security Council sanctions resolutions. St=
arting in 2010, China began to reduce its purchases of Iranian oil by as mu=
ch as 20 percent, restricted Chinese banks from providing financing and tra=
cer services, and paused a number of infrastructure projects. Russia, for i=
ts part, suspended the sale of advanced S-300 air defense systems and restr=
icted the export of critical Uranium fuel.</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Now, as fellow mem=
bers of the Axis of Autocracies, Russia and China are on the other side of =
the table, enablers of Iran. As Iran has reoriented the economy towards Rus=
sia and China, it is significantly less vulnerable to Western economic coer=
cion. Essentially, the three states have set up a full energy trade system =
with all the trade nodes=E2=80=94insurance, ships, banks, ports=E2=80=94whi=
ch is shielded from current U.S. sanctions. Iran-Russia trade increased sig=
nificantly from 2013 levels, and China now imports nearly 90 percent of all=
 Iranian oil exports. (In fact, the current combination of sanctions on Rus=
sia and Iran and no secondary sanctions on oil buyers has enabled China to =
receive oil at a significant discount.) This week, Russia=E2=80=99s lower h=
ouse of parliament approved a twenty-year strategic partnership with Iran.&=
nbsp;</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Iran=E2=80=99s mor=
e insulated economy is hardly enviable: inflation remains above 35 percent,=
 there is effectively an all-out energy crisis, with shortages in power, na=
tural gas and refined products. Even so, due to the significant cooperation=
 with China and Russia, U.S. and EU economic sanctions are likely to be sub=
stantially less effective in getting Iran to accept a new deal than they we=
re before.&nbsp;</span></p><p=20
style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=3D"w=
ord-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=3D"margi=
n:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">One of the critici=
sms of the JCPOA was that it dealt only with Iran=E2=80=99s nuclear program=
, not its destabilizing activities across the region. Now, however, Iran=E2=
=80=99s ability to defend itself, let alone project power across the Middle=
 East, is at a low point. Tehran=E2=80=99s proxy network of militias and al=
lies which included Bashar al-Assad=E2=80=99s Syria, Lebanese Hezbollah, Ha=
mas and the Houthis has either collapsed or been seriously degraded, althou=
gh the Houthis continue to pose a meaningful threat.&nbsp;</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">In the wake of Ham=
as=E2=80=99 October 7 attacks, Israel dealt crippling blows to Hamas and He=
zbollah, Assad=E2=80=99s regime in Syria fell to rebels who see Iran as its=
 top enemy and are aligned with Turkey, Iran=E2=80=99s main rival in the Mi=
ddle East, and the United States has ramped up its efforts to diminish the =
Houthi=E2=80=99s power projection capabilities in the Red Sea and beyond. T=
here remain various Iran-aligned militia groups in Iraq and Iran which cont=
inue to possess an arsenal of ballistic missiles and drones capable of long=
-range strikes. But the United States, Israel, and other regional partners =
have proven highly-adept at intercepting these weapons. Moreover, the Octob=
er 2024 airstrikes by the Israel Defense Forces destroyed key plants relate=
d to ballistic missile production and severely degraded Iran=E2=80=99s Russ=
ian-supplied air defense network. Though many of Iran=E2=80=99s nuclear and=
 ballistic missile facilities are buried deep underground in hardened shelt=
ers, there is no doubt that key energy, military, and political assets in I=
ran are extremely vulnerable to U.S. and Israeli airstrikes.</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">The most noteworth=
y change in Iran=E2=80=99s hand, however, is that the country is much close=
r to being able to produce a nuclear weapon today than ever before. While I=
ran has yet to take=E2=80=94or, at least, announce=E2=80=94a political deci=
sion to pursue the bomb, its status on the nuclear threshold affords Tehran=
 negotiating leverage with the United States.&nbsp;</span></p><p style=3D"m=
argin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><=
p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">When the JCPOA was=
 concluded, Iran hadn=E2=80=99t yet ramped up its production of 60 percent =
enriched Uranium=E2=80=94the key fissile material for building a nuclear we=
apon. Today, Western intelligence agencies and the International Atomic Ene=
rgy Agency estimate that Iran has around 274 kilograms of 60 percent enrich=
ed Uranium and could produce enough 90 percent enriched Uranium in as littl=
e as two weeks, though weaponizing that fissile material could take substan=
tially longer.&nbsp;&nbsp;</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">The United States=
=E2=80=99 negotiating position vis-a-vis Iran is more complicated than it w=
as when the JCPOA was concluded. There=E2=80=99s no love lost between Trump=
 and the Iranian regime, which allegedly planned to assassinate Trump on th=
e campaign trail, a response in part to his role in the 2020 targeted killi=
ng of IRGC Quds Force commander General Qassem Soleimani. Then, there is th=
e underlying question of Trump=E2=80=99s credibility as an interlocutor. In=
 response to Trump=E2=80=99s request for direct nuclear negotiations, Iran=
=E2=80=99s supreme leader told his people =E2=80=9Cthis same person [Trump]=
 threw the completed and signed negotiation off the table and tore it up.=
=E2=80=9D Trump=E2=80=99s willingness to abandon commitments he himself mad=
e, including in the United States-Mexico-Canada Agreement, which he proudly=
 negotiated during his first term, doesn=E2=80=99t help.</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">On the other side =
of the ledger, Trump seems more willing to pursue the use of force and has =
openly articulated the threat of military action should negotiations fail.&=
nbsp; Just last week, the president moved a sizable contingent of B-2 steal=
th bombers capable of delivering bunker-busting bombs, to Diego Garcia in t=
he Indian ocean, a tiny island home to a sensitive joint U.S.-UK air base, =
to show Iran and their Houthi partners that he means business. If the presi=
dent brought the full force of the U.S. military to bear on Iran, the resul=
ts would be devastating for the regime and could well destroy many of Iran=
=E2=80=99s nuclear facilities. Yet, a kinetic military action against Iran =
is at odds with Trump=E2=80=99s long-stated goals of reducing the U.S. mili=
tary=E2=80=99s presence in the region and avoiding new wars. While Iran is =
on its back foot, it still has a formidable arsenal of ballistic missiles i=
t could unleash against targets in Israel, Saudi Arabia, and the Gulf, in a=
ddition to thousands of U.S. troops still stationed in Iraq and Syria. Neve=
r mind the fact that the U.S. military in the region is already stretched t=
hin in pursuing an intense campaign against the Houthis in Yemen, as well a=
s managing a long-term, coalition effort to defend Israel against unprecede=
nted drone, rocket, and missile attacks.&nbsp;</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">And then there is =
the Israeli factor. Prime Minister Benjamin Netanyahu has his own red lines=
, which will certainly affect the U.S.-Iran negotiations. In recent public =
statements, including during his visit to the White House this week, Netany=
ahu has made clear that the Begin Doctrine=E2=80=94named for Israeli Prime =
Minister Menachem Begin after the country first carried out preemptive stri=
kes on an adversary=E2=80=99s nuclear weapons program in the early 1980s=E2=
=80=94remains in full effect: Israel views Iran=E2=80=99s acquisition of a =
nuclear weapon to be an existential threat and will use military force to p=
revent this outcome if other, non-kinetic means of negotiation fail. Netany=
ahu also made clear his terms for a diplomatic solution by endorsing the so=
-called =E2=80=9CLibya Model.=E2=80=9D&nbsp;&nbsp;&nbsp;</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">The Libya Model, n=
amed after the denuclearization process undertaken by Libyan leader Muammar=
 al-Qaddafi=E2=80=99s regime in 2003, would require that Iran completely di=
smantle and surrender all components of its nuclear program, including cent=
rifuges and other enrichment equipment, highly enriched uranium, and weapon=
s designs. This would go well beyond the JCPOA. Conceding to the Libya Mode=
l would certainly be seen as a sign of weakness for the Iranian regime and =
put the Ayatollah at odds internally with the IRGC. As my CFR colleague Ray=
 Takeyh and Reuel Gerecht <a href=3D"https://link.cfr.org/click/39397985.47=
787/aHR0cHM6Ly93d3cud3NqLmNvbS9vcGluaW9uL3dpbGwtdHJ1bXAtdXNlLWZvcmNlLXRvLXN=
0b3AtaXJhbnMtbnVjbGVhci1kZXZlbG9wbWVudC1kaXBsb21hY3ktdGhyZWF0LThmMDliNmE1P3=
V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b5356735af1a379ab8fdB0=
962d5be" style=3D"text-decoration: underline; color: #F25D27;">argued</a> y=
esterday in the <em>Wall Street Journal</em>, it is likely that =E2=80=9Cfo=
r Mr. Khamenei, getting bombed is preferable to giving up the bomb.=E2=80=
=9D</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">So what does this =
all mean for the upcoming negotiations? The talks could yield a variety of =
outcomes, ranging from a Libya Model nuclear agreement to a full-blown kine=
tic military operation by the United States and/or Israel to destroy Iran=
=E2=80=99s nuclear facilities. Or they could produce something in between, =
which would not be that different from the JCPOA, except with an Iran that =
is much closer to producing a nuclear weapon=E2=80=94in which case one coul=
d ask the obvious question whether pulling out of the JCPOA was worth it.&n=
bsp;</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span sty=
le=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">It=E2=80=99s possi=
ble these negotiations are all for show=E2=80=94on both sides. Iran=E2=80=
=99s willingness to negotiate could well be just to buy time to advance its=
 nuclear program, while Trump=E2=80=99s eagerness to talk could be to demon=
strate he has exhausted non-military means to resolve the issue before allo=
wing a military strike.&nbsp;</span></p><p style=3D"margin:0;font-size:16px=
;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">&nbsp;</span></p><=
p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Trump prides himse=
lf on being the ultimate dealmaker and would like to be seen as the ultimat=
e peace maker, worthy of a Nobel Peace Prize. He=E2=80=99s got Russia-Ukrai=
ne and Israel-Hamas already on his agenda. Now let=E2=80=99s add Iran and i=
ts nuclear program. Steve Witkoff is going to have a busy spring. Let=E2=80=
=99s hope he=E2=80=99s not responsible for negotiating those 90 bilateral t=
rade agreements, too.</span></p></div></div></td></tr></table></td></tr></t=
body>
</table></td></tr></tbody></table><table class=3D"row row-4" align=3D"cente=
r" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"=
presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><t=
d><table class=3D"row-content stack" align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace=
:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0=
 auto" width=3D"600"><tbody><tr><td class=3D"column column-1" width=3D"100%=
"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-left:20px;padding-right:20px;vertical-align:top"><table class=
=3D"divider_block block-1" width=3D"100%" border=3D"0" cellpadding=3D"10" c=
ellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-tabl=
e-rspace:0"><tr><td class=3D"pad"><div class=3D"alignment" align=3D"center"=
><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentati=
on" width=3D"100%" style=3D"mso-table-lspace:0;mso-table-rspace:0"><tr><td=
=20
class=3D"divider_inner" style=3D"font-size:1px;line-height:1px;border-top:1=
px solid #bbb"><span style=3D"word-break: break-word;">&#8202;</span></td><=
/tr></table></div></td></tr></table><table class=3D"text_block block-2" wid=
th=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presen=
tation" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-wor=
d"><tr><td class=3D"pad" style=3D"padding-left:10px;padding-right:10px"><di=
v style=3D"font-family:Arial,sans-serif"><div class=20
style=3D"font-family:Arial,'Helvetica Neue',Helvetica,sans-serif;font-size:=
12px;mso-line-height-alt:14.399999999999999px;color:#04284a;line-height:1.2=
"><p style=3D"margin:0;font-size:12px;mso-line-height-alt:14.39999999999999=
9px"><span style=3D"word-break: break-word; font-size: 14px;"><strong>OTHER=
 ANALYSIS FROM THIS WEEK</strong></span></p></div></div></td></tr></table><=
/td></tr></tbody></table></td></tr></tbody></table><table class=3D"row row-=
5" align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0"=20
cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-tab=
le-rspace:0"><tbody><tr><td><table class=3D"row-content stack" align=3D"cen=
ter" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation"=
 style=3D"mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color=
:#000;width:600px;margin:0 auto" width=3D"600"><tbody><tr><td class=3D"colu=
mn column-1" width=3D"100%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:5px;padding-left:20px;padding-right:20px;padding-top:5px=
;vertical-align:top"><table class=3D"text_block block-1" width=3D"100%" bor=
der=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td cl=
ass=3D"pad"><div style=3D"font-family:Georgia,'Times New Roman',serif"><div=
 class=20
style=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;m=
so-line-height-alt:18px;color:#412c26;line-height:1.5"><p style=3D"margin:0=
;mso-line-height-alt:33px" aria-level=3D"1"><span style=3D"word-break: brea=
k-word; font-size: 22px;"><a href=3D"https://link.cfr.org/click/39397985.47=
787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9pbi1icmllZi9oZXJlcy13aGVyZS10cnVtcHMtZGVwb3J=
0YXRpb25zLWFyZS1zZW5kaW5nLW1pZ3JhbnRzP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD=
0yMDI1MDQxMQ/6675b5356735af1a379ab8fdB366165d7" target=3D"_self" style=3D"t=
ext-decoration: none; color: #412C26;">Here=E2=80=99s Where Trump=E2=80=99s=
 Deportations Are Sending Migrants</a></span></p></div></div></td></tr></ta=
ble><table=20
class=3D"text_block block-2" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-tab=
le-rspace:0;word-break:break-word"><tr><td class=3D"pad" style=3D"padding-l=
eft:10px;padding-right:10px"><div style=3D"font-family:Arial,sans-serif"><d=
iv class style=3D"font-size:12px;font-family:Arial,'Helvetica Neue',Helveti=
ca,sans-serif;mso-line-height-alt:14.399999999999999px;color:#04284a;line-h=
eight:1.2"><p=20
style=3D"margin:0;font-size:12px;mso-line-height-alt:14.399999999999999px">=
<a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9iaW8vZGlhbmEtcm95P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/66=
75b5356735af1a379ab8fdB96b40b1e" target=3D"_self" style=3D"text-decoration:=
 none; color: #04284A;" tabindex=3D"-1">Diana Roy</a><a href=3D"https://lin=
k.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvam9zaHVh=
LWt1cmxhbnR6aWNrP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b535=
6735af1a379ab8fdBe84bbddf" target=3D"_self" style=3D"text-decoration: none;=
 color: #04284A;"></a></p></div></div></td></tr></table><table class=3D"ima=
ge_block block-3" width=3D"100%" border=3D"0" cellpadding=3D"10" cellspacin=
g=3D"0" role=3D"presentation"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tr><td class=3D"pad"><div =
class=3D"alignment" align=3D"center"><div style=3D"max-width:540px"><a href=
=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9pb=
i1icmllZi9oZXJlcy13aGVyZS10cnVtcHMtZGVwb3J0YXRpb25zLWFyZS1zZW5kaW5nLW1pZ3Jh=
bnRzP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b5356735af1a379a=
b8fdC366165d7" target=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><im=
g src=3D"https://media.sailthru.com/composer/images/bazh/hqaopw3x/0ia/nea/d=
tr/a4b9d6c8-db03-4000-a76c-0f4c865e5c3c.png" style=3D"display:block;height:=
auto;border:0;width:100%" width=3D"540" alt=3D"Here's which countries have =
received deportation flights"=20
title=3D"Here's which countries have received deportation flights" height=
=3D"auto"></a></div></div></td></tr></table><table class=3D"text_block bloc=
k-4" width=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break=
:break-word"><tr><td class=3D"pad"><div style=3D"font-family:Georgia,'Times=
 New Roman',serif"><div class=20
style=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;m=
so-line-height-alt:21.6px;color:#3d454e;line-height:1.8"><p style=3D"margin=
:0;mso-line-height-alt:28.8px">
<span style=3D"word-break: break-word; font-size: 16px;">The administration=
=E2=80=99s deportations of undocumented immigrants are accelerating as part=
 of a broader crackdown on unauthorized immigration. The focus so far has b=
een on <a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3c=
uY2ZyLm9yZy9pbi1icmllZi9oZXJlcy13aGVyZS10cnVtcHMtZGVwb3J0YXRpb25zLWFyZS1zZW=
5kaW5nLW1pZ3JhbnRzP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b5=
356735af1a379ab8fdD366165d7" target=3D"_blank" style=3D"text-decoration: un=
derline; color: #F25D27;" rel=3D"noopener">hundreds of flights</a>, mainly =
to Latin America.</span></p></div></div></td></tr></table></td></tr></tbody=
></table></td></tr>
</tbody></table><table class=3D"row row-6" align=3D"center" width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" styl=
e=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class=3D"=
row-content stack" align=3D"center" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspac=
e:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width=3D"60=
0"><tbody><tr><td class=3D"column column-1" width=3D"100%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:10px;padding-left:20px;padding-right:20px;padding-top:5p=
x;vertical-align:top"><table class=3D"text_block block-1" width=3D"100%" bo=
rder=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td cl=
ass=3D"pad"><div style=3D"font-family:Georgia,'Times New Roman',serif"><div=
 class=20
style=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;m=
so-line-height-alt:18px;color:#412c26;line-height:1.5"><p style=3D"margin:0=
;font-size:12px;mso-line-height-alt:33px">
<span style=3D"word-break: break-word; font-size: 22px;"><a href=3D"https:/=
/link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9ibG9nL3NlcGFy=
YXRpb24tcG93ZXJzLWRlZmVhdHMtaW1wZXJpYWwtcHJlc2lkZW5jeS1zb3V0aC1rb3JlYT91dG1=
fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdB82da8=
3a0" target=3D"_self" style=3D"text-decoration: none; color: #412C26;">Sepa=
ration of Powers Defeats Imperial Presidency</a><a href=3D"https://link.cfr=
.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy90aW1lbGluZS9tYWpvci1lc=
GlkZW1pY3MtbW9kZXJuLWVyYT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/=
6675b5356735af1a379ab8fdB99f1654f" target=3D"_self" style=3D"text-decoratio=
n: none; color: #412C26;"></a></span></p></div></div></td></tr></table><tab=
le class=3D"text_block block-2" width=3D"100%" border=3D"0" cellpadding=3D"=
0" cellspacing=3D"0"=20
role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-b=
reak:break-word"><tr><td class=3D"pad" style=3D"padding-left:10px;padding-r=
ight:10px"><div style=3D"font-family:Arial,sans-serif"><div class style=3D"=
font-size:12px;font-family:Arial,'Helvetica Neue',Helvetica,sans-serif;mso-=
line-height-alt:14.399999999999999px;color:#04284a;line-height:1.2"><p styl=
e=3D"margin:0;font-size:12px;mso-line-height-alt:14.399999999999999px">John=
 Delury</p></div></div></td></tr></table><table=20
class=3D"text_block block-3" width=3D"100%" border=3D"0" cellpadding=3D"10"=
 cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-ta=
ble-rspace:0;word-break:break-word"><tr><td class=3D"pad"><div style=3D"fon=
t-family:Georgia,'Times New Roman',serif"><div class style=3D"font-size:12p=
x;font-family:Georgia,Times,'Times New Roman',serif;mso-line-height-alt:21.=
6px;color:#3d454e;line-height:1.8"><p style=3D"margin:0;font-size:12px;mso-=
line-height-alt:28.8px">
<span style=3D"word-break: break-word; font-size: 16px;">Yoon Suk Yeol=E2=
=80=99s declaration of <a href=3D"https://link.cfr.org/click/39397985.47787=
/aHR0cHM6Ly93d3cuY2ZyLm9yZy9ibG9nL3NlcGFyYXRpb24tcG93ZXJzLWRlZmVhdHMtaW1wZX=
JpYWwtcHJlc2lkZW5jeS1zb3V0aC1rb3JlYT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9M=
jAyNTA0MTE/6675b5356735af1a379ab8fdC82da83a0" style=3D"text-decoration: und=
erline; color: #F25D27;">martial law</a> triggered a four-month-long consti=
tutional crisis in South Korea. It was finally resolved last week by a cour=
t decision to uphold his impeachment.</span></p></div></div></td></tr></tab=
le></td></tr></tbody></table></td></tr></tbody></table><table class=3D"row =
row-7" align=3D"center"=20
width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pre=
sentation" style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><=
table class=3D"row-content stack" align=3D"center" border=3D"0" cellpadding=
=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;=
mso-table-rspace:0;background-color:#f0f4f4;color:#000;width:600px;margin:0=
 auto" width=3D"600"><tbody><tr class=3D"reverse"><td class=3D"column colum=
n-1 first" width=3D"50%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:10px;padding-left:10px;padding-right:10px;padding-top:10=
px;vertical-align:top"><div class=3D"border"><table class=3D"text_block blo=
ck-1" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break=
:break-word"><tr><td class=3D"pad" style=3D"padding-bottom:10px;padding-lef=
t:15px;padding-right:10px;padding-top:15px"><div=20
style=3D"font-family:Georgia,'Times New Roman',serif"><div class style=3D"f=
ont-family:Georgia,Times,'Times New Roman',serif;font-size:12px;mso-line-he=
ight-alt:18px;color:#04284a;line-height:1.5"><p style=3D"margin:0;font-size=
:12px;mso-line-height-alt:33px">
<span style=3D"word-break: break-word; font-size: 22px;"><a href=3D"https:/=
/link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy90=
cGkvY29uZnJvbnRpbmctY2hpbmEtY2hhbGxlbmdlLWRtaXRyaS1hbHBlcm92aXRjaD91dG1fc29=
1cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdBe46f4be6"=
 target=3D"_self" style=3D"text-decoration: none; color: #04284A;">Confront=
ing the China Challenge</a><a href=3D"https://link.cfr.org/click/39397985.4=
7787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy90cGkvZ2VybWFueXMtcmVhcm1hbWVudC=
1zb3BoaWEtYmVzY2g_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b535=
6735af1a379ab8fdB3550abbb" target=3D"_self" style=3D"text-decoration: none;=
 color: #04284A;"></a><a href=3D"https://link.cfr.org/click/39397985.47787/=
aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy93ZXZlLWJlZW4tbG9va2luZy10cmFkZS1hbGw=
td3Jvbmc_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b5356735af1a3=
79ab8fdB390d811e" target=3D"_self" style=3D"text-decoration: none; color: #=
04284A;"></a></span></p></div></div>
</td></tr></table><table class=3D"text_block block-2" width=3D"100%" border=
=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"m=
so-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class=
=3D"pad" style=3D"padding-bottom:10px;padding-left:15px;padding-right:15px"=
><div style=3D"font-family:Georgia,'Times New Roman',serif"><div class styl=
e=3D"font-family:Georgia,Times,'Times New Roman',serif;font-size:12px;mso-l=
ine-height-alt:21.6px;color:#3d454e;line-height:1.8"><p=20
style=3D"margin:0;font-size:14px;text-align:left;mso-line-height-alt:25.2px=
">Dmitri Alperovitch, author of <em>World on the Brink: How America Can Bea=
t China in the Race for the Twenty-First Century</em>, sits down with James=
 M. Lindsay to discuss the geopolitical rivalry between China and the Unite=
d States, its impact on U.S. interests, and how the United States should re=
spond.</p></div></div></td></tr></table><table class=3D"button_block block-=
3" width=3D"100%" border=3D"0" cellpadding=3D"0"=20
cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-tab=
le-rspace:0"><tr><td class=3D"pad" style=3D"padding-bottom:10px;padding-lef=
t:15px;padding-right:10px;padding-top:10px;text-align:left"><div class=3D"a=
lignment" align=3D"left"><!--[if mso]>
<v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:schem=
as-microsoft-com:office:word" href=3D"https://link.cfr.org/click/39397985.4=
7787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy90cGkvY29uZnJvbnRpbmctY2hpbmEtY2=
hhbGxlbmdlLWRtaXRyaS1hbHBlcm92aXRjaD91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9M=
jAyNTA0MTE/6675b5356735af1a379ab8fdCe46f4be6" style=3D"height:31px;width:10=
9px;v-text-anchor:middle;" arcsize=3D"0%" strokeweight=3D"0.75pt" strokecol=
or=3D"#F25D27" fill=3D"false">
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<v:textbox inset=3D"0px,0px,0px,0px">
<center dir=3D"false" style=3D"color:#F25D27;font-family:Arial, sans-serif;=
font-size:16px">
<![endif]-->
<a class=3D"button" href=3D"https://link.cfr.org/click/39397985.47787/aHR0c=
HM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy90cGkvY29uZnJvbnRpbmctY2hpbmEtY2hhbGxlbmdl=
LWRtaXRyaS1hbHBlcm92aXRjaD91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE=
/6675b5356735af1a379ab8fdDe46f4be6" target=3D"_blank" style=3D"background-c=
olor:transparent;border-bottom:1px solid #F25D27;border-left:1px solid #F25=
D27;border-radius:0px;border-right:1px solid #F25D27;border-top:1px solid #=
F25D27;color:#F25D27;display:inline-block;font-family:Arial, 'Helvetica Neu=
e', Helvetica, sans-serif;font-size:16px;font-weight:700;mso-border-alt:non=
e;padding-bottom:5px;padding-top:5px;text-align:center;text-decoration:none=
;width:auto;word-break:keep-all;"><span style=3D"word-break: break-word; pa=
dding-left: 30px; padding-right: 30px; font-size: 16px; display: inline-blo=
ck; letter-spacing: normal;"><span style=3D"word-break: break-word;"><stron=
g><span style=3D"word-break: break-word; line-height: 19.2px;" data-mce-sty=
le>Listen</span></strong></span></span></a>
<!--[if mso]></center></v:textbox></v:roundrect><![endif]--></div></td></tr=
></table></div></td><td class=3D"column column-2 last" width=3D"50%" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;p=
adding-left:10px;padding-right:10px;padding-top:30px;vertical-align:top"><d=
iv class=3D"border"><table class=3D"image_block block-1" width=3D"100%" bor=
der=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0"><tr><td class=3D"pad"=20
style=3D"width:100%;padding-right:0;padding-left:0"><div class=3D"alignment=
" align=3D"center"><div style=3D"max-width:210px"><a href=3D"https://link.c=
fr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy90cGkvY29=
uZnJvbnRpbmctY2hpbmEtY2hhbGxlbmdlLWRtaXRyaS1hbHBlcm92aXRjaD91dG1fc291cmNlPX=
R3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdEe46f4be6" target=
=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img src=3D"https://medi=
a.sailthru.com/composer/images/sailthru-prod-66n/p%20inbox.png" style=3D"di=
splay:block;height:auto;border:0;width:100%" width=3D"210" alt=3D"Podcast: =
The President's Inbox" title=3D"Podcast: The President's Inbox" height=3D"a=
uto"></a></div></div></td></tr>
</table></div></td></tr></tbody></table></td></tr></tbody></table><table cl=
ass=3D"row row-8" align=3D"center" width=3D"100%" border=3D"0" cellpadding=
=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;=
mso-table-rspace:0"><tbody><tr><td><table class=3D"row-content stack" align=
=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presen=
tation" style=3D"mso-table-lspace:0;mso-table-rspace:0;background-color:#ff=
f;color:#000;width:600px;margin:0 auto" width=3D"600"><tbody><tr><td=20
class=3D"column column-1" width=3D"100%" style=3D"mso-table-lspace:0;mso-ta=
ble-rspace:0;font-weight:400;text-align:left;padding-bottom:10px;padding-le=
ft:20px;padding-right:20px;padding-top:5px;vertical-align:top"><table class=
=3D"text_block block-1" width=3D"100%" border=3D"0" cellpadding=3D"10" cell=
spacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-r=
space:0;word-break:break-word"><tr><td class=3D"pad"><div style=3D"font-fam=
ily:Georgia,'Times New Roman',serif"><div class=20
style=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;m=
so-line-height-alt:18px;color:#412c26;line-height:1.5"><p style=3D"margin:0=
;font-size:12px;mso-line-height-alt:33px">
<span style=3D"word-break: break-word; font-size: 22px;"><a href=3D"https:/=
/link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3Vz=
LWV4cG9ydGVycy13b250LXRocml2ZS1wbHVzLW9uZS13b3JsZD91dG1fc291cmNlPXR3dHcmdXR=
tX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdBb9c94d24" target=3D"_self=
" style=3D"text-decoration: none; color: #412C26;">U.S. Exporters Won=E2=80=
=99t Thrive in a =E2=80=98Plus-One=E2=80=99 World</a><a href=3D"https://lin=
k.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9ibG9nL3NlcGFyYXRp=
b24tcG93ZXJzLWRlZmVhdHMtaW1wZXJpYWwtcHJlc2lkZW5jeS1zb3V0aC1rb3JlYT91dG1fc29=
1cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdD82da83a0"=
 target=3D"_self" style=3D"text-decoration: none; color: #412C26;"></a><a h=
ref=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy=
90aW1lbGluZS9tYWpvci1lcGlkZW1pY3MtbW9kZXJuLWVyYT91dG1fc291cmNlPXR3dHcmdXRtX=
2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdC99f1654f" target=3D"_self" =
style=3D"text-decoration: none; color: #412C26;"></a></span>
</p></div></div></td></tr></table><table class=3D"text_block block-2" width=
=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presenta=
tion" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"=
><tr><td class=3D"pad" style=3D"padding-left:10px;padding-right:10px"><div =
style=3D"font-family:Arial,sans-serif"><div class style=3D"font-size:12px;f=
ont-family:Arial,'Helvetica Neue',Helvetica,sans-serif;mso-line-height-alt:=
14.399999999999999px;color:#04284a;line-height:1.2"><p=20
style=3D"margin:0;font-size:12px;mso-line-height-alt:14.399999999999999px">=
<a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9leHBlcnQvc2hhbm5vbi1rLW9uZWlsP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yM=
DI1MDQxMQ/6675b5356735af1a379ab8fdB5236621f" target=3D"_self" style=3D"text=
-decoration: none; color: #04284A;">Shannon K. O=E2=80=99Neil</a></p></div>=
</div></td></tr></table><table class=3D"text_block block-3" width=3D"100%" =
border=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" sty=
le=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td =
class=3D"pad"><div=20
style=3D"font-family:Georgia,'Times New Roman',serif"><div class style=3D"f=
ont-size:12px;font-family:Georgia,Times,'Times New Roman',serif;mso-line-he=
ight-alt:21.6px;color:#3d454e;line-height:1.8"><p style=3D"margin:0;font-si=
ze:12px;mso-line-height-alt:28.8px">
<span style=3D"word-break: break-word; font-size: 16px;">Trump=E2=80=99s ta=
riffs will shift manufacturers from a =E2=80=9CChina-plus-one=E2=80=9D to a=
 =E2=80=9CU.S.-plus-one=E2=80=9D strategy, putting <a href=3D"https://link.=
cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3VzLWV4cG=
9ydGVycy13b250LXRocml2ZS1wbHVzLW9uZS13b3JsZD91dG1fc291cmNlPXR3dHcmdXRtX2Nvb=
nRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdCb9c94d24" style=3D"text-decorat=
ion: underline; color: #F25D27;">higher-cost</a>, U.S.-made goods at a glob=
al competitive disadvantage.</span></p></div></div></td></tr></table></td><=
/tr></tbody></table></td></tr></tbody></table><table class=3D"row row-9" al=
ign=3D"center" width=3D"100%"=20
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" styl=
e=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class=3D"=
row-content stack" align=3D"center" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspac=
e:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width=3D"60=
0"><tbody><tr><td class=3D"column column-1" width=3D"100%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:10px;padding-left:20px;padding-right:20px;padding-top:5p=
x;vertical-align:top"><table class=3D"text_block block-1" width=3D"100%" bo=
rder=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td cl=
ass=3D"pad"><div style=3D"font-family:Georgia,'Times New Roman',serif"><div=
 class=20
style=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;m=
so-line-height-alt:18px;color:#412c26;line-height:1.5"><p style=3D"margin:0=
;font-size:12px;mso-line-height-alt:33px">
<span style=3D"word-break: break-word; font-size: 22px;"><a href=3D"https:/=
/link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3Ry=
dW1wLWFkbWluaXN0cmF0aW9ucy1vZmZpY2Utc2hpcGJ1aWxkaW5nLXRha2VzLWZpcnN0LW9mZml=
jaWFsLWFjdGlvbj91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b53567=
35af1a379ab8fdBf44ad35b" target=3D"_self" style=3D"text-decoration: none; c=
olor: #412C26;">Can a New Shipbuilding Order Compete With Chinese Investmen=
t?</a><a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cu=
Y2ZyLm9yZy9hcnRpY2xlL3VzLWV4cG9ydGVycy13b250LXRocml2ZS1wbHVzLW9uZS13b3JsZD9=
1dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdDb=
9c94d24" target=3D"_self" style=3D"text-decoration: none; color: #412C26;">=
</a><a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2=
ZyLm9yZy90aW1lbGluZS9tYWpvci1lcGlkZW1pY3MtbW9kZXJuLWVyYT91dG1fc291cmNlPXR3d=
HcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdD99f1654f" target=3D=
"_self" style=3D"text-decoration: none; color: #412C26;"></a></span>
</p></div></div></td></tr></table><table class=3D"text_block block-2" width=
=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presenta=
tion" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"=
><tr><td class=3D"pad" style=3D"padding-left:10px;padding-right:10px"><div =
style=3D"font-family:Arial,sans-serif"><div class style=3D"font-size:12px;f=
ont-family:Arial,'Helvetica Neue',Helvetica,sans-serif;mso-line-height-alt:=
14.399999999999999px;color:#04284a;line-height:1.2"><p=20
style=3D"margin:0;font-size:12px;mso-line-height-alt:14.399999999999999px">=
<a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9leHBlcnQvd2lsbGlhbS1oZW5hZ2FuP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yM=
DI1MDQxMQ/6675b5356735af1a379ab8fdBbae00d36" target=3D"_self" style=3D"text=
-decoration: none; color: #04284A;">William Henagan</a><a href=3D"https://l=
ink.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvc2hhbm=
5vbi1rLW9uZWlsP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b53567=
35af1a379ab8fdC5236621f" target=3D"_self" style=3D"text-decoration: none; c=
olor: #04284A;"></a></p></div></div></td></tr></table><table class=3D"text_=
block block-3" width=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=
=3D"0" role=3D"presentation"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><=
td class=3D"pad"><div style=3D"font-family:Georgia,'Times New Roman',serif"=
><div class style=3D"font-size:12px;font-family:Georgia,Times,'Times New Ro=
man',serif;mso-line-height-alt:21.6px;color:#3d454e;line-height:1.8"><p sty=
le=3D"margin:0;font-size:12px;mso-line-height-alt:28.8px">
<span style=3D"word-break: break-word; font-size: 16px;">The Donald Trump a=
dministration=E2=80=99s <a href=3D"https://link.cfr.org/click/39397985.4778=
7/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3RydW1wLWFkbWluaXN0cmF0aW9ucy1vZmZpY=
2Utc2hpcGJ1aWxkaW5nLXRha2VzLWZpcnN0LW9mZmljaWFsLWFjdGlvbj91dG1fc291cmNlPXR3=
dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdCf44ad35b" style=3D=
"text-decoration: underline; color: #F25D27;">executive<strong> </strong>or=
der</a> lays out an ambitious process while stretching the power of existin=
g law. Without significant resource support from Congress, it may do little=
 to improve U.S. maritime power.</span></p></div></div></td></tr></table></=
td></tr></tbody></table></td></tr></tbody>
</table><table class=3D"row row-10" align=3D"center" width=3D"100%" border=
=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"m=
so-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class=3D"row-co=
ntent stack" align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0;ba=
ckground-color:#f0f4f4;color:#000;width:600px;margin:0 auto" width=3D"600">=
<tbody><tr><td class=3D"column column-1" width=3D"100%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:20px;padding-left:20px;padding-right:20px;padding-top:20=
px;vertical-align:top"><table class=3D"image_block block-1" width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" styl=
e=3D"mso-table-lspace:0;mso-table-rspace:0"><tr><td class=3D"pad" style=3D"=
width:100%"><div class=3D"alignment" align=3D"center"><div style=3D"max-wid=
th:560px">
<a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9pbml0aWF0aXZlL2NsaW1hdGUtcmVhbGlzbT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlb=
nQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdB1384e00a" target=3D"_blank" style=
=3D"outline:none" tabindex=3D"-1"><img src=3D"https://media.sailthru.com/co=
mposer/images/bazh/hqaopw3x/uks/92t/yxb/CFR_CR_SavedRow_1200x580%20%282%29.=
png" style=3D"display:block;height:auto;border:0;width:100%" width=3D"560" =
alt=3D"Announcing a new initiative from CFR" title=3D"Announcing a new init=
iative from CFR" height=3D"auto"></a></div></div></td></tr></table></td></t=
r></tbody></table></td></tr></tbody></table><table=20
class=3D"row row-11" align=3D"center" width=3D"100%" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:=
0;mso-table-rspace:0"><tbody><tr><td><table class=3D"row-content stack" ali=
gn=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pres=
entation" style=3D"mso-table-lspace:0;mso-table-rspace:0;background-color:#=
fff;color:#000;width:600px;margin:0 auto" width=3D"600"><tbody><tr><td clas=
s=3D"column column-1" width=3D"100%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:10px;padding-left:20px;padding-right:20px;padding-top:5p=
x;vertical-align:top"><table class=3D"text_block block-1" width=3D"100%" bo=
rder=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td cl=
ass=3D"pad"><div style=3D"font-family:Georgia,'Times New Roman',serif"><div=
 class=20
style=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;m=
so-line-height-alt:18px;color:#412c26;line-height:1.5"><p style=3D"margin:0=
;font-size:12px;mso-line-height-alt:33px">
<span style=3D"word-break: break-word; font-size: 22px;"><a href=3D"https:/=
/link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3do=
eS1zdWItc2FoYXJhbi1hZnJpY2EtbWF0dGVycy11cy1lY29ub21pYy1hbmQtbmF0aW9uYWwtc2V=
jdXJpdHk_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b5356735af1a3=
79ab8fdBb58f92a4" target=3D"_self" style=3D"text-decoration: none; color: #=
412C26;">Why Sub-Saharan Africa Matters for U.S. Economic and National Secu=
rity</a><a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3=
cuY2ZyLm9yZy90aW1lbGluZS9tYWpvci1lcGlkZW1pY3MtbW9kZXJuLWVyYT91dG1fc291cmNlP=
XR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdE99f1654f" targe=
t=3D"_self" style=3D"text-decoration: none; color: #412C26;"></a></span></p=
></div></div></td></tr></table><table class=3D"text_block block-2" width=3D=
"100%" border=3D"0" cellpadding=3D"0"=20
cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-tab=
le-rspace:0;word-break:break-word"><tr><td class=3D"pad" style=3D"padding-l=
eft:10px;padding-right:10px"><div style=3D"font-family:Arial,sans-serif"><d=
iv class style=3D"font-size:12px;font-family:Arial,'Helvetica Neue',Helveti=
ca,sans-serif;mso-line-height-alt:14.399999999999999px;color:#04284a;line-h=
eight:1.2"><p style=3D"margin:0;font-size:12px;mso-line-height-alt:14.39999=
9999999999px">Richard Morrow</p></div></div></td></tr></table>
<table class=3D"text_block block-3" width=3D"100%" border=3D"0" cellpadding=
=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0=
;mso-table-rspace:0;word-break:break-word"><tr><td class=3D"pad"><div style=
=3D"font-family:Georgia,'Times New Roman',serif"><div class style=3D"font-s=
ize:12px;font-family:Georgia,Times,'Times New Roman',serif;mso-line-height-=
alt:21.6px;color:#3d454e;line-height:1.8"><p style=3D"margin:0;font-size:12=
px;mso-line-height-alt:28.8px">
<span style=3D"word-break: break-word; font-size: 16px;">The best way to st=
rengthen the United States=E2=80=99 <a href=3D"https://link.cfr.org/click/3=
9397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3doeS1zdWItc2FoYXJhbi1hZ=
nJpY2EtbWF0dGVycy11cy1lY29ub21pYy1hbmQtbmF0aW9uYWwtc2VjdXJpdHk_dXRtX3NvdXJj=
ZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b5356735af1a379ab8fdCb58f92a4" sty=
le=3D"text-decoration: underline; color: #F25D27;">critical mineral</a> sup=
ply chains is building relationships with the region=E2=80=94not transactio=
nal neocolonialism.</span></p></div></div></td></tr></table></td></tr></tbo=
dy></table></td></tr></tbody></table><table class=3D"row row-12" align=3D"c=
enter" width=3D"100%" border=3D"0" cellpadding=3D"0"=20
cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-tab=
le-rspace:0"><tbody><tr><td><table class=3D"row-content stack" align=3D"cen=
ter" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation"=
 style=3D"mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color=
:#000;width:600px;margin:0 auto" width=3D"600"><tbody><tr><td class=3D"colu=
mn column-1" width=3D"100%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:10px;padding-left:20px;padding-right:20px;padding-top:5p=
x;vertical-align:top"><table class=3D"text_block block-1" width=3D"100%" bo=
rder=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td cl=
ass=3D"pad"><div style=3D"font-family:Georgia,'Times New Roman',serif"><div=
 class=20
style=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;m=
so-line-height-alt:18px;color:#412c26;line-height:1.5"><p style=3D"margin:0=
;font-size:12px;mso-line-height-alt:33px">
<span style=3D"word-break: break-word; font-size: 22px;"><a href=3D"https:/=
/link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9ibG9nL2F1c3Ry=
YWxpYXMtdXBjb21pbmctZWxlY3Rpb25zLWFuZC10cnVtcC1mYWN0b3I_dXRtX3NvdXJjZT10d3R=
3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b5356735af1a379ab8fdB61f1120a" target=3D"=
_self" style=3D"text-decoration: none; color: #412C26;">Australia=E2=80=99s=
 Upcoming Elections and the Trump Factor</a><a href=3D"https://link.cfr.org=
/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3RydW1wLWFkbWlua=
XN0cmF0aW9ucy1vZmZpY2Utc2hpcGJ1aWxkaW5nLXRha2VzLWZpcnN0LW9mZmljaWFsLWFjdGlv=
bj91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8f=
dDf44ad35b" target=3D"_self" style=3D"text-decoration: none; color: #412C26=
;"></a><a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3c=
uY2ZyLm9yZy9hcnRpY2xlL3VzLWV4cG9ydGVycy13b250LXRocml2ZS1wbHVzLW9uZS13b3JsZD=
91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdE=
b9c94d24" target=3D"_self" style=3D"text-decoration: none; color: #412C26;"=
></a><a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY=
2ZyLm9yZy90aW1lbGluZS9tYWpvci1lcGlkZW1pY3MtbW9kZXJuLWVyYT91dG1fc291cmNlPXR3=
dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdF99f1654f" target=
=3D"_self" style=3D"text-decoration: none; color: #412C26;"></a></span>
</p></div></div></td></tr></table><table class=3D"text_block block-2" width=
=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presenta=
tion" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"=
><tr><td class=3D"pad" style=3D"padding-left:10px;padding-right:10px"><div =
style=3D"font-family:Arial,sans-serif"><div class style=3D"font-size:12px;f=
ont-family:Arial,'Helvetica Neue',Helvetica,sans-serif;mso-line-height-alt:=
14.399999999999999px;color:#04284a;line-height:1.2"><p=20
style=3D"margin:0;font-size:12px;mso-line-height-alt:14.399999999999999px">=
<a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9leHBlcnQvam9zaHVhLWt1cmxhbnR6aWNrP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVud=
D0yMDI1MDQxMQ/6675b5356735af1a379ab8fdCe84bbddf" target=3D"_self" style=3D"=
text-decoration: none; color: #04284A;">Joshua Kurlantzick</a><a href=3D"ht=
tps://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQ=
vd2lsbGlhbS1oZW5hZ2FuP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/667=
5b5356735af1a379ab8fdCbae00d36" target=3D"_self" style=3D"text-decoration: =
none; color: #04284A;"></a><a href=3D"https://link.cfr.org/click/39397985.4=
7787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvc2hhbm5vbi1rLW9uZWlsP3V0bV9zb3VyY2=
U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b5356735af1a379ab8fdD5236621f" tar=
get=3D"_self" style=3D"text-decoration: none; color: #04284A;"></a></p></di=
v></div></td>
</tr></table><table class=3D"text_block block-3" width=3D"100%" border=3D"0=
" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"mso-t=
able-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class=3D"pa=
d"><div style=3D"font-family:Georgia,'Times New Roman',serif"><div class st=
yle=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;mso=
-line-height-alt:21.6px;color:#3d454e;line-height:1.8"><p style=3D"margin:0=
;font-size:12px;mso-line-height-alt:28.8px">
<span style=3D"word-break: break-word; font-size: 16px;">Despite widespread=
 dissatisfaction with Prime Minister Anthony Albanese=E2=80=99s performance=
, the country=E2=80=99s Labor Party is likely to win reelection due to <a h=
ref=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy=
9ibG9nL2F1c3RyYWxpYXMtdXBjb21pbmctZWxlY3Rpb25zLWFuZC10cnVtcC1mYWN0b3I_dXRtX=
3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b5356735af1a379ab8fdC61f112=
0a" style=3D"text-decoration: underline; color: #F25D27;">political backlas=
h</a> against Trump=E2=80=99s policies.</span></p></div></div></td></tr></t=
able></td></tr></tbody></table></td></tr></tbody></table><table class=3D"ro=
w row-13" align=3D"center"=20
width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pre=
sentation" style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><=
table class=3D"row-content stack" align=3D"center" border=3D"0" cellpadding=
=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;=
mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 au=
to" width=3D"600"><tbody><tr><td class=3D"column column-1" width=3D"100%"=
=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:10px;padding-left:20px;padding-right:20px;padding-top:5p=
x;vertical-align:top"><table class=3D"text_block block-1" width=3D"100%" bo=
rder=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td cl=
ass=3D"pad"><div style=3D"font-family:Georgia,'Times New Roman',serif"><div=
 class=20
style=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;m=
so-line-height-alt:18px;color:#412c26;line-height:1.5"><p style=3D"margin:0=
;font-size:12px;mso-line-height-alt:33px"><span style=3D"word-break: break-=
word; font-size: 22px;"><a href=3D"https://link.cfr.org/click/39397985.4778=
7/aHR0cHM6Ly93d3cuY2ZyLm9yZy9iYWNrZ3JvdW5kZXIvaG93LXZhY2NpbmVzLWNoYW5nZWQtd=
29ybGQ_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b5356735af1a379=
ab8fdB4fed12d1" target=3D"_self" style=3D"text-decoration: none; color: #41=
2C26;">How Vaccines Changed the World</a></span></p></div></div></td></tr><=
/table><table class=3D"text_block block-2" width=3D"100%"=20
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" styl=
e=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td c=
lass=3D"pad" style=3D"padding-left:10px;padding-right:10px"><div style=3D"f=
ont-family:Arial,sans-serif"><div class style=3D"font-size:12px;font-family=
:Arial,'Helvetica Neue',Helvetica,sans-serif;mso-line-height-alt:14.3999999=
99999999px;color:#04284a;line-height:1.2"><p style=3D"margin:0;font-size:12=
px;mso-line-height-alt:14.399999999999999px">
<a href=3D"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9iaW8vbWFyaWVsLWZlcnJhZ2Ftbz91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyN=
TA0MTE/6675b5356735af1a379ab8fdB4cd9638c" target=3D"_self" style=3D"text-de=
coration: none; color: #04284A;">Mariel Ferragamo</a><a href=3D"https://lin=
k.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvam9zaHVh=
LWt1cmxhbnR6aWNrP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b535=
6735af1a379ab8fdDe84bbddf" target=3D"_self" style=3D"text-decoration: none;=
 color: #04284A;"></a><a href=3D"https://link.cfr.org/click/39397985.47787/=
aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvc2hhbm5vbi1rLW9uZWlsP3V0bV9zb3VyY2U9dHd=
0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b5356735af1a379ab8fdE5236621f" target=
=3D"_self" style=3D"text-decoration: none; color: #04284A;"></a></p></div><=
/div></td></tr></table><table class=3D"text_block block-3" width=3D"100%" b=
order=3D"0"=20
cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"mso-tab=
le-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class=3D"pad"=
><div style=3D"font-family:Georgia,'Times New Roman',serif"><div class styl=
e=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;mso-l=
ine-height-alt:21.6px;color:#3d454e;line-height:1.8"><p style=3D"margin:0;f=
ont-size:12px;mso-line-height-alt:28.8px">
<span style=3D"word-break: break-word; font-size: 16px;">Vaccination campai=
gns have nearly eradicated some of the most deadly and transmissible diseas=
es. In a rising tide of <a href=3D"https://link.cfr.org/click/39397985.4778=
7/aHR0cHM6Ly93d3cuY2ZyLm9yZy9iYWNrZ3JvdW5kZXIvaG93LXZhY2NpbmVzLWNoYW5nZWQtd=
29ybGQ_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b5356735af1a379=
ab8fdC4fed12d1" style=3D"text-decoration: underline; color: #F25D27;">vacci=
ne hesitancy</a>, however, outbreaks are cropping up again.</span></p></div=
></div></td></tr></table></td></tr></tbody></table></td></tr></tbody></tabl=
e><table class=3D"row row-14" align=3D"center" width=3D"100%"=20
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" styl=
e=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class=3D"=
row-content stack" align=3D"center" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspac=
e:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width=3D"60=
0"><tbody><tr><td class=3D"column column-1" width=3D"100%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:10px;padding-left:20px;padding-right:20px;padding-top:5p=
x;vertical-align:top"><table class=3D"text_block block-1" width=3D"100%" bo=
rder=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td cl=
ass=3D"pad"><div style=3D"font-family:Georgia,'Times New Roman',serif"><div=
 class=20
style=3D"font-size:12px;font-family:Georgia,Times,'Times New Roman',serif;m=
so-line-height-alt:18px;color:#412c26;line-height:1.5"><p style=3D"margin:0=
;font-size:12px;mso-line-height-alt:33px"><span style=3D"word-break: break-=
word; font-size: 22px;"><a href=3D"https://link.cfr.org/click/39397985.4778=
7/aHR0cHM6Ly93d3cuY2ZyLm9yZy9ldmVudC80MTAtdmlydHVhbC1tZWRpYS1icmllZmluZy10c=
nVtcHMtdGFyaWZmcy1hbmQtZnV0dXJlLWdsb2JhbC1lY29ub215P3V0bV9zb3VyY2U9dHd0dyZ1=
dG1fY29udGVudD0yMDI1MDQxMQ/6675b5356735af1a379ab8fdB660d7c3e" target=3D"_se=
lf" style=3D"text-decoration: none; color: #412C26;">Trump=E2=80=99s Tariff=
s and the Future of the Global Economy</a>&nbsp;</span></p></div></div></td=
></tr></table><table=20
class=3D"text_block block-2" width=3D"100%" border=3D"0" cellpadding=3D"10"=
 cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-ta=
ble-rspace:0;word-break:break-word"><tr><td class=3D"pad"><div style=3D"fon=
t-family:Georgia,'Times New Roman',serif"><div class style=3D"font-size:12p=
x;font-family:Georgia,Times,'Times New Roman',serif;mso-line-height-alt:21.=
6px;color:#3d454e;line-height:1.8"><p style=3D"margin:0;font-size:12px;mso-=
line-height-alt:28.8px">
<span style=3D"word-break: break-word; font-size: 16px;">In this <a href=3D=
"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9ldmVu=
dC80MTAtdmlydHVhbC1tZWRpYS1icmllZmluZy10cnVtcHMtdGFyaWZmcy1hbmQtZnV0dXJlLWd=
sb2JhbC1lY29ub215P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b53=
56735af1a379ab8fdC660d7c3e" style=3D"text-decoration: underline; color: #F2=
5D27;">media briefing</a>, CFR experts provide insights and context around =
Trump=E2=80=99s recent enactment of tariffs, global reactions, and what his=
 plans mean for the future of the global economy.&nbsp;</span></p></div></d=
iv></td></tr></table></td></tr></tbody></table></td></tr></tbody></table><t=
able class=3D"row row-15"=20
align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0=
"><tbody><tr><td><table class=3D"row-content stack" align=3D"center" border=
=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"m=
so-table-lspace:0;mso-table-rspace:0;background-color:#f0f4f4;color:#000;wi=
dth:600px;margin:0 auto" width=3D"600"><tbody><tr class=3D"reverse"><td cla=
ss=3D"column column-1 first" width=3D"50%"=20
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;padding-bottom:10px;padding-left:10px;padding-right:10px;padding-top:10=
px;vertical-align:top"><div class=3D"border"><table class=3D"text_block blo=
ck-1" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break=
:break-word"><tr><td class=3D"pad" style=3D"padding-bottom:10px;padding-lef=
t:15px;padding-right:10px;padding-top:15px"><div=20
style=3D"font-family:Georgia,'Times New Roman',serif"><div class style=3D"f=
ont-family:Georgia,Times,'Times New Roman',serif;font-size:12px;mso-line-he=
ight-alt:18px;color:#04284a;line-height:1.5"><p style=3D"margin:0;font-size=
:12px;mso-line-height-alt:33px">
<span style=3D"word-break: break-word; font-size: 22px;"><a href=3D"https:/=
/link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy93=
aW0vZnJvbnRpZXItdGVjaC1hbmQtZ2VvcG9saXRpY2FsLWZ1dHVyZT91dG1fc291cmNlPXR3dHc=
mdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b5356735af1a379ab8fdB1b5d2032" target=3D"_=
self" style=3D"text-decoration: none; color: #04284A;">Frontier Tech and th=
e Geopolitical Future</a><a href=3D"https://link.cfr.org/click/39397985.477=
87/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0LXNlcmllcy9pbnRlcmNvbm5lY3Q_dXRtX3Nv=
dXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b5356735af1a379ab8fdB98394766"=
 target=3D"_blank" style=3D"text-decoration: none; color: #04284A;" rel=3D"=
noopener"></a></span></p></div></div></td></tr></table><table class=3D"text=
_block block-2" width=3D"100%" border=3D"0" cellpadding=3D"0"=20
cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-tab=
le-rspace:0;word-break:break-word"><tr><td class=3D"pad" style=3D"padding-b=
ottom:10px;padding-left:15px;padding-right:15px"><div style=3D"font-family:=
Georgia,'Times New Roman',serif"><div class style=3D"font-family:Georgia,Ti=
mes,'Times New Roman',serif;font-size:12px;mso-line-height-alt:21.6px;color=
:#3d454e;line-height:1.8"><p style=3D"margin:0;font-size:14px;text-align:le=
ft;mso-line-height-alt:25.2px">
Factors that influence the evolution of emerging technologies include quest=
ions of democracy and autocracy as well as the importance of talent and pub=
lic and private investment. The Hoover Institution=E2=80=99s Amy Zegart and=
 <em>Stanford Emerging Technology Review</em>=E2=80=99s Herb Lin discussed =
these topics with CFR experts Adam Segal and Kat Duffy.<a href=3D"https://l=
ink.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cueW91dHViZS5jb20vcGxheWxpc3=
Q_bGlzdD1QTDRUSFBNakYybkNLYi0xcHpreGxYTGNpS3FNOXFJd2F2JnV0bV9zb3VyY2U9dHd0d=
yZ1dG1fY29udGVudD0yMDI1MDQxMQ/6675b5356735af1a379ab8fdB96d57a15" target=3D"=
_blank" style=3D"text-decoration: underline; color: #F25D27;" rel=3D"noopen=
er"></a></p></div>
</div></td></tr></table><table class=3D"button_block block-3" width=3D"100%=
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=3D"padding-bottom:10px;padding-left:15px;padding-right:10px;padding-top:10=
px;text-align:left"><div class=3D"alignment" align=3D"left"><!--[if mso]>
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Y2FsLWZ1dHVyZT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA0MTE/6675b535673=
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a, sans-serif;font-size:16px;font-weight:400;mso-border-alt:none;padding-bo=
ttom:5px;padding-top:5px;text-align:center;text-decoration:none;width:auto;=
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30px; padding-right: 30px; font-size: 16px; display: inline-block; letter-s=
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vbnRpZXItdGVjaC1hbmQtZ2VvcG9saXRpY2FsLWZ1dHVyZT91dG1fc291cmNlPXR3dHcmdXRtX2=
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</a></div></div></td></tr></table></div></td></tr></tbody></table></td></tr=
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<tbody><tr><td class=3D"column column-1" width=3D"100%" style=3D"mso-table-=
lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:=
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ont-family:Arial,'Helvetica Neue',Helvetica,sans-serif;mso-line-height-alt:=
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nt-size:12px;mso-line-height-alt:14.399999999999999px">&nbsp;</p></div></di=
v></td></tr></table></td></tr></tbody></table></td></tr></tbody></table><ta=
ble class=3D"row row-17" align=3D"center" width=3D"100%" border=3D"0" cellp=
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space:0;background-color:#04284a;color:#000;width:600px;margin:0 auto" widt=
h=3D"600"><tbody><tr><td class=3D"column column-1" width=3D"100%" style=3D"=
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r;mso-line-height-alt:16.8px">
<strong><span style=3D"word-break: break-word; font-size: 14px;"><a href=3D=
"https://link.cfr.org/click/39397985.47787/aHR0cHM6Ly93d3cuY2ZyLm9yZy8_dXRt=
X3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNDEx/6675b5356735af1a379ab8fdBd6f54=
4df" target=3D"_blank" style=3D"text-decoration: underline; color: #ffffff;=
" rel=3D"noopener"><span style=3D"word-break: break-word;">Council on Forei=
gn Relations</span></a></span></strong></p></div></div></td></tr></table><t=
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t:10px"><div style=3D"font-family:Georgia,'Times New Roman',serif"><div cla=
ss style=3D"font-size:14px;font-family:Georgia,Times,'Times New Roman',seri=
f;mso-line-height-alt:16.8px;color:#fff;line-height:1.2"><p style=3D"margin=
:0;font-size:14px;text-align:center;mso-line-height-alt:16.8px">
<span style=3D"word-break: break-word; font-size: 12px;">58 East 68th Stree=
t, New York, NY 10065</span></p></div></div></td></tr></table><table class=
=3D"text_block block-3" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
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font-size:14px;text-align:center;mso-line-height-alt:16.8px"><span style=3D=
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C 20006</span></p></div></div></td></tr></table><table class=3D"text_block =
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