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Delivery-date: Fri, 11 Jul 2025 19:23:50 +0000
Date: Fri, 11 Jul 2025 10:00:38 -0400 (EDT)
From: Michael Froman <president@cfr.org>
Reply-To: president@cfr.org
To: usamaqazi@hnhtechsolutions.com
Message-ID: <20250711100038.40649073.35743@sailthru.com>
Subject: Tariffs now, trade deals later
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d><body class=3D"body" style=3D"background-color:#cfd4d8;margin:0;padding:0=
;-webkit-text-size-adjust:none;text-size-adjust:none"><div class=3D"sailthr=
u-emco-preheader" style=3D"display: none; max-height: 0px; overflow: hidden=
;">And more from The World This Week</div><div style=3D"display:none"><a hr=
ef=3D""><img src=3D"https://link.cfr.org/img/6675b5356735af1a379ab8fdo790x.=
rkv/d3d85c84.gif" alt=3D"" border=3D"0" /></a></div><table class=3D"nl-cont=
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"><tbody><tr><td><table class=3D"row-content stack" align=3D"center" border=
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style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:l=
eft;border-top:2px solid #cfd4d8;padding-bottom:15px;vertical-align:top"><t=
able class=3D"image_block block-1" width=3D"100%" border=3D"0" cellpadding=
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mso-table-rspace:0"><tr><td class=3D"pad" style=3D"padding-bottom:10px;padd=
ing-left:15px;padding-right:15px;padding-top:20px;width:100%"><div class=3D=
"alignment" align=3D"center"><div style=3D"max-width:240px"><img=20
src=3D"https://media.sailthru.com/composer/images/sailthru-prod-66n/CFR_Sin=
gleLine_Brown_CFR_Signature_OneLine_1.png" style=3D"display:block;height:au=
to;border:0;width:100%" width=3D"240" alt=3D"Council on Foreign Relations" =
title=3D"Council on Foreign Relations" height=3D"auto"></div></div></td></t=
r></table><table class=3D"text_block block-2" width=3D"100%" border=3D"0" c=
ellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"mso-tabl=
e-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class=3D"pad">
<div style=3D"font-family:sans-serif"><div class style=3D"font-size:12px;fo=
nt-family:Georgia,Times,Times New Roman,serif;mso-line-height-alt:14.399999=
999999999px;color:#412c26;line-height:1.2"><p style=3D"margin:0;font-size:1=
4px;text-align:center;mso-line-height-alt:16.8px"><span style=3D"word-break=
: break-word; font-size: 46px;">The World This Week</span></p></div></div><=
/td></tr></table><table class=3D"text_block block-3" width=3D"100%" border=
=3D"0" cellpadding=3D"0" 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" style=3D"padding-bottom:10px"><div style=3D"font-family:sa=
ns-serif"><div class style=3D"font-size:12px;font-family:Georgia,Times,Time=
s New Roman,serif;mso-line-height-alt:14.399999999999999px;color:#412c26;li=
ne-height:1.2"><p style=3D"margin:0;font-size:14px;text-align:center;mso-li=
ne-height-alt:16.8px"><em>July 11, 2025</em></p></div></div></td></tr></tab=
le></td></tr></tbody></table></td></tr>
</tbody></table><table class=3D"row row-2" 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:10px;padding-right:10px;padding-top:10=
px;vertical-align:top"><table class=3D"html_block block-1" width=3D"100%" b=
order=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=
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n=3D"center"><div style=3D"margin:0 auto;max-width:550px;width:100%;">
<table cellpadding=3D"0" style=3D"width:100%;">
<tbody>
<tr>
<td style=3D"padding:0 18px 0 0;box-sizing:content-box;vertical-align:middl=
e;width:60px;" width=3D"60" valign=3D"middle"><a href=3D"https://link.cfr.o=
rg/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvbWljaGFlbC1mcm9=
tYW4_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735af1a379ab=
8fdB4ba542ea" style=3D"text-decoration:none;border-bottom:0px solid #cccccc=
;color:inherit;" target=3D"_blank"><img src=3D"https://media.sailthru.com/c=
omposer/images/sailthru-prod-66n/headshot-froman-100.png" style=3D"text-dec=
oration:none;width:60px;height:60px;border-radius:100%;" width=3D"45" heigh=
t=3D"45" border=3D"0" /></a></td>
<td style=3D"padding:0;box-sizing:content-box;vertical-align:middle;text-al=
ign:left;" valign=3D"middle">
<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/40649073.357=
43/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvbWljaGFlbC1mcm9tYW4_dXRtX3NvdXJjZT10=
d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735af1a379ab8fdC4ba542ea" style=
=3D"text-decoration:underline;border-bottom:0px solid #cccccc;color:inherit=
;" target=3D"_blank">Michael Froman</a></strong><br /> President, Council o=
n Foreign Relations
</p>
</td>
</tr>
</tbody>
</table>
</div></div></td></tr></table></td></tr>
</tbody></table></td></tr></tbody></table><table class=3D"row row-3" 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"><tbo=
dy><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-tab=
le-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" widt=
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;">Trade news doesn=
=E2=80=99t seem to take a vacation, even when the rest of us do. If you fee=
l confused about the state of play with President Donald Trump=E2=80=99s ta=
riffs, you=E2=80=99re not alone. It=E2=80=99s hard to keep up with this adm=
inistration=E2=80=99s dizzying decision-making process.</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p><p style=3D=
"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">At the start of th=
is week, Trump once again delayed the implementation of his so-called recip=
rocal tariffs, pushing the deadline to August 1. He sent letters to more th=
an a dozen countries, including Japan, South Korea, South Africa, Cambodia,=
 Thailand, and the Philippines, informing them of the tariff rates facing t=
heir exports unless they reach deals before then. He announced 50 percent t=
ariffs on Brazil, tied to the =E2=80=9Cwitch hunt=E2=80=9D he asserts is be=
ing levied against former President Jair Bolsonaro. Letters to more countri=
es and trading blocs are expected in the coming days, though Trump told NBC=
 that he plans to impose blanket tariffs on most trading partners as high a=
s 20 percent. Those rates could be even higher if countries retaliate or tr=
ansship their goods. He also threatened additional tariffs on imported copp=
er, pharmaceuticals, and semiconductors.</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">I was skeptical of=
 the White House's declaration earlier this year that he would reach ninety=
 deals in ninety days=E2=80=94the timeline of his initial implementation pa=
use. Negotiating traditional trade agreements takes time as countries work =
through a complex array of tariff and non-tariff barriers. Even simpler tar=
iff-only agreements usually require dialogue about what=E2=80=99s included,=
 what=E2=80=99s outside the agreement, and the rules of origin to apply to =
particular products.</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</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 Trump administ=
ration seems to have realized this and come up with a novel approach. The c=
ouple of deals they have announced have tended to be frameworks or outlines=
 of an agreement, with a lot of details to be worked out down the road. And=
, having grown frustrated with the pace of negotiations, Trump announced th=
at he would simply be sending letters to countries letting them know the ou=
tcome. Much less of a negotiation than a fait accompli. As Trump put it, =
=E2=80=9CThe deals are mostly my deal to them.=E2=80=9D</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</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, how much has t=
he administration achieved in the initial 90-day pause since Liberation Day=
? Ten of CFR=E2=80=99s leading trade and economic experts=E2=80=94Inu Manak=
, Rebecca Patterson, Zoe Liu, Shannon O=E2=80=99Neil, Brad Setser, Ted Alde=
n, Benn Steil, Jon Hillman, Matt Goodman, and Will Freeman=E2=80=94shared t=
heir assessment of trade deal progress, market effects, and implications fo=
r the administration=E2=80=99s stated objectives as part of a feature piece=
 for CFR.org.</span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=
=3D"word-break: break-word; font-size: 16px;">I encourage you to read the <=
a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9=
yZy9hcnRpY2xlL3doYXQtdHJ1bXAtdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW=
9uLWRheT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a3=
79ab8fdB8eea0986" style=3D"text-decoration: underline; color: #F25D27;">ful=
l article</a>, but I=E2=80=99ve shared a few teasers below.&nbsp;</span></p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</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;"><a href=3D"https://link.cfr.org/cl=
ick/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3doYXQtdHJ1bXAtdHJh=
ZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc291cmNlPXR3dHcmdXR=
tX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTE/6675b5356735af1a379ab8fdBd=
4d3295b" target=3D"_self" style=3D"text-decoration: underline; color: #F25D=
27;"><strong>Inu Manak</strong></a>, fellow for trade policy, analyzed whet=
her Trump=E2=80=99s tariff pause delivered trade deals.</span></p><p style=
=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p><p style=3D=
"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>These don=E2=
=80=99t really sound like true trade negotiations, where countries exchange=
 reciprocal offers and concessions. Instead, it points to why the administr=
ation has struggled to close a greater number of deals=E2=80=94both sides h=
ave a very different understanding of the end goal. U.S. trading partners w=
ant to bring their economic relationship back to more stable ground, wherea=
s the Trump administration wants to maintain persistent uncertainty to extr=
act even more concessions over the next few years. The constantly changing =
tariffs and shifting deadlines may get countries to the table, but very few=
 will tackle comprehensive trade issues if the Trump administration cannot =
guarantee that the trade chaos will come to an end.</em></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;"><em>&nbsp;</em></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;"><a href=3D"https:/=
/link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3do=
YXQtdHJ1bXAtdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc29=
1cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTI/6675b53567=
35af1a379ab8fdB5bf19159" target=3D"_self" style=3D"text-decoration: underli=
ne; color: #F25D27;"><strong>Rebecca Patterson</strong></a>, senior fellow,=
 reflected on financial market lessons from the last 90 days.&nbsp;&nbsp;&n=
bsp;</span></p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px=
">&nbsp;</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>Stepping back =
from the daily trade news tsunami, I think there are at least four lessons =
we can take from this 90-day period.</em></span></p><p style=3D"margin:0;fo=
nt-size:16px;mso-line-height-alt:18px">&nbsp;</p><p style=3D"margin:0;font-=
size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>First, U.S. fi=
nancial market exceptionalism should not be taken for granted. The brief sp=
urt of U.S. asset selling in April, and continued dollar weakness, shows th=
at American markets can be heavily influenced by policy decisions and forei=
gn investor reactions. Foreign demand is not a given. Second, we need to re=
member that shifts in U.S. asset holdings can come in different shapes and =
over different time frames. Foreign investors can trim U.S. asset exposures=
, but they can also hold onto those assets and simply hedge out the currenc=
y risk=E2=80=94resulting in a weaker dollar. Third, alternatives to U.S. as=
sets need to be considered as dynamic, relative opportunities. Even if the =
U.S. economy grows faster and is larger, other countries with improving gro=
wth dynamics and much less demanding valuations can pull capital away from =
the U.S. Germany has been a great example of this in 2025.&nbsp; Finally, t=
he ongoing trade negotiations illustrate the many links between financial m=
arkets, economic trends, and policy decisions. You need to look at the whol=
e rather than any one piece. For instance, despite external factors such as=
 the Middle East conflict that typically would pull bond yields lower as in=
vestors seek liquidity and safety, the hold placed on U.S. monetary policy=
=E2=80=94largely in response to tariff uncertainty=E2=80=94has provided a m=
easure of support for longer-term Treasury yields. The higher deficits resu=
lting from the reconciliation package, along with the Fed=E2=80=99s stance,=
 support yields which in turn weigh on household and corporate borrowing, s=
lowing growth at the margin.&nbsp;&nbsp;</em></span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><a href=3D"https:/=
/link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3do=
YXQtdHJ1bXAtdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc29=
1cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTQ/6675b53567=
35af1a379ab8fdB1faf9c8a" target=3D"_self" style=3D"text-decoration: underli=
ne; color: #F25D27;"><strong>Shannon O=E2=80=99Neil</strong></a>, senior vi=
ce president, director of studies, and=E2=80=AFMaurice R. Greenberg chair, =
evaluated whether Trump will bring manufacturing back to the United States.=
</span></p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&n=
bsp;</p><p=20
style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>Blanket tariff=
s may inadvertently slow reshoring and job creation in the United States. T=
o set up new factories and facilities, companies need steel, aluminum, mach=
inery, and other components, many of which today come from abroad. Economy-=
wide tariffs layer additional costs to the uncertainty of moving operations=
. In the longer term, increasing American manufacturing jobs will likely de=
pend on how connected to and competitive U.S.-made products are in global m=
arkets. If tariffs price American-made goods out of international markets, =
manufacturing jobs could shrink instead of grow over time.</em></span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=
=3D"word-break: break-word; font-size: 16px;"><a href=3D"https://link.cfr.o=
rg/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3doYXQtdHJ1bXA=
tdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc291cmNlPXR3dH=
cmdXRtX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTM/6675b5356735af1a379ab=
8fdB3cf3bdbe" target=3D"_self" style=3D"text-decoration: underline; color: =
#F25D27;"><strong>Zongyuan Zoe Liu</strong></a>, Maurice R. Greenberg senio=
r fellow for China Studies, examined how China is surging ahead.</span></p>=
<p=20
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p><p sty=
le=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>From Beijing=
=E2=80=99s view, Washington=E2=80=99s efforts to stifle China=E2=80=99s ris=
e only deepen the resolve to decouple. China doesn=E2=80=99t want a trade w=
ar, but it=E2=80=99s ready for one. Leaders and entrepreneurs in China are =
doubling down on self-reliance, even if the U.S. market remains hard to rep=
lace. Yes, tariffs sting. China has weathered worse. In the 1990s, it absor=
bed forty million layoffs during state-owned enterprise reforms. Today=E2=
=80=99s factories are more automated. The Party isn=E2=80=99t panicking.</e=
m></span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=
=3D"word-break: break-word; font-size: 16px;"><a href=3D"https://link.cfr.o=
rg/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3doYXQtdHJ1bXA=
tdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc291cmNlPXR3dH=
cmdXRtX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTU/6675b5356735af1a379ab=
8fdB0431940e" target=3D"_self" style=3D"text-decoration: underline; color: =
#F25D27;"><strong>Brad Setser</strong></a>, Whitney Shepardson senior fello=
w, assessed whether tariffs will reduce the U.S. trade deficit.</span></p><=
p=20
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p><p sty=
le=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>It may come as=
 a surprise that tariffs have almost no effect on the trade deficit, accord=
ing to economic theory. Moreover, a quick survey of large economies shows t=
hat there is also no real correlation between the level of tariffs and the =
trade balance. The US has had=E2=80=94until recently=E2=80=94low tariffs an=
d a trade deficit. The EU has low tariffs and a trade surplus. India has hi=
gh tariffs and a trade deficit. China has high tariffs and a trade surplus.=
 What appears to matter far more is a country=E2=80=99s savings rate, level=
 of consumption, fiscal stance, and the strength of its currency. Simply pu=
t, a fiscal deficit that is credibly forecast to be over 6 percent of GDP a=
nd could approach 7 percent of GDP is inconsistent with a large fall in the=
 trade deficit.</em></span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=
=3D"word-break: break-word; font-size: 16px;"><a href=3D"https://link.cfr.o=
rg/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3doYXQtdHJ1bXA=
tdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc291cmNlPXR3dH=
cmdXRtX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTY/6675b5356735af1a379ab=
8fdB39250d26" target=3D"_self" style=3D"text-decoration: underline; color: =
#F25D27;"><strong>Edward Alden</strong></a>, senior fellow, analyzed whethe=
r tariffs have curbed trade barriers and unfair practices.</span></p><p=20
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p><p sty=
le=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>The United Sta=
tes has long perceived itself as a relatively open economy in which its exp=
orters are victimized by foreign trade barriers. Through a variety of tools=
=E2=80=94international and regional negotiations, bilateral talks, tariff t=
hreats, and even new tariffs=E2=80=94presidents have long tried to reduce o=
r eliminate these barriers to U.S. global commerce. Trump has now governed =
for four and a half years, and his record shows little success in reducing =
foreign trade barriers. Can Trump=E2=80=99s more aggressive tariff threats =
in the second term yield better results? So far, there is little reason to =
think so. [T]ariffs [are likely to] remain much higher on products moving b=
oth ways across the border.</em></span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=
=3D"word-break: break-word; font-size: 16px;"><a href=3D"https://link.cfr.o=
rg/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3doYXQtdHJ1bXA=
tdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc291cmNlPXR3dH=
cmdXRtX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTc/6675b5356735af1a379ab=
8fdBd1f0bc2c" target=3D"_self" style=3D"text-decoration: underline; color: =
#F25D27;"><strong>Benn Steil</strong></a>, senior fellow and director of in=
ternational economics, pointed to the rise in national security tariff just=
ifications.</span></p><p=20
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p><p sty=
le=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=3D"word=
-break: break-word; font-size: 16px;"><em>President Trump=E2=80=99s =E2=80=
=9CLiberation Day=E2=80=9D tariffs=E2=80=A6 represented a mere acceleration=
 of a long-established trend: presidents using =E2=80=9Cemergencies=E2=80=
=9D and =E2=80=9Cnational security=E2=80=9D as pretexts for arrogating unli=
mited tariffing and other economic powers from Congress.</em></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;"><em>&nbsp;</em></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;"><em>The president =
imposed these massive tariffs under executive authority conferred by the 19=
77 International Emergency Economic Powers Act (IEEPA), [claiming] that lon=
g-standing U.S. trade deficits constituted an =E2=80=9Cemergency.=E2=80=9D =
Now that the Court of International Trade has rejected the president=E2=80=
=99s claimed tariffing authority under IEEPA, however, he may, depending on=
 the course of the appeals process, be obliged to seek alternative authorit=
y to reimpose them. Fortunately for him, that authority exists=E2=80=94thou=
gh in a mildly diluted form, requiring consultation and transparency=E2=80=
=94in the form of Section 232 of the (inaptly named) Trade Expansion Act of=
 1962. Section 232 tariffs are justified by impairments to U.S. =E2=80=9Cna=
tional security=E2=80=9D=E2=80=94which sounds a lot like an =E2=80=9Cemerge=
ncy.=E2=80=9D</em></span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=
=3D"word-break: break-word; font-size: 16px;"><a href=3D"https://link.cfr.o=
rg/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3doYXQtdHJ1bXA=
tdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc291cmNlPXR3dH=
cmdXRtX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTg/6675b5356735af1a379ab=
8fdBcc0df287" target=3D"_self" style=3D"text-decoration: underline; color: =
#F25D27;"><strong>Jonathan Hillman</strong></a>, senior fellow for geoecono=
mics, noted the growing national security costs of the administration=E2=80=
=99s tariffs.</span></p><p=20
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p><p sty=
le=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>President Trum=
p has been wielding tariffs to confront a range of national security threat=
s, [b]ut the national security costs of these tariffs are mounting, especia=
lly for the U.S. defense industry, critical infrastructure, and the country=
=E2=80=99s relationships with its partners and allies. Tariffs make it more=
 difficult to meet U.S. defense requirements in many of the same ways that =
they affect American households. Higher costs are passed to the customer, w=
hich in this case is the U.S. government. As a result, the Department of De=
fense simply can=E2=80=99t buy as much with its budget. Tariffs also threat=
en U.S. critical infrastructure by driving up the cost of components. Most =
power generation technologies are expected to face cost increases of 6=E2=
=80=9311 percent, according to environment and energy consultancy</em> <em>=
Wood Mackenzie</em><em>. Finally, tariffs are also taking a toll on U.S. re=
lations with partners and allies. Public majorities in twelve allied countr=
ies with U.S. treaties believe Trump=E2=80=99s economic policies will have =
a negative effect on their country=E2=80=99s relationship with the United S=
tates, according to a recent</em> <em>Ipsos poll</em><em>. This shift in pu=
blic sentiment encourages elected leaders to =E2=80=9Cderisk=E2=80=9D from =
the United States.</em></span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><a href=3D"https:/=
/link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3do=
YXQtdHJ1bXAtdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc29=
1cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTk/6675b53567=
35af1a379ab8fdBaac74dc6" target=3D"_self" style=3D"text-decoration: underli=
ne; color: #F25D27;"><strong>Matthew Goodman</strong></a>, distinguished fe=
llow and director of the Greenberg Center for Geoeconomic Studies, argued t=
hat any revenue surge from the tariffs is likely to be temporary.</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;"><em>&nbsp;</em></s=
pan></p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span=
 style=3D"word-break: break-word; font-size: 16px;"><em>As of July 1, rough=
ly $97.3 billion in tariff revenues had come into the Treasury, up some 110=
 percent from the same period of 2024. In June alone, tariff revenues were =
$28 billion, a new record and more than four times the amount collected in =
the same month last year.</em></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;"><em>&nbsp;</em></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;"><em>However, there=
 are several reasons to believe that this spurt in revenues will eventually=
 peter out. Imports into the United States in the first few months of 2025 =
</em><em>have surged</em><em> as businesses seek to lock in supplies and pr=
ices ahead of tariff increases; eventually, these businesses will reduce th=
eir purchases as the tariffs kick in and prices rise. One stated goal of th=
e tariffs is to encourage U.S. and foreign companies to produce more goods =
in the United States. If this works and imports fall as a result, tariff re=
venues will also decline. And if the Trump administration succeeds in strik=
ing deals with trading partners under which both sides agree to reduce tari=
ffs, again, revenue to the U.S. Treasury will fall. Finally, however much r=
evenue is ultimately generated by the tariffs, it is worth remembering wher=
e those revenues will ultimately come from: the pocketbooks of American con=
sumers. Businesses that initially cover the</em><a href=3D"https://link.cfr=
.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL2Nvc3RzLXRhc=
mlmZnM_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735af1a379=
ab8fdB3fa387d6" style=3D"text-decoration: underline; color: #F25D27;"><em> =
</em></a><em>costs of tariffs</em><a href=3D"https://link.cfr.org/click/406=
49073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL2Nvc3RzLXRhcmlmZnM_dXRtX3N=
vdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735af1a379ab8fdC3fa387d6=
" style=3D"text-decoration: underline; color: #F25D27;"></a><em> will almos=
t certainly pass them on to their customers.</em></span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span style=
=3D"word-break: break-word; font-size: 16px;"><a href=3D"https://link.cfr.o=
rg/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL3doYXQtdHJ1bXA=
tdHJhZGUtcG9saWN5LWhhcy1hY2hpZXZlZC1saWJlcmF0aW9uLWRheT91dG1fc291cmNlPXR3dH=
cmdXRtX2NvbnRlbnQ9MjAyNTA3MTEjY2hhcHRlci10aXRsZS0wLTEw/6675b5356735af1a379a=
b8fdBd5a292a0" target=3D"_blank" style=3D"text-decoration: underline; color=
: #F25D27;" rel=3D"noopener"><strong>Will Freeman</strong></a>, fellow for =
Latin America studies, analyzed the costs of Trump=E2=80=99s Panama Canal s=
trategy.</span></p><p=20
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p><p sty=
le=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>President Trum=
p made Panama an early priority of his second administration, publicly ment=
ioning the country and its canal fifteen times between December and May. He=
 floated retaking direct control of the canal=E2=80=94which still handles 4=
0 percent of all U.S. container traffic annually=E2=80=94while also demandi=
ng that Panamanian President Jos=C3=A9 Ra=C3=BAl Mulino distance the countr=
y from China, which gained a foothold in port and telecommunications infras=
tructure after Panama City established diplomatic relations with Beijing in=
 2017. If the plan was to reduce Chinese presence in a country critical to =
U.S. trade, Trump=E2=80=99s strategy largely worked=E2=80=94with help from =
the Biden administration, which had more quietly pursued the same goal.&nbs=
p;</em></span>
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">&nbsp;</p=
><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;"><em>The question i=
s whether Trump=E2=80=99s tough approach came at an acceptable cost. Mulino=
 is now weak and unpopular=E2=80=94partly because he is seen as having done=
 too little to stand up to Trump and defend Panamanian sovereignty. Months-=
long protests against his government have paralyzed parts of the country. P=
anama is sliding into the type of ungovernability that=E2=80=94even more th=
an Chinese influence=E2=80=94threatens the future of the canal and thus U.S=
. trade.</em></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">
We welcome your feedback on this column. Let me know what foreign policy is=
sues you=E2=80=99d like me to address next by replying to <a href=3D"mailto=
:president@cfr.org" target=3D"_blank" title=3D"president@cfr.org" rel=3D"no=
opener" style=3D"text-decoration: underline; color: #F25D27;">president@cfr=
.org</a>.</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">=
&nbsp;</p></div></div></td></tr></table></td></tr></tbody></table></td></tr=
></tbody></table><table class=3D"row row-4"=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:#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: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=
;mso-line-height-alt:18px">
<a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9leHBlcnQtYnJpZWYvZ2Vub2NpZGUtbWVtb3J5LWFuZC1qdXN0aWNlLXNyZWJyZW5pY2E_d=
XRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735af1a379ab8fdBf5=
8571c5" style=3D"text-decoration: underline; color: #412C26;"></a><a href=
=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9le=
HBlcnQtYnJpZWYvZ2Vub2NpZGUtbWVtb3J5LWFuZC1qdXN0aWNlLXNyZWJyZW5pY2E_dXRtX3Nv=
dXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735af1a379ab8fdCf58571c5"=
 target=3D"_blank" style=3D"text-decoration: none; color: #412C26;" rel=3D"=
noopener"></a><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6=
Ly93d3cuY2ZyLm9yZy9leHBlcnQtYnJpZWYvZ2Vub2NpZGUtbWVtb3J5LWFuZC1qdXN0aWNlLXN=
yZWJyZW5pY2E_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735a=
f1a379ab8fdDf58571c5" target=3D"_self" style=3D"text-decoration: none; colo=
r: #412C26;"><span style=3D"word-break: break-word; font-size: 22px;">Genoc=
ide Memory and Justice at Srebrenica</span></a></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"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr=
><td class=3D"pad" style=3D"padding-bottom:10px;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=20
style=3D"margin:0;font-size:12px;mso-line-height-alt:14.399999999999999px">=
<a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9leHBlcnQvZGF2aWQtai1zY2hlZmZlcj91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9M=
jAyNTA3MTE/6675b5356735af1a379ab8fdBba60a335" style=3D"text-decoration: und=
erline; color: #04284A;"></a><a href=3D"https://link.cfr.org/click/40649073=
.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvZGF2aWQtai1zY2hlZmZlcj91dG1fc291=
cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8fdCba60a335" =
target=3D"_blank" style=3D"text-decoration: none; color: #04284A;" rel=3D"n=
oopener"></a><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6L=
y93d3cuY2ZyLm9yZy9leHBlcnQvZGF2aWQtai1zY2hlZmZlcj91dG1fc291cmNlPXR3dHcmdXRt=
X2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8fdDba60a335" target=3D"_self"=
 style=3D"text-decoration: none; color: #04284A;">David J. Scheffer</a></p>=
</div></div>
</td></tr></table><table class=3D"image_block block-3" width=3D"100%" borde=
r=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" 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"http=
s://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQtY=
nJpZWYvZ2Vub2NpZGUtbWVtb3J5LWFuZC1qdXN0aWNlLXNyZWJyZW5pY2E_dXRtX3NvdXJjZT10=
d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735af1a379ab8fdEf58571c5" target=
=3D"_blank"><img src=3D"https://media.sailthru.com/composer/images/bazh/hqa=
opw3x/x08/yxs/bri/Srebrenica30_Lead_A.jpg" style=3D"display:block;height:au=
to;border:0;width:100%"=20
width=3D"540" alt=3D"A Bosniak woman searches coffins in Poto=C4=8Dari, nea=
r Srebrenica, July 9, 2011." title=3D"A Bosniak woman searches coffins in P=
oto=C4=8Dari, near Srebrenica, July 9, 2011." height=3D"auto"></a></div></d=
iv></td></tr></table><table class=3D"text_block block-4" 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: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;">This month marks t=
he thirtieth anniversary of the killing of thousands of Bosnian Muslims, th=
e first genocide in Europe since the Holocaust. Yet alongside global commem=
orations, <a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93=
d3cuY2ZyLm9yZy9leHBlcnQtYnJpZWYvZ2Vub2NpZGUtbWVtb3J5LWFuZC1qdXN0aWNlLXNyZWJ=
yZW5pY2E_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735af1a3=
79ab8fdFf58571c5" target=3D"_blank" style=3D"text-decoration: underline; co=
lor: #F25D27;" rel=3D"noopener">denial persists</a>.</span></p></div></div>=
</td></tr></table></td></tr></tbody></table></td></tr></tbody></table><tabl=
e=20
class=3D"row row-6" align=3D"center" width=3D"100%" border=3D"0" cellpaddin=
g=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" alig=
n=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"prese=
ntation" style=3D"mso-table-lspace:0;mso-table-rspace:0;background-color:#f=
ff;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: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/40649073.3574=
3/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQtYnJpZWYvd2lsbC10cnVtcHMtYmlnLWJlYXV0a=
WZ1bC1kZWZlbnNlLXNwZW5kaW5nLWxhc3Q_dXRtX3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIw=
MjUwNzEx/6675b5356735af1a379ab8fdBd20ed6ad" target=3D"_blank" style=3D"text=
-decoration: none; color: #412C26;" rel=3D"noopener">Will Trump=E2=80=99s =
=E2=80=98Big Beautiful=E2=80=99 Defense Spending Last?</a></span></p></div>=
</div></td></tr></table><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/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9leHBlcnQvZXJpbi1kLWR1bWJhY2hlcj91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9M=
jAyNTA3MTE/6675b5356735af1a379ab8fdB11f25bc9" cmp-ltrk=3D"CFR expert profil=
e links" cmp-ltrk-idx=3D"2" mrfobservableid=3D"d8303ee8-866c-49e0-9d7b-a4ec=
158a40a6" style=3D"text-decoration: underline; color: #04284A;"></a><a href=
=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9le=
HBlcnQvZXJpbi1kLWR1bWJhY2hlcj91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3=
MTE/6675b5356735af1a379ab8fdC11f25bc9" target=3D"_blank" style=3D"text-deco=
ration: none; color: #04284A;" rel=3D"noopener"></a><a href=3D"https://link=
.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvZXJpbi1kL=
WR1bWJhY2hlcj91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735=
af1a379ab8fdD11f25bc9" cmp-ltrk=3D"CFR expert profile links" cmp-ltrk-idx=
=3D"2" mrfobservableid=3D"d8303ee8-866c-49e0-9d7b-a4ec158a40a6" target=3D"_=
self" style=3D"text-decoration: none; color: #04284A;">Erin Dumbacher</a><a=
 href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9y=
Zy9leHBlcnQvZGF2aWQtbS1oYXJ0P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDc=
xMQ/6675b5356735af1a379ab8fdBe874136f" target=3D"_self" style=3D"text-decor=
ation: none; color: #04284A;">,</a><a href=3D"https://link.cfr.org/click/40=
649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvZGF2aWQtbS1oYXJ0P3V0bV9zb3=
VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b5356735af1a379ab8fdCe874136f"=
 target=3D"_self" style=3D"text-decoration: none; color: #04284A;"> </a><a =
href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZ=
y9leHBlcnQvbWljaGFlbC1jLWhvcm93aXR6P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0y=
MDI1MDcxMQ/6675b5356735af1a379ab8fdB3c0b8c2a" target=3D"_blank" style=3D"te=
xt-decoration: none; color: #04284A;" rel=3D"noopener"></a><a href=3D"https=
://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvZG=
F2aWQtbS1oYXJ0P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b53567=
35af1a379ab8fdDe874136f" target=3D"_self" style=3D"text-decoration: none; c=
olor: #04284A;"></a><a href=3D"https://link.cfr.org/click/40649073.35743/aH=
R0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvbWljaGFlbC1jLWhvcm93aXR6P3V0bV9zb3VyY2U9d=
Hd0dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b5356735af1a379ab8fdC3c0b8c2a" target=
=3D"_blank" style=3D"text-decoration: none; color: #04284A;" rel=3D"noopene=
r"></a><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3c=
uY2ZyLm9yZy9leHBlcnQvZGF2aWQtbS1oYXJ0P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD=
0yMDI1MDcxMQ/6675b5356735af1a379ab8fdEe874136f" target=3D"_self" style=3D"t=
ext-decoration: none; color: #04284A;"></a><a href=3D"https://link.cfr.org/=
click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvbWljaGFlbC1jLWhvcm=
93aXR6P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b5356735af1a37=
9ab8fdD3c0b8c2a" target=3D"_blank" style=3D"text-decoration: none; color: #=
04284A;" rel=3D"noopener"></a><a href=3D"https://link.cfr.org/click/4064907=
3.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvZGF2aWQtbS1oYXJ0P3V0bV9zb3VyY2U=
9dHd0dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b5356735af1a379ab8fdFe874136f" targ=
et=3D"_self" style=3D"text-decoration: none; color: #04284A;"></a><a href=
=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9le=
HBlcnQvbWljaGFlbC1jLWhvcm93aXR6P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1=
MDcxMQ/6675b5356735af1a379ab8fdE3c0b8c2a" cmp-ltrk=3D"CFR expert profile li=
nks" cmp-ltrk-idx=3D"3" mrfobservableid=3D"688d6123-8817-4a99-a013-1a9d0883=
a97a" target=3D"_self" style=3D"text-decoration: none; color: #04284A;">Mic=
hael Horowitz</a><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0c=
HM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvbWljaGFlbC1jLWhvcm93aXR6P3V0bV9zb3VyY2U9dHd0=
dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b5356735af1a379ab8fdF3c0b8c2a" cmp-ltrk=
=3D"CFR expert profile links" cmp-ltrk-idx=3D"3" mrfobservableid=3D"688d612=
3-8817-4a99-a013-1a9d0883a97a" style=3D"text-decoration: underline; color: =
#04284A;"></a><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6=
Ly93d3cuY2ZyLm9yZy9leHBlcnQvbWljaGFlbC1jLWhvcm93aXR6P3V0bV9zb3VyY2U9dHd0dyZ=
1dG1fY29udGVudD0yMDI1MDcxMQ/6675b5356735af1a379ab8fdG3c0b8c2a" cmp-ltrk=3D"=
CFR expert profile links" cmp-ltrk-idx=3D"3" mrfobservableid=3D"688d6123-88=
17-4a99-a013-1a9d0883a97a" style=3D"text-decoration: underline; color: #042=
84A;"></a><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93=
d3cuY2ZyLm9yZy9leHBlcnQvbWljaGFlbC1jLWhvcm93aXR6P3V0bV9zb3VyY2U9dHd0dyZ1dG1=
fY29udGVudD0yMDI1MDcxMQ/6675b5356735af1a379ab8fdH3c0b8c2a" cmp-ltrk=3D"CFR =
expert profile links" cmp-ltrk-idx=3D"3" mrfobservableid=3D"688d6123-8817-4=
a99-a013-1a9d0883a97a" style=3D"text-decoration: underline; color: #04284A;=
"></a><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cu=
Y2ZyLm9yZy9leHBlcnQvZGF2aWQtbS1oYXJ0P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0=
yMDI1MDcxMQ/6675b5356735af1a379ab8fdGe874136f" target=3D"_self" style=3D"te=
xt-decoration: none; color: #04284A;">, and </a>Lauren Kahn<a href=3D"https=
://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvZG=
F2aWQtbS1oYXJ0P3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b53567=
35af1a379ab8fdHe874136f" 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"present=
ation" 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 Roman',serif;mso-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;">President Trump=E2=
=80=99s signature legislation will <a href=3D"https://link.cfr.org/click/40=
649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQtYnJpZWYvd2lsbC10cnVtcHMtYm=
lnLWJlYXV0aWZ1bC1kZWZlbnNlLXNwZW5kaW5nLWxhc3Q_dXRtX3NvdXJjZT10d3R3JnV0bV9jb=
250ZW50PTIwMjUwNzEx/6675b5356735af1a379ab8fdCd20ed6ad" target=3D"_blank" st=
yle=3D"text-decoration: underline; color: #F25D27;" rel=3D"noopener">push d=
efense spending</a> beyond $1 trillion, but those investments are at risk o=
f becoming one-off acquisitions without sustained follow-on funding.</span>=
</p></div></div></td></tr></table></td></tr></tbody></table></td></tr></tbo=
dy></table><table=20
class=3D"row row-7" align=3D"center" width=3D"100%" border=3D"0" cellpaddin=
g=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" alig=
n=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"prese=
ntation" style=3D"mso-table-lspace:0;mso-table-rspace:0;background-color:#f=
0f4f4;color:#000;width:600px;margin:0 auto" width=3D"600"><tbody><tr class=
=3D"reverse"><td class=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">
<a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9wb2RjYXN0cy90cGkvYW5zd2VyaW5nLXlvdXItcXVlc3Rpb25zLXVzLWFpcnN0cmlrZXMta=
XJhbi1lcmluLWR1bWJhY2hlcj91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/=
6675b5356735af1a379ab8fdB5abc0ab9" style=3D"text-decoration: underline; col=
or: #04284A;"></a><span style=3D"word-break: break-word; font-size: 22px;">=
<a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9wb2RjYXN0cy90cGkvZWx1c2l2ZS1jZWFzZWZpcmUtZ2F6YS1lbGxpb3R0LWFicmFtcz91d=
G1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8fdBe75=
f87f2" style=3D"text-decoration: underline; color: #04284A;"></a><a href=3D=
"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2Rj=
YXN0cy90cGkvZWx1c2l2ZS1jZWFzZWZpcmUtZ2F6YS1lbGxpb3R0LWFicmFtcz91dG1fc291cmN=
lPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8fdCe75f87f2" tar=
get=3D"_blank" style=3D"text-decoration: none; color: #04284A;" rel=3D"noop=
ener"></a><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93=
d3cuY2ZyLm9yZy9wb2RjYXN0cy90cGkvZWx1c2l2ZS1jZWFzZWZpcmUtZ2F6YS1lbGxpb3R0LWF=
icmFtcz91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a37=
9ab8fdDe75f87f2" target=3D"_self" style=3D"text-decoration: none; color: #0=
4284A;">The Elusive Ceasefire in Gaza</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-bottom:10px;padding-left:15px;paddi=
ng-right:15px"><div style=3D"font-family:Georgia,'Times New Roman',serif"><=
div class style=3D"font-family:Georgia,Times,'Times New Roman',serif;font-s=
ize:12px;mso-line-height-alt:21.6px;color:#3d454e;line-height:1.8"><p=20
style=3D"margin:0;mso-line-height-alt:28.8px"><span style=3D"word-break: br=
eak-word; font-size: 16px;">CFR=E2=80=99s Elliott Abrams sits down with Jam=
es M. Lindsay to discuss ongoing efforts to bring about a ceasefire in Gaza=
 and the war=E2=80=99s ripple effects across the Middle East during this we=
ek=E2=80=99s episode of <em><a href=3D"https://link.cfr.org/click/40649073.=
35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy90cGkvZWx1c2l2ZS1jZWFzZWZpcmUtZ=
2F6YS1lbGxpb3R0LWFicmFtcz91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/=
6675b5356735af1a379ab8fdEe75f87f2" target=3D"_blank" style=3D"text-decorati=
on: underline; color: #F25D27;" rel=3D"noopener">The President=E2=80=99s In=
box</a></em><em>.</em></span></p>
</div></div></td></tr></table><table class=3D"button_block block-3" 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"><tr><td class=3D"pad"=
 style=3D"padding-bottom:10px;padding-left:15px;padding-right:10px;padding-=
top:10px;text-align:left"><div class=3D"alignment" align=3D"left"><a href=
=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb=
2RjYXN0cy90cGkvZWx1c2l2ZS1jZWFzZWZpcmUtZ2F6YS1lbGxpb3R0LWFicmFtcz91dG1fc291=
cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8fdFe75f87f2" =
target=3D"_blank" style=3D"color:#F25D27;text-decoration:none;"><!--[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/40649073.=
35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy90cGkvZWx1c2l2ZS1jZWFzZWZpcmUtZ=
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font-size:16px">
<![endif]-->
<span class=3D"button" style=3D"background-color: transparent; border-botto=
m: 1px solid #F25D27; border-left: 1px solid #F25D27; border-radius: 0px; b=
order-right: 1px solid #F25D27; border-top: 1px solid #F25D27; color: #F25D=
27; display: inline-block; font-family: Arial, 'Helvetica Neue', Helvetica,=
 sans-serif; font-size: 16px; font-weight: 700; mso-border-alt: none; paddi=
ng-bottom: 5px; padding-top: 5px; padding-left: 30px; padding-right: 30px; =
text-align: center; width: auto; word-break: keep-all; letter-spacing: norm=
al;"><span style=3D"word-break: break-word; line-height: 19.2px;">Listen</s=
pan></span>
<!--[if mso]></center></v:textbox></v:roundrect><![endif]--></a></div></td>=
</tr></table></div></td><td class=3D"column column-2 last" width=3D"50%" st=
yle=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:lef=
t;padding-left:10px;padding-right:10px;padding-top:30px;vertical-align:top"=
><div class=3D"border"><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"=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/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9wb2RjYXN0cy90cGkvZWx=
1c2l2ZS1jZWFzZWZpcmUtZ2F6YS1lbGxpb3R0LWFicmFtcz91dG1fc291cmNlPXR3dHcmdXRtX2=
NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8fdHe75f87f2" target=3D"_blank">=
<img src=3D"https://media.sailthru.com/composer/images/sailthru-prod-66n/po=
dcast2.jpg" style=3D"display:block;height:auto;border:0;width:100%" width=
=3D"210" alt=3D"Podcast: The President's Inbox" title=3D"Podcast: The Presi=
dent's Inbox" height=3D"auto"></a></div></div></td></tr></table></div></td>=
</tr></tbody>
</table></td></tr></tbody></table><table class=3D"row row-8" 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-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=
;mso-line-height-alt:33px">
<span style=3D"word-break: break-word; font-size: 22px;"><a href=3D"https:/=
/link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL2No=
aW5hLXJ1c3NpYS11a3JhaW5lLWp1bmUtMjAyNT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ=
9MjAyNTA3MTE/6675b5356735af1a379ab8fdB80550be5" style=3D"text-decoration: u=
nderline; color: #412C26;"></a><a href=3D"https://link.cfr.org/click/406490=
73.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL2NoaW5hLXJ1c3NpYS11a3JhaW5lLW=
p1bmUtMjAyNT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735a=
f1a379ab8fdC80550be5" target=3D"_blank" style=3D"text-decoration: none; col=
or: #412C26;" rel=3D"noopener"></a><a href=3D"https://link.cfr.org/click/40=
649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9hcnRpY2xlL2NoaW5hLXJ1c3NpYS11a3JhaW=
5lLWp1bmUtMjAyNT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356=
735af1a379ab8fdD80550be5" target=3D"_self" style=3D"text-decoration: none; =
color: #412C26;">Russia and China=E2=80=99s Evolving Relationship</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"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 styl=
e=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:14.3=
99999999999999px;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/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9leHBlcnQvbWFuamFyaS1jaGF0dGVyamVlLW1pbGxlcj91dG1fc291cmNlPXR3dHcmdXRtX=
2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8fdB94a80dc5" style=3D"text-dec=
oration: underline; color: #04284A;"></a><a href=3D"https://link.cfr.org/cl=
ick/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9iaW8vbW9sbHktY2FybG91Z2g_dXRt=
X3NvdXJjZT10d3R3JnV0bV9jb250ZW50PTIwMjUwNzEx/6675b5356735af1a379ab8fdB08f33=
63a" target=3D"_self" style=3D"text-decoration: none; color: #04284A;">Moll=
y Carlough</a><em> </em>and Sebastian Ratzan<br><a href=3D"https://link.cfr=
.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvam9zaHVhLWt1c=
mxhbnR6aWNrP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b5356735a=
f1a379ab8fdB76a3e9b8" target=3D"_self" style=3D"text-decoration: none; colo=
r: #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"present=
ation" 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 Roman',serif;mso-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 two global pow=
ers recently affirmed a strong partnership, yet recent revelations demonstr=
ate the <a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3=
cuY2ZyLm9yZy9hcnRpY2xlL2NoaW5hLXJ1c3NpYS11a3JhaW5lLWp1bmUtMjAyNT91dG1fc291c=
mNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8fdE80550be5" t=
arget=3D"_blank" style=3D"text-decoration: underline; color: #F25D27;" rel=
=3D"noopener">deep mistrust</a> that lies beneath.</span></p></div></div></=
td></tr></table></td></tr></tbody></table></td></tr></tbody></table><table =
class=3D"row row-9" align=3D"center" width=3D"100%" border=3D"0"=20
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-tabl=
e-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class=3D"row-content s=
tack" align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" rol=
e=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0;backgroun=
d-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-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/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9ibG9nL2RlYWRs=
eS1lbmNvdW50ZXJzP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b535=
6735af1a379ab8fdBa88b779d" style=3D"text-decoration: underline; color: #412=
C26;"></a><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93=
d3cuY2ZyLm9yZy9ibG9nL2RlYWRseS1lbmNvdW50ZXJzP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29=
udGVudD0yMDI1MDcxMQ/6675b5356735af1a379ab8fdCa88b779d" target=3D"_blank" st=
yle=3D"text-decoration: none; color: #412C26;" rel=3D"noopener"></a><a href=
=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9ib=
G9nL2RlYWRseS1lbmNvdW50ZXJzP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDcx=
MQ/6675b5356735af1a379ab8fdDa88b779d" target=3D"_self" style=3D"text-decora=
tion: none; color: #412C26;">Examining Africans=E2=80=99 Deadly Encounters =
With Police</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/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm=
9yZy9leHBlcnQvbWFuamFyaS1jaGF0dGVyamVlLW1pbGxlcj91dG1fc291cmNlPXR3dHcmdXRtX=
2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8fdC94a80dc5" style=3D"text-dec=
oration: underline; color: #04284A;"></a><a href=3D"https://link.cfr.org/cl=
ick/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvZWJlbmV6ZXItb2JhZGFy=
ZT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b5356735af1a379ab8f=
dB3970cb0c" style=3D"text-decoration: underline; color: #04284A;"></a><a hr=
ef=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9=
leHBlcnQvZWJlbmV6ZXItb2JhZGFyZT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNT=
A3MTE/6675b5356735af1a379ab8fdC3970cb0c" target=3D"_blank" style=3D"text-de=
coration: none; color: #04284A;" rel=3D"noopener"></a><a href=3D"https://li=
nk.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9leHBlcnQvZWJlbmV=
6ZXItb2JhZGFyZT91dG1fc291cmNlPXR3dHcmdXRtX2NvbnRlbnQ9MjAyNTA3MTE/6675b53567=
35af1a379ab8fdD3970cb0c" target=3D"_self" style=3D"text-decoration: none; c=
olor: #04284A;">Ebenezer Obadare</a>
<br><a href=3D"https://link.cfr.org/click/40649073.35743/aHR0cHM6Ly93d3cuY2=
ZyLm9yZy9leHBlcnQvam9zaHVhLWt1cmxhbnR6aWNrP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29ud=
GVudD0yMDI1MDcxMQ/6675b5356735af1a379ab8fdC76a3e9b8" 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%" border=3D"0" cell=
padding=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-l=
space:0;mso-table-rspace:0;word-break:break-word"><tr><td class=3D"pad"><di=
v 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;">Kenyan activist Al=
bert Ojwang=E2=80=99s death in police custody <a href=3D"https://link.cfr.o=
rg/click/40649073.35743/aHR0cHM6Ly93d3cuY2ZyLm9yZy9ibG9nL2RlYWRseS1lbmNvdW5=
0ZXJzP3V0bV9zb3VyY2U9dHd0dyZ1dG1fY29udGVudD0yMDI1MDcxMQ/6675b5356735af1a379=
ab8fdEa88b779d" target=3D"_blank" style=3D"text-decoration: underline; colo=
r: #F25D27;" rel=3D"noopener">sparked protests</a> and highlighted the ende=
mic police violence affecting multiple countries on the continent.</span></=
p></div></div></td></tr></table></td></tr></tbody></table></td></tr></tbody=
></table><table class=3D"row row-10"=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:#04284a;color:#000;wi=
dth:600px;margin:0 auto" width=3D"600"><tbody><tr><td class=3D"column colum=
n-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-top:5px;vertical-align:top"><table class=3D=
"text_block block-1" width=3D"100%" border=3D"0" cellpadding=3D"10" cellspa=
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