China Begins Military Drills Around Taiwan as Pelosi Visits South Korea |
China launched eleven ballistic missiles (SCMP) into waters off of Taiwan following U.S. House Speaker Nancy Pelosi’s controversial visit to the island, Taiwan’s defense ministry said. The launches were part of China’s largest ever military exercises in the Taiwan Strait, which also include air and naval drills that have encircled Taiwan. Taiwan’s de facto ambassador to the United States tweeted (The Guardian) that China had “jeopardized regional peace.”
Meanwhile, Pelosi arrived in South Korea yesterday and met with National Assembly Speaker Kim Jin-pyo and other lawmakers to discuss (AFP) regional security, economic cooperation, and climate change. Pelosi later spoke by phone with South Korean President Yoon Suk-yeol. She is set to visit the demilitarized zone between North and South Korea, a South Korean official said, before traveling to Japan.
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“If [China] does significant missile tests, for instance, in the Taiwan Strait, it essentially closes down the Taiwan Strait to international shipping because of military exercises, then, of course, that will ripple through global supply chains, given how reliant companies around the world are for Taiwanese inputs, above all semiconductors,” CFR’s David Sacks tells Yahoo Finance Live.
“Beijing is calculating what military manoeuvres they can do to express their maximum displeasure and at the same time maintain China’s ability to control the escalation dynamic,” the International Institute for Strategic Studies’ Meia Nouwens tells the Financial Times. “I don’t see the connection to an invasion scenario—I think Beijing is still trying to avoid open conflict.” This Backgrounder explains why China-Taiwan relations are so tense. |
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ASEAN Urges ‘Maximum Restraint’ Amid Tensions Over Taiwan |
The Association of Southeast Asian Nations (ASEAN) released a statement (Straits Times) expressing concerns about actions that could “destabilize” the region. The bloc’s foreign ministers as well as officials from countries including China, Japan, South Korea, and the United States are currently meeting (Kyodo) in Cambodia. This Backgrounder examines ASEAN. |
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Myanmar Junta Charges Japanese Journalist With Stoking Dissent |
The junta charged Japanese journalist Toru Kubota (AFP) with breaching Myanmar’s immigration law and encouraging dissent against the military. Kubota was detained over the weekend while covering an anti-government rally in Yangon.
India: The country imported (WaPo) almost eight million tons of Russian fertilizer between April and June despite global efforts to isolate Moscow, according to the minister of chemicals and fertilizers. India has also increased imports of discounted Russian oil. |
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Middle East and North Africa |
OPEC+ Agrees to Limited Increase in Oil Output |
Leaders of OPEC+, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies, agreed to increase the group’s oil output by one hundred thousand barrels per day. Saudi Arabia and the United Arab Emirates are prepared to significantly increase oil production, but only if the global supply crisis worsens, unnamed sources told Reuters. Egypt/Saudi Arabia: Crown Prince Mohammed bin Salman announced that Saudi Arabia will “create huge investments” (AI-Monitor) in Egypt as part of the NEOM project, which looks to create a city along Saudi Arabia’s Red Sea coast that would serve as a hub for smart technology and tourism. |
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Senegal Opposition Seeks to Postpone Release of Election Results |
Senegalese opposition groups requested to postpone publication (Africanews) of Sunday’s legislative election results, which were expected today, to investigate alleged irregularities and fraud. Both the government and the opposition are claiming victory.
Niger/Nigeria: Nigeria’s finance minister told journalists (BBC) that the government purchased more than $3 million worth of military vehicles for Niger to enhance border security. |
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Ukraine’s Zelenskyy Appeals for Direct Talks With China’s Xi |
Ukrainian President Volodymyr Zelenskyy told the South China Morning Post that he is looking to speak directly with Chinese President Xi Jinping about the war in Ukraine. He also called on China to leverage its political and economic influence to get Russia to stop the conflict.
This Backgrounder explores China-Russia relations. France: The country has admitted (France 24) one hundred thousand Ukrainian refugees since Russia invaded Ukraine, the French Office for Immigration and Integration said.
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Argentina to Stop Printing Money as Inflation Rate Soars |
The country’s economic minister pledged to stop printing money (Bloomberg) as inflation exceeded 60 percent. Analysts predict it could reach 90 percent by the end of the year.
Mexico: President Andrés Manuel López Obrador said he deployed (AFP) military personnel and rescue dogs to free ten workers from a collapsed coal mine in the northern state of Coahuila.
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Senate Ratifies NATO Membership for Finland, Sweden |
The Senate voted 95-1 to expand (Bloomberg) the North Atlantic Treaty Organization (NATO). Finland and Sweden need the approval of all NATO member countries to join the alliance.
This In Brief looks at how NATO will change if Finland and Sweden join. |
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Council on Foreign Relations |
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