Paul Subpoenas to 14 Agencies on COVID-19 Origins and Risky Gain-of-Function Research

 U.S. Senator Rand Paul (R-KY), Chairman of the Senate Homeland Security and Governmental Affairs Committee, announced the Committee subpoenaed fourteen agencies from the outgoing Biden-Harris administration in connection with the origins of COVID-19 and taxpayer-funded gain-of-function research. These subpoenas were issued under the Committee’s rules in force at the time, without objection from the minority. Committee rules unanimously adopted for the 119th Congress provide the Chairman authority to issue such subpoenas on his own directive. The subpoenas, sent on January 13, 2025, build upon the Committee’s joint investigation of national security threats posed by high-risk biological research and technology in the U.S. and abroad. The Committee held bipartisan hearings examining oversight of taxpayer-funded high-risk virus research, the first full Senate Committee hearing on the origins of COVID-19, and overwhelmingly passed Dr. Paul’s Risky Research Review Act.

The list of agencies includes the National Institutes of Health, Department of State, United States Agency for International Development, Department of Homeland Security, Department of Health and Human Services, Federal Bureau of Investigation, Department of Defense, Department of Justice, National Security Agency, Central Intelligence Agency, National Security Council, Department of Energy, Department of Agriculture, and Office of Science and Technology Policy. 

“In the wake of Anthony Fauci’s preemptive pardon, there are still questions to be answered. Who at NIH directed funds to the Wuhan Institute of Virology, and why was the proposal not scrutinized by the P3CO safety committee? For four years, I have requested records from the NIH and other agencies on all deliberations regarding the decision to skip oversight by the safety committee only to be stonewalled,” said Chairman Paul. “Today, I’m announcing subpoenas were sent from the Committee to NIH and 13 other agencies regarding their involvement in risky gain-of-function research. The goal of the investigation will be to critique the process that allowed this dangerous research, that may have led to the pandemic, to occur in a foreign country under unsafe protocols and to ensure that there is sufficient oversight and review going forward, making sure a mistake of this magnitude never happens again.”

Over the last four years, Dr. Paul has sent dozens of requests to agencies requesting critical records related to the origins of COVID-19 and gain-of-function research, many of which are not classified, only to be met with obstruction, including blanket refusals or page-after-page redactions. As part of his efforts, last year, Dr. Paul obtained documents indicating at least fifteen federal agencies considered proposals for the risky DEFUSE project. The DEFUSE project proposed inserting a furin cleavage site into a coronavirus to create a novel chimeric virus that would have been shockingly similar to the COVID-19 virus.

https://www.hsgac.senate.gov/media/reps/dr-paul-issues-subpoenas-to-fourteen-agencies-regarding-covid-19-origins-and-risky-gain-of-function-research/

Rubio notifies Congress of potential USAID ‘reorganization’

 Secretary of State Marco Rubio notified Congress on Monday that there is a potential for reorganization of the U.S. Agency for International Development (USAID), as the separate agency appears to have already been subsumed by the State Department. 

President Trump appointed Rubio as the acting administrator for USAID on Monday, and the secretary said in a statement that he notified Congress that a review of the agency’s foreign assistance activity is underway “with an eye towards potential reorganization.”

The announcement came as Rubio is on diplomatic travel in Central America. 

“This is not about ending the programs that USAID does per se,” Rubio told reporters.

“There are things that it does that are good and there are things that it does that we have strong questions about. It’s about the way it operates as an entity. And they are supposed to take direction from the State Department, policy direction. They do not.”

Democrats have raised alarm and warned of legal challenges to Trump’s pursuit of either shutting down USAID or merging it with the State Department, saying the intention of an independent aid agency is “to ensure that we can deploy development expertise and U.S. foreign assistance quickly, particularly in times of crisis, to meet our national security goals.” 

Sen. Brian Schatz (D-Hawaii) announced he would impose a blanket hold on all of Trump’s State Department nominees until efforts to shutter USAID are reversed.

Rubio’s notification to Congress is another layer of fast-moving actions by the Trump administration that have essentially halted the work of the independent agency. Over the past two weeks, Trump issued an initial, blanket freeze on American foreign assistance; gave stop-work orders to NGOs receiving funds; laid off or furloughed senior USAID staff; and shut down the agency’s separate website, moving information to the State Department’s website. 

USAID offices were closed on Monday and staff were told to telework. Tech billionaire and close Trump ally Elon Musk claimed on Monday that the president was in agreement to shut down the agency and criticized it as a “criminal organization.” 

Two senior security USAID chiefs were reportedly put on leave after blocking access to classified material that Musk and individuals associated with his Department of Government Efficiency (DOGE) were trying to access, The Associated Press reported.

Musk’s team later gained access to the information. Kate Miller, who serves on an advisory board for DOGE, said in a post on Musk’s social media site X that “No classified material was accessed without proper security clearances.”

https://thehill.com/homenews/administration/5124136-rubio-notifies-congress-of-potential-usaid-reorganization/

'Ontario to pause retaliatory measures as US puts tariffs on hold'

 The leader of Ontario, Canada’s most populous province, said Monday he will pause all retaliatory measures against the United States after news broke that the threat of tariffs has been put on hold for a month.

Ontario Premier Doug Ford said earlier Monday that he was ripping up a contract with Elon Musk’s Starlink internet service in response to U.S. President Donald Trump’s sweeping tariffs on Canada.

Ford had also said he was also banning American companies from provincial contracts.

https://www.yahoo.com/news/ontario-premier-says-hes-ripping-133352242.html

PIMCO focuses on Trump's market-tuned policy tweaks amid inflation risks

 U.S. President Donald Trump's willingness to calibrate economic policies based on market signals will be key for U.S. inflation and growth prospects, PIMCO's Chief Investment Officer Dan Ivascyn said on Monday, after tariffs on U.S. trade partners roiled markets.

Investors on Monday scrambled to make sense of escalating trade tensions after Trump announced broad tariffs on Mexico, Canada, and China over the weekend. By Monday, he temporarily halted Mexico’s tariffs following a border security deal, while those on Canada and China remained on track.

Markets were whipsawed by tariffs news, with stocks selling off initially but then paring some of their losses after news of a month-long tariff suspension with Mexico.

"We're really trying to just understand the degree to which the Trump administration is willing to calibrate policy based on market signals and the actual data," said Ivascyn at PIMCO, a bond-focused investment firm with about $2 trillion in assets.

"Even independent of the tariffs decision, we have an economy where inflation is still above target," he said in an interview. "Some of Trump's policies ... could be positive for growth long-term, but could lead to a little bit of inflationary pressure or risk of some overheating in the short term."

Analysts estimate tariffs may fuel inflation while dampening economic growth and corporate earnings.

The risk of an aggressive tariffs approach, in addition to stoking price pressures, could be retaliation from trading partners, which could lead to a "meaningful hit" on U.S. growth, said Ivascyn.

"In the extreme form, it likely would be negative for risk assets and probably on the margin a little bit positive for bonds," he added.

U.S. long-term Treasury yields declined on Monday as investors sought cover in the safety of government debt amid tariff volatility. Yields move inversely to prices.

On the other hand, short-term Treasury yields, which more closely reflect expectations of monetary policy changes, rose as investors assessed whether price pressures could prompt a long pause on rate cuts from the Federal Reserve.

Ivascyn said an environment of high interest rates for longer than anticipated due to elevated inflation could be bad for equities and corporate bonds, prompting him to add interest rate exposure through longer-dated Treasuries in recent months.

"Inflation already continues to be elevated, and if you look at market pricing, there's just a lot of optimism embedded in risk asset valuations," he said. "This is a tricky environment."

https://www.investing.com/news/economy-news/pimco-focuses-on-trumps-markettuned-policy-tweaks-amid-inflation-risks-3846395

Trump Should End The Ukraine War Now: 'Get On The Phone & Tell Zelensky It's Over'

 by Dave DeCamp via AntiWar.com,

President Trump had a simple but profound message about the Ukraine war during his campaign: "I want everybody to stop dying. They’re dying, Russians and Ukrainians. I want them to stop dying."

About two weeks into his second term in office, Russians and Ukrainians are still dying, and not just soldiers. On January 29, a Ukrainian drone killed a mother and her two-year-old child in Russia’s Belgorod Oblast. The following day, a Russian drone slammed into an apartment building in northeastern Ukraine, killing six people, who were described as three older married couples.

Trump has reportedly given his envoy to the conflict, Keith Kellogg, 100 days to end the war, and a purported leaked plan drawn up by the administration would call for a ceasefire by Easter to begin talks on a lasting peace deal.

Getty Images

But between now and then, many more Ukrainians and Russians will die. And for what? There’s nothing the US can do now to give Ukraine any real leverage over Russia. Time is on Russia’s side, and everybody knows it. Ukraine will have to make serious concessions to achieve peace, and that will be the situation now and in 100 days.

There are other reasons to stop the war besides the daily casualties. The risk of escalation is still very real as Ukrainian drones are flying into Russia on a daily basis and sometimes target very sensitive infrastructure, including nuclear power plants.

Contrary to what many believe, Ukraine did not build up its drone capabilities by itself. In its final days, the Biden administration decided to reveal a once-secret program that funded Ukrainian drone development to the tune of $1.5 billion. We also know that Ukrainian drone attacks on Russia are carried out using intelligence from the West.

Russia has shown that it doesn’t want to take the war to NATO in the face of Western-backed attacks on its territory, and it’s even more unlikely to do so now that there is a new US administration that’s at least talking about ending the war. But rogue elements of Ukrainian intelligence or even President Zelensky himself might decide to go for one big provocation, something Russia can’t leave unanswered, as a final desperate effort to get direct NATO intervention.

According to the leaked US plan to end the war, the US will direct Ukraine to lift martial law once a peace deal is reached. That means Zelensky will no longer have an excuse not to hold elections, and he is bound to lose after signing a deal that hands over a chunk of territory to the Russians.

Zelensky knows his days in power are numbered and that this war will be his legacy. He will be remembered for choosing to fight a war he could have never won instead of signing a deal in the first weeks of the invasion that would have ended the dying and left Ukraine much more intact than it is today.

For the sake of the Ukrainians and Russians who could die in the coming weeks and to bring the world back from the brink of World War III, Trump should get on the phone with Zelensky today and tell him it’s over.

https://www.zerohedge.com/geopolitical/trump-should-end-ukraine-war-now-get-phone-tell-zelensky-its-over

Canada Will Send 10,000 Troops To Border, Name Fentanyl Czar To Delay Trump Tariffs

 Update (4:40pm ET):  In what is a carbon copy of Trump's tariff-delaying deal with Mexico, moments ago Canada's outgoing PM, Justin Trudeau, said that he too had bent the knee, i.e. had a "good call" with Trump, and that US tariffs on Canada would be paused for 30 days after Canada - just like Mexico - agreed to send 10,000 troops to the border as part of a $1.3 billion border plan which "reinforces the border with new choppers, technology and personnel, enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl".

Trudeau also said that Canada will appoint a Fentanyl Czar, list cartels as terrorists, ensure 24/7 eyes on the border, and launch a Canada- U.S. Joint Strike Force to combat organized crime, fentanyl and money laundering.

Finally, the Canadian PM also signed a new intelligence directive on organized crime and fentanyl and we will be backing it with $200 million.

As a result of not only bending the knee but bending over fully for the US president, Trump's proposed tariffs will be paused for at least 30 days.

I just had a good call with President Trump. Canada is implementing our $1.3 billion border plan — reinforcing the border with new choppers, technology and personnel, enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl. Nearly…

— Justin Trudeau (@JustinTrudeau) February 3, 2025

Separately, the FT reported that all shipments arriving by mail from Canada and China will need to be cleared by customs from Tuesday onwards as the US moved to close a trade loophole that allowed low value imports to avoid duties.

“Without regard to their value, no mail shipments from China will be cleared or released” by the Customs and Border Protection agency “unless and until formal entry is properly filed”, the agency said in a document scheduled to be published in the Federal Register on February 5.

The CBP used the same language in a filing about tariffs on Canada, also scheduled to be published on Wednesday.

Details on the CBP’s order requiring “formal entry” for shipments from Canada and China follows US President Donald Trump issuing executive actions imposing tariffs on goods from those countries.

Trump’s executive orders stated that the articles applicable for tariffs would not be exempt from the so-called “de minimis exemption”, which allows low value imports to avoid duties.

* * *

Tl;dr: VP JD Vance summed it all up in one simple tweet:

"For three days a lot of the far left has actively rooted against America and argued we’d get nothing out of President Trunp’s demands that Mexico secure its country.

Well, how do you like them apples?"

Apples indeed! Now let's see what Trudeau has to say later...

*  *  *

Late last night we said that it is very likely Trump's trade war would be very short, after we pointed to better than evern Polymarket odds that the trade war with both Mexico and Canada would be over in the next month or two.

And trade war over

MEXICAN PRESIDENT SHEINBAUM SAYS MEXICO WILL DEPLOY 10,000 NATIONAL GUARD IMMEIDATLEY TO BORDER TO AVOID TRAFFICKING OF DRUGS TO U.S. https://t.co/A6LlS5zXHx

— zerohedge (@zerohedge) February 3, 2025

And then, just hours later, this appears to have been validated after Mexico's president Scheinbaum said that after having a good conversation with Trump, Mexico is "pausing tariffs for a month for now" and that Mexico will promptly comply with Trump's ask by reinforning the northern border with 10,000 national guard members to "prevent drug trafficking from Mexico to the US, particularly fentanyl."

Sostuvimos una buena conversación con el presidente Trump con mucho respeto a nuestra relación y la soberanía; llegamos a una serie de acuerdos:

1.México reforzará la frontera norte con 10 mil elementos de la Guardia Nacional de forma inmediata, para evitar el tráfico de drogas…

— Claudia Sheinbaum Pardo (@Claudiashein) February 3, 2025

Here is a translation of what she said:

We had a good conversation with President Trump with great respect for our relationship and sovereignty; we reached a series of agreements:

1. Mexico will immediately reinforce the northern border with 10,000 members of the National Guard to prevent drug trafficking from Mexico to the United States, particularly fentanyl.

2. The United States is committed to working to prevent the trafficking of high-powered weapons to Mexico.

3. Our teams will begin working today on two fronts: security and trade.

4. They are pausing tariffs for one month from now.

President Trump has confirmed the tariffs are paused for one month:

The Canadians were very busy scouring the Government's tariffs site...

And now that trade war with Mexico appears to be over, Trump just has to repeat the same with Canada when he speaks to Trudeau at 3pm ET today.

As for China, we doubt that particular trade war will be as easy to win but who knows: Trump is certainly on a roll.

In any case, the market is certainly delighted with the outcome, and the Mexican peso is surging...

TSY yields are rising (shouldn't they fall on non-inflationary, non-tariffs?)...

Oil prices have plunged, erasing overnight tariff-driven gains...

Bitcoin is ripping higher (as we suppose this means no large drop in global liquidity?)

And US equities are reversing the large losses overnight quite rapidly...

Now, what will the MSM say after doom-mongering all morning about Trump's 'catastrophic' tariffs?

https://www.zerohedge.com/markets/trade-war-over-mexican-president-says-tariffs-delayed-month-after-deploying-10000-troops

PTC up on Cantor reprice

 PTC Therapeutics (PTCT) is advancing 8% after investment bank Cantor Fitzgerald' hiked its price target on the drug maker's shares to $113 from $76. Cantor kept an Overweight rating on the name.

The bank believes that, in the wake of the results from the Phase 3 trial of PTCT's drug known as Sepiapterin, the product is viewed as likely to be approved by the FDA. The drug is supposed to treat phenylketonuria, a disease that can result in brain and nerve damage if not addressed.

A laboratory technician in a safety suit analyzing and conducting a series of experiments.

Cantor estimates that the drug can generate a total of $1.5 billion in peak annual revenue for PTCT in the U.S. and Europe. The bank derived its new price target for PTCT largely based on its view of the drug's potential.

Cantor also noted, however, that PTCT's revenue increased almost 13% in the 12 months that ended in September.

In October, the FDA accepted PTCT's filing of an application for the agency's approval of Sepiapterin. The firm has said that the drug can help phenylketonuria patients by allowing them to eat more types of foods.

https://finance.yahoo.com/news/why-ptc-therapeutics-ptct-stock-200754961.html