Air India is exploring the possibility of acquiring Boeing (NYSE:BA) aircraft initially intended for Chinese carriers
Monday, April 21, 2025
Divisions Remain As Republicans Steam Ahead With 'Big Beautiful Bill'
by Jackson Richman, Arjun Singh, and Joseph Lord via The Epoch Times,
As Republicans barrel full steam ahead with President Donald Trump’s “big beautiful bill,” several divisions over components of the package linger.
Earlier this month, both chambers approved a budget blueprint that resulted from weeks of negotiations between the House and Senate, unlocking the reconciliation process being used to pass the package. In the coming weeks, the difficult work of passing Trump’s legislative agenda begins in earnest.
Dubbed the “one, big, beautiful bill” by House Speaker Mike Johnson (R-La.), it is expected to consist of measures related to tax cuts, America’s energy sector, and securing the border.
As a reconciliation bill, it would be immune from the 60-vote filibuster threshold in the Senate—but only if House Republicans can agree on a package first.
Given Republicans’ narrow majority in the lower chamber—Johnson can spare no more than three defections—passing this package will be a herculean task for leadership. Johnson will need to keep both moderates and conservatives happy.
Here’s what to know about the lingering disputes as Republicans move forward with drafting the text of their bill.
Border Security, Energy, and Defense
The core components of the Republican budget proposal unveiled by Senate Budget Committee Chairman Lindsey Graham (R-S.C.)—bolstering border security, funding energy expansion, and new defense appropriations—are generally non-controversial with broad swaths of Republicans.
In line with his chief policy priority during the 2024 presidential election, Trump and Republicans have sought to implement sweeping changes to how immigration and border security are handled.
That includes both ongoing efforts to stem the flow of illegal immigrants across the U.S. southern border with Mexico and what Trump has promised will be the “largest deportation operation in American history.”
Funding will target increased deportation-related detentions by Immigration and Customs Enforcement (ICE), Immigration Court hearings, and removal operations. Beyond removals, the Trump administration is pursuing the finalized construction of a border wall between the United States and Mexico, Trump’s main campaign promise in 2016.
Sen. Ted Cruz (R-Texas) has told The Epoch Times that he seeks to have his state “reimbursed” for its ongoing border security efforts under “Operation Lone Star” run by Gov. Greg Abbott (R-Texas).
“[I want some] reimbursing [of] the State of Texas for the billions they’ve spent dealing with Joe Biden and the Democrats’ failure to secure the border,” Cruz told The Epoch Times on March 31.
Additionally, the package will include new funding for energy and defense.
Trump and his allies have been outspoken about their support of enhancing U.S. drilling, fracking, and natural gas extraction. During the 2024 election, Trump summarized his position as “Drill, baby, drill.”
He’s argued that new and renewable energy sources should be used alongside traditional fossil fuel-based infrastructure.
While policy changes in a reconciliation bill are restricted under the rules of the process, Republicans are sure to pursue an increase in energy production.
The current budget blueprint additionally instructs the House and Senate to allocate an additional $100 billion and $150 billion, respectively, toward defense over a decade.
These aspects of the bill are among the least controversial with Republicans. Some other components will be a tougher sell.
Tax Cuts
The centerpiece of the Senate’s budget blueprint, which has since been approved by the House, is its plan to make permanent the personal income tax cuts first authorized by the 2017 Tax Cuts and Jobs Act.
The GOP proposal comes out to a top-line cost of around $4.5 trillion in lost potential tax revenue for the government.
Without congressional action, those cuts will expire at the end of 2025 and rates will increase—a potential political nightmare for Republicans at the ballot box in 2026 if the issue isn’t addressed before Tax Day.
In order to implement these new rates permanently, Republicans must comply with the Byrd Rule, a rule governing the reconciliation process, which requires that any policy that impacts the deficit beyond ten years must be sunset.
This could face challenges in both the House and Senate, however. Without steep spending cuts alongside these tax cuts, critics fear that the deficit could balloon.
In the lower chamber, many lawmakers—such as budget hawks like Rep. Thomas Massie (R-Ky.), House Budget Committee Chairman Jodey Arrington (R-Texas), and members of the House Freedom Caucus—have expressed these concerns.
While the House budget instructions currently call for $1.5 trillion in spending cuts—already a difficult ask—conservatives have indicated they won’t support any package that comes in at less than $2 trillion in cuts.
But such steep cuts could equally alienate the moderate wing of the GOP: members like Rep. Nicole Malliotakis (R-N.Y.) and fellow purple district Republicans in California and New York have sought assurance that these spending cuts won’t harm key entitlements.
Threading the needle between these competing impulses will be challenging for leadership.
Medicaid
The budget resolution instructs the House Energy and Commerce Committee to cut $880 billion in spending over a decade, an amount that critics suspect will result in reductions to Medicaid.
The issue is Democrats’ main rallying point against the proposal, with several arguing that Republicans are planning to “gut Medicaid.”
Johnson has said there will be no substantive cuts, but will only target waste, fraud, and abuse in the program. Trump has also expressed clear opposition to making any substantive cuts to the entitlement program.
“There are a lot of Americans who rely upon those—those programs, and we’ve got to ensure that they’re safeguarded,” said Johnson on Fox News on April 13.
But Johnson argued that there’s abuse in the program that can be rooted out.
“When you have people on the program that are draining the resources, it takes it away from the people that are actually needing it the most and are intended to receive it. You’re talking about young single mothers down on their fortunes at the moment, the people with the real disabilities, the elderly.”
At least 12 Republicans have come out against Medicaid cuts.
“Balancing the federal budget must not come at the expense of those who depend on these benefits for their health and economic security,” they wrote in an April 14 letter to Johnson, House Majority Leader Steve Scalise (R-La.), House Majority Whip Tom Emmer (R-Minn.), and House Energy and Commerce Committee Chairman Brett Guthrie (R-Ky.).
Debt Ceiling Increase
The budget resolution also calls for the House to increase the nation’s borrowing limit by $4 trillion and the Senate by $5 trillion.
The Senate figure has come under fire by conservatives in the House such as members of the Freedom Caucus. Rep. Ralph Norman (R-S.C.) initially told The Epoch Times that the budget resolution was “DEAD ON ARRIVAL” in the House, though he eventually voted for it.
The debt ceiling is set to be reached within the next few months, though the exact timing is uncertain. Were the limit to not be lifted, the United States could go into default for the fifth time in its history.
The debt limit has usually been increased on a bipartisan basis as it last was in 2023. However, by raising it without Democrat support, the GOP is looking to do so by pairing it with significant fiscal measures.
Ultimately, the issue could still divide the two chambers, as the Senate seeks a greater debt limit bump than many House conservatives can stomach in the final package
https://www.zerohedge.com/political/divisions-remain-republicans-steam-ahead-big-beautiful-bill
El Salvador Works With Nvidia To Develop Sovereign AI Infrastructure
by Helen Partz via CoinTelegraph.com,
El Salvador, the first country in the world to adopt Bitcoin as legal tender, is working with the computer chip giant Nvidia to implement artificial intelligence for national development.
El Salvador signed a letter of intent to collaborate with Nvidia on “sovereign AI to drive innovation and economic growth,” the National Bitcoin Office (ONBTC) of El Salvador announced on X on April 21.
As part of the collaboration, El Salvador will benefit from Nvidia’s AI tools, resources and expertise, enabling the development of sovereign AI capabilities targeting priorities related to culture, language, environment and economy.
“El Salvador will focus on building domestic AI infrastructure, upskilling the workforce, and creating solutions to address local challenges such as improving healthcare delivery, advancing education, and boosting economic productivity,” the announcement said.
AI training for state officials and developers
El Salvador’s latest collaboration with Nvidia marks the country’s commitment to encouraging AI usage to optimize multiple processes within the government and society.
With its new AI push, El Salvador intends to establish AI training programs for developers, researchers and government officials to “ensure the nation has the talent to sustain its AI ambitions.”
Source: The Bitcoin Office
One example includes the creation of AI-driven models to forecast weather and rainfall, which would support emergency response, protect residents in landslide-prone areas and optimize hydroelectric power management.
Not the first AI initiative for El Salvador
El Salvador’s Nvidia partnership adds to a growing list of AI-focused initiatives.
In March 2025, the ONBTC announced Salvador’s university-level public education AI program CUBO_ai, touting it as the “only national education program bringing in top-tier field experts.” The program was announced with support from major Bitcoin bull Cathie Wood, who is expected to give the first lecture as part of the program.
An excerpt from the CUBO_ai announcement by El Salvador. Source: The Bitcoin Office
Last year, Wood predicted that El Salvador’s Bitcoin (BTC) and AI plans may boost GDP tenfold by 2029.
While El Salvador has been aggressively introducing AI initiatives, its Bitcoin ambitions have been somewhat deterred.
In early March, the International Monetary Fund moved to restrict further Bitcoin purchases by El Salvador as part of an extended $1.4 billion funding arrangement with the country. However, the government has continued stacking 1 Bitcoin a day, raising questions about the implications of the deal with the IMF.
https://www.zerohedge.com/crypto/el-salvador-works-nvidia-develop-sovereign-ai-infrastructure
Putin Confirms End Of Easter Truce, Large-Scale Fighting Resumes
Russia has confirmed the end of its 30-hour Easter truce, which reportedly had some success as areas across the frontlines saw guns and shelling fall silent for the first time in well over three years.
On Monday the Kremlin acknowledged that military action has resumed, and also emphasized again that the ceasefire which began Saturday evening was indicative of its attitude that it is indeed open to any peace initiatives.
"Our attitude to ceasefires is positive, and that is why we proposed the initiative, especially as it was during the holy Easter days," Putin had said of the special holiday weekend truce. "We’ve seen the initial reaction [from Kiev], as I believe everyone did. The statement characterized our proposal as ‘playing with lives’ and so on."
Zelensky had quickly accused Putin of not being genuine, and suggested it was a PR move intended to signal the Trump administration. "As of Easter morning, we can say that the Russian army is trying to create a general impression of a ceasefire, but in some places, it does not abandon individual attempts to advance and inflict losses on Ukraine," he had posted on X.
"In practice, either Putin does not have full control over his army, or the situation proves that in Russia, they have no intention of making a genuine move toward ending the war, and are only interested in favorable PR coverage," Zelensky wrote.
But Putin had pointed out, "Apparently, smarter people – probably foreign handlers – explained that refusing such a proposal is a losing proposition for the Kiev regime, and [the Ukrainians] swiftly agreed."
Putin has also shot back in fresh Monday statements that Zelensky was "ready to reject Easter ceasefire — until his Western curators reminded him it's bad PR to oppose peace outright."
Ukraine has meanwhile proposed extending the truce for 30 days after it ended midnight Sunday, resulting in the Kremlin saying it is studying the possibility. Putin has since said he is reviewing a Ukrainian proposal for each side to case attacks on any civilian infrastructure.
Still, Putin has made clear that he's not interested in a merely temporary solution, but wants to achieve something lasing, on fears that Ukraine would just use a 30-day window to rearm and regroup.
Russian state media has published footage showing that during the Easter truce there was some positive, peaceful engagement among some troops on the ground.
As the for US, the State Department on Sunday that the US remains committed to "a full and comprehensive ceasefire." The Trump administration has made clear it is losing patience, and that both sides need to move fast toward the negotiating table.
Ukraine's Air Force confirmed on Monday the resumption of heavy strikes, describing Russian forces launched 96 drones and three missiles on eastern and southern Ukraine overnight.
https://www.zerohedge.com/geopolitical/putin-confirms-end-easter-truce-large-scale-fighting-resumes
FDA granted Breakthrough Device Designation for Adagio vCLAS cryoablation system.
Adagio Medical Holdings Inc
China warns countries against striking trade deals with US at its expense
China on Monday accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the United States at its expense, ratcheting up its rhetoric in a spiralling trade war between the world's two biggest economies.
Beijing will firmly oppose any party striking a deal at China's expense and "will take countermeasures in a resolute and reciprocal manner," its Commerce Ministry said.
The ministry was responding to a Bloomberg report, citing sources familiar with the matter, that the Trump administration is preparing to pressure nations seeking tariff reductions or exemptions from the U.S. to curb trade with China, including imposing monetary sanctions.
President Donald Trump paused the sweeping tariffs he announced on dozens of countries on April 2 except those on China, singling out the world's second largest economy for the biggest levies.
In a series of moves, Washington has raised tariffs on Chinese imports to 145%, prompting Beijing to slap retaliatory duties of 125% on U.S. goods, effectively erecting trade embargoes against each other. Last week, China signalled that its own across-the-board rates would not rise further.
"The United States has abused tariffs on all trading partners under the banner of so-called 'equivalence', while also forcing all parties to start so-called 'reciprocal tariffs' negotiations with them," the ministry spokesperson said.
China is determined and capable of safeguarding its own rights and interests, and is willing to strengthen solidarity with all parties, the ministry said.
"The fact is, nobody wants to pick a side," said Bo Zhengyuan, partner at China-based policy consultancy Plenum.
"If countries have high reliance on China in terms of investment, industrial infrastructure, technology know-how and consumption, I don't think they'll be buying into U.S. demands. Many Southeast Asian countries belong to this category."
Pursuing a hardline stance, Beijing will this week convene an informal United Nations Security Council meeting to accuse Washington of bullying and "casting a shadow over the global efforts for peace and development" by weaponizing tariffs.
Earlier this month, U.S. Trade Representative Jamieson Greer said nearly 50 countries have approached him to discuss the steep additional tariffs imposed by Trump.
Several bilateral talks on tariffs have taken place since, with Japan considering raising soybean and rice imports as part of its talks with the U.S. while Indonesia is planning to increase U.S. food and commodities imports and reduce orders from other nations.
CAUGHT IN CROSSFIRE
Trump's tariff policies have rattled financial markets as investors fear a severe disruption in world trade could tip the global economy into recession.
On Monday, Chinese stocks inched higher, showing little reaction to the commerce ministry comments, though investors have generally remained cautious on Chinese assets due to the rising growth risks.
The Trump administration also has been trying to curb Beijing's progress in developing advanced semiconductor chips which it says could be used for military purposes, and last week imposed port fees on China-built vessels to limit China's dominance in shipbuilding.
AI chip giant Nvidia said last week it would take $5.5 billion in charges due to the administration's curbs on AI chip exports.
China's President Xi Jinping visited three Southeast Asian countries last week in a move to bolster regional ties, calling on trade partners to oppose unilateral bullying.
Beijing has said it is "tearing down walls" and expanding its circle of trading partners amid the trade row.
The stakes are high for Southeast Asian nations caught in the crossfire of the Sino-U.S. tariff war, particularly given the regional ASEAN bloc's huge two-way trade with both China and the United States.
Economic ministers from Thailand and Indonesia are currently in the United States, with Malaysia set to join later this week, all seeking trade negotiations.
Six countries in Southeast Asia were hit with tariffs ranging from 32% to 49%, threatening trade-reliant economies that have benefited from investment from levies imposed on Beijing by Trump in his first term.
ASEAN is China's largest trading partner, with total trade value reaching $234 billion in the first quarter of 2025, China's customs agency said last week.\Trade between ASEAN and the U.S. totalled around $476.8 billion in 2024, according to U.S. figures, making Washington the regional bloc's fourth-largest trading partner.
"There are no winners in trade wars and tariff wars," Xi said in an article published in Vietnamese media, without mentioning the United States.
https://www.yahoo.com/news/china-opposes-deals-between-us-005128422.html
Sunday, April 20, 2025
South Korea’s Hyundai, Posco agree to cooperate on US steel plant
South Korea’s Hyundai Motor (OTC:HYMTF) Group said on Monday that it has signed a memorandum of understanding with Posco Holdings for cooperation on its planned U.S. steel plant.
Posco will make an equity investment in Hyundai Motor Group’s steel factory project in Louisiana, the group said in a press release.
The steelmaker was also considering selling some of the steel to be produced from the factory. Production is slated to begin in 2029.
The South Korean automaker announced plans to invest $21 billion in the United States with President Donald Trump at the White House last month.
In a regulatory filing, Hyundai Steel (KS:004020) said it would invest $5.8 billion along with Hyundai Motor Group to build a steel plant in Louisiana with an annual capacity of 2.7 million tonnes.
Trump slapped 25% tariffs on South Korea this month, which were later suspended for three months.
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