China Responds to Lindsey Graham Russia Threat
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
China hit back at "illegal unilateral sanctions" after U.S. Senator Lindsey Graham said Beijing would be among those to feel the pain of his proposed legislation, which would slap up to a 500 percent secondary tariff on those trading with Russia.
Graham, a Republican from South Carolina, said the legislation has bipartisan support in Congress, and it comes as U.S. President Donald Trump threatens new secondary tariffs against Russia to force Moscow to make peace in Ukraine.
Trump touted a 100 percent secondary tariff, but Graham's bill would give him the power to do five times that.
Large-scale Chinese oil purchases have been a vital crutch for the sanctions-hit Russian economy during the ongoing invasion of Ukraine.
Lin Jian, spokesman for the Chinese foreign ministry, said at a press briefing on Tuesday, July 15, Beijing's position on ending the Ukraine war has been consistent and clear, and that it can only be achieved through dialogue and negotiation.
"China firmly opposes any illegal unilateral sanctions and long-arm jurisdiction," Lin said, the state-run Global Times reported.
"There are no winners in a tariff war, and coercion and pressure cannot solve problems.
"It's hoped all parties will further foster an environment and accumulate conditions to advance the political settlement of the Ukraine crisis, and take more actions that are conducive to peace talks."
This is a breaking news story. Updates to follow.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
7 minutes ago
- Forbes
Social Security Could Run Out by 2034—Here Are 8 Places To Grow Your Money
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Imagine losing nearly a quarter of your monthly income just as you're about to retire. That's the reality millions of Americans could face if Congress doesn't shore up Social Security before the trust fund runs dry in 2034. According to the latest government estimates, retirees could see automatic cuts of around 23% to their benefits. While lawmakers argue over potential fixes, one question becomes urgent: How do you plan for retirement when the system you're counting on is in trouble? There are ways to protect yourself, whether you're just beginning to save or closing in on retirement. Social Security has never been a perfect system, but it's long served as the foundation of retirement income for most Americans. Today, over 66 million people receive monthly benefits. The problem is that the system is paying out more than it's taking in. This trend has been fueled by longer life expectancies, lower birth rates and a wave of Baby Boomer retirements. According to the 2024 Trustees Report, the Old-Age and Survivors Insurance (OASI) Trust Fund will be depleted by 2034. If nothing changes, the program will rely solely on incoming payroll taxes to fund benefits, which will only cover about 77% of scheduled payments. In other words, retirees could see a nearly one-quarter cut to their monthly income. A cut to Social Security would hit many households hard, especially older Americans, since nearly 4 in 10 men and almost half of women over 65 rely on it for at least half of their income. Building a retirement plan that doesn't depend entirely on Social Security is more essential than ever. Here are key savings and investment tools that can help you stay secure, even if benefits are reduced. If you're holding cash in a traditional savings account, you're likely earning less than 1% interest. High-yield savings accounts , on the other hand, can offer 4% APY or more, depending on the provider. HYSAs are insured by the Federal Deposit Insurance Corp. (FDIC), meaning your deposits (up to $250,000 per bank) are protected even if the institution fails. They're ideal for emergency savings, short-term goals, or building a liquid cushion while earning competitive interest. Look for: No monthly fees, low minimums and rates around 4%. Roth IRAs are one of the most flexible and tax-efficient ways to save for retirement. Contributions are made with after-tax dollars, and withdrawals in retirement are tax-free. Traditional IRAs work the opposite way: Contributions are often tax-deductible, but withdrawals in retirement are taxed as income. Having both gives you tax diversification in retirement, especially if Social Security payments are reduced. 2025 contribution limits: Up to $7,000 per year ($8,000 if you're 50 or older), subject to income limits. CDs are low-risk savings products that let you lock in a fixed interest rate for a set period of time. In 2025, CD rates are still attractive, with many offering 5% or higher for 1-year terms. If you're worried about market volatility or just want to safeguard a portion of your savings, a CD ladder can help. This strategy involves opening multiple CDs with staggered maturity dates, giving you access to your money at regular intervals while maximizing interest. Tip: Choose a no-penalty CD if you think you might need early access. Despite recent market swings, workplace retirement plans remain a critical part of long-term retirement savings, especially if your employer offers a match. That match is essentially free money and should be maxed out if possible. 401(k)s are common in the private sector, while 403(b)s serve employees in public schools and certain nonprofits. Both offer tax-deferred growth, and many employers now offer Roth versions for tax-free withdrawals in retirement. 2025 contribution limits: Up to $23,500 annually ($30,500 if age 50+), plus employer match. Money-market mutual funds are a low-risk place to park cash while earning a bit more interest than a standard savings account. These funds invest in short-term, high-quality debt and are commonly available through brokerage accounts. They're a good option for short-term savings goals or as a cash-equivalent portion of a diversified portfolio. Tip: Unlike HYSAs, money-market funds are not FDIC-insured, but they're still considered very low risk. If you're not sure how to allocate your investments, robo-advisors can build and manage a diversified portfolio for you automatically. They typically use low-cost ETFs and adjust based on your goals, timeline, and risk tolerance. This is a great option for hands-off investors who want to stay on track for retirement without paying high advisory fees. Watch for: Expense ratios under 0.25% and platforms with low or no minimums. If you have a high-deductible health plan, an HSA is one of the most powerful and underused savings tools. Not only does it offer a triple tax benefit, but many HSA providers also allow you to invest your balance once it exceeds a threshold (typically $1,000 or $2,000). Invested HSA funds can grow tax-free for decades and be used for healthcare costs in retirement, or withdrawn after age 65 like a traditional IRA. 2025 contribution limits: $4,300 for individuals, $8,550 for families (plus $1,000 catch-up if over 55). If you're looking to invest on your own, the right online broker can make a big difference. The best online brokers for beginners offer intuitive platforms, strong customer support, commission-free trades and robust educational tools. Start by looking for a platform with no account minimum, low fees, and a wide range of investment options, including index funds, ETFs, and retirement accounts. Popular picks: Fidelity, Charles Schwab, SoFi and Robinhood. Everyone's retirement path is different, but here's how you can think about saving if you're worried about Social Security shortfalls. Open a Roth IRA and automate monthly contributions Start an emergency fund in a HYSA Contribute to your 401(k), especially if you get a match Consider a robo-advisor for easy, diversified investing Max out 401(k) and IRA contributions if possible Diversify with CDs, money-market funds and HSAs Use catch-up contributions and estimate your Social Security benefits Explore low-fee online brokers or robo-advisors Delay Social Security if you can to boost your monthly payout Shift some assets to safer options like HYSAs and short-term CDs Review your HSA balance and plan for healthcare costs Consider consolidating accounts at a beginner-friendly broker The possibility of Social Security cuts is real, but it doesn't have to derail your retirement. By taking steps now, like boosting your 401(k), opening a Roth IRA, and moving idle cash into a high-yield savings account, you can prepare for the future, even if the system falls short. The earlier you act, the more options you'll have. Social Security may be uncertain, but your personal savings strategy doesn't have to be.
Washington Post
11 minutes ago
- Washington Post
As Waltz faces UN post hearings, an update on the Signal situation that led to his initial ousting
As Mike Waltz , President Donald Trump's nominee for U.S. ambassador to the United Nations , appears before the Senate Foreign Relations Committee Tuesday for his confirmation hearing, focus returns to his ousting as national security adviser over what some referred to as 'Signalgate.' The former Florida Republican congressman served mere weeks in Trump's administration before revelations that he mistakenly added journalist Jeffrey Goldberg of The Atlantic to a private Signal chat that was used to discuss sensitive military plans , including planning for strikes on Houthi militants in Yemen.
Politico
12 minutes ago
- Politico
House Democrats strain to corner Republicans on Jeffrey Epstein
Senate Majority Leader John Thune says he will bring the first procedural vote to the floor Tuesday on the White House's request to claw back $9.4 billion in spending. It's not clear he has even the 51 votes necessary to start debate on the package. Congress needs to approve the request before it expires Friday, or the administration will have to spend the money as lawmakers originally intended. That deadline is looming large as several GOP senators insist the administration clarify what spending it is actually seeking to rescind. They'll question President Donald Trump's budget director Russ Vought during senators' closed-door lunch Tuesday afternoon. 'We still are lacking the level of detail that is needed to make the right decisions,' Senate Appropriations Chair Susan Collins told reporters Monday evening. 'It's extremely unusual for any senator to not be able to get that kind of detailed information.' The Maine Republican is concerned not just over the administration's proposal to scale down the global AIDS-fighting program PEPFAR, but also about broader cutbacks in overseas public health. Sen. Jerry Moran (R-Kan.) told POLITICO he's particularly interested in protecting funding for global food aid programs like Food for Peace and the McGovern-Dole International Food for Education and Child Nutrition Program. It's increasingly evident the rescissions package will have to be changed in order to pass the Senate, and Thune told reporters as he left the Capitol on Monday that leadership is working with wary senators to 'see what a path forward on amendments looks like.' Senate leaders expect a vote-a-rama on amendments to start Wednesday, teeing up a final vote late Wednesday or early Thursday. If senators are able to advance a package with tweaks, House GOP leaders plan to put the package on the floor Thursday; they have already started to clear away procedural hurdles that would prevent them from passing the spending cut proposal ASAP. Throwing another wrinkle into it all, though, is that House GOP leaders don't want the Senate amending the package at all, knowing their members will be jammed with changes they don't like and be forced to choose between passing a watered-down product or missing the deadline to act. 'I think you got to respect the White House's request, and that's what we did, so I hope that's what we get back,' Speaker Mike Johnson told reporters Monday. 'There are two big categories of rescissions, and I'm not sure either of them should be subject to dispute.' It's also unclear whether an amended rescissions package would even have the support in the Republican House. Fiscal hawks are already drawing red lines, with Rep. Ralph Norman (R-S.C.) going as far as telling POLITICO he won't support a rescissions package that is 'a penny less' than the House-approved version. MEANWHILE, IN OTHER FUNDING FIGHTS — Senate appropriators remain at a standstill on moving a funding bill forward for the Commerce and Justice departments. They're trying to schedule a briefing with the FBI on the administration's rationale for abandoning the plan to move the bureau to suburban Maryland, according to Sen. Chris Van Hollen (D-Md.), whose stand against Trump's desire for a site in the District of Columbia derailed a markup of the bill last week. But Van Hollen insists that even if the FBI assures senators that the Washington location is a secure site, he won't back off his attempt to block the administration from diverting about $1.4 billion that has been set aside for relocating the agency's campus to Maryland. Across the Capitol: House Appropriations Chair Tom Cole said that House leaders began whipping votes Monday night as the chamber prepares to take its vote on the $831.5 billion defense appropriations bill later this week. While defense appropriations bills have been bipartisan in the past, Republicans are expecting this measure to be a largely party-line affair. What else we're watching: — Epstein meltdown: We'll see if Republican leaders' headache from their members over the DOJ's failure to release files related to Jeffrey Epstein continues. Rep. Norman voted Monday in favor of a Democratic amendment in the House Rules Committee that would have forced a floor vote on the DOJ releasing more materials from the federal case. — Russia sanctions timeline: The bipartisan Russian sanctions bill might stall in the House and Senate after Trump announced secondary tariffs on countries trading with Russia. Thune said Monday he would hold off on advancing the bill for now. House Majority Leader Steve Scalise also said a vote could be delayed to post-August recess. — Dems' last stand against a controversial Trump pick: Senate Democrats are making a final bid to draw the spotlight to a whistleblower's allegations that Emil Bove, a top Justice Department official and 3rd Circuit Court of Appeals nominee, urged defiance of the same judicial branch he is seeking to join. Democrats want the whistleblower, Erez Reuveni, to testify before senators prior to their confirmation vote on Bove, which is set for Thursday morning. Jordain Carney, Katherine Tully-McManus, Jennifer Scholtes, Meredith Lee Hill and Cassandra Dumay contributed to this report.
