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South Korean president ousted, election looms
South Korea’s Constitutional Court on Friday voted unanimously to oust impeached President Yoon Suk-yeol over his decision to declare martial law in December. Supporters of Yoon who gathered near the presidential residence in Seoul reportedly cried out in disappointment as the court’s 8-0 decision was announced. Others cheered the ruling. The center-right leader is now the second South Korean president to be ousted.
Reality hits on new tariffs, but Trump says it’s ‘going very well’
Stocks have plummeted, layoffs have begun, and confusion has metastasized about the bizarre method the United States used to calculate its tariff formula. But Donald Trump says it’s “going very well."
Budget clash puts South African government on brink of collapse
The second largest party in South Africa’s coalition, the business-friendly Democratic Alliance, launched a legal challenge on Thursday to block a 0.5% VAT increase in the country’s new budget, raising concerns that the fragile government could collapse.
Israel strikes Syria to warn Turkey
As we wrote in February, Turkey’s president, Recep Tayyip Erdogan, has big plans for Syria. Erdogan’s government was a crucial backer of the HTS militia, an Islamist rebel group that ousted longtime Syrian strongman Bashar Assad in December, and it now wants Turkey’s military to take over some air bases on Syrian territory in exchange for Turkish training of Syria’s new army.
Trump's tariffs & the end of globalization
Overnight, the US moved to having the world’s highest tariffs by a long margin. Here is Ian Bremmer's Quick Take on the near and long-term fallout
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Rishi Sunak launches his campaign to be the next Tory leader and British PM in London.
Hard Numbers: Race to replace Boris, Mexico "pays" for wall, IMF-Pakistan bailout deal, pricey African crude
5: After two rounds of voting, five candidates are still in the race to succeed outgoing UK Prime Minister Boris Johnson. The early frontrunners are former Chancellor of the Exchequer Rishi Sunak, Trade Secretary Penny Mordaunt, and Foreign Secretary Liz Truss. The list will get whittled down to two before Conservative Party members have their say in early September.
1.5 billion: Now that Donald Trump is out of office, Mexico will finally (sort of) pay for America’s border wall. After meeting US President Joe Biden in person for the first time this week, Mexico's President Andrés Manuel López Obrador agreed to cough up $1.5 billion for a joint initiative to improve border security.
6 billion: The IMF has reached a preliminary agreement to revive a $6 billion bailout with Pakistan signed in 2019. The Pakistanis have seen the writing on the wall in nearby Sri Lanka and are determined to avoid default.
3: Crude oil from three African countries — Algeria, Equatorial Guinea, and Angola — are the world's most expensive varieties of black gold so far this year. Algeria's Sahara Blend is no. 1 because it's low in sulfur, light, sweet, and easy to refine.