<a href="http://dailywire.com/topic/russia" target="_blank" rel="noopener">Russian</a> oil exports have rebounded to rates previously seen before the nation’s invasion of <a href="https://www.dailywire.com/topic/ukraine-russia-war" target="_blank" rel="noopener">Ukraine</a> despite sanctions imposed by Western countries.
<a href="https://www.dailywire.com/topic/g7" target="_blank" rel="noopener">G7</a> nations, the European Union, and Australia <a href="https://www.dailywire.com/news/russia-balks-as-g7-european-union-implement-oil-price-cap" target="_blank" rel="noopener">implemented</a> a $60 per barrel price cap on Russian oil so that their maritime services industries, such as insurance and trade finance, can only offer their services for Russian oil sold below the benchmark. Russian oil exports in March nevertheless soared to the highest levels since April 2020 due to “surging product flows that returned to levels last seen before Russia invaded Ukraine,” according to a monthly oil market <a href="https://www.iea.org/reports/oil-market-report-april-2023" target="_blank" rel="noopener">report</a> from the International Energy Agency.
Revenues from Russian oil exports meanwhile increased $1 billion last month to reach $12.7 billion, a metric which is still 43% lower than one year ago. The Russian government depends upon revenues from the energy sector to fill its coffers.
To avoid the price cap, Russia must depend upon maritime service industries outside of the G7, which are generally more expensive and less reliable.
The effort from Western nations to limit the Russian oil market has been resisted by countries that prioritize cheaper and more reliable sources of energy. China witnessed a 43% year-over-year increase in Russian oil imports as of two months ago, according to an <a href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/032023-chinas-crude-imports-from-russia-hits-record-as-xi-putin-eye-stronger-energy-ties#:~:text=China's%20crude%20oil%20imports%20from,when%20Chinese%20President%20Xi%20Jinping" target="_blank" rel="noopener">analysis</a> from S&amp;P Global, which noted that China is willing to “snap up attractively priced crudes” shunned by Western nations. Russian economic actors now <a href="https://www.dailywire.com/news/world-turns-to-china-in-moves-to-escape-dollar-dominance" target="_blank" rel="noopener">use</a> the Chinese yuan more than the dollar as the two nations increase their trade cooperation.
Japan, a member of the G7, will likewise <a href="https://www.dailywire.com/news/japan-buys-oil-from-russia-in-break-with-western-allies" target="_blank" rel="noopener">continue</a> to purchase crude oil from a project in the far eastern portion of Russia such that the energy-poor island nation will continue to have access to the natural gas present at the site. “We have done this with an eye toward having a stable supply of energy for Japan,” an official from the Japanese economy ministry said earlier this month in a statement.
Japan has been more hesitant than other G7 nations to express wholehearted support for Ukraine given their dependence on Russian energy. The nation provides roughly one-tenth of Japanese natural gas imports; Germany, which depended on Russia for more than half of natural gas imports before the invasion began early last year, rushed to secure other power sources as the cost of electricity <a href="https://www.dailywire.com/news/back-to-the-dark-ages-tucker-carlson-details-europes-self-induced-energy-crisis" target="_blank" rel="noopener">soared</a> more than tenfold last fall.
The International Energy Agency noted that a surprise oil production <a href="https://www.dailywire.com/news/what-the-president-has-done-has-worked-jean-pierre-claims-biden-gas-price-policies-will-lessen-impact-of-latest-opec-move" target="_blank" rel="noopener">decrease</a> from OPEC, an economic bloc constituting Saudi Arabia, Venezuela, and other countries with a large share of global oil production, will risk “aggravating an expected oil supply deficit” in the second half of 2023 and “boosting oil prices at a time of heightened economic uncertainty, even as industrial activity slows in the world’s largest economies.”
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President Joe Biden has meanwhile earned <a href="https://www.dailywire.com/news/biden-to-release-more-oil-from-strategic-reserve-ahead-of-midterms" target="_blank" rel="noopener">criticism</a> for approving the release of 180 million barrels from the Strategic Petroleum Reserve, a stock of emergency crude oil created to manage supply disruptions in energy markets, depleting the reservoir even as the <a href="https://www.dailywire.com/news/biden-missed-golden-window-to-restock-strategic-petroleum-reserves-he-depleted-oil-ceo-says" target="_blank" rel="noopener">costs</a> to refill the stores are now elevated. He also <a href="https://www.dailywire.com/news/top-wall-street-ceo-slams-biden-for-going-hat-in-hand-to-saudi-arabia-for-oil-admits-investors-dont-give-a-s-about-wokeness" target="_blank" rel="noopener">moved</a> last year to enable American oil production in Venezuela and reportedly asked Saudi Arabia to delay oil production cuts until after the midterm elections.

Oil Field.

Russian Oil Exports Rebound To Pre-War Levels Despite Western Sanctions

Russian Oil Exports Return To Pre-War Levels

Economy

Energy

Oil and Gas

OPEC

Russia

Ukraine-Russia War

World

<a href="http://dailywire.com/topic/japan" target="_blank" rel="noopener">Japan</a> will continue to purchase <a href="http://dailywire.com/topic/russia" target="_blank" rel="noopener">Russian</a> crude oil above the $60 per barrel price cap imposed by <a href="https://www.dailywire.com/topic/g7" target="_blank" rel="noopener">G7</a> nations last year.
The break from the sanction created by Western nations in reaction to the Russian invasion of Ukraine was approved by the United States but marks a faltering in the G7 alliance, which includes the two nations as well as Canada, France, Germany, Italy, and the United Kingdom. Japan, an island nation with lackluster energy reserves, will continue to purchase crude oil from the Sakhalin-2 project in the far eastern portion of Russia such that Japan continues to have access to the natural gas present at the site.
“We have done this with an eye toward having a stable supply of energy for Japan,” an official from the Japanese economy ministry said in a <a href="https://www.wsj.com/articles/japan-breaks-with-u-s-allies-buys-russian-oil-at-prices-above-cap-1395accb" target="_blank" rel="noopener">statement</a> to The Wall Street Journal. He noted that a small quantity of crude oil is extracted alongside the natural gas at Sakhalin-2, which Japan must continue to purchase to ensure access to the latter energy product.
The price cap policy only <a href="https://www.dailywire.com/news/russia-balks-as-g7-european-union-implement-oil-price-cap" target="_blank" rel="noopener">allows</a> maritime services industries in the G7 nations, the European Union, and Australia, which include sectors such as insurance and trade finance, to offer their services for Russian oil sold below the benchmark. Brent crude oil, the price benchmark for fuel drilled in the Atlantic Ocean, was $81 per barrel as of Monday morning.
Mitsui and Mitsubishi, two prominent Japanese companies, own nearly one-quarter of the Sakhalin-2 initiative and successfully fought to maintain their shares of the project last year.
Japan has been more hesitant than other G7 nations to express full-throated support for Ukraine, given their dependence on Russian energy resources. Russia provides roughly one-tenth of Japanese natural gas imports; Germany, which depended on Russia for more than half of natural gas imports before the invasion began early last year, rushed to secure other power sources as the cost of electricity <a href="https://www.dailywire.com/news/back-to-the-dark-ages-tucker-carlson-details-europes-self-induced-energy-crisis" target="_blank" rel="noopener">soared</a> more than tenfold last fall.
Hirokazu Matsuno, the chief spokesman for the Japanese government, nevertheless insisted that his nation supports Ukraine. Japanese Prime Minister Fumio Kishida plans to express solidarity with the Ukrainian war effort next month at the G7 conference in Hiroshima.
“We absolutely will not allow Russia’s outrageous act, and we are imposing strict sanctions on Russia in order to stop Russia’s invasion as soon as possible,” Matsuno said.
The United States Treasury Department <a href="https://home.treasury.gov/news/press-releases/jy1141" target="_blank" rel="noopener">asserted</a> last year that the price cap is “high enough to maintain a clear economic incentive for Russia to continue selling oil on global markets,” as Russia has “historically accepted” the rate. To shirk the price cap, Russia must depend upon maritime service providers outside of the G7, which are more expensive and less reliable.
“This price cap will benefit directly emerging and developing economies, and it will be adjustable over time so that we can react to market developments,” European Commission President Ursula von der Leyen <a href="https://twitter.com/vonderleyen/status/1598734779750309888?s=20&amp;t=sjSZByyC-DfPC6LRlzeg1Q" target="_blank" rel="noopener">said</a> in a speech regarding the policy.
The United States has sent more than $75 billion in combined humanitarian, military, and financial aid to Ukraine as of January, according to an <a href="https://www.cfr.org/article/how-much-aid-has-us-sent-ukraine-here-are-six-charts" target="_blank" rel="noopener">analysis</a> from the Council on Foreign Relations. Institutions of the European Union, on the other hand, have sent nearly $32 billion, while the United Kingdom and Germany have sent a combined $15 billion.

RUSSIA-SAKHALIN-OIL-GAS-ENVIRONMENT-PLANT

Japan Buys Oil From Russia In Break With Western Allies

Japan Buys Oil From Russia

Global Politics

Japan

<a href="http://dailywire.com/topic/g7" target="_blank" rel="noopener">G7</a> finance ministers committed on Friday to jointly pursue a price cap on <a href="http://dailywire.com/topic/russia" target="_blank" rel="noopener">Russian</a> <a href="http://dailywire.com/topic/russia" target="_blank" rel="noopener">oil</a>.
Members of the forum, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, <a href="https://www.dailywire.com/news/biden-and-other-world-leaders-want-a-global-price-cap-on-russian-oil">announced</a> the policy three months ago during a conference in Austria. A <a href="https://www.gov.uk/government/news/g7-finance-ministers-statement-on-russias-war-of-aggression-against-ukraine">statement</a> from the nations’ finance ministers published on Friday affirms that the bloc “will continue to stand with Ukraine for as long as it takes” by banning the sale of Russian oil above a certain price.
“We seek to establish a broad coalition in order to maximize effectiveness and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap,” the statement explained. “We reaffirm our own measures to phase out Russian oil and products from our domestic markets and underscore that the price cap measure aims to relieve pressure on global oil prices and support oil-importing countries globally by enabling continued access to Russian oil at or below the price cap for countries that continue such imports.”
The initial price cap will be established based upon “a range of technical inputs,” according to the statement, which acknowledged that each of the 27 nations in the European Union must unanimously affirm the plan.
Treasury Secretary Janet Yellen said in a <a href="https://home.treasury.gov/news/press-releases/jy0936">statement</a> that the price cap is “one of the most powerful tools we have to fight inflation” caused by future geopolitical events. “By committing to finalize and implement a price cap, the G7 will significantly reduce Russia’s main source of funding for its illegal war, while maintaining supplies to global energy markets by keeping Russian oil flowing at lower prices,” she remarked. “While we’ve seen energy prices ease in the United States, energy costs remain a concern for Americans and continue to be elevated globally.”
The national average price of gasoline was $2.38 per gallon when President Joe Biden assumed office, according to <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=EMM_EPMR_PTE_NUS_DPG&amp;f=W">data</a> from the Energy Information Administration, and increased to $3.53 per gallon by the start of the Russian invasion. Prices surpassed <a href="https://www.dailywire.com/topic/gas-prices">$5.00 per gallon</a> in early June before subsiding to $3.81 per gallon as of Friday, according to <a href="https://gasprices.aaa.com/">AAA</a>.
Natural gas prices in some parts of Europe have <a href="https://www.dailywire.com/news/back-to-the-dark-ages-tucker-carlson-details-europes-self-induced-energy-crisis">increased tenfold</a> compared to normal levels, prompting various countries to introduce energy consumption quotas ahead of the winter months. Germany — the largest economy in Europe — imported roughly 55% of its natural gas from Russia before the invasion and has since <a href="https://www.dailywire.com/news/germany-poised-to-shut-down-last-nuclear-plants-despite-gas-shortage-ahead-of-winter-months">reduced its dependence</a> to 35%, although German gas supplies are slated to last only three months if Russia decides to end all exports.
The European Union has adopted the official <a href="https://ec.europa.eu/clima/eu-action/climate-strategies-targets/2050-long-term-strategy_en">policy</a> of becoming “a climate-neutral society” by 2050 in accordance with the European Green Deal and the Paris Agreement. Earlier this week, Tesla and SpaceX CEO Elon Musk <a href="https://www.dailywire.com/news/civilization-will-crumble-elon-musk-issues-dire-warning-about-rapid-shift-to-green-energy">cautioned</a> that the global economy places itself at risk by pursuing a rushed transition to renewable power.
“Realistically I think we need to use oil and gas in the short term, because otherwise civilization will crumble,” Musk told reporters at an energy summit in Norway. “One of the biggest challenges the world has ever faced is the transition to sustainable energy and to a sustainable economy. That will take some decades to complete.”

GERMANY-UKRAINE-RUSSIA-G7-ECONOMY-FINANCE

G7 Finance Ministers Commit To Russian Oil Price Cap, Will Help Ukraine ‘For As Long As It Takes’

Finance Ministers Of World's Largest Economies Agree To Cap Russian Oil Prices

Janet Yellen

Ukraine

President <a href="http://dailywire.com/topic/biden-administration">Joe Biden</a> and other world leaders are pursuing a cap on Russian <a href="http://dailywire.com/topic/oil-and-gas">oil</a> prices.
Members of the <a href="http://dailywire.com/topic/g7">G7</a> are meeting in Austria to discuss the <a href="http://dailywire.com/topic/russia">Russian</a> invasion of <a href="http://dailywire.com/topic/ukraine">Ukraine</a>, as well as climate change and public health. In one background <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2022/06/27/background-press-call-by-a-senior-administration-official-on-president-bidens-second-day-in-germany/">press call</a>, a senior Biden administration official announced that G7 leaders would “set a global price cap for Russian oil in shipments” to countries outside of the seven nations, which include Germany, Italy, the United Kingdom, France, Japan, Canada, and the United States.
“The goal here is to starve Russia — starve Putin of his main source of cash and force down the price of Russian oil to help blunt the impact of Putin’s war at the pump,” the official said. “The dual objectives of G7 leaders have been to take direct aim at Putin’s revenues, particularly through energy, but also to minimize the spillovers and the impact on the G7 economies and the rest of the world.”
Meanwhile, an Iranian official <a href="https://www.reuters.com/world/middle-east/qatar-host-indirect-talks-between-iran-us-reviving-2015-nuclear-deal-2022-06-27/">confirmed</a> that Qatar would host indirect talks between the United States and Iran on a revival of the Obama administration’s defunct <a href="https://www.dailywire.com/news/iran-escalates-enrichment-at-underground-nuclear-facility-now-has-enough-material-for-weapon-reports">nuclear</a> deal — a reality that could lead to the <a href="https://www.cfr.org/backgrounder/what-iran-nuclear-deal">lifting of oil sanctions</a> against the Islamic nation.
West Texas Intermediate and Brent crude oil prices rose slightly on Monday morning amid the news. The national average gas price in the United States is currently $4.90, according to <a href="https://gasprices.aaa.com/">AAA</a>.
Financial sanctions imposed against Russia have “significantly disrupted Russia’s ability to receive payments for exports, pay for imports and engage in cross-border financial transactions,” according to the <a href="https://www.imf.org/en/News/Articles/2022/03/05/pr2261-imf-staff-statement-on-the-economic-impact-of-war-in-ukraine">International Monetary Fund</a>. However, the sanctions also <a href="https://www.reuters.com/business/imf-warns-russia-sanctions-threaten-chip-away-dollar-dominance-ft-2022-03-31/">threaten the status of the dollar</a> as the global reserve currency.
Russian President Vladimir Putin has acknowledged the impact of the sanctions on his nation. “Our economy will need deep structural changes in these new realities, and I won’t hide this — they won’t be easy; they will lead to a temporary rise in inflation and unemployment,” Putin said in March, per <a href="https://www.wsj.com/articles/putin-acknowledges-impact-of-sanctions-on-russian-economy-11647462258?mod=article_inline">The Wall Street Journal</a>.
Earlier this month, President Biden <a href="https://www.dailywire.com/news/bidens-abuse-of-defense-production-act-will-drive-gas-prices-even-higher">invoked the Defense Production Act</a> — a federal law allowing the commander-in-chief to prioritize manufacturing certain goods in times of national crisis — to accelerate green energy production. Even as prices at the pump continue to rise, Energy Secretary <a href="http://dailywire.com/topic/jennifer-granholm">Jennifer Granholm</a> repeated her <a href="https://www.dailywire.com/news/energy-secretary-lays-out-the-only-way-to-avoid-high-gas-prices-and-its-not-producing-more-oil">argument</a> that the “only way out” of “boom-and-bust cycles” in energy prices is “deploying clean energy.”
“The real truth is that as long as our nation remains overly reliant on oil and fossil fuels, we will feel these price shocks again,” Granholm said last week. “This is not going to be the last time. The next time there’s a war, the next time there’s a pandemic or another hurricane, these extreme weather events we are experiencing — they will impact the access that we have to fossil fuels.”
The Biden administration also proposed a three-month suspension on the federal gas tax — a move that would <a href="https://www.dailywire.com/news/report-shows-how-much-bidens-gas-tax-suspension-would-save-the-typical-american">save</a> the typical American a paltry $4.79 to $14.31 over the course of three months. Sen. Joe Manchin (D-WV) — a key moderate — said last week that he <a href="https://www.dailywire.com/news/democratic-senator-not-a-yes-right-now-on-bidens-proposed-gas-tax-holiday">had not signed on to the idea</a> since the policy does not guarantee that the amount would “penny-for-penny come off of that price.”

G7 Leaders Convene For Summit At Schloss Elmau

Biden And Other World Leaders Want A ‘Global Price Cap’ On Russian Oil

World Leaders Weigh A Global Price Cap On Russian Oil

The Group of Seven (G7) nations released a statement on Sunday opposing any potential Russian invasion of Ukraine, warning of &#8220;severe costs&#8221; if any attack should occur.
The <a href="https://www.state.gov/g7-foreign-ministers-statement-on-russia-and-ukraine/" target="_blank" rel="noopener">statement</a> from the G7 nations included the foreign ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the U.S., along with the High Representative of the European Union. The nations proclaimed that they &#8220;are united in our condemnation of Russia’s military build-up and aggressive rhetoric towards Ukraine.&#8221;
The statement also called on Russia to de-escalate its current actions.
&#8220;We call on Russia to de-escalate, pursue diplomatic channels, and abide by its international commitments on transparency of military activities as President Biden did in his call with President Putin on 7 December,&#8221; the leaders said.
&#8220;We reconfirm our support for the efforts of France and Germany in the Normandy Format to achieve full implementation of the Minsk Agreements in order to resolve the conflict in eastern Ukraine,&#8221; the statement added.
<blockquote class="twitter-tweet">
The G7 FMs call on Russia to de-escalate, pursue diplomatic channels, and abide by its international commitments on transparency of military activities. Further military aggression against Ukraine would have massive consequences and severe cost in response.<a href="https://t.co/hKGMrDZcsV">https://t.co/hKGMrDZcsV</a>
— Ned Price (@StateDeptSpox) <a href="https://twitter.com/StateDeptSpox/status/1470070134471548929?ref_src=twsrc%5Etfw">December 12, 2021</a></blockquote>
The strongest language came in the statement&#8217;s words regarding consequences of any actions by Russia against Ukraine, noting the &#8220;severe cost&#8221; of any invasion.
&#8220;Any use of force to change borders is strictly prohibited under international law. Russia should be in no doubt that further military aggression against Ukraine would have massive consequences and severe cost in response,&#8221; the G7 leaders declared.
The G7 foreign ministers also commended Ukraine&#8217;s restraint and affirmed the nation&#8217;s sovereignty to conclude the statement.
&#8220;We reaffirm our unwavering commitment to Ukraine’s sovereignty and territorial integrity, as well as the right of any sovereign state to determine its own future. We commend Ukraine’s posture of restraint,” the statement read.
On Tuesday, President Joe Biden held a virtual meeting with Russian President Vladimir Putin, following the rise in tensions relating to the display of military aggression by Russian forces along their border with Ukraine.
The Daily Wire <a href="https://www.dailywire.com/news/amid-rising-tensions-biden-speaks-with-putin-to-express-deep-concerns-over-military-aggression" target="_blank" rel="noopener">previously reported</a> on President Joe Biden&#8217;s virtual meeting with Putin on December 7:
<blockquote>The White House released a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/12/07/readout-of-president-bidens-video-call-with-president-vladimir-putin-of-russia/">readout</a> of the video call, which was just 145 words in length.
President Joseph R. Biden, Jr. held a secure video call today with President Vladimir Putin of Russia to discuss a range of issues on the U.S.-Russia agenda. President Biden voiced the deep concerns of the United States and our European Allies about Russia’s escalation of forces surrounding Ukraine and made clear that the U.S. and our Allies would respond with strong economic and other measures in the event of military escalation. President Biden reiterated his support for Ukraine’s sovereignty and territorial integrity and called for de-escalation and a return to diplomacy. The two presidents tasked their teams to follow up, and the U.S. will do so in close coordination with allies and partners. The presidents also discussed the U.S.-Russia dialogue on Strategic Stability, a separate dialogue on ransomware, as well as joint work on regional issues such as Iran.
The two leaders spoke for approximately two hours on Tuesday, with the meeting beginning at 10:07 a.m. ET and ending at 12:08 p.m. ET, according to the White House.</blockquote>

G7 leaders

G7 Warns Russia Against Ukraine Invasion, Cautions Of ‘Severe Costs’

The leaders of the world’s wealthiest developed nations on Sunday backed a new 15% global minimum tax on corporations, intended to keep the world’s largest companies from being able to dodge taxes by offshoring profits.
&#8220;Critically, the G7 leaders endorsed a global minimum tax of 15 percent. So many corporations have been engaged in what are essentially tax havens, deciding that they would pay considerably less than other — in other environs around the world,&#8221; President Joe Biden said in a press conference in England on Sunday. &#8220;And — but this is going to make sure there’s a minimum tax, and I’m going to have — I’m going to move on this at home as well — a minimum tax for corporations to pay for the profits they make anywhere in the world.&#8221;
&#8220;And this agreement is going to help arrest the race to the bottom that’s been going on among nations attracting corporate investment at the expense of priorities like protecting our workers and investing in infrastructure,&#8221; Biden said.
Under the tax, known as GMT, if a company pays a tax rate lower than the new minimum by using offshore accounts, the company would have to pay the difference to the country in which it is headquartered. &#8220;The policy would also potentially affect some major companies by requiring that they pay taxes in the countries where their good and services are sold, and not just where they are physically present,&#8221; Fox News <a href="https://www.foxbusiness.com/politics/biden-greets-g-7-with-global-minimum-tax-push-in-hand">reported</a>.
The G-7 is made up of the United States, the United Kingdom, Canada, France, Germany, Italy, and Japan. The group is meeting in the U.K., and the plan is to bring up the GMT in a meeting of the Group of 20 leaders, scheduled for next month.
&#8220;If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere,&#8221; CNBC <a href="https://www.cnbc.com/2021/06/11/biden-and-g-7-leaders-will-endorse-a-global-minimum-corporate-tax.html">reported</a>.
Biden has offered support for a plan to increase the U.S. corporate tax rate to 28% from 21%, along with a slew of other tax increases. A study released last September said the plan would raise taxes by $3.4 trillion on Americans and corporations over the next decade.
The Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School, put out the study. In addition to trillions more in taxes, the study projected that Biden’s platform would raise federal spending by about $5.4 trillion — or roughly 24% of gross domestic product by 2030, Fox Business <a href="https://www.foxbusiness.com/politics/biden-platform-would-raise-taxes-by-3-4t-study-says">reported</a>.
“The spending plan, which is more than double what Hillary Clinton proposed during the 2016 campaign, would be funded by a slew of new taxes, including a corporate tax hike. Biden’s trillion-dollar proposals signal that he’ll continue the unprecedented level of government spending that began in mid-March as American life came to a grinding halt because of the COVID-19 crisis,” Fox wrote.
The Wharton <a href="https://www.wsj.com/articles/biden-after-rejecting-progressive-spending-plans-now-hones-multi-trillion-dollar-budget-11600075802">study</a> found that nearly 80% of Biden’s tax increases would hit the top 1% of earners in the U.S. But the study also found that Biden’s platform would bring the largest federal budget increase since Democratic presidential nominee George McGovern in 1972 pledged to deliver a guaranteed minimum income for all Americans, which never happened.

Final Day Of G-7 Leaders Summit

G-7 Summit Ends With Leaders Backing Biden-Supported Global Minimum Tax

Joe Biden

Taxes

The agenda set at last week&#8217;s Group of 7 summit included British Prime Minister Boris Johnson pining over a world more &#8220;feminine&#8221; and &#8220;gender neutral.&#8221;
“We need to make sure that as we recover, we level up across our societies and we build back better,” Johnson said, the New York Post <a href="https://nypost.com/2021/06/11/boris-johnson-g7-objectives-include-more-feminine-society/">reported</a>. “And I actually think that we have a huge opportunity to do that, because as G7, we are united in our vision for a cleaner, greener world, a solution to the problems of climate change. And in those ideas, in those technologies, which we’re all addressing together, I think there is the potential to generate many, many millions of high-wage, high-skill jobs.”
“And I think that is what the people of our countries now want us to focus on,” the conservative PM continued.
“They want us to be sure that we’re beating the pandemic together and discussing how we’ll never have a repeat of what we’ve seen, but also that we’re building back better together,&#8221; Johnson said. &#8220;And building back greener and building back fairer and building back more equal and in a more gender-neutral and perhaps a more feminine way. How about that, apart from everything else. So those are some of the objectives that we have before us at Carbis Bay.”
The summit comprises seven of the world&#8217;s most powerful government leaders: Britain, Canada, France, Germany, Italy, Japan, and the United States. The nations combine for about half of the global economy.
The Post highlighted that Johnson was borrowing language from President Joe Biden, repeatedly talking about &#8220;building back better&#8221; &#8212; and that the remarks from Johnson were ridiculed by some as &#8220;comically woke&#8221;:
<blockquote>Johnson, appearing to align his agenda with President Biden’s, said that the world’s most economically powerful democracies must “build back better” after the COVID-19 pandemic.
Biden, who sat to Johnson’s immediate left at a round table, is pushing Congress to approve <a href="https://nypost.com/2021/03/31/biden-unveils-multi-trillion-dollar-infrastructure-plan/?preview_id=17713873">massive electric vehicle</a> and <a href="https://nypost.com/2021/04/28/biden-unveils-1-8t-families-plan-before-infrastructure-bill/">child care</a> spending in a campaign branded “Build Back Better.”
Johnson, a romantically rapacious Conservative Party leader known as “a dog” to his people for his many affairs and marriages, emerged as an unlikely champion of what some viewers mocked as a comically “woke” G7 agenda.</blockquote>
When G7 leaders met back in February, Biden announced the end to his predecessor President Donald Trump&#8217;s &#8220;America First&#8221;-era politics. <a href="https://www.dailywire.com/news/america-first-diplomacy-is-over-biden-tells-g-7-summit">The Daily Wire</a> reported:
<blockquote>President Biden told leaders at the G-7 summit on Friday, the same day the U.S. reentered the Paris Agreement, that the days of “America First” diplomacy championed by former President Trump were over, according to <a href="https://www.nytimes.com/live/2021/02/19/world/g7-meeting-munich-security-conference">The New York Times</a>.
As <a href="https://nypost.com/2021/02/19/biden-announces-end-of-america-first-agenda-in-g7-speech/?utm_source=NYPTwitter&amp;utm_medium=SocialFlow&amp;utm_campaign=SocialFlow">the New York Post</a>, which cited Biden’s intent to declare on Friday that the “America First” era was over, noted, “Biden has swiftly dismantled Trump’s foreign policy agenda, which saw the U.S. withdraw from the <a href="https://nypost.com/2020/07/07/trump-administration-tells-congress-us-is-out-of-the-who/">World Health Organization</a>, the <a href="https://nypost.com/2019/11/04/trump-takes-formal-step-to-pull-out-of-paris-climate-agreement/">Paris Agreement</a> and the Iran nuclear deal, which Trump believed were against the nation’s interests.”</blockquote>
Related: <a href="https://www.dailywire.com/news/world-leaders-laugh-at-biden-after-boris-johnson-has-to-remind-biden-of-something-that-just-happened">World Leaders Laugh At Biden After Boris Johnson Has To Remind Biden Of Something That Just Happened</a>
Related: <a href="https://www.dailywire.com/news/biden-gifted-boris-johnson-6000-bike-johnson-gave-biden-framed-photo-reportedly-sourced-from-wikipedia">Biden Gifted Boris Johnson $6,000 Bike, Johnson Gave Biden Framed Photo Reportedly Sourced From Wikipedia</a>

Boris biden

G7 Summit Woke Agenda: Boris Johnson Wants World More ‘Feminine’ And ‘Gender Neutral’

Boris Johnson

World leaders laughed at President Joe Biden during a roundtable event at the G7 over the weekend after British Prime Minister Boris Johnson had to remind Biden of something that had just happened moments before.
Sky News posted the clip on social media, which showed Johnson introducing world leaders who had just joined the event. In the clip, Johnson introduced South African President Cyril Ramaphosa, who was the only black leader in the room, and, after Johnson introduced him, Biden introduced the president of South Africa and pointed at him in a manner that suggested that he did not know that he had just been introduced.
&#8220;&#8230; to say how pleased I am to welcome those who have just joined us in some pretty spectacular weather,&#8221; Johnson said. &#8220;With them, Prime Minister Modi, President Ramaphosa, President Moon &#8230;&#8221;
&#8220;And the president of South Africa,&#8221; Biden interjected.
&#8220;And the president of South Africa as I said early on,&#8221; Johnson responded.
&#8220;Oh, you did?&#8221; Biden asked.
The room erupted in laughter.
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Boris Johnson insists to Joe Biden that he already introduced the president of South Africa to a G7 meeting.
Read the latest from the G7 here: <a href="https://t.co/LLt2KjJhOE">https://t.co/LLt2KjJhOE</a> <a href="https://t.co/mjwKvbvDo6">pic.twitter.com/mjwKvbvDo6</a>
&mdash; Sky News (@SkyNews) <a href="https://twitter.com/SkyNews/status/1404059601096556554?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Biden was widely mocked online after the incident, with many describing it as an embarrassing moment for the United States.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Either Biden had another dementia moment or he did not know the name of the only black leader in the room. <a href="https://t.co/WCziNF3Jx2">pic.twitter.com/WCziNF3Jx2</a>
&mdash; Ian Miles Cheong (@stillgray) <a href="https://twitter.com/stillgray/status/1404184000655073281?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
This is advanced late stage dementia. 
The entire world sees it and laughs nervously as our corporate media cheers Biden for ordering his own ice cream cone. <a href="https://t.co/6wArJQUlaN">https://t.co/6wArJQUlaN</a>
&mdash; John Cardillo (@johncardillo) <a href="https://twitter.com/johncardillo/status/1404131321929211905?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Give Joe a break, he has dementia <a href="https://t.co/zWXGnJqFme">https://t.co/zWXGnJqFme</a>
&mdash; Steve Deace (@SteveDeaceShow) <a href="https://twitter.com/SteveDeaceShow/status/1404118840624168961?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Just swear in Kamala already. Or Jill, for that matter. <a href="https://t.co/01Vcf0kAlx">https://t.co/01Vcf0kAlx</a>
&mdash; (((Jason Epstein))) (@Southfive) <a href="https://twitter.com/Southfive/status/1404097532028989440?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
I vividly recall liberals screaming how Trump was embarrassing us abroad.
I don&#39;t know about you, but I&#39;d rather my allies and foes view me as arrogant than view me as a fool.
But that&#39;s just me and my ego is big. <a href="https://t.co/9eS0Lf04BW">https://t.co/9eS0Lf04BW</a>
&mdash; K 🇯🇲 (@GolferGirl305) <a href="https://twitter.com/GolferGirl305/status/1404102797746970627?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
oh holy shit, ayfkm <a href="https://t.co/iTwLcioyCF">https://t.co/iTwLcioyCF</a>
&mdash; kaitlin, political fashion police (@thefactualprep) <a href="https://twitter.com/thefactualprep/status/1404135734202748934?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
It was not the only moment during the G7 that Biden appeared to struggle as he repeatedly referred to Libya as he spoke to the press.
Biden said [emphasis added]:
<blockquote>And so, there’s a lot going on where we can work together with Russia. For example, in Libya, we should be opening up the passes to be able to go through and provide — provide food assistance and economic — I mean, vital assistance to a population that’s in real trouble.
I think I’m going to try very much — hard to — it is — and, by the way, there’s places where — I shouldn’t be starting off on negotiating in public here. But let me say it this way: Russia has engaged in activities which are — we believe are contrary to international norms, but they have also bitten off some real problems they’re going to have trouble chewing on.
And, for example, the rebuilding of — of Syria, of Libya, of — you know, this is — they’re there. And as long as they’re there without the ability to bring about some order in the — in the region, and you can’t do that very well without providing for the basic economic needs of people.
So I’m hopeful that we can find an accommodation that — where we can save the lives of people in — for example, in — in Libya, that — consistent with the interest of — maybe for different reasons — but reached it for the same reason — the same result.</blockquote>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Watch Biden talk about Syria (which he calls Libya): <a href="https://t.co/Vasz1y9yOk">pic.twitter.com/Vasz1y9yOk</a>
&mdash; Max Abrahms (@MaxAbrahms) <a href="https://twitter.com/MaxAbrahms/status/1404160304406319108?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Bloomberg News reporter Jennifer Jacobs tweeted that aides told her that Biden meant to say Syria instead of Libya.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Biden at press conference said he is hopeful that he can find an accommodation where US and Russia can save the lives of people in Libya. (He meant Syria, aides say.) <a href="https://t.co/1sP5QHYGZu">pic.twitter.com/1sP5QHYGZu</a>
&mdash; Jennifer Jacobs (@JenniferJJacobs) <a href="https://twitter.com/JenniferJJacobs/status/1404082521701298179?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This article has been expanded after publication to include additional information.

BRITAIN-G7-SUMMIT

World Leaders Laugh At Biden After Boris Johnson Has To Remind Biden Of Something That Just Happened

The Group of 7 world leaders gathered Friday in Carbis Bay, England, for their first in-person summit in nearly two years after last year&#8217;s meeting was canceled due to the pandemic.
The meeting of the heads of the world&#8217;s major economies — Britain, France, Germany, the U.S., Italy, Japan, and Canada — also marks President Biden&#8217;s first foreign trip since taking office.
Video of the world leaders greeting each other on the Cornish coast shows them sharing awkward elbow bumps despite not wearing face masks.
Fortunately, however, they have all been vaccinated.
All seven heads of state have been inoculated against the coronavirus, President Biden, French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, German Chancellor Angela Merkel, British Prime Minister Boris Johnson, Italian Prime Minister Mario Draghi, and Japanese Prime Minister Yoshihide Suga.
Meanwhile, however, Macron&#8217;s official Twitter account tweeted out a video of the French president and Biden speaking privately off to the side at the G7 summit, standing very close together and neither wearing a mask. Macron at one point is seen grasping Biden&#8217;s arm.
“The Leaders discussed a range of regional and bilateral issues, including COVID-19 and counterterrorism efforts in the Sahel, and affirmed the importance of the U.S.-France partnership and the Transatlantic alliance,” a White House spokesperson <a href="https://www.cnn.com/world/live-news/biden-g7-summit-updates-intl-06-11-2021/index.html">told</a> CNN of the private discussion between the two presidents.
One might also note that the copious elbow bumping brought the unmasked faces of the world leaders closer together than a simple handshake would have.
Biden has previously received criticism for appearing overly cautious with regard to face masks and social distancing, a question that has dogged his administration as the Centers for Disease Control and Prevention (CDC) begins to relax restrictions, especially for vaccinated people.
Last month, Biden was asked by a reporter about his preference to wear a face mask even around other vaccinated people.
“Because when we’re inside it’s still good policy to wear the mask,” Biden <a href="https://www.dailywire.com/news/senior-white-house-covid-advisor-says-biden-wears-mask-inside-because-hes-a-very-important-person">responded</a>.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
The leaders of the <a href="https://twitter.com/G7?ref_src=twsrc%5Etfw">@G7</a> have arrived for this year’s Summit in Carbis Bay, Cornwall.
Welcome!<a href="https://twitter.com/hashtag/G7UK?src=hash&amp;ref_src=twsrc%5Etfw">#G7UK</a> <a href="https://twitter.com/hashtag/G7Cornwall?src=hash&amp;ref_src=twsrc%5Etfw">#G7Cornwall</a> <a href="https://twitter.com/hashtag/BuildBackBetter?src=hash&amp;ref_src=twsrc%5Etfw">#BuildBackBetter</a> <a href="https://t.co/BfzhCQmDkk">pic.twitter.com/BfzhCQmDkk</a>
&mdash; UK Prime Minister (@10DowningStreet) <a href="https://twitter.com/10DowningStreet/status/1403377449807794182?ref_src=twsrc%5Etfw">June 11, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
At official welcome, <a href="https://twitter.com/JustinTrudeau?ref_src=twsrc%5Etfw">@JustinTrudeau</a> is the only leader to use a mask. He puts it on briefly to elbow-bump <a href="https://twitter.com/BorisJohnson?ref_src=twsrc%5Etfw">@BorisJohnson</a>, then removes it before crossing in front of them and chatting and posing on the other side. <a href="https://twitter.com/hashtag/G7?src=hash&amp;ref_src=twsrc%5Etfw">#G7</a> <a href="https://twitter.com/hashtag/G7Summit?src=hash&amp;ref_src=twsrc%5Etfw">#G7Summit</a> <a href="https://twitter.com/hashtag/G7UK?src=hash&amp;ref_src=twsrc%5Etfw">#G7UK</a> <a href="https://t.co/ArrNwNdjUs">pic.twitter.com/ArrNwNdjUs</a>
&mdash; Abigail Bimman (@AbigailBimman) <a href="https://twitter.com/AbigailBimman/status/1403350960437485574?ref_src=twsrc%5Etfw">June 11, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Together we will <a href="https://twitter.com/hashtag/BuildBackBetter?src=hash&amp;ref_src=twsrc%5Etfw">#BuildBackBetter</a> 🇬🇧🇺🇸 <a href="https://t.co/HSn2EFVqeh">pic.twitter.com/HSn2EFVqeh</a>
&mdash; Boris Johnson (@BorisJohnson) <a href="https://twitter.com/BorisJohnson/status/1403038420063117322?ref_src=twsrc%5Etfw">June 10, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Now that we are together, united, determined to make a difference, it&#39;s time to deliver. I&#39;m sure we will, <a href="https://twitter.com/JoeBiden?ref_src=twsrc%5Etfw">@JoeBiden</a>! <a href="https://t.co/VmkvCV1yG5">pic.twitter.com/VmkvCV1yG5</a>
&mdash; Emmanuel Macron (@EmmanuelMacron) <a href="https://twitter.com/EmmanuelMacron/status/1403375117158293509?ref_src=twsrc%5Etfw">June 11, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
CNN’s Jake Tapper also quizzed Jeff Zients, the White House’s coronavirus response coordinator, on the same issue in May, asking whether Biden’s mask-wearing is “overly cautious” and sending the wrong message.
Zients responded that Biden is going to “continue to follow the CDC guidance.”
The CDC&#8217;s current guidance says that a vaccinated person need not wear a face mask in small groups of people who are also vaccinated.
CNN’s John Berman last month pressed White House Senior Advisor for Coronavirus Response Andy Slavitt on why Biden wore a face mask during an Oval Office meeting with congressional leaders, all of whom are vaccinated against the coronavirus.
“Part of getting people vaccinated is to tell them that their lives will be different, changed, better, if they get the vaccine,” Berman remarked. “So why were they all wearing masks? And what message does that send?”
Slavitt responded that Biden wears a mask indoors “because he’s a very important person.”

g7 elbows

WATCH: Vaccinated G7 Leaders Share Awkward Unmasked Elbow Bumps

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