What We're Watching
China agrees to restrict fentanyl production
A bottle of fentanyl is displayed in Anyang city, central China's Henan province, 12 November 2018.
Reuters
China produces large quantities offentanyl, an opioid drug, much of which is then sold to drug cartels in Mexico that traffic narcotics into the United States. Fentanyl and other synthetic opioids were blamed for the overdose deaths of nearly 75,000 Americans in 2023.
For more than two years, the Biden administration has pressed China to stop the flow of chemicals used to make fentanyl. On Tuesday, China agreed to impose tougher restrictions and stricter oversight of the sale of three chemicals used to make fentanyl.
This tells us less about the future flow of opioids – they will probably continue to find their way across US borders – than about Beijing’s desire to protect stable and pragmatic relations with Washington. That is, at least until it becomes clear who will be inaugurated the next US president in January.
Ian Bremmer sits down with Ivan Krastev, Chairman of the Centre for Liberal Strategies and political scientist, to discuss Hungary's consequential upcoming election and what it means for the far right globally.
A new US regulatory framework sets clear rules for stablecoins, defining issuer responsibilities and laying the groundwork for consistent federal and state oversight. With guardrails in place, stablecoins are shifting from crypto experiment to payment infrastructure. Explore the stablecoin framework with Bank of America Institute.
See: “Raphael: Sublime Poetry at the Met.” The first Raphael retrospective ever mounted in the US is running through June 28 at the Met Museum.
Forty-eight countries have officially qualified for the World Cup, after Iraq booked the final spot with its win against Bolivia on Tuesday.