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Police officers stand guard on the rooftop of Vienna's OPEC headquarters before the start of meeting of OPEC oil.
Hard Numbers: OPEC+ ain’t eager to pump, Mexico woos Trump with drug bust, Bitcoin to the moon, Merkel’s book is a blockbuster, Quake hits the Golden State
1,100: Mexican authorities in the northern state of Sinaloa seized over 1,100 kilograms of fentanyl late on Tuesday in the largest drug bust of its kind in the country’s history. Taking deadly drugs off the street is always a good thing, but critics of the Mexican government say authorities are strategically timing major busts to curry favor with the incoming US administration.
103,000: The price of the cryptocurrency token Bitcoin reached $103,000 on Thursday, breaking its previous record as speculators bet big on a friendly regulatory environment. President-elect Donald Trump appointed Paul Atkins, a crypto promoter, to the Securities and Exchange Commission, prompting the market run.
200,000: Former German Chancellor Angela Merkel’s new book, “Freedom: Memoirs 1954-2021,” is set to become Germany’s bestselling book this year, with 200,000 copies already sold in the week after release. At over 700 pages, you’d expect a juicy nugget or two, but early reviews expressed disappointment that Merkel doesn’t spill much tea on other world leaders and historic events — or reflect on the legacy of some controversial policies, such as welcoming large numbers of refugees and pursuing closer ties with Russia and China.
7.0: A magnitude 7.0 earthquake struck off the coast of Northern California on Thursday morning, triggering evacuation warnings along coastal areas from San Francisco all the way to southern Oregon. Fortunately, a tsunami did not develop, and minimal damage took place from the shaking.
President-elect Donald Trump attends the America First Policy Institute gala at Mar-A-Lago in Palm Beach, Florida, on Nov. 14, 2024.
Hard Numbers: Trump talks tough tariffs, Opposition wins in Uruguay, DHL plane crashes in Lithuania, Israeli drone targeted journalists, Ireland asylum claims spike
25: President-elect Donald Trump took aim at Canada and Mexico via Truth Social on Monday, posting about his plan to charge the countries — currently America’s No. 1 & No. 2 trading partners, — a whopping 25% tariff on all products entering the US. The tariff would be enacted on Jan. 20, 2025, Trump said, and would “remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” He then posted that he would charge China, where the precursor chemicals to fentanyl are made, “an additional 10% tariff, above any additional Tariffs, on all of their many products coming into the United States of America.”
49: Uruguay’s left-wing opposition leader Yamandú Orsiwon the small South American country’s presidential election with 49% of the vote in a neck-and-neck runoff contest on Sunday. It was yet another rebuke of an incumbent party — the theme of many global elections this year — but not to worry: Uruguay is remarkably stable, and Orsi is a moderate with no radical plans.
1: One crew member died on Monday when a DHL cargo flight crashed during its attempted landing in Vilnius, Lithuania, with surveillance video showing a huge ball of flames as the plane went down. Lithuanian officials said they could not rule out whether Russia played a role in the crash, following months of suspicions over Moscow’s possible role in other cases of sabotage against the German shipping giant. Germany, meanwhile, is sending investigators to Vilnius to aid with the probe.
3: Human Rights Watch has determined that an Israeli drone strike that killed three journalists in Lebanon last month was most likely a deliberate attack on civilians, which is a war crime. More than 3,500 people in Lebanon have died amid Israel’s invasion, and more than 1 million have been displaced from their homes in the 5.3-million-strong country.
300: Asylum applications in Ireland have spiked 300% so far this year – with a fourfold increase from Nigeria – compared to last. The rise has been driven by tougher immigration stances in the UK, including a quixotic plan to house asylum-seekers in Rwanda. The uptick is becoming a political issue in Ireland, with voters increasingly concerned by the impact of increased migration on scarce housing.Mexico's President Claudia Sheinbaum speaks, on the day of the 114th anniversary of the Mexican Revolution, in Mexico City, Mexico November 20, 2024.
Constitutional changes target regulatory agencies in Mexico
The lower house of Mexico’s Congress approved the text of a constitutional proposal to scrap oversight bodies on Wednesday, a first step in the ruling Morena party’s goal of eliminating autonomous institutions and consolidating power.
The change is just the latest in a series of reforms begun under former President Andrés Manuel López Obrador and carried out by his successor, Claudia Sheinbaum. Plans include overhauling the energy sector and judicial system, and guaranteeing a minimum wage that stays above inflation.
The bill passed by the lower house moves agencies overseeing government transparency, telecommunications, antitrust, energy, education, social policy, and other regulators under the jurisdiction of the executive branch, removing their institutional autonomy. It passed 347–148 and only needs one vote to pass the Senate before the legislative period ends on Dec. 15.
Sheinbaum backs the proposal, arguing that regulators are inefficient and that eliminating them will save taxpayer dollars. But her party has put forward a compromise to appease critics: decentralized agencies to ensure that antitrust and communications regulators remain independent, even as they are absorbed under the executive’s umbrella. The compromise is also meant to ensure the constitutional changes don’t contradict the terms of the trade deal with the US and Canada — which requires Mexico to have independent oversight bodies — ahead of renegotiations in 2026.
Hard Numbers: US and Mexico reach water deal, Russia and Ukraine smash drone records, US students look abroad after Trump win, Indonesia’s new president walks non-aligned line, Haiti's interim leader fired
18: After 18 months of talks, the US and Mexico announced on Saturday that they have reached a new water-sharing agreement. The accord revises and makes more flexible a decades-old pact under which Mexico provides water from the Rio Grande to the US Southwest in exchange for water from the Colorado River. The breakthrough comes amid growing concerns about water scarcity on both sides of the border. (For more on the complicated (geo)politics of the Colorado River, see our report here).
84 and 145: Russia and Ukraine each launched their largest drone attacks ever against the other side this weekend. Moscow said it intercepted at least 84 Ukrainian drones, at least 34 of which were aimed at the capital city itself, while Kyiv said Russia had launched at least 145 unmanned craft of its own. Both sides said they shot down the majority of the other’s drones. The barrages come as both sides try to game out the impact of Trump 2.0, with the president-elect having pledged to end the war in “24 hours” when he returns to office.
500: The number of US students seeking to study abroad has spiked in the days since Donald Trump won the presidential election. A leading provider of information on foreign education opportunities reported that average inquiries jumped nearly 500% to 11,000 a day since last Tuesday night. College students were one of the few demographics that overwhelmingly supported Kamala Harris, with polls showing more than 70% favoring the vice president.
10 billion: Indonesia’s new president hailed cooperation with China, signing $10 billion in new business and security deals with the country at a forum in Beijing on Sunday. Prabowo Subianto, a former army general and businessman who took office last month, has praised China’s emergence as a “civilizational power” but also said Indonesia would remain “non-aligned.” His first trip abroad as president will take him from Beijing to Washington, DC, and then to South America and the UK.
6: Haiti’s interim Prime Minister Garry Conillewas fired on Sunday after just six months on the job. The country’s transitional council, established to restore democratic order amid increasing gang violence, signed a decree to dismiss Conille, replacing him with businessman Alix Didier Fils-Aimé, the former president of Haiti’s Chamber of Commerce and Industry. The decree is set to be published on Monday.
Ukrainian President Volodymyr Zelensky (L) and former President Donald Trump, meeting in New York City on Sept. 27, 2024.
How will Trump 2.0 approach foreign policy?
Donald Trump’s return to the White House will have massive geopolitical implications. During his first term, Trump’s chaotic foreign policy was driven by his “America First” philosophy, which combined a transactional view of alliances and an isolationist-leaning skepticism about US involvement in foreign conflicts. He withdrew from major agreements, routinely insulted allies (often via tweets), questioned the value of NATO and the UN, launched a trade war with China, cozied up to authoritarian adversaries, and was viewed as an untrustworthy leader across the globe.
Given the tumultuous nature of his initial four years in office, the world is now bracing for the impact of Trump’s return.
Here’s a closer look at what we can expect from Trump on some of the biggest foreign policy issues.
China
Trump 1.0 took a hardline approach to trade with China, which he holds responsible for draining American manufacturing jobs. He imposed several rounds of tariffs that were continued by the Biden administration.
The president-elect has threatened to raise those tariffs further – up to 60%. China, which has been struggling economically, is ramping up exports in order to get ahead of any Trump 2.0 tariffs.
Trump has also threatened to revoke the CHIPS Act, a law signed by President Joe Biden to increase competitiveness with Beijing in the semiconductors race by offering billions to companies that produce in the US. Trump says he prefers to simply slap tariffs on Chinese chips directly.
Taiwan
Trump’s victory is making Taiwan anxious, amid questions over whether he’ll continue to support the self-governing island democracy as it contends with an increasingly aggressive China. The president-elect has called for Taiwan, which Beijing views as a breakaway province, to begin paying the US for defense. By law, the US is committed to providing Taiwan with defensive weapons. The island purchases billions in arms from the US.
Trump has also accused Taiwan, the world’s biggest producer of semiconductors, of stealing the US’s “chip business.”
When asked in October whether he would use military force against a Chinese blockade of Taiwan, Trump said, “I wouldn’t have to” because Xi “respects” him and knows he’s “f— crazy.”
The Middle East
Trump’s election victory is good news for Israeli Prime Minister Benjamin Netanyahu. During his first term, Trump took numerous steps that aided Netanyahu’s agenda. He controversially moved the US embassy to Jerusalem, recognized Israel’s annexation of the Golan Heights, and said the US no longer considered Israeli settlements in the occupied West Bank as illegal under international law. Bibi in a tweet celebrated Trump’s win as “history’s greatest comeback!”
Trump will likely be even more pro-Israel than Biden – former CIA Chief Leon Panetta has even said he expects the president-elect to give Netanyahu “a blank check.”
But Trump has also expressed a desire for a quick end to the war in Gaza and has vowed to bring peace to the region. At a minimum, his election win gives Netanyahu room to delay any cease-fire deal until after Trump’s inauguration.
Saudi Arabia is also likely pleased to see Trump return. He stood by Saudi Crown Prince Mohammed bin Salman in the aftermath of the kingdom’s brutal murder of journalist Jamal Khashoggi, and derailed efforts in Washington to punish Riyadh. Trump could potentially use his strong ties with Saudi Arabia to foster a deal that would see the oil-rich country normalize ties with Israel — though the Saudis still say this won’t happen until the issue of Palestinian statehood is resolved.
Trump’s win also has significant implications with regard to Iran, which is currently locked in a tit-for-tat with Israel that has fueled fears of a wider war in the Middle East.
The US and Iran were on the brink of war under Trump after he ordered the strike that killed Qassem Soleimani, a top Iranian general. Tensions were already high at the time due to Trump’s decision to withdraw the US from the 2015 nuclear deal with Iran and reimpose harsh economic sanctions in a failed bid to get Tehran to agree to a stricter deal.
Trump has pledged to avoid new wars in his second term and in September signaled he was open to talks with Tehran to achieve a new agreement to ensure Iran doesn’t develop a nuclear weapon. But if he once again pursues a “maximum pressure” strategy, it could raise the risk of conflict.
Ukraine
Trump has pledged to end the war in Ukraine “in 24 hours,” but he hasn’t elaborated on how he’ll accomplish this.
As a result, his victory ushers in a new era of uncertainty for Kyiv. Trump, who’s repeatedly praised Russian President Vladimir Putin, opposes continued US support for Ukraine’s war against the Russian invasion. The Ukrainian military would struggle to sustain the fight without continued US assistance.
The dynamic between Trump and Ukrainian President Volodymyr Zelensky is awkward. Trump’s first impeachment in 2019 was tied to his decision to freeze aid to Ukraine as he pressured Zelensky to launch an investigation into Biden over bogus corruption allegations.
Trump has also blamed Zelensky for the war with Russia, though it was Putin who ordered the Russian invasion of the former Soviet republic.
But Zelensky on Wednesday said he had a “great” conversation with Trump as he congratulated him on winning the election. “We agreed to maintain a close dialogue and develop our cooperation. Strong and steadfast US leadership is vital to the world and to a just peace,” he added, praising Trump’s “peace through strength” approach to global affairs.
Putin on Thursday also congratulated Trump, praising him as a “brave man.” The Russian leader added that what Trump has said “about the desire to restore relations with Russia, to help end the Ukrainian crisis, in my opinion, deserves attention at least.”
Mexico
The US-Mexico relationship could suffer under Trump, who routinely rails against the country in relation to immigration, has pledged to conduct mass deportations, and has even suggested the US should use military force against Mexican drug cartels.
Trump has threatened to impose tariffs on America’s southern neighbor — and largest trading partner — even though this would potentially violate the trade deal that he negotiated with Mexico and Canada while in office.
Mexican President Claudia Sheinbaum is so far playing it cool in the face of these threats. On Wednesday, Sheinbaum said Mexicans have “nothing to worry about” over Trump’s election win.
“We are a free, independent, sovereign country and there will be good relations with the United States. I am convinced of this,” Sheinbaum added.
Europe
Trump’s victory raises many questions about US relations with Europe. Amid ongoing economic woes across the continent, European leaders are unsettled by Trump’s threat to apply blanket tariffs on goods imported into the US. But it remains to be seen whether Trump will make good on this.
Trump frequently clashed with European allies during his first term, using unprecedented and alarming threats to withdraw from NATO altogether as a means of getting them to spend more on defense as part of the alliance.. His win is sparking fresh conversations about the need for Europe to be less reliant on the US for defense.
NATO chief Mark Rutte on Thursday said Trump was “right” to pressure NATO countries to spend more on defense. The NATO chief said he was “looking forward” to sitting down with Trump to discuss issues of concern to the alliance.
Meanwhile, the far right prime minister of Hungary, Viktor Orban, celebrated the US election result as a “much needed victory for the world,” though on Thursday he cautioned that trade relations with a more protectionist administration “will not be easy.”
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People wait in line to buy bread before Rafael's arrival in Havana, Cuba, on Nov. 5, 2024.
Hard Numbers: Cuba battens down the hatches, Mexico’s judicial reform stands, Iran’s currency hits record low, Tsk tsk Pyongyang, Reckless raccoon
8: On Tuesday, Mexico’s Supreme Court dismissed a proposal to narrow the scope of a controversial reform plan that would require all judges in the country to stand for election. Seven of the 11 justices voted to limit the election requirement to Supreme Court justices, buteight votes were needed to water down the reform.
703,000: On Wednesday, Iran’s currency fell to an all-time low as news of Donald Trump’s victory in the US presidential election hit markets. The rial traded at703,000 to the dollar before a slight recovery later in the day.
2/3: Ten of the 15 current UN Security Council members condemned North Korea’s recent launch of an intercontinental ballistic missile and called on Pyongyang to return to negotiations. Ecuador, France, Japan, Malta, South Korea, Sierra Leone, Slovenia, Switzerland, and the United Kingdom supported a US statement of condemnation. Russia, China, Algeria, Mozambique, and Guyana refused.
8 billion: At the Marine Air Terminal at New York’s LaGuardia airport, a raccoon fell through the ceiling at a departure gate earlier this week, causing chaos. This smaller terminal was not part of the infamously ramshackle airport’s recent$8 billion upgrade.
Mexican President Claudia Sheinbaum at the National Palace on November 4, 2024 in Mexico City, Mexico.
Mexico’s Supreme Court girds for clash with new president
Mexican President Claudia Sheinbaumattacked the Supreme Court on Tuesday, saying it would overstep its bounds if it votes to overturn parts of an ambitious judicial overhaul pushed through by her predecessor, former President Andres Manuel Lopez Obrador. The reform would require all judges – even those in the high court – to be elected by popular vote, which critics say will rob the judicial system of its independence.
The looming fight is nothing short of a constitutional crisis, and the justices are on their back foot. Eight of them already announced their intentions to resign rather than stand for elections in June. Meanwhile, the ruling Morena party’s coalition supermajorities in Congress allowed it to pass an amendment last week barring judicial challenges to constitutional changes – in other words, stripping the Supreme Court of its ability to check the executive or legislative branches. This could mean that whatever decision the court reaches may be moot.
A compromise? One justice, Juan Luis González Alcántara, is proposing a compromise that would see only the top courts stand for election, while lower justices remain appointed. He’ll need to win over his fellow justices, and we are watching whether avoiding a major crisis just one month into her presidency is enough of an incentive for Sheinbaum to take the deal.
Workers of the Judiciary in Mexico City, Mexico, on October 15, 2024, protest outside the National Palace in the capital against judicial reform in Mexico. They reject the bill promoted by the former president of Mexico, Andres Manuel Lopez Obrador, which proposes the election by popular vote of judges, magistrates, and ministers of the Supreme Court starting in 2025.
Mexican Congress defangs the judiciary as majority of Supreme Court resigns
Eight out of Mexico’s 11 Supreme Court justices announced late Wednesday that they would resign their positions in opposition to a judicial overhaul that requires them to stand for election, while at the same time Congress passed new legislation that will prohibit legal challenges to constitutional changes. With the opposition in tatters and the courts castrated, President Claudia Sheinbaum’s Morena party has free rein to implement its far-reaching agenda, known as the Fourth Transformation.
Experts say the legislation means Mexico effectively has no checks on presidential and legislative power, given Morena’s coalition supermajority in Congress. The opposition PRI and PAN parties are deeply unpopular and tarnished by corruption, with slim chances of recovering popular support before the midterm elections in 2027. With a strong popular mandate to boot, Morena is on stable ground to pursue whatever projects it wants to prioritize, no matter how potentially disruptive.
Seven of the eight resigning justices will serve through August 2025, with their replacements set to be elected in June, while the eighth has reached retirement and will leave his seat on Nov. 30. The justices made clear their resignations are not meant to legitimize the judicial overhaul, but they stood to lose their pensions if they did not resign or declare their candidacy by Oct. 31.
What’s the next signpost? All eyes will be on the Supreme Court on Nov. 5 (the same day as the US election), when it is expected to discuss a draft ruling on the judicial overhaul that requires justices to stand for election. They may find portions of the overhaul unconstitutional, but with Wednesday’s legislation, that point is rendered moot.