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China passes Hong Kong "patriot" election law that removes opposition

China's government on Tuesday passed a new law overhauling Hong Kong's electoral system, which is designed to ensure only "patriotic" figures can run for positions of power.

Why it matters: Critics argue the law effectively marks the end of democracy in the Asian financial hub as it gives the ruling Chinese Communist Party control of elections, with all opposition removed from the legislature, per the BBC.


Details: "In the new make-up, the legislature will be expanded to 90 seats, and only 20 will be elected by the public," AP reports.

  • Before the law was enacted, 35 lawmakers of of the 70-seat legislature were directly elected.

What to watch: Secretary of State Antony Blinken vowed after the changes were proposed earlier this month to "follow through on sanctions" against "those responsible for committing repressive acts" in the former British colony, which previously enjoyed a high degree of autonomy.

Editor's note: This a breaking news story. Please check back for updates.

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Senate Democrats settling on 25% corporate tax rate

The universe of Democratic senators concerned about raising the corporate tax rate to 28% is broader than Sen. Joe Manchin, and the rate will likely land at 25%, parties close to the discussion tell Axios.

Why it matters: While increasing the rate from 21% to 25% would raise about $600 billion over 15 years, it would leave President Biden well short of paying for his proposed $2.25 trillion, eight-year infrastructure package.

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Biden faces new threats to U.S. leadership as instability rises

Hot spots have mushroomedacross the world in 2021, adding multiple international crises to President Biden's formidable domestic to-do list.

Why it matters: Cracks in the global order, which had been presided over by unrivaled American influence since the end of the Cold War, are growing. The proliferation of great-power flashpoints, and failing or failed states, creates new threats to American leadership — and to the global economy, which has been recovering.

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