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Japanese PM Shinzo Abe to resign for health reasons

Aug. 28, 2020 09:15AM EST
 Dan Ackermann

Japanese Prime Minister Shinzo Abe said Friday that he will resign once a new leader of his party is elected due to ongoing health issues with ulcerative colitis, per the AP.

Why it matters: Abe, who many thought might retire when his term ended in 2021, has been a key international ally of President Trump and a steady hand at the top of Japanese politics for a long time. The country had been known for its frequent prime ministerial turnover, but Abe has been in power since 2012 — following a short stint from 2006 to 2007.

"A long way to go": Fed chair warns economy will feel the weight of expired stimulus

Federal Reserve Chairman Jerome Powell told the House Financial Services Committee on Tuesday that the expiration of Congress' coronavirus stimulus will weigh on the U.S. economy.

Why it matters: Powell warned that the effects of dried-up benefits are a looming risk to the economy, even if the consequences aren't yet visible.

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Beijing draws Chinese companies even closer

Chinese Communist Party Secretary Xi Jinping announced last week that the party must strengthen its leadership over private companies, and that entrepreneurs must meet the party's needs. 

Why it matters: Xi's new announcement will increase fears that Chinese businesses may serve as a Trojan horse for the CCP.

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Trump to meet with Supreme Court candidate Barbara Lagoa in Florida on Friday

President Trump has arranged to meet with shortlisted Supreme Court candidate Barbara Lagoa during a campaign visit to Florida on Friday, according to two sources familiar with his plans.

What we're hearing: Sources who know both Trump and Lagoa say they still expect the president to pick Judge Amy Coney Barrett, but they view the Lagoa meeting as a wild card because they say she has a charismatic personality that would appeal to Trump.

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The U.S. now has more then 200,000 coronavirus deaths

Data: The Center for Systems Science and Engineering at Johns Hopkins; Chart: Axios Visuals

The coronavirus has now killed 200,000 Americans, according to Johns Hopkins data.

The big picture: Whatever contextyou try to put this in, it is a catastrophe of historic proportions — and is yet another reminder of America's horrific failure to contain the virus.

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In UN address, Trump says China "unleashed this plague onto the world"

President Trump used a virtual address to the UN General Assembly on Tuesday to defend his response to the coronavirus and call on other countries to “hold accountable the nation which unleashed this plague onto the world: China.”

Setting the scene: Trump ticked through four years of major decisions and accomplishments in what could be his last address to the UN. But first, he launched into a fierce attack on China as Beijing’s representative looked on in the assembly hall.

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Trump says he will announce Supreme Court pick on Saturday

President Trump tweeted Tuesday that he plans to announce his Supreme Court pick on Saturday.

Why it matters: Republicans are moving fast to replace the late Justice Ruth Bader Ginsburg, which would tilt the balance of the high court in conservatives' favor and have lasting impact on climate policy, immigration and the Affordable Care Act. Judge Amy Coney Barrett, who met with the president this week, is a frontrunner for the job.

Wall Street fears stimulus is doomed

The fight over a new Supreme Court justice will take Washington's partisan bickering to a new level and undermine any chance for needed coronavirus relief measures before November's election, Wall Street analysts say.

What we're hearing: "With the passing of Justice Ginsburg, the level of rhetorical heat has increased, if that seemed even possible," Greg Staples, head of fixed income for the Americas at DWS Group, tells Axios in an email.

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