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S&P 500 futures are flat close to report ranges forward of Fed summit

A trader works on the New York Stock Exchange (NYSE) in New York on August 20, 2021.

Andrew Kelly | Reuters

S&P 500 futures were lower Thursday after the benchmark surged above 4,500 for the first time in the previous session and ahead of the Federal Reserve’s annual symposium on Friday.

S&P 500 futures lost 0.02% and Nasdaq 100 futures lost 0.1%. The Dow Jones Industrial average futures were unchanged.

The weekly initial jobless claims totaled 353,000 as expected, the Department of Labor reported Thursday morning. Economists polled by Dow Jones expected 350,000 Americans to register as unemployed last week, compared with 348,000 the previous week.

Economic growth in the second quarter was 6.6% according to the second estimate by the Department of Commerce on Thursday. This was a slight upward correction from the previously reported annual increase of 6.5%.

The Federal Reserve’s much-anticipated Jackson Hole Symposium will be held virtually on Friday this year, with many central bank speakers expected to make remarks to the media starting Thursday. At the event, central bankers could share their plan to curb monetary stimulus.

Esther George, president of the Kansas City Fed, told CNBC Thursday morning that “given the progress we’ve seen,” a Fed throttling is “appropriate”, although she did not specify when she thought it should begin.

“If you look at the job growth last month, the month before, if you look at the current level of inflation, I would think that the level of housing we are currently offering is probably not needed in this scenario,” she said “So I would be ready to talk about tapers sooner rather than later.”

Salesforce shares rose 2% in pre-trading hours after the software giant released second-quarter results and forecasts that beat analysts’ estimates. Ulta Beauty increased 5% due to strong results.

Zoom Video’s shares rose more than 2% after Morgan Stanley upgraded the stock and forecast an 18% uptrend.

On Wednesday, the S&P 500 gained 0.22% to close on a record, led by stocks that are benefiting from the economic reopening such as airlines, cruise lines and financial companies. The 500-share average broke above 4,500 for the first time on Wednesday, but closed below that level. The benchmark is up 105% from its pandemic low.

The Nasdaq Composite rose 0.15% and also hit a record close. The Dow Jones Industrial Average rose 39 points.

“While we continue to believe in the secular bull market for US stocks, we have proposed some cash in the face of lower highs (including bearish divergences) on a variety of indicators, weaker August and October seasonality, and the transition of the presidential cycle into its weakest phase in US stocks and declining signals from margin debt, “wrote Stephen Suttmeier, Technical Research Strategist at Bank of America.

The benchmark 10-year government bond yield rose as high as 1.352% on Wednesday as worries about slowing growth in the Delta variant eased, reaching its highest level since the beginning of the month when it returned as high as 1.364%.

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“The yield on 10-year government bonds has continued to rise in the last few days and has exploded in [Wednesday’s] act and send a strong message that the US Delta variant of Covid may be peaking, which should build confidence, resume economic reopening and stimulate investment flows towards small caps and cyclical stocks, “said Jim Paulsen, Chief Investment Strategist at the Leuthold Group.

Chairman Jerome Powell will make remarks at the Fed summit on Friday. In response to the pandemic, the Federal Reserve has bought at least $ 120 billion a month in bonds to curb longer-term interest rates and stimulate economic growth.

“Expect investors to keep an eye on the Fed symposium for the remainder of this week for comments on the rate hike or the timing of rate hikes,” Paulsen said. “Either unexpected comments from the Fed or a failure or success in scaling up to 4500 could add additional volatility to the equity and bond markets.”

Several companies reported quarterly earnings on Thursday, including Dell Technologies, Gap, HP and Abercrombie & Fitch.

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Dow rises greater than 200 factors to begin the week whereas traders await key Fed summit

Traders on the floor of the New York Stock Exchange, August 11, 2021.

Source: NYSE

Stocks were higher in early trading Monday following a volatile week on Wall Street as investors eye a key event where the Federal Reserve could hint at prospects for tapering stimulus.

The Dow Jones Industrial Average gained 245 points, or nearly 0.6%. The S&P 500 added 0.7% and the Nasdaq Composite rose 1%.

Shares of vaccine makers are trading higher after the Food and Drug Administration granted full approval for the two-dose Pfizer-BioNTech vaccine on Monday, the first licensing of a vaccine for Covid-19. Pfizer shares are up 3.7%. Its partner BioNTech’s stock jumped 9% and Moderna is 5% higher. Trillium Therapeutics is soaring on news that it’ll be acquired by Pfizer. Its shares are up 188%.

Bitcoin hit a three-month high on Sunday, punching above $50,000 and pulling crypto-adjacent stocks up with it. Coinbase and Microstrategy are 2% higher.

Major averages are coming off a losing week as investors grew worried that the Fed’s potential move to pull back monetary stimulus could slow down the economic recovery that is already challenged by the spread of the delta Covid-19 variant.

Traders are eagerly awaiting the Jackson Hole symposium for clues on the Fed’s timeline for dialing back its $120 billion a month bond-buying program. The event takes place virtually on Thursday and Friday. The Fed previously was going to conduct the event in a mixed virtual and live presentation, but decided Friday to go all virtual in light of the rising virus risk.

Chairman Jerome Powell’s speech will be titled “The Economic Outlook,” which “may suggest the speech could have a more near-term focus,” Nomura economist Aichi Amemiya said in a note.

“Given the recent deterioration in incoming data and the pandemic situation, we see some risk Powell focuses on increased uncertainty due to the latest COVID-19 surge,” Amemiya added. “At a minimum, we view recent comments from Fed officials as supporting our view of a December tapering announcement despite a preference on the FOMC for November as of the July meeting.”

The blue-chip Dow fell 1.1% last week, while the S&P 500 declined nearly 0.6%, breaking a two-week winning streak. The tech-heavy Nasdaq dipped 0.7% during the week.

“We suspect investor conviction is being challenged by the potential for upcoming monetary policy changes, shifting growth vs. value rotations, and a rising trajectory of new coronavirus cases,” Craig Johnson, technical market strategist at Piper Sandler, said in a note.

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For the month of August, major benchmarks are poised to post modest gains. The S&P 500 is up 1.1% month to date, while the blue-chip Dow has gained 0.5% and the Nasdaq has climbed 0.3%.

“August is a historically volatile month for markets and this year is no different, with investors currently climbing multiple walls of worries,” said Rod von Lipsey, managing director at UBS Private Wealth Management. “Upticks in Covid-19 cases and a downward spiral in Afghanistan are creating a crisis of confidence, at a time when many investors are on holiday.”

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World News

Biden and Putin converse after Geneva summit

Russian President Vladimir Putin and President Joe Biden agreed to resume stalled nuclear talks and return their ambassadors to their overseas posts on Wednesday, two concrete measures emerging from their summit in Geneva.

Putin said at a press conference that talks with Biden had been “very productive” and that there had been “no hostilities” between the two.

Biden echoed this feeling at his own press conference, calling the talks “good, positive”. He added that the talks were not “held in a hyperbolic atmosphere – that’s too much of what’s going on”.

Neither Russia’s ambassador to the United States, Anatoly Antonov, nor Washington’s ambassador to Moscow, John Sullivan, are currently at his post. Both men were recalled this spring after Biden announced a new round of US sanctions to punish Russia for a massive cyberattack on US government agencies last year.

As a result, consular operations, visas and other diplomatic services came to a virtual standstill in both countries. This collapse had an impact on industries, families and aid agencies that have links in both countries.

In February, the Biden government extended the new strategic arms reduction treaty with Russia for another five years.

On Wednesday, Putin and Biden agreed that consultations on “strategic stability,” an abbreviation for nuclear arsenals, between the two nations should be resumed. The composition, location and frequency of these interviews are determined by working-level officials and not by the two presidents.

Biden said that in practice this means “bringing our military and diplomatic experts together to take control of new and dangerous weapon systems”.

The United States and Russia will “jointly begin an integrated bilateral strategic stability dialogue in the near future. We want to lay the foundations for future arms control and risk reduction measures,” said a joint statement by the Russian Foreign Ministry on Twitter.

New START is currently the only arms control treaty between Washington and Moscow.

Former US President Donald Trump has withdrawn from medium-range nuclear missiles. Similar to the INF treaty, New START limits the nuclear arsenals of Washington and Moscow.

The United States and Russia own the lion’s share of the world’s nuclear weapons.

US President Joe Biden (L) and Russia’s President Vladimir Putin (R) meet for talks at Villa La Grange.

Mikhail Metzel | TASS | Getty Images

Cyber ​​crime

Biden said he and Putin had talked extensively about cybersecurity and told Putin that “certain critical infrastructures should be banned from attack, period”. Biden said he gave Putin a list of 16 specific units, from energy to water systems.

Biden’s warning to Putin followed two targeted ransomware attacks directly targeting American citizens last month, both of which were perpetrated by criminals believed to be based in Russia.

The first was an attack on the operator of the country’s largest gas pipeline, the Colonial Pipeline, in early May. The attack forced the company to shut down an approximately 8,500-mile fuel pipeline, causing nearly half of the east coast’s fuel disruption and fuel shortages in the southeast and airline disruptions.

The second attack, this time by another Russia-based cybercriminal group, targeted JBS, the world’s largest meat supplier. The company eventually paid a $ 11 million ransom, but not before it temporarily ceased all of its U.S. operations.

Putin identified questions about the attacks and specifically mentioned the attack on the Colonial Pipeline as one with which Russia had nothing to do.

But US officials say the notion that Putin is unaware of these attacks is not credible as he has a tight grip on Russia’s intelligence services and its more opaque network of contractors.

Russian President Vladimir Putin (L) shakes hands with US President Joe Biden ahead of the US-Russia summit at Villa La Grange in Geneva on June 16, 2021.

Brendan Smialowski | AFP | Getty Images

From the start, few breakthroughs were expected from either side. Biden and Putin recently said they believe Russian-US relations have hit rock bottom since the Cold War.

Officials in Moscow and Washington have also spent months lowering expectations for the summit, and this week advisers to both leaders said it was unlikely that any deal would be reached in Geneva.

Rather than delivering concrete results, the United States saw the summit as an opportunity to build more stable and predictable relationships between the world’s two largest nuclear powers.

“Both leaders showed moderate respect for one another, and the ambassadors’ return was likely a prearranged performance that looks good,” said Tom Block, Washington policy strategist for Fundstrat

“A trip that puts the US on the same page with our allies should add to Biden’s image as a seasoned politician and leader, which is likely to be reassuring to market participants,” he said.

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Politics

Putin Biden summit in Geneva 2021

U.S. President Joe Biden and Russia’s President Vladimir Putin meet for the U.S.-Russia summit at Villa La Grange in Geneva, Switzerland, June 16, 2021.

Kevin Lamarque | Reuters

One of the most highly-anticipated political events of the year has begun with Russian President Vladimir Putin and U.S. President Joe Biden meeting at their summit in Geneva.

The two leaders shook hands as they greeted each other at Villa La Grange in Switzerland, chosen as the location for the summit due to its history of political neutrality.

On meeting his U.S. counterpart, Putin said he hoped the meeting would be productive.

“Mr President, I’d like to thank you for your initiative to meet today,” Putin said, sitting next to Biden and accompanied by their respective foreign ministers. “It is always better to meet face to face,” Biden responded, Reuters reported.

The summit, which is expected to last up to five hours, includes an initial meeting between the presidents and their closest officials, and then talks between the wider Russia and U.S. delegations will be followed by separate press conferences with the two leaders.

Global media attention on the summit is intense and there were scuffles between Russian and American reporters at the entrance of the summit venue.

Russia’s President Vladimir Putin waves next to Swiss President Guy Parmelin as he arrives at Villa La Grange for the U.S.-Russia summit, in Geneva, Switzerland, June 16, 2021.

Denis Balibous | Reuters

The summit begins with a first meeting between Biden and Putin accompanied by Secretary of State Antony Blinken and Russia Foreign Minister Sergei Lavrov, as well as translators.

After this initial meeting a wider delegation will meet for several sessions before both leaders give separate press conferences; Putin is expected to give the first media update, followed by Biden. No time has been set aside for a meal during the summit, but breaks for the leaders are expected.

The agenda

The Putin-Biden summit is being closely watched around the world as U.S.-Russia relations remain tense following a slew of geopolitical clashes and international sanctions in recent years.

U.S. president Joe Biden disembarks from Airforce One after arriving in Geneva, one day prior to the U.S. – Russia summit.

Pool | Getty Images News | Getty Images

Russia’s annexation of Crimea from Ukraine in 2014 got it suspended from the then-Group of Eight and earned it international sanctions. Since then Russia has been accused of 2016 U.S. election meddling, two nerve agent attacks (in the U.K. in 2018 and allegedly on Alexei Navalny, an opposition leader and Putin critic, in 2020) as well as involvement in cyberattacks and human rights abuses.

Russia has always denied the multiple accusations leveled against it, saying it is a victim of anti-Russian sentiment in the West.

The summit comes hot on the heels of a flurry of American diplomacy with its allies in Europe and beyond. Biden visited the U.K. for the Group of Seven summit last weekend, then a NATO summit in Brussels on Monday and then an EU-U.S. summit on Tuesday, giving the U.S. leader plenty of food for thought for his meeting with Putin.

The agenda for the presidents’ meeting is expected to include “strategic stability,” climate change as well as nuclear stability, arms control and cybersecurity and potentially a range of other topics including the fate of Navalny, Ukraine, Belarus and the outlook for Russian and U.S. nationals imprisoned in each other’s countries.

Russia’s President Vladimir Putin (C) welcomed at Geneva Airport as he arrives for a Russia-United States summit.

Sergei Bobylev | TASS | Getty Images

No ‘big set of deliverables’

On Tuesday, a senior White House official said the Biden administration was “not expecting a big set of deliverables out of this meeting” but three basic things.

“First, a clear set of taskings about areas where working together can advance our national interest and make the world safer. Second, a clear laydown of the areas of America’s vital national interests, where Russian activities that run counter to those interests will be met with a response,” he said.

“And third, a clear explication of the President’s vision for American values and our national priorities,” he said. The official added that, as for talking points with Putin, “for the American President, nothing is off the table.”

Given the adversarial nature of the U.S. and Russia’s relationship in recent years, analysts see little chance of “breakthrough” moments at the Geneva summit.

Read more: Biden and Putin are about to have a high-stakes meeting: Here’s what you need to know

People walk under Russian and American flags on a bridge in the city center prior to a meeting between U.S. President, Joe Biden and Russian President, Vladimir Putin on June 15, 2021 in Geneva, Switzerland.

Sean Gallup | Getty Images News | Getty Images

Still, the meeting is seen as a chance to calm relations and introduce some much needed stability into affairs.

“This is an attempt to stabilize the situation,” Ian Bond, director of foreign policy at the Centre for European Reform, told CNBC Wednesday. “The slogan from the Americans has been that they want predictability and stability in the relationship and it has been on a downward spiral, things have been getting worse.”

Still, Bond did not think that there would be a return to “business as usual” with Putin unlikely to change, particularly given domestic pressures due to the Covid crisis and its impact on the Russian economy and living standards.

“It makes sense for him (Putin) to try and keep his adversaries off balance and guessing what his next move will be,” Bond noted. “The Americans will try and impose more framework on this relationship but I’m not sure they will necessarily succeed.”

Correction: This story has been updated to delete an incorrect reference to the capital of Switzerland.

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World News

Biden-Putin Summit: Stay Updates – The New York Occasions

Here’s what you need to know:

Credit…Doug Mills/The New York Times

After spending much of his first trip abroad working to rebuild and strengthen America’s alliances in Europe, President Biden will sit down with President Vladimir V. Putin of Russia on Wednesday for a summit freighted with history and fraught with new challenges.

Mr. Putin flew in from Moscow several hours before the meeting, which was set to begin at 1:35 p.m. local time in an 18th-century villa perched above Lake Geneva in Switzerland. The talks could stretch for five hours as the two sides engage in difficult topics ranging from military threats to human rights concerns.

During the Cold War, the prospect of nuclear annihilation led to historic treaties and a framework that kept the world from blowing itself up. At this meeting, for the first time, cyberweapons — with their own huge potential to wreak havoc — are at the center of the agenda.

While there is no expectation that the two sides will agree on formal rules to navigate the digital landscape, both Washington and Moscow have talked about a desire for stability. Mr. Biden is expected to single out the rising scourge of ransomware, much of it emanating from Russia, but Mr. Putin is expected to deny having anything to do with it.

The White House has said that Mr. Biden will also raise the issues of Mr. Putin’s repression of his domestic political opposition, Moscow’s aggression toward Ukraine and foreign election interference.

The Kremlin has said that there are areas of common ground, like climate change, where the two sides can find agreement. But for Mr. Putin, the symbolism of the summit itself is important to demonstrate the respect he seeks on the world stage.

Henry Kissinger once said that Americans vacillated between despair and euphoria in their view of the Soviet Union, and the same could be said of Russia under Mr. Putin, who has spent the past two decades tightening his grip on power.

As the two leaders sit down in the Swiss villa, no meals will be served during hours of discussions, and there is little chance of euphoria.

The optimism expressed by President George W. Bush after a 2001 summit in Slovenia, where he said he was “able to get a sense of his soul” and found Mr. Putin “trustworthy,” faded long ago.

Mr. Biden began his trip a week ago in Britain saying that the United States would respond in a “robust and meaningful way” to what he called “harmful activities” conducted by Mr. Putin. The Russian leader, whose advisers have spoken of a new Cold War, told NBC News on Friday that it was a “relationship that has deteriorated to its lowest point in recent years.”

It is the first summit meeting since President Donald J. Trump flew to Helsinki to meet Mr. Putin in 2018 and declared at a joint news conference that he trusted the word of the Russian leader over his own intelligence agencies when it came to election interference.

Mr. Putin said Mr. Biden was “radically different” from Mr. Trump, calling him a “career man.”

“I very much expect,” Mr. Putin told NBC, “that there will not be such impulsive movements on the part of the current president, that we will be able to observe certain rules of interaction and will be able to agree on things and find some points of contact.”

Mr. Biden has argued that a new existential battle is underway between democracy and autocracy, and with Mr. Putin on the vanguard of the autocrats, the American leader faced criticism from some quarters for even holding the summit.

“The bottom line,” Mr. Biden said in a news conference before the meeting, “is that I think the best way to deal with this is for he and I to meet.”

What They Want

President Biden speaking at a news conference in Britain last week during the start of his first trip abroad as president.Credit…Doug Mills/The New York Times

President Biden and his aides have been careful to lower expectations for the blockbuster part of his first trip abroad as president: his meeting with President Vladimir V. Putin of Russia.

“We’re not expecting a big set of deliverables out of this meeting,” a senior administration official told reporters aboard Air Force One as the president flew from Brussels to Geneva on Tuesday ahead of the summit.

But that doesn’t mean that the administration and the president have not thought about what they hope to achieve by giving Mr. Putin an international platform — something that critics on both the left and the right have said was a mistake for Mr. Biden to do.

Here are five outcomes that the president and the White House are looking for:

Since taking office, Mr. Biden has received criticism for not taking a stronger stand on human rights. Some critics say he has not responded forcefully enough to the poisoning of Aleksei A. Navalny, a dissident and Putin critic.

The White House disputes that criticism. But the administration sees the meeting with Mr. Putin as an opportunity to challenge the Russian leader on his treatment of Mr. Navalny and his country’s support of Belarus, which detained a journalist by forcing down a passenger plane.

Part of Mr. Biden’s sales pitch during the 2020 presidential campaign was that he would turn his predecessor’s approach to Russia on its head.

Now, after four years in which Mr. Trump’s ties to Russia were continuously scrutinized, Mr. Biden and his top advisers are eager to present the president as a Moscow skeptic — someone who will not take Mr. Putin at his word as Mr. Trump famously did at a 2018 summit in Helsinki.

The Geneva meeting gives Mr. Biden the chance to draw that contrast explicitly and to be seen as standing up to the Russian president in ways that his predecessor did not. (One difference: Mr. Biden and Mr. Putin will not stand side by side in a joint news conference, a decision that American officials made early on, in the hopes of not giving the Russian leader a chance to try to outshine Mr. Biden.)

American intelligence officials say the Russian government has expanded its use of cyberattacks against the West, and the United States is one of the key targets.

Administration officials say Mr. Biden is determined to deliver a stern message to Mr. Putin about the use of cyberweapons and the dangers of an escalating online war.

Mr. Biden and the administration have been careful to deliver a nuanced message about what kind of relationship they want with Russia and its leader. The phrase they use the most: “predictability and stability.”

Those are not words that evoke the image of a president bracing for an all-out fight with an adversary. In fact, White House officials have repeatedly said that Mr. Biden hopes to work with Russia where possible, even as he stands up to Mr. Putin in other areas.

That may prove the trickiest part of the summit.

If he can find that balance, Mr. Biden is hoping to make some modest progress.

The two leaders might be able to further efforts to reduce the proliferation of nuclear weapons. They might also work together in the Middle East, where Russia helped negotiate the Iran nuclear deal. And Mr. Biden has also said he wants Russia to be part of global efforts to combat climate change.

What They Want

President Vladimir V. Putin during an interview on Monday.Credit…Pool photo by Maxim Blinov

President Vladimir V. Putin has long sought the West’s respect. Now, as he meets with his fifth United States president since taking power, he will have a rare opportunity to get it.

“Putin’s goal is to transition to a respectful adversarial relationship from the disrespectful one we have today,” said Vladimir Frolov, a Russian foreign affairs columnist. “That seems to be in line with Biden’s objectives for a ‘predictable and stable relationship.’”

Russia’s hopes for a thaw in relations during the Trump administration were dashed by sanctions, tensions and tumultuous American leadership. Russian officials now see a chance to change the course of the relationship that is plumbing its post-Cold War depths.

In an interview with NBC before the summit, Mr. Putin praised President Biden for his political experience, something that Mr. Putin’s supporters, nostalgic for a time when their country was an undisputed superpower and treated with respect by the United States, hope could be a sign of the old days.

“This is a different man,” Mr. Putin said of Mr. Biden.

There is little expectation that the summit will radically reframe the relationship, but supporters and critics of Mr. Putin hope that it will at least stop its downward spiral. And there is the sense that Mr. Biden is prepared to engage broadly with Mr. Putin despite his concerns about the treatment of the jailed opposition leader Aleksei A. Navalny.

Critics, including an aide to Mr. Navalny, say the summit, which comes ahead of Russian parliamentary elections and as Mr. Putin faces hits to popularity at home, is mostly a photo op.

“He does not plan on signing any agreements,” the aide, Leonid Volkov, wrote on Facebook. “He’s coming, essentially, for one photo, literally like fans dream of a selfie with their idol.”

A Russian deputy foreign minister, Sergey Ryabkov, told the RIA Novosti state news agency hours before the summit’s start that it was “an extremely important day.”

“The Russian side in preparing for the summit has done the utmost for it to turn out positive and have results that will allow the further deterioration of the bilateral relationship to be halted,” he said.

Even some Putin critics inside Russia hope that he and Mr. Biden find some common ground.

“If they manage to come to agreements on certain things, and there’s a sense in the Kremlin that this was a first step, then this could provide a big incentive to reduce persecution inside the country,” said Ivan I. Kurilla, an expert on Russian-American relations in St. Petersburg and a frequent Kremlin critic. “If Biden comes to Geneva and reads Putin a lecture about human rights and goes home, then I suspect Putin will do everything the other way around.”

With Donald J. Trump in Osaka, Japan, in 2019.

Credit…Erin Schaff/The New York Times

With Barack Obama in New York in 2015.

Credit…Doug Mills/The New York Times

With George W. Bush in Washington in 2005.

Credit…Stephen Crowley/The New York Times

With Bill Clinton in Moscow in 2000.

Credit…Dirck Halstead/LiaisonA U.S. official said that a solo news conference by President Biden would be “the appropriate format to clearly communicate with the free press” after meeting with President Vladimir V. Putin of Russia.Credit…Doug Mills/The New York Times

After President Biden meets his Russian counterpart on Wednesday, the two men will not face the news media at a joint news conference, United States officials say.

Instead, Mr. Biden will face reporters by himself after two private sessions with President Vladimir V. Putin of Russia, a move intended to deny the Russian leader an international platform like the one he received during a 2018 summit in Helsinki with President Donald J. Trump.

“We expect this meeting to be candid and straightforward, and a solo press conference is the appropriate format to clearly communicate with the free press the topics that were raised in the meeting,” a U.S. official said in a statement sent to reporters this weekend, “both in terms of areas where we may agree and in areas where we have significant concerns.”

Top aides to Mr. Biden said that during negotiations over the meetings, to be held at an 18th-century Swiss villa on the shores of Lake Geneva, the Russian government was eager to have Mr. Putin join Mr. Biden in a news conference. But Biden administration officials said that they were mindful of how Mr. Putin seemed to get the better of Mr. Trump in Helsinki.

At that news conference, Mr. Trump publicly accepted Mr. Putin’s assurances that his government did not interfere with the 2016 election, taking the Russian president’s word rather than the assessments of his own intelligence officials.

The spectacle in 2018 drew sharp condemnations from across the political spectrum for providing an opportunity for Mr. Putin to spread falsehoods. Senator John McCain at the time called it “one of the most disgraceful performances by an American president in memory.”

Health workers waiting for Covid patients on Monday at a hospital complex in Moscow.Credit…Maxim Shipenkov/EPA, via Shutterstock

In the United States, fireworks lit up the night sky in New York City on Tuesday, a celebration meant to demonstrate the end of coronavirus restrictions. California, the most populous state, has fully opened its economy. And President Biden said there would be a gathering at the White House on July 4, marking what America hopes will be freedom from the pandemic.

Yet this week the country’s death toll also surpassed 600,000 — a staggering loss of life.

In Russia, officials frequently say that the country has handled the coronavirus crisis better than the West and that there have been no large-scale lockdowns since last summer.

But in the week that President Vladimir V. Putin is meeting with Mr. Biden for a one-day summit, Russia has been gripped by a vicious new wave of Covid-19. Hours before the start of the summit on Wednesday, the city of Moscow announced that it would be mandating coronavirus vaccinations for workers in service and other industries.

“We simply must do all we can to carry out mass vaccination in the shortest possible time period and stop this terrible disease,” Sergey S. Sobyanin, the mayor of Moscow, said in a blog post. “We must stop the dying of thousands of people.”

It was a reversal from prior comments from Mr. Putin, who said on May 26 that “mandatory vaccination would be impractical and should not be done.”

Mr. Putin said on Saturday that 18 million people had been inoculated in the country — less than 13 percent of the population, even though Russia’s Sputnik V shots have been widely available for months.

The country’s official death toll is nearly 125,000, according to Our World in Data, and experts have said that such figures probably vastly underestimate the true tally.

While the robust United States vaccination campaign has sped the nation’s recovery, the virus has repeatedly confounded expectations. The inoculation campaign has also slowed in recent weeks.

Unlike many of the issues raised at Wednesday’s summit, and despite the scientific achievement that safe and effective vaccines represent, the virus follows its own logic — mutating and evolving — and continues to pose new and unexpected challenges for both leaders and the world at large.

President Vladimir V. Putin of Russia “doesn’t necessarily want a more stable or predictable relationship” with the United States, one expert said.Credit…Sergey Ponomarev for The New York Times

The most pressing, vexing item on President Biden’s agenda while in Europe may be managing the United States’ relationship with a disruptive Russia. He has sought support from allies to that end, but no part of the trip is more fraught than the daylong meeting with President Vladimir V. Putin on Wednesday.

Upon arriving in Britain last week before meeting with European leaders rattled by Russia’s aggressive movement of troops along Ukraine’s borders, Mr. Biden said the world was at “an inflection point,” with democratic nations needing to stand together to combat a rising tide of autocracies.

“We have to discredit those who believe that the age of democracy is over, as some of our fellow nations believe,” he said.

Turning to Russia specifically, he pledged to “respond in a robust and meaningful way” to what he called “harmful activities” conducted by Mr. Putin.

Aboard Air Force One

David E. Sanger, White House and national security correspondent, breaks down the agenda for President Biden’s first overseas trip.

Russian intelligence agencies have interfered in Western elections and are widely believed to have used chemical weapons against perceived enemies on Western soil and in Russia. Russian hackers have been blamed for cyberattacks that have damaged Western economies and government agencies. Russian forces are supporting international pariahs in bloody conflicts — separatists in Ukraine and President Bashar al-Assad’s government in Syria.

Mr. Putin has a powerful military and boasts of exotic new weapons systems, but experts on the dynamics between Washington and Moscow say that disruption is his true power.

“Putin doesn’t necessarily want a more stable or predictable relationship,” said Alexander Vershbow, who was United States ambassador to Russia under President George W. Bush. “The best case one can hope for is that the two leaders will argue about a lot of things but continue the dialogue.”

Mr. Biden’s associates say he will also convey that he has seen Mr. Putin’s bravado before and that it doesn’t faze him.

“Joe Biden is not Donald Trump,” said Thomas E. Donilon, who served as national security adviser to President Barack Obama and whose wife and brother are key aides to Mr. Biden. “You’re not going to have this inexplicable reluctance of a U.S. president to criticize a Russian president who is leading a country that is actively hostile to the United States in so many areas. You won’t have that.”

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World News

NATO Summit: Reside Updates – The New York Occasions

Here’s what you need to know:

Credit…Thomas Peter/Reuters

China’s rising military ambitions are presenting NATO with challenges that must be addressed, the 30-nation Western alliance said Monday, the first time it has portrayed the expanding reach and capabilities of the Chinese armed forces in such a potentially confrontational way.

The description of China, contained in a communiqué issued at the conclusion of a one-day summit attended by President Biden and others, reflected a new concern over how China intends to wield its military might in coming years.

Mr. Biden has made dealing with authoritarian powers a keystone of his presidency so far, especially Russia and China. But while the NATO communiqué describes Russia as a “threat” to NATO, using tough language that was not necessarily a surprise, it is the description of China that attracted unusual attention, and could set the tone for the alliance.

Both Mr. Biden and President Donald J. Trump before him put more emphasis on the threats that China poses to the international order, partly in terms of its authoritarian system and partly in terms of its military ambitions and spending.

NATO’s secretary general, Jens Stoltenberg, has said that China’s military budget is second in the world only to that of the United States, and that China is rapidly building its military forces, including its navy, with advanced technologies.

In a discussion of “multifaceted threats” and “systemic competition from assertive and authoritarian powers” early in the document, NATO says that “Russia’s aggressive actions constitute a threat to Euro-Atlantic security.” China is not called a threat, but NATO states that “China’s growing influence and international policies can present challenges that we need to address together as an alliance.”

NATO promises to “engage China with a view to defending the security interests of the alliance.” Separately, NATO officials have said that China is increasingly using Arctic routes, has exercised its military with Russia, sent ships into the Mediterranean Sea and has been active in Africa. China is also working on space-based weaponry as well as artificial intelligence and sophisticated hacking of Western institutions.

Much lower in the document, China comes up again, and is again described as presenting “systemic challenges,” this time to the “rules-based international order.” NATO also cites China’s expanding nuclear arsenal and more sophisticated delivery systems as well as its expanding navy and its military cooperation with Russia.

In a gesture toward diplomacy and engagement, the alliance vows to maintain “a constructive dialogue with China where possible,” including on the issue of climate change, and calls for China to become more transparent about its military and especially its “nuclear capabilities and doctrine.”

The leaders will also sign off on a decision to spend next year updating NATO’s 2010 strategic concept, which 11 years ago saw Russia as a potential partner and never mentioned China. New challenges from cyberwarfare, artificial intelligence, disinformation, and new missile and warhead technologies must be considered to preserve deterrence, and Article 5 of the alliance’s founding treaty, will be “clarified” to include threats to satellites in space and coordinated cyberattacks.

President Biden met with NATO’s secretary general, Jens Stoltenberg, at the summit in Brussels on Monday.Credit…Pool photo by Kenzo Tribouillard

BRUSSELS — New United States presidents traditionally get an early, brief NATO summit meeting, as President Biden is on Monday in a session lasting less than three hours.

Few involved with NATO can forget the last time a new American president paid an inaugural visit. It was May 2017, and Donald J. Trump took the opportunity to deride the new $1.2 billion headquarters building as too expensive, and refused, despite the assurances of his aides, to support NATO’s central tenet of collective defense, the famous Article 5 of the founding treaty.

Mr. Biden, by contrast, is a longstanding fan of NATO and of the trans-Atlantic alliance it defends, so simply showing up with a smile and warm compliments for allies will go a long way to making his first NATO summit as president smooth and even unmemorable.

He drove that point home upon arriving at the summit on Monday morning in a brief greeting with Jens Stoltenberg, NATO’s secretary general — saying that the alliance was “critically important for U.S. interests” and pointing to Article 5 as a “sacred obligation.”

“There is a growing recognition over the last couple years that we have new challenges,” Mr. Biden said. “We have Russia, which is acting in a way that is not consistent with what we had hoped, and we have China.”

NATO also wants to show that it is not nearing “brain death,” as President Emmanuel Macron of France once complained, but instead preparing to adapt for a very different future.

The traditional communiqué is traditionally long — it is now 79 paragraphs — and was finished early Saturday evening.

There will be other issues for the leaders to discuss, even in a short meeting that is to provide each leader only five minutes to speak.

NATO is leaving Afghanistan pretty abruptly, after Mr. Biden’s decision to pull all United States troops out by Sept. 11. Many of NATO’s troops have already left. One of the main questions that remain: Can NATO continue to train Afghan special forces outside Afghanistan, and where?

Leaders will also talk about how to better prepare NATO’s “resilience,” including how to reduce dependence on Chinese-made technology, protect satellites and measure increased military spending. They want a new relationship with technology companies and new NATO partnerships in Asia.

They will begin to discuss a replacement for the secretary general, Mr. Stoltenberg, who worked hard to keep Mr. Trump from blowing up the alliance, and whose term ends in September 2022.

But for Mr. Biden, the meeting will be a bath of good feeling — and that is thought to be enough for now.

Preisdent Vladimir V. Putin with Chinese and Russian military officials in 2018.Credit…Pool photo by Alexei Nikolsky

Some NATO states worry that President Biden appears to be rewarding President Vladimir V. Putin of Russia by meeting him on Wednesday in Geneva.

Skeptics say that the new United States president, his sights set squarely on the challenges posed by the rise of China, may be “sleepwalking” into an unwise rapprochement with a power that many European leaders view as their principal threat.

NATO leaders, who are gathering at a summit meeting on Monday, have usually gone out of their way to adjust to the strategic priorities of the group’s most powerful member, the United States. But the issue of China is more problematic, because NATO is a regional military alliance of Europe and North America. Its main concern remains a newly aggressive Russia — not distant China.

China is expanding militarily, exercising with Russia, sending its ships into the Mediterranean. It also has a base in Africa. So it has gotten NATO’s attention.

But NATO member states from Central and Eastern Europe, as well as Germany, are concerned that a new concentration on China will divert alliance attention and resources from the problem closer to home.

Russia has invaded Ukraine and stationed thousands of troops on its borders. It has poisoned and imprisoned dissidents at home, and abroad has hacked Western governments and companies and propped up President Aleksandr G. Lukashenko’s even more oppressive Belarus.

Russia has also developed sophisticated new intermediate-range missiles that can carry nuclear warheads and modernized its armed forces significantly, making Europe more vulnerable.

“Even though European opinion is becoming more hawkish toward China, European countries are concerned with getting onboard with an overly confrontational U.S. approach,’’ said Michal Baranowski, the director of the Warsaw office of the German Marshall Fund.

There is new concern, he said, after Mr. Biden decided to waive sanctions on companies involved in finishing the controversial natural-gas pipeline between Russia and Germany called Nord Stream 2.

In Poland, Mr. Baranowski said, “there is increased worry and the perception that Washington is going soft on Putin and sleepwalking into a reset with Russia.” Poland, he said, is not alone in saying: Let’s not overdo it with China.

President Biden is welcomed by Prime Minister Alexander De Croo of Belgium in Brussels on Sunday.Credit…Pool photo by Didier Lebrun

Monday’s NATO summit meeting of 30 leaders is short, with one 2.5-hour session after an opening ceremony, leaving just five minutes for each leader to speak.

The main issues will be topical — how to manage Afghanistan during and after the withdrawal of United States troops, Vladimir V. Putin’s Russia, Xi Jinping’s China and Aleksandr G. Lukashenko’s Belarus.

The leaders will also sign off on an important yearlong study on how to remodel NATO’s strategic concept — the group’s statement of values and objectives — to meet new challenges like cyberwarfare, artificial intelligence, antimissile defense, disinformation and “emerging disruptive technologies.”

In 2010, when the strategic concept was last revised, NATO assumed that Russia could be a partner. China was barely mentioned. The new one will begin with very different assumptions.

NATO officials and ambassadors say there is much to discuss down the road: questions like how much and where a regional trans-Atlantic alliance should try to counter China, what capabilities NATO needs and how many of them should come from common funding or remain the responsibility of member countries.

How to adapt to the European Union’s still vague desire for “strategic autonomy,” while encouraging European military spending and efficiency and avoiding duplication with NATO, are other concerns. So is the question of how to make NATO a more politically savvy institution, as President Emmanuel Macron of France has demanded, perhaps by establishing new meetings of key officials of member states, like national security advisers and political directors.

More quietly, leaders will talk about replacing the current NATO secretary general, Jens Stoltenberg, whose term was extended for two years to keep matters calm during the Trump presidency. His term ends in September 2022.

President Biden speaking with President Recep Tayyip Erdogan of Turkey at the NATO summit in Brussels on Monday.Credit…Pool photo by Olivier Matthys

For the last four years, President Recep Tayyip Erdogan of Turkey has crushed opponents at home and cozied up to Moscow, while showering his allies with sweetheart government contracts and deploying troops regionally wherever he saw fit.

And for the most part, the Trump administration turned a blind eye.

But as Mr. Erdogan arrives in Brussels for a critical NATO meeting on Monday, he faces a decidedly more skeptical Biden administration. President Biden and Mr. Erdogan will have a brief meeting on Monday afternoon during the summit.

Whereas President Vladimir V. Putin of Russia has responded to the new order by growing even more belligerent, things aren’t that simple for Mr. Erdogan. Thanks to both the pandemic and his mismanagement of the economy, he faces severe domestic strains, with soaring inflation and unemployment, and a dangerously weakened lira that could set off a debt crisis.

So Mr. Erdogan has dialed back his approach, softening his positions on several issues in the hope of receiving badly needed investment from the West. He has called off gas exploration in the eastern Mediterranean, an activity that infuriated NATO allies, and annoyed Moscow by supporting Ukraine against Russia’s threats and selling Turkish-made drones to Poland.

Yet Mr. Erdogan does have some important cards to play. Turkey’s presence in NATO, its role as a way station for millions of refugees, and its military presence in Afghanistan have given him real leverage with the West.

Activists of the International Campaign to Abolish Nuclear Weapons and other peace initiatives staged a protest in Berlin in January.Credit…Tobias Schwarz/Agence France-Presse — Getty Images

As President Biden and his NATO counterparts focus on nuclear-armed Russia at their summit meeting on Monday, they may also face a different sort of challenge: growing support, or at least openness, within their own constituencies for the global treaty that bans nuclear weapons.

The International Campaign to Abolish Nuclear Weapons, the Geneva-based group that was awarded the 2017 Nobel Peace Prize for its work to achieve the treaty, said in a report released on Thursday that it had seen increased backing for the accord among voters and lawmakers in NATO’s 30 countries, as reflected in public opinion polls, parliamentary resolutions, political party declarations and statements from past leaders.

The treaty, negotiated at the United Nations in 2017, took effect early this year, three months after the 50th ratification. It has the force of international law even though the treaty is not binding for countries that decline to join.

The accord outlaws the use, testing, development, production, possession and transfer of nuclear weapons and stationing them in a different country. It also outlines procedures for destroying stockpiles and enforcing its provisions.

The negotiations were boycotted by the United States and the world’s eight other nuclear-armed states — Britain, China, France, India, Israel, North Korea, Pakistan and Russia — which have all said they will not join the treaty, describing it as misguided and naïve. And no NATO member has joined the treaty.

Nonetheless, an American-led effort begun under the Trump administration to dissuade other countries from joining has not reversed the treaty’s increased acceptance.

“The growing tide of political support for the new U.N. treaty in many NATO states, and the mounting public pressure for action, suggests that it is only a matter of time before one or more of these states take steps toward joining,” said Tim Wright, the treaty coordinator of the International Campaign to Abolish Nuclear Weapons who was an author of the report.

Timed a few days before the NATO meeting in Brussels, the report enumerated what it described as important signals of support or sympathy for the treaty among members in the past few years.

In Belgium, the government formed a committee to explore how the treaty could “give new impetus” to disarmament. In France, a parliamentary committee asked the government to “mitigate its criticism” of the treaty. In Italy, Parliament asked the government “to explore the possibility” of signing the treaty. And in Spain, the government made a political pledge to sign the treaty at some point.

There is nothing to prevent a NATO country from signing the treaty. And the bloc’s solidarity in opposing the accord appears to have weakened, emboldening disarmament advocates.

NATO officials have been outspoken in their opposition to the treaty. Jessica Cox, director of nuclear policy at NATO, said “nuclear deterrence is necessary and its principles still work,” in an explanation of NATO’s position posted on its website less than two months ago.

“A world where Russia, China, North Korea and others have nuclear weapons, but NATO does not, is not a safer world,” she said.

A U.S. official said that a solo news conference by President Biden would be “the appropriate format to clearly communicate with the free press” after meeting with President Vladimir V. Putin of Russia.Credit…Doug Mills/The New York Times

After President Biden meets his Russian counterpart on Wednesday, the two men will not face the news media at a joint news conference, United States officials say.

Instead, Mr. Biden will face reporters by himself after two private sessions with President Vladimir V. Putin of Russia, a move intended to deny the Russian leader an international platform like the one he received during a 2018 summit in Helsinki, Finland, with President Donald J. Trump.

“We expect this meeting to be candid and straightforward, and a solo press conference is the appropriate format to clearly communicate with the free press the topics that were raised in the meeting,” a U.S. official said in a statement sent to reporters this weekend, “both in terms of areas where we may agree and in areas where we have significant concerns.”

Top aides to Mr. Biden said that during negotiations over the meetings, to be held at an 18th-century Swiss villa on the shores of Lake Geneva, the Russian government was eager to have Mr. Putin join Mr. Biden in a news conference. But Biden administration officials said that they were mindful of how Mr. Putin seemed to get the better of Mr. Trump in Helsinki.

At that news conference, Mr. Trump publicly accepted Mr. Putin’s assurances that his government did not interfere with the 2016 election, taking the Russian president’s word rather than the assessments of his own intelligence officials.

The spectacle in 2018 drew sharp condemnations from across the political spectrum for providing an opportunity for Mr. Putin to spread falsehoods. Senator John McCain at the time called it “one of the most disgraceful performances by an American president in memory.”

Mr. Putin has had a long and contentious relationship with United States presidents, who have sought to maintain relations with Russia even as the two nations clashed over nuclear weapons, aggression toward Ukraine and, more recently, cyberattacks and hacking.

President Barack Obama met several times with Mr. Putin, including at a joint appearance during the 2013 Group of 8 summit in Northern Ireland. Mr. Obama came under criticism at the time from rights groups for giving Mr. Putin a platform and for not challenging the Russian president more directly on human rights.

In the summer of 2001 — before the Sept. 11 terrorist attacks — President George W. Bush held a joint news conference with Mr. Putin at a summit in Slovenia. At the news conference, Mr. Bush famously said: “I looked the man in the eye. I found him to be very straightforward and trustworthy. We had a very good dialogue. I was able to get a sense of his soul.”

At the time, then-Senator Biden said: “I don’t trust Mr. Putin; hopefully the president was being stylistic rather than substantive.”

Biden administration officials said on Saturday that the two countries were continuing to finalize the format for the meeting on Wednesday with Mr. Putin. They said that the current plan called for a working session involving top aides in addition to the two leaders, and a smaller session.

Jill Biden with a jacket that said “love” on the back during the Group of 7 summit in Cornwall, England, on Thursday.Credit…Doug Mills/The New York Times

President Biden and Jill Biden’s first overseas trip since he took office — which he continued at a NATO summit on Monday after she returned home following the Group of 7 meeting in Britain this weekend — has been a chance to use the stagecraft of state to make the point that America is once again an ally in the league of nations.

To prevent anyone missing the message, Dr. Biden put it in bold, bright letters — the word “Love” picked out in rhinestones on the back of the Zadig & Voltaire jacket she wore on day one of the gathering.

Such signaling suggests that the first lady is more than ready to use costume to make a point, especially at moments of high political theater like the G7, where the imagery is as choreographed as any of the meetings behind closed doors.

That’s why the G7 “family photo,” with Mr. Biden smiling gamely in a dark suit and bright blue tie while sandwiched, albeit in a socially distant way, between Prime Minister Boris Johnson of Britain and Prime Minister Justin Trudeau of Canada, was so important; why Dr. Biden’s trip to visit schoolchildren with Catherine, Duchess of Cambridge, mattered; and why the photo of the Bidens looking relaxed and cheerful with Queen Elizabeth II went ’round the world.

In such settings the supporting players — i.e. the families — are as much as part of the narrative arc as the policy statements.

And what the four days of the G7 demonstrated during the president’s trip is that when it comes to playing that part, Dr. Biden has her own ideas about how it should be done.

Queen Elizabeth II of Britain greeting President Biden and Jill Biden at Windsor Castle on Sunday.Credit…Andrew Testa for The New York Times

Before heading to Brussels for Monday’s NATO summit, President Biden had a lighthearted agenda item on Sunday to round out his visit to Britain, the first country visited on his inaugural European trip as president: an audience with Queen Elizabeth II.

The monarch welcomed Mr. Biden and the first lady, Jill Biden, to her home, Windsor Castle, where she has sought refuge since moving from Buckingham Palace early last year as the pandemic was bearing down on Britain.

In what was a very private visit, with cameras and reporters kept well away, Mr. Biden and the queen inspected an honor guard of grenadiers in the castle’s sun-splashed quadrangle before retiring inside for tea.

On every presidential visit to the country, it is the meeting with the queen that most symbolizes what American and British diplomats still reflexively call the “special relationship” — a term that Prime Minister Boris Johnson recently said he did not care for because it made Britain sound needy.

Earlier in the visit, at a reception in Cornwall on Friday, Mr. Biden and his wife looked relaxed as they chatted with the queen, who turned 95 in April. The monarch had also drawn laughs during a stilted, socially distanced group photo by asking, “Are you supposed to look as if you’re enjoying yourself?”

It was a happy contrast to the bereaved figure who sat alone in a choir stall at St. George’s Chapel at Windsor three months ago, during the funeral of her husband, Prince Philip.

“We had a long talk,” Mr. Biden told reporters after the meeting. “She was very generous.”

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Politics

Biden’s Local weather Summit: What to Watch For and Who’s Attending

President Biden’s climate summit began on Thursday, Earth Day, and will feature a number of high-profile speakers and attendees, including leaders – and Pope Francis. Here is a breakdown of the Biden Administration’s biggest names and goals.

President Biden and Vice President Kamala Harris opened the summit at 8 a.m. with remarks highlighting the importance of global efforts to reduce carbon emissions. Pope Francis will speak later Thursday.

Treasury Secretary Janet Yellen and David Malpass, the President of the World Bank, who recently expressed his support for a zero carbon future, will attend a morning session on financing solutions to climate change. In the afternoon, speakers will highlight climate work at the local level and discuss the security challenges of global warming.

The summit will resume on Friday. John Kerry, Mr. Biden’s Chief Climate Envoy, and Israeli Prime Minister Benjamin Netanyahu attend a session on the importance of technological innovation in reducing carbon emissions. In a later session on the economic benefits of tackling climate change, Microsoft founder Bill Gates will speak as the founder of Breakthrough Energy, a mutual fund that supports projects to reduce carbon emissions.

President Xi Jinping of China, America’s greatest rival on the world stage, is attending the virtual summit. This also applies to Presidents Vladimir V. Putin from Russia and Jair Bolsonaro from Brazil, with whom the Biden government is trying to negotiate a plan to protect the Amazon rainforest.

A number of prominent American allies will be in attendance, including British Prime Minister Boris Johnson and German Chancellor Angela Merkel. Other key participants include Indian Prime Minister Narendra Modi, South Korean President Moon Jae-in and Japanese Prime Minister Yoshihide Suga – leaders from whom the Biden government has sought to make commitments to reduce carbon emissions.

King Salman of Saudi Arabia, President Recep Tayyip Erdogan of Turkey and President Andrés Manuel López Obrador of Mexico also attend. The White House has invited more than 40 world leaders in total.

Mr Biden announced that the United States intends to cut emissions to warm the planet in half by the end of the decade, a goal that will require Americans to change the way they drive, heat their homes and manufacture goods.

The new American target nearly doubles the Obama administration’s promise, and the Biden administration hopes the announcement will push other nations to accomplish their own goals.

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Biden invitations Vladimir Putin and Xi Jinping to local weather summit

President Joe Biden speaks on fighting climate change before signing executive measures while White House Climate Commissioner John Kerry and Vice President Kamala Harris listen in the State Dining Room of the White House in Washington, USA on January 27, 2021.

Kevin Lemarque | Reuters

President Joe Biden said Friday that Vladimir Putin from Russia and Xi Jinping from China are invited to the global leaders’ climate summit, which the government is hosting in April.

The president told reporters that he did not invite Putin or Xi directly, but said leaders “know they are invited,” an event the US is hosting to highlight global efforts to reduce climate change-related emissions to advance fossil fuels.

The White House later published a list of 40 world leaders invited to the summit, including Xi and Putin.

Biden said he spoke with British Prime Minister Boris Johnson on Friday and with EU member states on Thursday. The White House has preferred to speak to close US allies before turning to China and Russia.

The government plans to unveil a new target for CO2 emissions at the summit, which will be held remotely on April 22nd and 23rd. Biden promised to host the climate negotiations during his campaign and through an executive order in January. The summit will take place in Glasgow, Scotland, ahead of the UN global climate negotiations in November.

The USA is the second largest greenhouse gas emitter in the world after China. Russia is the fourth largest emitter. It is unclear whether Russia and China will accept invitations to the summit or whether they are interested in working with the US to curb emissions.

The White House has announced that it will work with Russia and China on climate change on a number of other areas, despite mounting tensions between countries. The Biden administration has repeatedly identified Beijing and Moscow as the greatest national security threats to the US

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The Obama administration promised to cut U.S. emissions by up to 28% below 2005 levels by 2025, but former President Donald Trump halted federal efforts to meet that goal. The Biden government is expected to introduce a tougher target for the nation to be achieved by 2030.

The summit comes as Biden pledges to convert the U.S. economy to clean energy and reduce emissions from coal, natural gas, and oil. Biden reintroduced the US to the Paris Climate Agreement in January after Trump announced in 2017 that he would be pulling the country out.

Biden has announced that under the deal, the US will re-commit to its emissions reduction targets and lead efforts to help other nations update their own targets. The president has also vowed to put the US on a path to zero carbon electricity generation by 2035 and net zero emissions by 2050.