As investors await the latest inflation data and earnings, there’s plenty of activity to watch in Washington as the 2024 election comes into focus, U.S.-China relations are strained over Taiwan, and Supreme Court Justice Clarence Thomas faces scrutiny.
Here are three political stories to watch this week:
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Biden’s reelection plans
On Monday, President Biden said that he intends to seek reelection in 2024.
“I plan on running, but we’re not prepared to announce it yet,” Biden told NBC’s Today Show host Al Roker during the White House Easter Egg Roll.
It’s unclear when Biden, who made the remarks with First Lady Jill Biden next to him, will make an official announcement and declare a presidential campaign.
Meanwhile, the Republican race for the 2024 nomination is well underway.
Former President Donald Trump is the early frontrunner. Trump is ahead by double digits against his nearest political rival, Florida Gov. Ron DeSantis, who has yet to officially announce a 2024 campaign. The rest of the field are still in single digits.
China conducts military drills near Taiwan
China concluded its military drills off the coast of Taiwan after a bipartisan delegation led by House Foreign Affairs Committee Chairman Michael McCaul (R-Texas) met with Taiwan business leaders and government officials.
“This struggle for global power, the balance of power that we find ourselves in today, often reminds me of my father’s generation, often referred to as the greatest in the United States,” McCaul said last week in Taiwan while meeting with Taiwan Vice President Lai Ching-te. “Then we had Hitler, and today we have Putin and Chairman Xi.”
McCaul’s comments perhaps foreshadow where the nation’s dialogue in defense of Taiwan is headed. McCaul is viewed in Washington as being on the short list for Secretary of State under a Republican administration.
While McCaul was leading a delegation in Taiwan, House Speaker Kevin McCarthy (R-Calif.) met with Taiwan President Tsai Ing-wen in California.
China’s military drills were seen as more tempered than previous military drills as the Communist regime is trying to portray itself as a potential peacemaker in Russia’s invasion of Ukraine while threatening a small democratic island.
Democrats call for investigation into Clarence Thomas
Supreme Court Justice Clarence Thomas is facing more criticism from progressives, including Rep. Alexandria Ocasio-Cortez (D-N.Y.), after ProPublica reported last week that Thomas received free vacations from his billionaire friend Harlan Crow.
Ocasio-Cortez has called for Thomas to be impeached, which is not likely to happen given the current power dynamics of Congress. Either way, it’s more scrutiny for Thomas.
Sen. Sheldon Whitehouse (D-R.I.) led a letter signed by 22 Democrats to Chief Justice John Roberts calling for an investigation into Thomas and whether he properly disclosed the relationship.
“We believe that it is your duty as Chief Justice ‘to safeguard public faith in the judiciary,’ and that fulfilling that duty requires swift, thorough, independent and transparent investigation into these allegations,” the letter said.
Kevin Cirilli is a Yahoo Finance contributor and a visiting media fellow at the Atlantic Council’s Global China Hub.
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