President Donald Trump, from a podium at the White House on Wednesday, said the U.S. will impose new sanctions on Iran in his first public remarks since Iranian missiles hit two military bases in Iraq that house American troops.
Iran launched more than a dozen ballistic missiles on Tuesday night in response to the U.S. drone strike that killed top military Gen. Qassem Soleimani. U.S. and Iraqi officials said there were no fatalities resulting from the "revenge" attacks, although Iranian news outlets claim dozens were killed.
Trump told the nation that Iran appeared to be standing down from the escalating conflict and asked NATO, an organization he has shunned, to be more involved in the Middle East. He also announced the U.S. will further raise sanctions on Iran, though he did not immediately provide details. Current sanctions have had a substantial impact on the country and additional sanctions levied against Iran's central bank late last year after its suspected attack on Saudi Arabia, further crippled its economy.
Trump also defended his decision to take out Iran's top general and stressed: "Soleimani's hands were drenched in both Iranian and American blood."
"As long as I am President of the United States Iran will never be allowed to have a nuclear weapon," the president said in the Grand Foyer of the White House standing in front of Vice President Mike Pence and an assortment of cabinet secretaries and military officers in uniform. He said the U.S. is "ready to embrace peace."
Stocks rallied and the Nasdaq and S&P 500 hit all-time highs after the president concluded his comments.
The president said the U.S. had "sent a valuable message to terrorists."
He also alleged the missiles launched by Iran last night were "paid for by the funds made available by the last administration." The money he was referring to were funds that had been frozen after the shah of Iran fell in 1979. Obama agreed to return the long-disputed funds as part of a nuclear deal.
He also referenced what he said was the U.S.'s independence from foreign oil. Though it is true the U.S. produces far more oil than it did years ago, it still imports about 10 million barrels daily. Most U.S. oil comes from Canada, but oil still flows in from Saudia Arabia, Iraq, and other nations in the Middle East.
Hours after launching its missiles, Iranian foreign minister Mohammad Javad Zarif tweeted the nation did not "seek escalation or war." It was unclear if Iran had planned more attacks after Iran's Revolutionary Guard yesterday said in a statementthe attacks were the start of "the fierce revenge." Zarif said Iran "took & concluded proportionate measures in self-defense," suggesting yesterday's attack was the last. Trump's comments seemed to confirm Zarif's statement.
Just after the U.S. carried out the drone attack the killed Soleimani last week, Trump said he had authorized the strike due to an "imminent" threat and he had intended to prevent a war, not start one. Since then, U.S. officials, like Secretary of State Mike Pompeo agreed the move was done to send a message to Iran.
While Iran and the U.S. have held tense relations for more than four decades, the recent escalation began when an American military contractor was killed by an Iranian-backed militia group in the final week of December. The U.S. responded with airstrikes in areas where the militias are based. Then, on New Year's Eve, Iranian-backed militias stormed the U.S. Embassy in Baghdad and trapped American diplomats in the compound. Gen. Soleimani was killed in response by a drone strike last Friday.
Inflation remains hot as the January PPI has increased by 1 percent, twice what analysts had been expecting with a jump of 9.7 over the year. Beth Ann Bovino, the U.S. chief economist, for S&P Global Ratings, joined Cheddar News to discuss the rapid pace of inflation alongside higher wages, predicting the Federal Reserve will act quickly and forcefully this year. "They haven't changed their forecast, yet, that's gonna come out soon. But we expect that a March rate hike is basically pretty much baked in the cake," she said. "We think six rate hikes in total for 2022."
For black history month, Cheddar is highlighting black business leaders who are driving the need for representation forward. On February 10, the U.S. Chamber of Commerce hosted an event called 'Developing the Black-Owned Business Ecosystem.' The virtual event was organized under the lobbying group's two initiatives -- the Equality of Opportunity Initiative, and the Coalition to Back Black Businesses. The event highlighted the developments needed to develop more black-owned businesses in the U.S. Dr. Anthony Wilbon, Dean of the School of Business at Howard University, joined Cheddar News' Closing Bell to discuss his experience as a speaker at the event.
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Art Hogan, Chief Market Strategist at National Securities, joined Cheddar News' Closing Bell, where he says investors are taking a wait-and-see approach when it comes to the situation between Russia and the Ukraine and elaborates on the impact higher oil prices stemming from the conflict would have on the market.
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Russian President Vladimir Putin and his Foreign Minister Sergey Lavrov said that diplomacy is still possible, while U.S. officials warn that an attack on Ukraine is imminent. Cheddar News speaks with James Astill, Washington bureau chief of The Economist on the latest developments in Eastern Europe.
As the number of Russian troops rose to 130,000 along its Ukrainian border, hopes for a diplomatic solution remain among world leaders. Jason McMann, head of geopolitical risk analysis at Morning Consult, joined Cheddar News to break down the fluid situation. "We saw signs pointing towards an increase in tensions between Ukraine and Russia, whereas today we're seeing some signs that the Russian government may be willing to continue down a path of diplomatic negotiations to try and find some sort of non-military solution," he said.
Nancy Pelosi and House Democratic leaders are now planning to amend the stop trading on congressional knowledge act, otherwise known as the 'Stock' Act. This 2012 law governs how members disclose the purchase or sale of stocks and amending it would close a loophole, eliminating the trading of individual stocks by members of congress. Pelosi has consistently opposed a ban on stock trading by lawmakers and congressional staff...so what's changed? Kedric Payne, Vice President of Campaign Legal Center, joins Cheddar News to discuss.
In a 5-4 vote, the U.S. Supreme Court allowed for a controversial new version of the Alabama congressional map to remain in place. The lower court had previously ordered that the state must redraw that congressional map because it violates the Voting Rights Act by diluting the political power of Black voters. Redistricting expert Yurij Rudensky joins Cheddar News to weigh in.
