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Here are the headlines you Need2Know for Tuesday, November 16, 2021:
HISTORIC PACKAGE SIGNED
President Joe Biden on Monday afternoon signed a $1 trillion infrastructure package, marking a major legislative achievement for his administration. The bill is a more modest version of what Biden and progressive Democrats initially proposed, but it was a hard-fought bipartisan deal and nonetheless funnels billions into the country's transportation and energy systems. “My message for the American people is this: America’s moving again, and your life’s going to change for the better,” said Biden. CHEDDAR
BIDEN AND XI "MEET"
After signing the infrastructure deal, Biden turned his attention to China. He and President Xi Jinping had a virtual conference where they laid a lot of hot-button issues on the table - trade, global alliances, cyber security, tensions in the South China Sea - but didn't come to any resolutions. The leaders have already spoken on the phone twice this year and had plenty of communication over when Biden was vice president. Xi said, "I’m very happy to see my old friend." NY TIMES
CLOSING ARGUMENTS
Jurors on Monday heard the closing arguments in the trial of Kyle Rittenhouse. The defendant, who was 17 when he shot three people in Kenosha, Wisconsin in August 2020, now faces five felonies, including first-degree intentional homicide. The defense reiterated its argument that Rittenhouse acted in self-defense and only meant to protect the community, while the prosecution portrayed him as a murderer and "chaos tourist" whose recklessness cost lives. CNN
HIGH-RISK TRAVEL
The CDC added four more European locales to the growing list of high-risk travel destinations. The U.S. government health experts are warning Hungary, Iceland, the Czech Republic and Guernsey are not safe to visit, even for those who are fully vaccinated. COVID cases are rising in many parts of the continent, just like here in the U.S, and the World Health Organization recently declared Europe to be the new "epicenter" of the pandemic. Austria, which was added to the high-risk list last month, is going back to a 10-day lockdown for unvaccinated residents to try to stop the spread. WASH POST
LIVERPOOL CAR BLAST
A deadly explosion in the English city of Liverpool on Sunday is now being investigated as a terrorist attack. The blast, which killed one person and injured another, came from an explosive device that went off inside a taxi parked in front of the Liverpool Women's Hospital. The taxi driver managed to escape with injuries, after exiting the car and locking the alleged bomber inside. The police have not yet reported a motive. In the meantime, British authorities have raised the country's threat level to its second-highest rung. NPR
BETO'S BACK
Beto O'Rourke is once again betting on Texas going blue in a major statewide election. The former Democratic presidential candidate and one-time contender for Ted Cruz's Senate seat has entered the race for governor — making him the highest-profile figure yet to challenge ultraconservative incumbent Greg Abbott. With hot-button issues such as abortion rights, border policy, and the sustainability of the electric grid hanging in the balance, the election is shaping up to become one of the most closely-watched state races of 2022. NY TIMES
CRYPTO TAX REPORTING
The $1.2 trillion bipartisan infrastructure bill passed with a controversial provision requiring crypto investors to report their gains to the IRS. The current language would require all "brokers," which includes crypto exchanges, to issue 1099 forms to their customers. Now a bipartisan group of U.S. senators who believe the current language is too broad is working on new legislation to narrow the scope of the requirement. BLOOMBERG
SUPPLY CHAIN WOES
DELAYS: The impact of factory shutdowns in Vietnam on apparel and footwear retailers is likely to last well into 2022, according to BofA Securities. The research firm sent a note to clients over the weekend that retailers should expect slower turnaround times than many expected, meaning supply chain delays are likely to haunt the sector for the foreseeable future. CNBC
HIGHER PRICES: Arkansas-based meat giant Tyson also lifted prices across all of its major divisions, citing a 30 percent hike in logistics expenses and higher costs for materials and packaging. “I can’t think of a single thing that has either stayed the same or gone down,” Donnie King, Tyson’s chief executive, told reporters on a conference call. WSJ
SPOTTED…
… The new poster for Spider-Man: No Way Home, featuring both the eponymous hero and Doctor Strange, was released Monday, as fans await a new trailer due out later today. SEE IT
…Downton Abbey: A New Era, which picks up where the popular first film left off, also got its first trailer, showing the famous family soaking it up in a lavish French villa. WATCH IT
LEFTOVERS: SESAME STREET'S NEW MUPPET
Sesame Street is getting a new resident with Ji-Young, the first Asian American muppet in the long-running children's show's canon. Fittingly, Ji means "sesame," in addition to meaning smart and wise. The character will be formally introduced in See Us Coming Together: A Sesame Street Special, dropping on Thanksgiving Day on HBO Max. AP
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