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Subject: Trump backpedals on Saudi nuclear pact
From: White House Watch <FT@newsletters.ft.com>
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/td></tr></tbody></table><![endif]--> </td> <td align=3D'right' style=3D've=
rtical-align:top'> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0" align=3D"right"><tbody><tr><td align=3D"right" st=
yle=3D"padding-top: 0px; font-family: MetricWeb, Arial, sans-serif; font-we=
ight: 400; font-size: 14px; line-height: 16px;">July 23 2026<![endif]--> <t=
able width=3D'100%' cellspacing=3D'0' cellpadding=3D'0' border=3D'0'> <tbod=
y> <tr> <td style=3D'padding-top:38px;text-align:right;font-family:MetricWe=
b,Arial,sans-serif;font-weight:400;font-size:14px;line-height:16px;white-sp=
ace:nowrap' class=3D'redesign-outlook-hide' classname=3D'redesign-outlook-h=
ide'> July 23 2026 </td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]>=
</td></tr></tbody></table><![endif]--> </td> <!--[if (gte mso 9)|(IE)]></td=
><![endif]--> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]><table bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"center"=
><tbody><tr><td style=3D"text-align: center; padding-top: 10px;"><![endif]-=
-> <table cellspacing=3D'0' cellpadding=3D'0' border=3D'0' width=3D'100%'> =
<tbody> <tr> <td style=3D'margin:0;padding:0' class=3D'link-fix' classname=
=3D'link-fix'> <p style=3D'color:#000;font-family:Georgia,serif;font-size:1=
8px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Good =
morning and welcome to White House Watch. Let=E2=80=99s dive right into:</p=
><ul><li><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;li=
ne-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>A US-Saudi =
nuclear agreement</p></li><li><p style=3D'color:#000;font-family:Georgia,se=
rif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;cl=
ear:both'>Laura Loomer goes to Kyiv</p></li><li><p style=3D'color:#000;font=
-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;pad=
ding:0 0 18px 0;clear:both'>Where=E2=80=99s Venezuela=E2=80=99s oil money?<=
/p></li></ul><p style=3D'color:#000;font-family:Georgia,serif;font-size:18p=
x;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>The US =
and Saudi Arabia signed a <a href=3D'https://email.newsletters.ft.com/c/eJy=
MkUtu3DAMhk9j7xhQFPVaaBEgGCDrtgegJCpjdMaT2nIGuX3RIEW2WfP5_V-VoS-37T2vet8vOo=
Zuc8u9cOo0azYhcjSMLs56leXy3DK7VKmTgd6aAFvDEENE8IIcJFqNKvM5W7UYvGFl7egTptiNb=
1harKkmR_OSCcljIGssI5mHblMjqqWaSiguTYxfT-0PfTzU23W-5PMYr_tkHyc6TXS63--fpYlO=
9bYOXcdEJwoYRIuHVgSBPSPEEApw_HfFxxoJJ3va31cgJ74Y8ZN9MhP5T87JPn2HdCK_68tV1_E=
x0kI0CU0CidZBQjIglhR8cFYaMYqG-bLs47ll70rsWkOgIq0gGu9VevXz63ZrRx15f5Xt97zl_d=
CJcZdNzmfZ3vT9I4hN_xz6sYhQKTqqEJIvwF0sxOYUogZkIeOcdf_btf3Qtf1crl9ujZ1HPo6lT=
fbxW3LHJusudSy39bllZ7A31z2w0QjspEDxVoBd7dEkI93JfOy6_TqWltX2FtkJtMIC7JtASqZA=
sl1cTSkpm_kt098AAAD__z9uwVo' target=3D'_blank' data-msys-sublink=3D'content=
-2707aeb6-dba0-4640-877b-4839d268c820'>landmark agreement</a> yesterday to =
help Saudi Arabia develop a civilian nuclear programme that gives the kingd=
om a potential path to enriching uranium.</p><p style=3D'color:#000;font-fa=
mily:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;paddin=
g:0 0 18px 0;clear:both'>It was a big win for Riyadh, which has long sought=
such a pact. </p><p style=3D'color:#000;font-family:Georgia,serif;font-siz=
e:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Bu=
t in a <a href=3D'https://email.newsletters.ft.com/c/eJyMkctu2zoQhp9G2k1Azv=
C64CLAgYGsT_sAQ84wFmrLqUTFyNsXNVJkm_Vc8H__13jo6237KKve94uOodsspVeXO85abEwuW=
Wd8mvXKy-VFivO5YUcLXYTBkXWQYjIQ2LjIiTQpz-fiCaPUEJLtEnwyrebaDNlq0DjGMC8FDQYT=
kSw5g_apUxbEVpttaNjnyZmvUPtTH0_tdp0v5TzG2z7R84SnCU_3-_1zNOGp3dah65jw5E3MVCm=
CkjXghBKkngQcY5XqVbPliU6fUBP99x2sCcOur1ddx-NEYrLZ2AycyEM2aIEJFUL0xILOsMb5su=
zjRUrwNXVtMWJlqcbYEJR7C_PbdpOjjbK_8fZr3sp-6OTMzhufz7y968eDetPfhz4eoVFMHhvEH=
Cq4zgRJvELS-LdX6z35f-sq_-sqP5brl0hL8yjHschEz98yOTZed25jua0vUrw1XXwP4KwmcJ4r=
1EAMzreebLbcPc_HrtvPY5Gi1CU5zyDVMbggDDnbCpk6-5ZzVmfn94J_AgAA__-B1bzC' targe=
t=3D'_blank' data-msys-sublink=3D'content-50793b37-e310-4d38-8f8d-4a2bdb5ee=
91a'>plot twist</a>, Donald Trump said this morning that the agreement is c=
ontingent upon Riyadh normalising diplomatic relations with Israel =E2=80=
=94 a stunning intervention that will probably unnerve Saudi Arabia.</p><p =
style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28=
px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>The deal =E2=80=9Cwill =
be approved=E2=80=9D but is =E2=80=9Ctotally subject to Saudi Arabia joinin=
g the very respected and successful Abraham Accords=E2=80=9D, Trump wrote o=
n his Truth Social platform, referring to a signature first-term policy see=
king to normalise ties between Israel and Muslim countries.</p><p style=3D'=
color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin=
:0 0 10px 0;padding:0 0 18px 0;clear:both'>Saudi Crown Prince Mohammed bin =
Salman has previously insisted that any rapprochement with Israel would onl=
y be possible if Israel took permanent steps towards enabling the establish=
ment of a Palestinian state.</p><p style=3D'color:#000;font-family:Georgia,=
serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;=
clear:both'>The deal came amid the US=E2=80=99s renewed military campaign a=
gainst Iran, which has Washington=E2=80=99s Gulf allies, including Saudi Ar=
abia, back in Tehran=E2=80=99s crosshairs as it retaliates with missiles an=
d drones. The kingdom has been badly battered by Iran=E2=80=99s strikes. </=
p><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-heig=
ht:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Iran=E2=80=99s str=
anglehold on the Strait of Hormuz, a vital export route for the Gulf=E2=80=
=99s oil and gas, has added to Saudi Arabia=E2=80=99s pain, not to mention =
<a href=3D'https://email.newsletters.ft.com/c/eJyMkctqIzsQhp9G2lVQle4LLQLBk=
PU58wAlqRQ3Y7cz3eqYvP2AyZBt1nXh__6v8ZS32_ZZVrnvF5lTNt3LqC4P0lIwJpfQGZ-0XHm5=
vPbifG40CGH0zuAsOkgxGQhsXORkJQnrczFcM_ecbGgeK0tixlQ5mdSDpSR6KWQomEgWrTOET8P=
mTtRqw0aGfVbOfIfan8Z8arervpTznO-7ss-KTopO9_v9a6To1G7rlHUqOhmqw4rrECNmcC4R5E=
EVuKKr3Q7JzSp72j9XIM-hIgdlX1BR-OJU9uUnpIrCLm9XWefjpMeE2WAGTtZDNoTAlgRC9JY7O=
cMS9WXZ52svwdc0pMVIlXs1BkMQHi3o9-3WjzbL_s7bb72V_RDlzM4bn8-8fcjno4hN_hzyeERG=
KHlqEHOo4AZbSN0LJInGMaH31v9bl_6frP3_5frtFq2e5TiWruzzj-TOjded21xu62svHs3ofgR=
wKAmc5wo1WAbn20iYkYdnfeyy_TqWXsSOnpxn6NUxuNAZcsYK2Q72LecsDvVHob8BAAD___gkws=
c' target=3D'_blank' data-msys-sublink=3D'content-02bf3e4d-7719-4482-9f2b-a=
b14bd3fe9c3'>Houthi attacks</a> that are threatening the kingdom=E2=80=99s =
remaining oil lifeline. </p><div style=3D'width:500px;margin:0 auto;padding=
-bottom:30px' class=3D'content-image-mobile' classname=3D'content-image-mob=
ile'><p style=3D'margin:0 0 4px 0;padding:10px 0 0 0;text-align:center'><a =
href=3D'https://email.newsletters.ft.com/c/eJyMkctu2zoQhp9G2k1AzvC64CLAgYGs=
T_sAQ84wFmrLqUTFyNsXNVJkm_Vc8H__13jo6237KKve94uOodsspVeXO85abEwuWWd8mvXKy-V=
FivO5YUcLXYTBkXWQYjIQ2LjIiTQpz-fiCaPUEJLtEnwyrebaDNlq0DjGMC8FDQYTkSw5g_apUx=
bEVpttaNjnyZmvUPtTH0_tdp0v5TzG2z7R84SnCU_3-_1zNOGp3dah65jw5E3MVCmCkjXghBKkn=
gQcY5XqVbPliU6fUBP99x2sCcOur1ddx-NEYrLZ2AycyEM2aIEJFUL0xILOsMb5suzjRUrwNXVt=
MWJlqcbYEJR7C_PbdpOjjbK_8fZr3sp-6OTMzhufz7y968eDetPfhz4eoVFMHhvEHCq4zgRJvEL=
S-LdX6z35f-sq_-sqP5brl0hL8yjHschEz98yOTZed25jua0vUrw1XXwP4KwmcJ4r1EAMzreebL=
bcPc_HrtvPY5Gi1CU5zyDVMbggDDnbCpk6-5ZzVmfn94J_AgAA__-B1bzC' target=3D'_blan=
k'><img alt=3D'Donald Trump speaks at a podium in front of a large Saudi Ar=
abian flag at a business investment forum in Riyadh.' src=3D'https://images=
=2Eft.com/v3/image/raw/https://d1e00ek4=
ebabms.cloudfront.net/production/c3f35=
f97-ddd3-4eae-9340-879f32a92c2a.jpg?source=3Dspark-api&width=3D700&fit=3Dsc=
ale-down&bgcolor=3DFFFFFF' style=3D'margin:0;width:100%;max-width:500px;ver=
tical-align:middle'></a></p><p style=3D'color:#4d4845;font-family:MetricWeb=
,Arial,sans-serif;font-size:14px;font-weight:400;line-height:16px;margin:6p=
x 0 0 0;padding:6px 0 0 0'>Donald Trump addresses a Saudi-US business forum=
in Riyadh in 2025. =C2=A9 Getty Images</p></div><p style=3D'color:#000;fon=
t-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;pa=
dding:0 0 18px 0;clear:both'>The agreement would give US companies a leadin=
g role in Saudi Arabia=E2=80=99s nuclear energy programme, including the po=
ssible American-led construction of a uranium enrichment facility following=
a joint study, two people familiar with the matter told the FT=E2=80=99s A=
bigail Hauslohner. </p><p style=3D'color:#000;font-family:Georgia,serif;fon=
t-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:bot=
h'>But the partnership lacks the so-called =E2=80=9Cgold standard=E2=80=9D =
protocols contained in many other so-called 123 agreements, which bar urani=
um enrichment and reprocessing, while also committing to regular inspection=
s by the International Atomic Energy Agency.</p><p style=3D'color:#000;font=
-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;pad=
ding:0 0 18px 0;clear:both'>Without those provisions, there are concerns th=
at Saudi Arabia could eventually shift to a nuclear weapons programme.</p><=
p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:=
28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Rosemary Kelanic, dir=
ector of the Middle East programme at Defense Priorities, a think-tank advo=
cating for US foreign policy restraint, told Abigail that Washington had =
=E2=80=9Cnever=E2=80=9D helped another country enrich uranium domestically =
due to concerns about proliferation.</p><p style=3D'color:#000;font-family:=
Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0=
18px 0;clear:both'>US officials, however, said the deal included safeguard=
s. US secretary of state Marco Rubio told reporters yesterday that Washingt=
on =E2=80=9Cis not going to reach any agreement with any country in the wor=
ld that leads to the risk of proliferation=E2=80=9D.</p><p style=3D'color:#=
000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10=
px 0;padding:0 0 18px 0;clear:both'>Reaching nuclear agreements on a =E2=80=
=9Cone-off=E2=80=9D basis =E2=80=9Csets a dangerous precedent=E2=80=9D, sai=
d Emma Belcher, the president of Ploughshares, a nuclear weapons threat-red=
uction foundation, adding that it also =E2=80=9Craises a red flag when coun=
tries don=E2=80=99t want inspectors, particularly when this is the norm aro=
und the world=E2=80=9D.</p><table width=3D'100%' border=3D'0' cellpadding=
=3D'0' cellspacing=3D'0'> <tbody> <tr> <td> <!--[if (gte mso 9)|(IE)]><tabl=
e border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"l=
eft"><tbody><tr><td style=3D"padding-top: 18px; color: #000000; font-family=
: MetricWeb, Arial, sans-serif; font-size: 24px; font-weight: 500; text-ali=
gn: left; line-height: 28px;" class=3D"dark-heading" className=3D"dark-head=
ing"><![endif]--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cell=
spacing=3D'0' align=3D'left'> <tbody> <tr> <td style=3D'padding-bottom:18px=
;color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weig=
ht:500;text-align:left;line-height:28px' class=3D'dark-heading' classname=
=3D'dark-heading'> <h2 style=3D'color:#000;font-family:MetricWeb,Arial,sans=
-serif;font-size:24px;font-weight:500;text-align:left;line-height:28px;marg=
in:0' class=3D'dark-heading' classname=3D'dark-heading'>The latest headline=
s</h2> </td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]></td></tr></=
tbody></table><![endif]--> </td> </tr> <tr> <td> <!--[if (gte mso 9)|(IE)]>=
<table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=
=3D"left" style=3D"Margin: 0 0 0 0;"><tbody><tr><td><![endif]--> <table wid=
th=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'left'=
style=3D'Margin:0 0 10px 0;padding:0 0 10px 0'> <tbody> <tr> <td width=3D'=
57' height=3D'4' style=3D'font-size:0;margin:0;padding:0 0 12px 0'> <div st=
yle=3D'border-top-color:#fcd0b1;border-top-style:solid;border-top-width:4px=
;font-size:0' class=3D'dark-thick-line-redesign' classname=3D'dark-thick-li=
ne-redesign'>=E2=80=8C</div> </td> <td height=3D'4' style=3D'font-size:0;ma=
rgin:0;padding:0'>=E2=80=8C</td> </tr> </tbody> </table> <!--[if (gte mso 9=
)|(IE)]></td></tr></tbody></table><![endif]--> </td> </tr> </tbody> </table=
><ul><li><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;li=
ne-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Far-right i=
nfluencer <a href=3D'https://email.newsletters.ft.com/c/eJyMkbtuGzEQRb9m2Y1=
ADt8FCwOBANVJPmDIGVqLSCtll2vBfx9EsOHW9Txwzz2Nhrze1veyyGO7yBiyKi69utxRSTExuW=
Sc9knJlebLiYvzuWFHA52ZwFnjIMWkIZB2kZKVJKTOxVuOlaIkrMTZWuLWBFMK2SALWzUX1Bh0R=
Gus02gO3WZGbLWZhpp8npz-CrUd-ji021VdynmM-zbZlwmPEx4fj8fHaMJjuy1DljHhUThXEhEg=
qg2cTwRkggEKOmqLbHziyR4_oCb74ztYE4ZNXq-yjOcJx2SyNhkoWQ9ZowGyKBCit8ToNElUl3k=
bJy7B19Slxfi_jqq1CUGot6Du6433Nsp2p_WPWsu2y-T0Riudz7S-yfuTepW_uzwfoRZMHhvEHC=
q4ThYSe4EkUTtC4731n-vCP2XhX_P1S6SxapR9n3myL98yOVZaNmpjvi0nLt7ozr4HcEYSOE8Va=
rAEzreeTDbUPal9k_X3PnMR2zk5T8DVEbjABDmbCtl28i3nLM6ot4L_AgAA___aJr5z' target=
=3D'_blank' data-msys-sublink=3D'content-ed9baeee-aabc-458a-a161-a607032d15=
8d'>Laura Loomer has just met with Ukrainian President Volodymyr Zelenskyy<=
/a> in Kyiv, completing her shift from scathing critic to one of its bigges=
t Maga champions.</p></li><li><p style=3D'color:#000;font-family:Georgia,se=
rif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;cl=
ear:both'>Trump has promised =E2=80=9Cmajor military punishment=E2=80=9D on=
Iran for further attacks by Houthi militants, who said they=E2=80=99d atta=
cked two Saudi Arabian tankers in the Red Sea. <a href=3D'https://email.new=
sletters.ft.com/c/eJyMkU1uGzEMhU8z2imQKOqHCy0CFAaybnsAjkjFg9rjdEYTI7cvYKTIN=
mvyPbwPX-Ohr7fto6563y86hm5Gap-ROhitPhcsHl0sRq-8XF6kYqQGHbztImwxeLQlF2cTO8xc=
ghZlc66CklwknzghqUMmoJ4i0hxy5EJmqeAguQzBB3Tgn3ogAWhz8w0cR5rQfY3an_p4arerudT=
zGG_7FJ4nOE1wut_vn6cJTu22Dl3HBKfQBQnFW9WMFpvrlpokG1ABSqDkpU_h9Ak1hR_fwZog7f=
p61XU8IpKLJ-fJcgnRkgNvOYDalGNgAXSs2VyWfbxITXEuXVvOMLPMzvmUlHtL5m27ydFG3d94-=
2O2uh86odt54_OZt3f9eFBv-vfQRxE4hRKh2Uxpttg52CJRbdHskMHHGOL_d5Wfusqv5fol0gcz=
6nEsMoXnb5kcG687t7Hc1hep0bsusSeLXovFyLOdU2CLsfXiyXOPbI5dt9_HIlVDl4KRrczIFpO=
wJfKzpdA5NiJS9Oa9wr8AAAD__zHcvJg' target=3D'_blank' data-msys-sublink=3D'co=
ntent-3fd494d1-ee74-4c0f-9cd6-34e2283961df'>Oil prices hit $100 a barrel</a=
> for the first time since May after the attacks.</p></li><li><p style=3D'c=
olor:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:=
0 0 10px 0;padding:0 0 18px 0;clear:both'>Can the <a href=3D'https://email.=
newsletters.ft.com/c/eJyMkU1uGz0MQE8zs1MgUqJ-FloE-GAg6689ACVS8aD2OJ3RxMjtix=
opss2ajwQfXuOhr7fto6x63y86hm6zlF597jhrgZh8Am8pzXrl5fIixVNu2BFMF2HjHXiTYrIms=
PWRk9OkPJ9LIwDCKFQ1ULVMuTa0GT1ViEo4LwUtBhvRgfMW4am7LIitNmj4l5-8_Xpqf-rjqd2u=
86Wcx3jbJ_c84WnC0_1-_xxNeGq3deg6JjxBq-q7WBNqAuOxkanNWWOj7dpckywyudOn1OT--47=
WhGHX16uu47EiMUG2kA0nRyZbBMMO1YRIjgW9ZY3zZdnHi5RANXVtMWJlqdZCCMq9hfltu8nRRt=
nfePs1b2U_dPJ2543PZ97e9eNhvenvQx-H0ComwmZiDtX4zs4kITVJo_WMQOToH67yv67yY7l-h=
QQ3j3Ici0zu-Vslx8brzm0st_VFCoHtQj0YD5qMJ66mBsfGU-sJMnAnno9dt5_HIkVdl-SJjVTP=
xgdhkzNUk11najln9TC_F_wTAAD__6mrvXM' target=3D'_blank' data-msys-sublink=3D=
'content-1cbe4fd0-6b81-42c5-bc30-070fec3cd9dd'>US reopen the Strait of Horm=
uz by force</a>? Shipowners are not reassured that Washington=E2=80=99s ren=
ewed air strikes can make the critical waterway safe from Iranian attacks.<=
/p></li><li><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px=
;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>US oil r=
efineries <a href=3D'https://email.newsletters.ft.com/c/eJyMkctu4zoMhp9G3rG=
QqPtCiwJFgK7PmQegRbIxJnE6ttygbz9A0EG3XfOC__u_TkPebttnW-W-X2QM2SZuOoeqOElzuY=
Tigo1lkistl1duIdaOig6UmSB4F6DkYiGRDZmKlyI0nRuqT1x8qUWKc52RVVEtYZUYvOdpaWgx2=
Yze-WDRPamvjNjn7jpaitUE-x1qf9Lx1G_X6dLOY7zvxj8bPBk83e_3r5HBU7-tQ9Zh8CRda02Z=
gSUrBBsV5hwSqK2EST2VRMaf9s8VMFKaHSXjX5zB9MVp_MtPSA2mXd6uso7HCefiqnUVqPgI1aI=
D8iiQcvTEGCxJni7LPl65pTgXlZ4zzsSztS4lIe1pet9ufPTR9nfafk9b2w8xwe600flM24d8Po=
rY5M8hj0doBUvEDrmmGYKSh8JRoEi2gdDF6OO_deH_ZOX_l-u3W-en0Y5jYeOffyR3bLTu1MdyW=
1-5RWeVoyYITgqESDPMyROE2LW46kgjTccu269j4SZeuYRIwHMgCIkJanUzVK8Ue61Vgps-Gv4N=
AAD__8ajwr4' target=3D'_blank' data-msys-sublink=3D'content-ecf9967d-de7f-4=
05f-b746-f09a26f3a86a'>are running at full tilt</a> as wars in the Middle E=
ast and Ukraine choke global supplies of fuels, increasing the risk of outa=
ges at a time when prices are already rising sharply. </p></li><li><p style=
=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;ma=
rgin:0 0 10px 0;padding:0 0 18px 0;clear:both'>A Wall Street <a href=3D'htt=
ps://email.newsletters.ft.com/c/eJyMkctqIzsQhp9G2lVQle4LLQLBkPU58wAlqRQ3Y7c=
z3eqYvP2AyZBt1nXh__6v8ZS32_ZZVrnvF5lTNt3LqC4P0lIwJpfQGZ-0XHm5vPbifG40CGH0zu=
AsOkgxGQhsXORkJQnrc0EbxFeKyNmgHTXZwF5SxiG5GnR6KWQomEgWrTOET8PmTtRqw0aGfVbOf=
Ifan8Z8arervpTznO-7ss-KTopO9_v9a6To1G7rlHUqOhnMTSxaMKZ5cD12YAoNuPVI3nRJjpU9=
7Z8rkOdQkYOyL6gofHEq-_ITUkVhl7errPNx0mPCbDADJ-shG0JgSwIhesudnGGJ-rLs87WX4Gs=
a0mKkyr0agyEIjxb0-3brR5tlf-ftt97KfohyZueNz2fePuTzUcQmfw55PCIjlDw1iDlUcIMtpO=
4FkkTjmNB76_-tS_9P1v7_cv12i1bPchxLV_b5R3LnxuvObS639bUXj2Z0PwI4lATOc4UaLIPzb=
STMyMOzPnbZfh1LL2JHT84z9OoYXOgMOWOFbAf7lnMWh_qj0N8AAAD__yvDwfI' target=3D'_=
blank' data-msys-sublink=3D'content-019ce313-00c5-4d7d-a26c-acd7250de84a'>b=
acklash is mounting</a> over a proposal by Trump=E2=80=99s social media com=
pany to charge for high-speed access to his posts, as industry executives b=
alk at the fee and raise questions about the potential legal jeopardy.</p><=
/li><li><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;lin=
e-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Former Barcl=
ays chief executive <a href=3D'https://email.newsletters.ft.com/c/eJyMkc1uG=
zsMhZ9mZsdApKi_hRYBLgx4fdsHoCQqHtQeuzOaFHn7Am6LbLMleA7Oh6_K0Lf79pFX_bVfdQzd=
5pZ74dRp1owhckQ2Ls56k-V6bpldqtQJobcmwBYZYogGvBgOEq1GlfmSizellBqZVLo6ZC2YOLh=
qrfcGcV4yGfImkEXLhvCl29SIaqlYyYhLE5vPUftLHy_1fpuv-TLGY5_s60SniU5_zhOd6n0duo=
6JTj4kijUwFCkIzMaDVPIQlJ0proXKabKnv0CT_e8rSBP5Xd9uuo5npIWIyWACidZBMoQglhR8c=
FYasREN83XZx7ll70rsWkOgIq0Yg96r9Ornx3ZvRx15f8j2Y97yfujEZpdNLhfZ3vXjSbzpz0Of=
RWSUoqMKIfkC3MVCbE4hajAshM5Z9-9d2_-6tm_L7VMi2nnk41jaZF-_ZHFssu5Sx3Jfzy07NL2=
57oFRI7CTAsVbAXa1R0wo3cl87Lp9P5aW1fYW2Qm0wgLsm0BKWCDZLq6mlJRxfs_0OwAA__8l2L=
sy' target=3D'_blank' data-msys-sublink=3D'content-67928c74-bab1-4406-ac26-=
7e450b5d7c49'>Jes Staley will appear on Capitol Hill</a> today facing quest=
ions from lawmakers over his ties to convicted child sex offender Jeffrey E=
pstein.</p></li></ul><table width=3D'100%' border=3D'0' cellpadding=3D'0' c=
ellspacing=3D'0'> <tbody> <tr> <td> <!--[if (gte mso 9)|(IE)]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"left"><tb=
ody><tr><td style=3D"padding-top: 18px; color: #000000; font-family: Metric=
Web, Arial, sans-serif; font-size: 24px; font-weight: 500; text-align: left=
; line-height: 28px;" class=3D"dark-heading" className=3D"dark-heading"><![=
endif]--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=
=3D'0' align=3D'left'> <tbody> <tr> <td style=3D'padding-bottom:18px;color:=
#000;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;=
text-align:left;line-height:28px' class=3D'dark-heading' classname=3D'dark-=
heading'> <h2 style=3D'color:#000;font-family:MetricWeb,Arial,sans-serif;fo=
nt-size:24px;font-weight:500;text-align:left;line-height:28px;margin:0' cla=
ss=3D'dark-heading' classname=3D'dark-heading'>What we=E2=80=99re hearing</=
h2> </td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]></td></tr></tbo=
dy></table><![endif]--> </td> </tr> <tr> <td> <!--[if (gte mso 9)|(IE)]><ta=
ble border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D=
"left" style=3D"Margin: 0 0 0 0;"><tbody><tr><td><![endif]--> <table width=
=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'left' s=
tyle=3D'Margin:0 0 10px 0;padding:0 0 10px 0'> <tbody> <tr> <td width=3D'57=
' height=3D'4' style=3D'font-size:0;margin:0;padding:0 0 12px 0'> <div styl=
e=3D'border-top-color:#fcd0b1;border-top-style:solid;border-top-width:4px;f=
ont-size:0' class=3D'dark-thick-line-redesign' classname=3D'dark-thick-line=
-redesign'>=E2=80=8C</div> </td> <td height=3D'4' style=3D'font-size:0;marg=
in:0;padding:0'>=E2=80=8C</td> </tr> </tbody> </table> <!--[if (gte mso 9)|=
(IE)]></td></tr></tbody></table><![endif]--> </td> </tr> </tbody> </table><=
p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:=
28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>The US has collected =
more than <a href=3D'https://email.newsletters.ft.com/c/eJyMkstu40YQRb-G3LX=
QXf1ecMHRI5EEQyNYScazMaq7q0e0JErmw7Tz9UEMB87S6yrUrYtzIg7069q9VS1N_ZmGgboyVT=
kon6GkSlinnFBcu5Iu2JzXqVLaR8ggWE4JmZJCMWcdZwa5sugkOcLyWKkoM2ZlTUgpiGCkJ6kxC=
wLtIkpdNhVwMNyCFFJxELMsfQKIIYoIHLUvFP98qp_lYRavl_JcHYfh1heyLmBVwGqapo9RAat4=
bQdqhwJWnLQB4pIJbogpC545mSwzVkewFFxUqZArjJH6_nA9UVvIxd9TXddYn61uplN0uz8btVj=
-pn_fpt1CQIobNt4d9svZ3fJhvt7PT-qteditFmqr9_P7jbMHqN0TjNuRuuX363P38CNs5SPy52=
l9rLfzMP--iTrpp7Zhu5_Tfkiv38Trj5_HoB7vH-Um3u3-OozNrS_AFKDlt55-Xagd1qmQiy8VA=
vNBqZCLr3AqwPw_I1knPBeeoZOaeQ6CoQT6N0NiAsWRbHlu-mGdKqODyxSthYApcC6MIczRlLfu=
msY4VP0Nu1PZVf1IheI9dng8YvdCb-8YO3oe6f0QcAKnITLrTWAqo2QuaWKOLFcIQmup_1undE9=
tOjSXTzOFLIdqHJtUyPpLag4dtj3Gobm261RpwXPS2TAlyDGlMbBgJDKlY3bCC8way7Gn7o-xSR=
XJnJzSyFJQyJRJyLwXgXmZUUfvPSlRvlTwTwAAAP__Do_9pg' target=3D'_blank' data-ms=
ys-sublink=3D'content-0e562e03-106e-4729-83d7-675c27eb8c4d'>$13bn of Venezu=
ela=E2=80=99s oil money</a> this year, according to FT calculations. But wh=
ere is it? [Free to read]</p><p style=3D'color:#000;font-family:Georgia,ser=
if;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;cle=
ar:both'>The funds=E2=80=99 fate is critical, with Venezuela reeling from d=
evastating twin earthquakes that rocked the country last month.=C2=A0</p><p=
style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:2=
8px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>But Washington has giv=
en inconsistent accounts of what exactly it is doing with these oil revenue=
s.</p><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-=
height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Members of Con=
gress from both sides of the aisle have started pressuring the administrati=
on for an explanation.=C2=A0</p><p style=3D'color:#000;font-family:Georgia,=
serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;=
clear:both'>=E2=80=9CTrump=E2=80=99s invasion of Venezuela has been about o=
il, power and graft from the very beginning, with billions of dollars in Ve=
nezuelan oil revenue being controlled by the Trump administration without t=
ransparency or safeguards,=E2=80=9D Democratic representative Joaquin Castr=
o told the FT=E2=80=99s Geoff Dyer, Chris Cook and Ana Rodr=C3=ADguez Braz=
=C3=B3n.</p><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px=
;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Soon aft=
er the US special operation to capture the country=E2=80=99s then president=
Nicol=C3=A1s Maduro in January, Donald Trump said the revenues would =E2=
=80=9Cbe controlled by me=E2=80=9D.=C2=A0</p><p style=3D'color:#000;font-fa=
mily:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;paddin=
g:0 0 18px 0;clear:both'>Then, an executive order said the funds would belo=
ng to the Venezuelan government but would be held in US government accounts=
in a =E2=80=9Ccustodial and governmental capacity=E2=80=9D.=C2=A0</p><p st=
yle=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px=
;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>The US Department of Ener=
gy has also said the revenues =E2=80=9Cwill be disbursed for the benefit of=
the American people and the Venezuelan people=E2=80=9D. Last month, Trump =
said that the US was =E2=80=9Cmaking a lot of money=E2=80=9D from the oil t=
ie-up.</p><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;l=
ine-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>The US pre=
sident said yesterday that Washington had recovered the cost of that milita=
ry operation =E2=80=9Cmany, many times over=E2=80=9D via the oil. </p><p st=
yle=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px=
;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>=E2=80=9CWe=E2=80=99re ta=
king tremendous amounts of oil, and they=E2=80=99re taking tremendous amoun=
ts of oil,=E2=80=9D Trump said during a speech in Georgia. =E2=80=9CIt=E2=
=80=99s a partnership in a sense.=E2=80=9D</p><p style=3D'color:#000;font-f=
amily:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;paddi=
ng:0 0 18px 0;clear:both'>US officials said control of the oil money has be=
en used as leverage over Venezuelan President Delcy Rodr=C3=ADguez. </p><p =
style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28=
px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>At a congressional hear=
ing last Wednesday, Michael Kozak, the acting US assistant secretary of sta=
te for western hemisphere affairs, said: =E2=80=9CIt=E2=80=99s their money =
but=E2=80=89.=E2=80=89.=E2=80=89.=E2=80=89they have to get our permission.=
=E2=80=9D=C2=A0</p><table width=3D'100%' border=3D'0' cellpadding=3D'0' cel=
lspacing=3D'0'> <tbody> <tr> <td> <!--[if (gte mso 9)|(IE)]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"left"><tb=
ody><tr><td style=3D"padding-top: 18px; color: #000000; font-family: Metric=
Web, Arial, sans-serif; font-size: 24px; font-weight: 500; text-align: left=
; line-height: 28px;" class=3D"dark-heading" className=3D"dark-heading"><![=
endif]--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=
=3D'0' align=3D'left'> <tbody> <tr> <td style=3D'padding-bottom:18px;color:=
#000;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;=
text-align:left;line-height:28px' class=3D'dark-heading' classname=3D'dark-=
heading'> <h2 style=3D'color:#000;font-family:MetricWeb,Arial,sans-serif;fo=
nt-size:24px;font-weight:500;text-align:left;line-height:28px;margin:0' cla=
ss=3D'dark-heading' classname=3D'dark-heading'>Viewpoints</h2> </td> </tr> =
</tbody> </table> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![en=
dif]--> </td> </tr> <tr> <td> <!--[if (gte mso 9)|(IE)]><table border=3D"0"=
cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"left" style=3D"=
Margin: 0 0 0 0;"><tbody><tr><td><![endif]--> <table width=3D'100%' border=
=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'left' style=3D'Margin:0=
0 10px 0;padding:0 0 10px 0'> <tbody> <tr> <td width=3D'57' height=3D'4' s=
tyle=3D'font-size:0;margin:0;padding:0 0 12px 0'> <div style=3D'border-top-=
color:#fcd0b1;border-top-style:solid;border-top-width:4px;font-size:0' clas=
s=3D'dark-thick-line-redesign' classname=3D'dark-thick-line-redesign'>=E2=
=80=8C</div> </td> <td height=3D'4' style=3D'font-size:0;margin:0;padding:0=
'>=E2=80=8C</td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]></td></t=
r></tbody></table><![endif]--> </td> </tr> </tbody> </table><ul><li><p styl=
e=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;m=
argin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Is Donald Trump winning the=
tariff wars? Soumaya Keynes <a href=3D'https://email.newsletters.ft.com/c/=
eJyMkctuHCEQRb8GdlhQVPFYsLBkjeR1kg8ooPC0MtPjdNMe-e-jWI689boeuueexlNebtt7WeW=
-X2RO2XQvo2IeoKW4mDA5tJS0XHm5PPeClBsMcGb0zga9Q5NisiawxcjJSxLW51IDB6k2IlNsFJ=
L12TsXLAVsYwSrlwIWgo3gnUcL7mH43AFaba6BZcoK7Veo_WHMh3a76ks5z_m6K_-o4KTgdL_fP=
0cKTu22TlmnglOs5K0HMSljN-i5mdy7M1AzUoSaMGXlT_v7aoA4VMdB-SenIHxyKv_0HVIFYZeX=
q6zz46TH5LJ12XDyZLIFZ_hfihDJcwe0LFFfln0-9xKopiEtRqjcq7UuBOHRgn7dbv1os-yvvP3=
WW9kPUWh33vh85u1N3j-K2OTPIR-PwAokgmZiDtXgYG9SJzFJokUGR-Tp_7r0H7L2n8v1y63zep=
bjWLryj9-SOzded25zua3PvZCzo9MIBp0kg8TV1ODZILWRXHY8iPWxy_brWHoRP3pCYtMrssHQ2=
eTsqsl-MLWcs6DTbwX-BgAA___JF8El' target=3D'_blank' data-msys-sublink=3D'con=
tent-7b53032e-894d-43ac-9dd1-2b94572b8489'>tots up the scores</a>.</p></li>=
<li><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-he=
ight:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Laura Taylor-Kal=
e, the former US assistant secretary of defence for industrial base policy,=
says <a href=3D'https://email.newsletters.ft.com/c/eJyMkU1uGzEMhU8zs1MgUaR=
-FloEKAxk3fYAlEjFg9rjdEYTI7cvYKTINmvyPbwPX-Ohr7fto6x63y86hm6zlF4xd5i1uJgwOb=
SUZr3ycnmRgpQbdHCmi7BB79CkmKwJbDFy8pqU53NRDJwgMAmS8zFS7dC0ghCH6quflwIWgo3gn=
UcL7qn7LACtNtfAMuUJ7deo_amPp3a7zpdyHuNtn_zzBKcJTvf7_fM0wand1qHrmOBUaxNqXI2k=
hgbJNZNBnKHEEFsNHJOb_OkTavI_voM1Qdj19arreEQkJpety4aTJ5MtOMMe1IRIngXQssb5suz=
jRUqgmrq2GKGyVGtdCMq9hfltu8nRRtnfePszb2U_dEK788bnM2_v-vGg3vTvoY8isAqJoJmYQz=
XY2ZskpCZptMjgiDz9f1f5qav8Wq5fIp2fRzmORSb__C2TY-N15zaW2_oihZztQj0YdJoMEldTg=
2eD1Hpy2XEnno9dt9_HIkV9l4TERiqywSBscnbVZN-ZWs5Z0c3vBf4FAAD__69eveE' target=
=3D'_blank' data-msys-sublink=3D'content-bbcd5cab-d8c4-451c-92d1-58a27cb6a7=
81'>we should welcome</a> Intel shareholders=E2=80=99 lawsuit against the T=
rump administration.=C2=A0</p></li><li><p style=3D'color:#000;font-family:G=
eorgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 =
18px 0;clear:both'>Law professor Bruce Ackerman examines the battle over th=
e US=E2=80=99s War Powers Act, noting that the challenge for its defenders =
is to make Trump=E2=80=99s unprecedented defiance of the law a <a href=3D'h=
ttps://email.newsletters.ft.com/c/eJyMkU1uGzEMhU8zs1MgUqJ-FloEKAxk3fYAlEjFg=
9rjdEYTI7cvYKTINmvyPbwPX-Ohr7fto6x63y86hm6zlF597jhrgZh8Am8pzXrl5fIixVNu2BFM=
F2HjHXiTYrImsPWRk9OkPJ8LQewJmhBbstZhAJswI6Xsfai2zUtBi8FGdOC8RXjqLgtiqw0aWqY=
8efs1an_q46ndrvOlnMd42yf3POFpwtP9fv88TXhqt3XoOiY8pSSM0SUTelPjc6ymJiEDKo4gh-=
rUTu70CTW5H9_BmjDs-nrVdTwiEhNkC9lwcmSyRTDsUE2I5FjQW9Y4X5Z9vEgJVFPXFiNWlmoth=
KDcW5jftpscbZT9jbc_81b2Qydvd974fObtXT8e1Jv-PfRRhFYxETYTc6jGd3YmCalJGq1nBCJH=
_99Vfuoqv5brl0hw8yjHscjknr9lcmy87tzGcltfpBDYLtSD8aDJeOJqanBsPLWeIAN34vnYdft=
9LFLUdUme2Ej1bHwQNjlDNdl1ppZzVg_ze8F_AQAA__8goLwY' target=3D'_blank' data-m=
sys-sublink=3D'content-88da2738-6fce-497b-b8d5-1ed35196b3e0'>central theme =
in the midterm elections</a>.=C2=A0</p></li><li><p style=3D'color:#000;font=
-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;pad=
ding:0 0 18px 0;clear:both'>Anjana Ahuja thinks US defence secretary Pete H=
egseth=E2=80=99s testosterone screening for American troops reveals how the=
administration views science as a =E2=80=9Cflexible handmaid to the more v=
ital business of wellness, masculinity and <a href=3D'https://email.newslet=
ters.ft.com/c/eJyMkctu4zoMhp_G3qmQSOq20KJAEaDrc-YBKJFqjEmcji036NsPEHTQbde84=
P_-r_HQt9v2WVa97xcdQ7dZSq-UO8xaXEyUHFmfZr3ycnmVQj436OBMF2FD6MikmKwJbClyQk3K=
87lgSimQIAVipGa5I8RUYwoQHFOalwIWgo2ADsmCe-qYBaDV5hpY9nki-x1qf-rjqd2u86Wcx3j=
fJ3ye4DTB6X6_f40mOLXbOnQdE5xiFw4kYqijMwTVmSoZjdPIMVokyn3C0_65GvAcquMw4YubIH=
xxTvjyE9IJwq5vV13H40Rictm6bDihN9mCM4ygJkSPLECWNc6XZR-vUoKvqWuLESpLtdaFoNxbm=
N-3mxxtlP2dt9_zVvZDJ7I7b3w-8_ahn48iNv1z6OMRWIXkoZmYQzXUGU0SryZptMTgvEf_b13l=
P13l_-X67dbhPMpxLDLh84_kjo3XndtYbuurFO9sF9-DIafJkOdqakA25FtPLjvunudj1-3XsUh=
R7JLIs5FKbCgIm5xdNRk7-5ZzVnLzR4G_AQAA___1HcFX' target=3D'_blank' data-msys-=
sublink=3D'content-7fda64dd-4f31-42b1-bd93-1e7a7703449f'>=E2=80=98looksmaxx=
ing=E2=80=99</a>=E2=80=9D.</p></li></ul> </td> </tr> </tbody> </table> <!--=
[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> <div style=3D'=
max-width:640px;margin-right:auto;margin-left:auto'> <!--[if (gte mso 9)|(I=
E)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" a=
lign=3D"center"><tbody><tr><td style=3D"padding: 0 0 0 0;"><![endif]--> <ta=
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