| By Derek Caney
President Donald Trump and British Prime Minister Theresa May, who share an unusual bond as the products of anti-establishment uprisings, face a difficult search for unity on NATO, Russia and trade. The meeting between the two leaders will mark Trump’s first with a foreign leader since taking power a week ago, and it could go a long way toward determining how crucial Trump considers the traditional "special relationship" between the two countries.
Trump's push to create safe zones in Syria could force him to make some risky decisions about how far to go to protect refugees, including shooting down Syrian or Russian aircraft or committing thousands of U.S. troops.
Digits of the day: 2.2 percent U.S. economic growth likely slowed in the fourth quarter as a plunge in shipments of soybeans weighed on exports, but a healthy increase in consumer spending and rising business investment should underscore the economy's underlying momentum. The consensus estimate for gross domestic product growth was 2.2 percent, after accelerating at a 3.5 percent pace in the third quarter, according to a Reuters survey of economists. The government will publish its first estimate at 8:30 a.m.
Republic Day in New Delhi 
Indian soldiers march during the Republic Day parade in New Delhi, India January 26, 2017. REUTERS/Adnan Abidi
Around the country - The White House floated the idea of imposing a 20 percent tax on imported goods from Mexico to pay for a wall at the southern border, but then they walked it back saying the proposal was in its early stages and would be part of "a buffet of options," in the words of Chief of Staff Reince Priebus. But Mexico wouldn't pay the tax. The companies that make the imported goods would. And that would raise prices for American consumers.
- You've heard of a 100-day agenda? Trump's is more likely to be a 200-day agenda, given the sweeping changes he wants to enact, according to top Republicans at a policy retreat in Philadelphia to hammer out a legislative agenda. That agenda includes a border wall with Mexico, tax reform and the repeal of Obamacare.
- Arkansas Governor Asa Hutchinson signed into law a bill banning the most common abortion procedure employed in the second trimester of a pregnancy. It is among the most restrictive abortion laws in the United States. Near identical laws prohibiting dilation and evacuation have been adopted in Mississippi and Louisiana. Similar bans in Kansas, Oklahoma and Alabama have faced legal challenges and have yet to be implemented.
- U.S. scientists have succeeded in squeezing hydrogen so intensely that it has turned into a metal, creating an entirely new material that might be used as a highly efficient electricity conductor at room temperatures.
Around the world - Russian President Vladimir Putin and Trump are expected to speak by telephone tomorrow, the Kremlin said. Trump will also have a telephone conversation the same day with German Chancellor Angela Merkel. That call is expected to focus on Russia.
- South Korean and U.S. Marines are conducting military exercises on ski slopes in sub-freezing temperatures, including shirtless hand-to-hand combat in the snow, prompting warnings of retaliation from North Korea over "madcap mid-winter" drills.
- Philippine President Rodrigo Duterte pleaded with the country's Muslim separatist groups to deny sanctuary to militants with links to Islamic State, warning a war would ensue that would put civilians in danger. His defense minister said foreign intelligence reports showed a leader of the Abu Sayyaf rebel group was getting instructions from Islamic State to expand in the Philippines, in the strongest sign yet of links to the Middle Eastern militants.
Around Wall Street - Not all North Dakota Native Americans oppose the energy industry. Facing a 40-percent unemployment rate, tribe members of the Fort Berthold Indian Reservation are eager to tap some of state’s most promising oil reserves. But layers of federal regulation - applying only to tribal lands - slowed them down for years, frightened away investors and cost millions of dollars. With Trump now in the White House, their frustration is fueling a renewed push to streamline approvals for drilling and mining on Indian reservations.
Quote of the day: "We have ancestors that owned these lands. Let us collect our own taxes. Let us create economic viability for our people. Let us create the regulatory system." Fred Fox, councilman for the Mandan, Hidatsa and Arikara Nation - Toshiba plans to sell a minority stake in its memory chip business as it urgently seeks funds to offset an imminent multi-billion dollar writedown. It also plans to review its nuclear operations, a large pockmark on the company's balance sheet. Toshiba will review the unit's role in new projects and whether it will continue with U.S. power plant construction.
- Google parent Alphabet Inc's earnings fell short of expectations due to a higher tax rate. The results sent shares down 2.2 percent. But analysts cheered the company's progress in diversifying its business beyond advertising.
Today's reason to live Old 97s – Desperate Times |
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