President Joe Biden has earmarked $400 million in discretionary funding to counter potential threats from China, and $1.7 billion to help Ukraine win the war against Russia in his Fiscal Year 2024 Budget.
In addition, the Budget includes a new, multifaceted interagency mandatory proposal to outcompete China. This includes $2 billion to support high-quality, strategic "hard" infrastructure projects globally; $2 billion to strengthen Indo-Pacific economies and support U.S. partners in pushing back against predatory efforts; $2 billion for a new revolving Fund at DFC to boost equity investments; and $7.1 billion over 20 years to support the renewal of the Compacts of Free Association (COFA).
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Political News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.