By Zeke Miller
President Joe Biden said Monday that the U.S. will share an additional 20 million doses of COVID-19 vaccines with the world in the coming six weeks as domestic demand for shots drops and global disparities in distribution have grown more evident.
The doses will come from existing production of Pfizer, Moderna or Johnson & Johnson vaccine stocks, marking the first time that U.S.-controlled doses of vaccines authorized for use in the country will be shared overseas. It will boost the global vaccine sharing commitment from the U.S. to 80 million.
“We know America will never be fully safe until the pandemic that’s raging globally is under control," Biden said at the White House.
The announcement comes on top of the Biden's administration’s prior commitment to share about 60 million doses of the AstraZeneca vaccine, which is not yet authorized for use in the U.S., by the end of June. The AstraZeneca doses will be available to ship once they clear a safety review by the Food and Drug Administration.
Biden also tapped COVID-19 coordinator Jeff Zients to lead the administration's efforts to share doses with the world.
“Our nation’s going to be the arsenal of vaccines for the rest of the world," Biden said. He added that, compared to other countries like Russia and China that have sought to leverage their domestically produced doses, “we will not use our vaccines to secure favors from other countries.”
The Biden administration hasn't yet said how the new commitment of vaccines will be shared or which countries will receive them.
To date, the U.S. has shared about 4.5 million doses of AstraZeneca vaccine with Canada and Mexico. Additional doses of the Pfizer vaccine manufactured in the U.S. have begun to be exported as the company has met its initial contract commitments to the federal government.
The U.S. has faced growing pressure to share more of its vaccine stockpile with the world as interest in vaccines has waned domestically.
“While wealthy countries continue ramping up vaccinations, less than 1 percent of COVID-19 vaccine doses globally have been administered to people in low-income countries," said Tom Hart the acting CEO of the ONE Campaign. “The sooner the US and other wealthy countries develop a coordinated strategy for sharing vaccine doses with the world’s most vulnerable, the faster we will end the global pandemic for all.”
More than 157 million Americans have received at least one dose of a COVID-19 vaccine, and 123 million are full vaccinated against the virus. Biden hopes the U.S. will have 160 million people fully vaccinated by July Fourth.
Globally, more than 3.3 million people are confirmed to have died from the coronavirus. The U.S. has seen the largest confirmed loss of life from COVID-19, at more than 586,000 people.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves. Fed Chair Jerome Powell told reporters that there were “strongly differing views” at the central bank's policy meeting about to proceed going forward.
U.S. and Chinese officials say a trade deal between the world’s two largest economies is drawing closer. The sides have reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting Thursday in South Korea. Any agreement would be a relief to international markets. Trump's treasury secretary says discussions with China yielded preliminary agreements to stop the precursor chemicals for fentanyl from coming into the United States. Scott Bessent also says Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earth elements needed for advanced technologies.
A new poll finds most U.S. adults are worried about health care becoming more expensive.
The White House budget office says mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
Most members of the Federal Reserve’s interest-rate setting committee supported further reductions to its key interest rate this year, minutes from last month’s meeting showed.
From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern, as everyone awaits the Labor Department’s monthly jobs report.
The Supreme Court is allowing Lisa Cook to remain as a Federal Reserve governor for now.
Rep. John Moolenaar has requested an urgent briefing from the White House after Trump supported a deal giving Americans a majority stake in TikTok.
