Live updates: Follow the latest on Israel-Gaza
Two Republican senators have sent a letter to President Joe Biden demanding answers about reports that his administration has blocked an ammunition transfer to Israel, emphasising the need to support Washington's long-time ally and raising concerns about transparency.
“We are deeply concerned that your administration failed to notify Congress about this decision,” Joni Ernst, who serves on the Armed Services Committee, and Ted Budd said in the letter, obtained by The National.
“Just one month ago, Congress passed a national security supplemental to provide military assistance to Israel.
“If these reports are true, then you have once again broken your promise to an American ally.”
The White House has declined to answer questions about reports that surfaced at the weekend saying it had withheld the aid.
A small but growing number of Mr Biden's Democrats have raised concerns about whether US aid is being used to violate international law amid the Israel-Gaza war, which has killed about 34,800 Palestinians since October 7, according to local health authorities.
Last week, Washington accused five Israeli military units of committing “gross violations of human rights” in the occupied West Bank before October 7, though it has avoided addressing concerns about units' conduct in Gaza.
Later on Tuesday, Representative Mike McCaul, the Republican chairman of the House Foreign Affairs, said: “The many reports that the administration is delaying sending Israel weapon components to improve the accuracy of aeroplane-dropped bombs is very concerning.
“I'm looking into these allegations and expect the administration to be transparent with our committee.”
In their letter, Ms Ernst and Mr Budd demanded Mr Biden tell Congress what ammunition his administration has withheld from Israel, whether it had been approved by Congress and why politicians were not notified.
“We must give Israel the arms it needs to fight the Hamas terrorists that continue to hold Americans hostage,” the senators said. “We call on your administration to immediately restart the weapons shipments to Israel today.”
Ms Ernst has been at the forefront of lobbying for support for Israel in Congress and has worked closely with hostage families since the October 7 Hamas attacks, in which about 1,200 people were killed and about 250 taken into Gaza.
Republican Speaker of the House Mike Johnson, meanwhile, on Tuesday said “it looks to be true that President Biden is clearly trying to placate the pro-Hamas element of his party – there's no other explanation for that”.
Mr Johnson added that the Biden administration assured him personally “as recently as Friday” that there would be “no delay” in delivering assistance to Israel – a battle that was hard-fought in Congress amid chaotic Republican infighting linked to domestic politics.
“This is not the will of Congress. This is an underhanded attempt to withhold aid without facing accountability. It's undermining what Congress intended,” Mr Johnson said.
The pushback also comes as Israel moves forward with a military operation in Rafah, which both the Biden administration and more centrist members of his Democratic Party have warned against.
Chris Coons, a Democratic senator and ally of Mr Biden, endorsed Washington placing conditions on aid to Israel “if they continue with large-scale military operations in Rafah without making any provisions for civilians”.
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There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
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High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
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