US to spend $68 million to buy Ukraine grain as ship traffic increases - August 17, 2022

President Joe Biden signed the $430 billion Inflation Reduction Act into law Tuesday, widely seen as the biggest climate package in U.S. history. The bill’s $369 billion investment in climate and energy is designed to cut domestic greenhouse gas emissions and combat high inflation and prescription drug prices. The policies were praised by supporters who said the investment could create 1,000 new companies in the clean energy space. The bill comes as a new report revealed how dangerously high temperatures could increase over the next 30 years, pushing more than 8.1 million U.S. residents in 50 counties towards a heat index above 125 degrees. Americans retail spending remained steady in July compared to a month prior as shoppers saved from falling gasoline prices but boosted spending in the retail sector. Walmart and Home Dept reported stronger revenue in the recent quarter, signaling that Americans are still spending but are paying more for fewer products as they mitigate the effects of inflation. Stock futures saw a five-day gain streak Tuesday propelled by better-than-expected earnings from the retail giants, but the streak ended Wednesday after Target reported quarterly earnings that were much weaker than expected. Walmart’s CEO said even wealthier families are “penny-pinching” as inflation drives up the price of groceries. The U.S. Agency for International Development said it will spend upwards of $68 million to purchase and ship grain from Ukraine, signaling the start of a July agreement to allow for renewed shipments from Ukraine’s Black Sea ports. The decision is the largest export deal since Russia’s invasion. Ukraine’s grain exports have fallen 46% year over year so far in the season, with Ukraine managing to export only 2.7 million tons of the crops so far. Last year, Ukraine exported 48.5 million tons. Ukraine’s Deputy Infrastructure Minister said he received applications for 30 ships to come to Ukraine to export grain, a sign that exports are looking up following the unblocking of three Black Sea p