Happy Thursday! If any of our readers are bigwigs at the Coca-Cola Co., please reconsider your decision to discontinue Honest Tea at the end of 2022. It fuels this newsletter.
Quick Hits: Today’s Top Stories
The White House announced Wednesday that, starting June 9, United Airlines will fly 3.7 million bottles worth of baby formula from Europe to the United States. The U.S. baby formula shortage has worsened, going from a typical pandemic-era out-of-stock rate of 11 percent to 23 percent in the week ending May 22, according to market research firm IRI. Food and Drug Administration head Robert Califf said it could be weeks before an Abbott formula plant shuttered for safety violations can reopen.
The U.S. trade representative’s office launched a new bilateral economic pact with Taiwan on Wednesday to promote trade, clean energy, workers’ rights, and anti-corruption standards. These elements are similar to the contents of the Indo-Pacific Economic Framework President Joe Biden announced with several nations in the region last week, but that framework excluded Taiwan in an effort to encourage maximum participation from countries wary of upsetting China.
The Biden administration on Wednesday announced a $700 million military aid package for Ukraine that includes four advanced guided-rocket systems—armed for a 48-mile range instead of the 75-mile range Ukrainian President Volodymyr Zelensky has requested. The West has avoided giving Ukraine long-range weapons systems that would enable strikes on Russian territory to prevent escalation; Zelensky claimed this week Ukraine would refrain from doing so. He also emphasized that Ukraine will not concede territory for a peace deal.