The briefing for Wednesday, February 4.

The Trump administration unveiled an expanded critical minerals strategy Wednesday as Vice President JD Vance delivered a keynote at a State Department summit with officials from dozens of European, Asian, and African nations. The U.S. is expected to sign multiple supply chain agreements, though specific details have not yet been disclosed. Secretary of State Marco Rubio held Tuesday meetings with South Korean and Indian foreign ministers focused on mining and processing partnerships.

The summit follows Monday's announcement of Project Vault, a $12 billion strategic reserve funded through a $10 billion Export-Import Bank loan and nearly $1.67 billion in private capital. The initiative comes after China, which controls 70% of global rare earths mining and 90% of processing, restricted exports in response to Trump's tariff policies. While the two countries agreed to a one-year truce last October, Chinese restrictions remain tighter than before Trump took office.

Industry experts suggest the agreements could establish what one executive called a "buyers' club" among key producers and consumers to coordinate pricing and supply. The U.S. government made its fourth direct investment in American critical minerals production last week, extending $1.6 billion to USA Rare Earth. Officials are scrutinizing investments closely and demanding terms designed to generate taxpayer returns through loan repayments and equity stakes. Major manufacturers including Boeing, GE Vernova, and Western Digital are expected to participate in the reserve program.

President Trump signed a roughly $1.2 trillion spending package Tuesday evening, ending the partial federal shutdown that began over the weekend. The House passed the bill earlier in the day in a bipartisan vote after Speaker Mike Johnson secured near-unanimous Republican support through a procedural vote, despite some members attempting to attach unrelated priorities to the legislation.

The measure funds most of the federal government through September 30, but provides the Department of Homeland Security with only two weeks of funding. Lawmakers will return to negotiate potential changes for U.S. Immigration and Customs Enforcement operations, as Democrats are demanding additional restrictions. Trump had called on Republicans to stay united in a social media post Monday, telling holdouts there could be "no changes at this time."

A U.S. Navy F-35C fighter jet shot down an Iranian Shahed-139 drone Tuesday after it "aggressively approached" the aircraft carrier USS Abraham Lincoln with "unclear intent," according to U.S. Central Command. The drone continued flying toward the carrier despite de-escalatory measures by U.S. forces, which were operating in international waters approximately 500 miles from Iran's southern coast. No American personnel were harmed and no equipment was damaged.

Hours after the shootdown, Iranian Revolutionary Guard forces harassed the U.S.-flagged merchant vessel Stena Imperative in the Strait of Hormuz. Two boats and a Mohajer drone approached the ship at high speeds and threatened to board and seize the tanker, according to the U.S. military. The destroyer USS McFaul responded with defensive air support from the U.S. Air Force, and the merchant vessel continued safely.

The incidents escalate tensions as the Trump administration threatens possible military action to pressure Iran into nuclear negotiations. White House press secretary Karoline Leavitt said talks between special envoy Steve Witkoff and Iranian officials are still planned for later this week. Trump has said he wants to pursue diplomacy first but has "a range of options on the table." Iranian President Masoud Pezeshkian said Tuesday he instructed the foreign minister to "pursue fair and equitable negotiations" with the U.S., marking one of Tehran's clearest signals that it wants to negotiate despite last summer's breakdown in talks.

Russia carried out what President Volodymyr Zelenskyy called the most powerful attack of the year on Ukraine's energy sector Tuesday, using a record 32 ballistic missiles and 450 drones to strike power plants and infrastructure across at least five regions. The bombardment wounded at least 10 people and left more than 1,000 apartment buildings in Kyiv without heating as temperatures fell to minus 20 degrees Celsius. A power plant in Kharkiv was damaged beyond repair.

Zelenskyy accused Russia of breaking its commitment to halt strikes on energy infrastructure, saying the weeklong pause was supposed to take effect last Friday following Trump's request to Putin. The attack came one day before scheduled peace talks in Abu Dhabi between Russian and Ukrainian delegations. NATO Secretary-General Mark Rutte, who was visiting Kyiv during the strikes, called them "a really bad signal" about Moscow's intentions and said they raise doubts about Russia's seriousness regarding peace negotiations.

Ukraine's air defenses intercepted only 38 of the more than 70 missiles fired, meaning many reached their targets. Zelenskyy emphasized the need for allies to provide more air defense missiles, particularly U.S.-made Patriots, and called for "maximum pressure" on Russia. DTEK, Ukraine's largest private power company, said its thermal power plants were hit in what it described as the ninth major assault on the sector since October. Rutte told Ukraine's parliament that NATO members are ready to provide support "for years to come" and urged countries to "dig deep in their stockpiles" to deliver needed missiles.

Disney announced that Josh D'Amaro, who has overseen the company's theme parks, cruises, and resorts since 2020, will succeed Bob Iger as the entertainment giant's ninth CEO. The 54-year-old executive takes over a company flush with box-office hits like "Zootopia 2" and "Avatar: Fire and Ash" and a strengthening streaming business, but facing declining foreign tourism at domestic theme parks amid the Trump administration's immigration policies.

D'Amaro will be tasked with leveraging Disney's intellectual property to create successful movies and theme park additions while pushing streaming growth and building the sports business. He has led a multiyear $60 billion investment in cruise ships, resorts, and theme parks, and oversees Walt Disney Imagineering and the company's licensing business, including its partnership with Epic Games. The Experiences division generates $36 billion in annual revenue and employs 185,000 people worldwide.

The decision comes nearly four years after Disney's previous succession went disastrously wrong, forcing Iger back into the job after only two years. The company created a succession planning committee in 2023 and launched an earnest search in 2024 under James Gorman, Disney's chairman and former Morgan Stanley executive chairman. While external candidates were considered, Disney focused on internal executives who had been mentored by Iger. Iger will continue as a senior adviser and board member through the end of the year.

The United States and Mexico announced Tuesday they had reached an agreement under which Mexico will deliver a minimum of 350,000 acre-feet of water annually to the U.S. during the current five-year cycle. The deal changes Mexico's obligations under the 1944 Water Treaty, which requires 1.75 million acre-feet over five years but allows Mexico to build up water debt in early years before meeting the requirement—a practice that has hurt Texas farmers.

President Trump had threatened to raise tariffs on Mexican imports by 5% if the water issue wasn't resolved. The agreement follows a phone call last week between Trump and Mexican President Claudia Sheinbaum and months of negotiations. Under the treaty, the U.S. gives Mexico even more water from other sources farther west along their shared border. Mexico's Foreign Affairs, Environmental, and Agriculture ministries confirmed the agreement but did not initially specify the annual amount. The issue is sensitive in Mexico, particularly among farmers in northern states experiencing drought conditions who say lack of water has prevented them from planting crops.