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close video US has ‘very narrow’ retaliation options against China: Michael Pillsbury

Hudson Institute Director of the Center on Chinese Strategy Michael Pillsbury says China’s ‘greatest fear’ is that the U.S. will officially announce Taiwan is independent from China.

As China vows to take "resolute and forceful" measures against Taiwan after its president’s meeting with U.S. lawmakers, one foreign policy expert signaled the Chinese Communist Party’s strong words could be knocked down like a facade with one swift move from American defenses.

"[China's] greatest fear is that we will go ahead and announce that Taiwan is not a part of China. We've come close to that over the last 50 years, Japan gave it up in the San Francisco Peace Treaty of 1951, but no one's ever been assigned Taiwan," Hudson Institute Director of the Center on Chinese Strategy Michael Pillsbury said Friday on "Varney & Co."

On Thursday, Beijing's Ministry of Foreign Affairs claimed it would take action to "defend [its] sovereignty and territorial integrity," urging that the U.S. "not go further down the wrong and dangerous path."

House Speaker Kevin McCarthy, R-Calif., was joined by a bipartisan group to meet with Taiwanese President Tsai Ing-wen earlier this week, reportedly discussing America’s "unwavering support" for Taiwan amid rising, hostile political and military tensions with China, the speaker had said in a press conference.

CHINA CATCHING UP WITH U.S. ON AI, MAY NATIONALIZE DEVELOPMENT, HARVARD REPORT WARNS

While talks about Taiwan-China relations are taking place at home, a separate group of bipartisan lawmakers, led by Rep. Michael McCaul, R-Texas, is on a three-day trip to Taipei where they’re expecting to discuss delayed weapon delivery.

President Biden is playing a “dangerous game” with China, Hudson Institute Director of the Center on Chinese Strategy Michael Pillsbury said Friday on “Varney & Co.” (Getty Images)

"That's the real issue — if there is an attack and use of force, Taiwan says it will announce 'we're independent,' and provoke an even greater conflict," Pillsbury said. "So this is a dangerous game that the Biden administration is playing, by not forwarding these weapons to Taiwan, that Taiwan has paid for."

"The delegation in Taiwan right now from Congress, bipartisan delegation, they're making this point: Where are these $19 billion worth of weapons, once paid for, but never been delivered? Part of it may be the drawdown because of Ukraine," the expert continued. close video China getting ‘cheap layups’ due to ‘American weakness’ and ‘passivity’ from Biden: Steve Yates

America First Policy Institute senior fellow Steve Yates argues Congress is ‘on the right sheet of music’ with China relations, while the Biden administration is ‘pretty conflicted.’

China recognizes that no country has a declared military alliance with Taiwan and feels the U.S. is distracted by the war in Ukraine, Pillsbury argued while noting White House officials have been "quite vague" about the support American forces are willing to give.

"It looks like the Chinese believe that the Americans are too tied down, too bogged down with the Ukrainian effort, and therefore they might not come to the aid of Taiwan in the event of a limited attack," the Hudson Institute director said. "They see Taiwan more as a duck that's waiting to be attacked, not a really strong power and certainly not yet a porcupine."

GET FOX BUSINESS ON THE GO BY CLICKING HERE close video Biden ‘totally misguided’ on how to deal with China: Gordon Chang

Gatestone Institute senior fellow Gordon Chang argues the U.S. should be militarily prepared to defend Taiwan against China.

The Biden administration is "playing with fire" while China has a "wide range of options" for retaliation, the policy expert warned, while urging caution when within the CCP’s territory.

"This is Chinese territorial waters, so they have the right to stop and search any ship that goes there. They claim that our aircraft carriers when they pass through need permission from China. We don't ask for permission," Pillsbury said. "So there's a very wide range of options China can choose from. On the American side, our range of options is very limited, very narrow, given our past policy."

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Fox News’ Julia Musto contributed to this report.

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Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

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Canada’s new prime minister once said Bitcoin had ‘serious deficiencies’

Canada’s new prime minister, Mark Carney, once said recreating a virtual global gold standard like Bitcoin “would be a criminal act of monetary amnesia.”

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Sports

Bell rings up first Cup 3-race win streak since ’21

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Bell rings up first Cup 3-race win streak since '21

AVONDALE, Ariz. — Christopher Bell became the first NASCAR Cup Series driver to win three straight races in the NextGen car, holding off Joe Gibbs Racing teammate Denny Hamlin by 0.049 seconds to win the second-closest race in Phoenix Raceway history Sunday.

Bell started 11th in the 312-mile race after winning at Atlanta and Circuit of America the previous two weeks. The JGR driver took the lead out of the pits on a caution and stayed out front on two late restarts to become the first driver to win three straight races since Kyle Larson in 2021.

The second restart led to some tense moments between Bell and Hamlin — enough to make their team owner feel a bit queasy.

“I was ready to upchuck,” JGR Racing owner Joe Gibbs said.

Bell became the fourth driver in Cup Series history to win three times in the first four races — and the first since Kevin Harvick in 2018. The last Cup Series driver to win four straight races was Jimmie Johnson in 2007.

“We’ve had four races this year, put ourselves in position in all four and managed to win three, which is a pretty remarkable batting average — something that will be hard to maintain, I believe,” Bell’s crew chief Adam Stevens said.

The Phoenix race was the first since Richmond last year to give teams two sets of option tires. The option red tires have much better grip, but start to fall off after about 35 laps, creating an added strategic element.

A handful of racers went to the red tires early — Joey Logano and Ryan Preece among them — and it paid off with runs to the lead before they fell back.

Bell was among those who had a set of red tires left for the final stretch and used it to his advantage, pulling away from Hamlin on a restart with 17 laps left.

Hamlin pulled alongside Bell over the final two laps after the last restart and the two bumped a couple of times before rounding into the final two turns. Bell barely stayed ahead of Hamlin, crossing the checkered flag with a wobble for his 12th career Cup Series win. He led 105 laps.

“It worked out about as opposite as I could have drawn it up in my head,” Bell said. “But the races that are contested like that, looking back, are the ones that mean the most to you.”

Said Hamlin: “I kind of had position on the 20, but I knew he was going to ship it in there. We just kind of ran out of race track there.”

Larson finished third, Josh Berry fourth and Chris Buescher rounded out the top five.

Katherine Legge, who became the first woman to race on the Cup Series since Danica Patrick at the Daytona 500 seven years ago, didn’t get off to a great start and finished 30th.

Fighting a tight car, Legge got loose coming out of Turn 2 and spun her No. 78 Chevrolet, forcing her to make a pit stop. She dropped to the back of the field and had a hard time making up ground before bumping another car and spinning again on Lap 215, taking out Daniel Suarez with her.

“We made some changes to the car overnight and they were awful,” Legge said. “I was just hanging on to it.”

Logano, who started on the front row in his first race at Phoenix Raceway since capturing his third Cup Series at the track last fall, fell to the back of the field after a mistake on an early restart.

Trying to get a jump on Byron, Logano barely dipped his No. 22 Ford below the yellow line at the start/finish. NASCAR officials reviewed the restart and forced the Team Penske driver to take a pass through on pit road as the entire field passed him on the track.

“No way,” Logano said on his radio. “That’s freakin’ ridiculous.”

Logano twice surged to the lead after switching to the red tires, but started falling back on the primary tires following a restart. He finished 13th.

Preece took an early gamble by going to the red option tires and it paid off with a run from 33rd to third. The RFK Racing driver dropped back as the tires wore off, but went red again following a caution with about 90 laps left and surged into the lead.

Preece went back to the primary tires with 42 laps to go and started dropping back, finishing 15th.

The series heads to Las Vegas Motor Speedway next weekend.

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Bitcoin falls over 5% as volatility continues after Trump’s bitcoin reserve plan

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Bitcoin falls over 5% as volatility continues after Trump's bitcoin reserve plan

Jonathan Raa | Nurphoto | Getty Images

Bitcoin fell on Monday as volatility in the price of the world’s largest cryptocurrency continues following an executive order signed by President Donald Trump to create a strategic bitcoin reserve for the United States.

Bitcoin was trading at $81,712, down over 5% but off earlier lows, at 9:42 a.m. Singapore time, according to Coin Metrics.

The reserve will be funded by coins that have been seized in criminal and civil forfeiture cases and there are no plans for the U.S. government to buy more bitcoin. After the strategic reserve announcement last Thursday, crypto prices declined as investors were disappointed it wasn’t a more aggressive program.

Other cryptocurrency prices also dropped on Monday. Both ether and XRP were down about 7.5% at around 9:43 a.m. Singapore time.

Some investors, however, said the move to establish a reserve was bullish in the long-term.

“I absolutely think the market has this wrong,” Matt Hougan, chief investment officer at Bitwise Asset Management, told CNBC’s “Squawk Box Asia” on Monday. “The market is short-term disappointed” that the government didn’t say it was immediately going to start acquiring 100,000 or 200,000 bitcoin, he added.

Hougan pointed towards comments on X from White House Crypto and AI Czar David Sacks, who said the U.S. would look for “budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers.”

“I think the right question to ask is: did this executive order make it more likely that in the future, bitcoin will be a geopolitically important currency or asset? Will other governments look to follow the U.S.’s lead and build their own strategic reserve? And to me, the answer to that is emphatically yes,” Hougan said.

“The reason that questions matters is that’s the question that determines if bitcoin is $80,000 a coin or $1 million a coin.”

Hougan called the decline in crypto prices a “short-term setback.”

“I think the market will soon find its footing and realize that actually this is incredibly bullish long term for this asset and for crypto as a whole,” he said.

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