America
Pro-Trump think tank outlines ‘America First’ foreign policy
A think tank working to lay the groundwork for a second Trump administration if former US President Donald Trump wins again in November has published a new book, An America First Approach to U.S. National Security, which aims to detail the so-called “America First” national security policy.
The book was written by former Trump advisers, including Robert Lighthizer, who served as US Trade Representative, Michael Waltz, a Florida Republican and former Green Beret, and Fred Fleitz, who served as Trump’s chief of staff on the National Security Council.
All of these names are rumoured to be in the running for senior positions if Trump wins the presidential election in November.
Think tanks working to ‘help Trump avoid the mistakes of 2016’
The book was produced by the think tank America First Policy Institute (AFPI). According to the Associated Press, the group, like “Project 2025” by another pro-Trump think tank, the Heritage Foundation, is trying to help Trump avoid the mistakes of 2016, when he entered the White House largely unprepared.
It includes proposals such as tying future military aid to Ukraine to its participation in peace talks with Russia, banning Chinese citizens from buying property within 50 miles of US government buildings, and staffing the national security sector with Donald Trump’s aides.
The institute is also working on dozens of draft executive orders and developing a training programme for future political appointees. The Heritage Foundation, on the other hand, is compiling a comprehensive personnel database and preparing its own policy guidelines.
The book’s authors are in contact with Trump
Both groups stress their independence from the Trump campaign and insist that the only policies Trump supports are those expressed by the candidate himself.
But Fred Fleitz, the book’s editor, said he and retired Lieutenant General Keith Kellogg, who served for a time as Trump’s deputy national security adviser and wrote parts of the book, are in frequent contact with the former president, asking for feedback and discussing issues such as Ukraine at length.”We hope these are things he’s thinking about. We don’t speak for him, but I think he would approve,” said Fleitz, who previously served as chief of staff to the National Security Council.
Fleitz said he hoped the book would be an “easy-to-use” guide that “provides an intellectual foundation for an America First approach” to national security.
Kellogg said: “This is grand strategy. You don’t start with policies. You start with strategies. And that’s what we’ve done,” he added.
Criticism of ‘globalist’ strategies
The book characterises the current trajectory of US national security as a failure, with the foreign policy establishment accused of adopting an interventionist and ‘globalist’ approach at the expense of America’s ‘national interest’.
The book offers some premises for how a future Trump administration might approach foreign policy issues such as the war in Ukraine.
Trump has said that, if elected, he would resolve the issue before Inauguration Day in January.
The book’s chapter on the war discusses how the conflict developed rather than how to end it. But it does say that the US should make future military aid conditional on Ukraine’s participation in peace talks with Russia.
Continue arming Ukraine after ‘peace’ is established
Predicting that the Ukrainian military will lose ground over time, the report recommends that the US “should not continue to send weapons into a stalemate that Ukraine will ultimately find difficult to win”.
In the event of a peace agreement, however, the US would continue to arm Ukraine as a deterrent against Russia.
The authors propose a framework in which Ukraine “would not be asked to give up its goal of regaining all of its territory” but would accept diplomacy “with the understanding that this would require a diplomatic breakthrough in the future and would probably not happen before (Russian President Vladimir) Putin leaves office”.
The book also acknowledges that Ukrainians “will find it difficult to accept a negotiated peace that does not return all of their territory or, at least for the time being, does not hold Russia accountable for the carnage it has caused in Ukraine”.
Nevertheless, the authors declare their agreement with Donald Trump’s words on CNN in 2023: “I want everybody to stop dying” and that “this is a good first step”.
An architecture for Ukraine ‘focused on bilateral security defence’
The book blames President Joe Biden for the war and repeats Trump’s claim that “Putin would never have invaded Ukraine” if he had been in office.
The book’s main argument in defence of this claim is that Putin “sees Trump as strong and decisive”.
Looking to the future, the book suggests that Putin could be persuaded to join peace talks if Biden and other NATO leaders offered to delay Ukraine’s NATO membership for an extended period.
Instead, it suggests that the US should establish “a long-term security architecture for Ukraine’s defence, focusing on bilateral security defence”.
It also calls for a tax on Russian energy sales to fund Ukraine’s reconstruction.
According to the book, the prolongation of the war in Ukraine risks deepening the alliance between Russia, China, Iran and the Democratic Republic of Korea, which the think tank calls a new “anti-American axis”.
China ‘most urgent national security threat2
“As serious as the war in Ukraine is, it is not the greatest national security threat to our country. That threat is China,” the authors write.
The book describes China as the country’s “most pressing national security threat”, eager to replace the United States as the world’s leading power. The authors propose a “hawkish policy”, building on the approaches of both the Trump years and the Biden administration, to make Beijing’s policies “largely irrelevant to American life”.
By elevating economic concerns about China above national security concerns, the book proposes a reciprocal approach that would deny Beijing access to US markets in the same way that American companies are blocked in China.
It also recommends more rigorous vetting of US adversaries, particularly Chinese-owned cyber and technology companies, to ensure they are not collecting sensitive information.
It also recommends that Chinese citizens be prohibited from buying property within a 50-mile (80 km) radius of any US government property.
AFPI is working with US states to introduce legislation to ban foreign ownership of farmland. So far, such legislation has been passed in Arizona, Florida, Mississippi, Montana, North and South Dakota, Tennessee, Virginia and Utah.
He is also calling for visa restrictions on Chinese students wishing to study in the US and a ban on TikTok and other Chinese apps over privacy concerns.
However, Trump has said he opposes legislation that would force the sale of TikTok or block its access to the US. Last week, Trump stepped up his criticism of Biden over his proposal to ban the social media app TikTok, claiming that the current president supported the ban to “help his friends on Facebook get richer and more dominant”.
US investment strengthens People’s Liberation Army
“Under America First, the United States must focus its military power on deterring China’s peer threat, using the full spectrum of political, economic and military power,” Waltz writes in a chapter of the book.
The book argues that decades of US efforts to transform China into a responsible partner on the global stage have been a “self-defeating policy”.
The authors argue that American investment in China has provided liquidity for Beijing’s high-tech projects, which have strengthened the People’s Liberation Army by reinforcing military-civilian fusion.
Continuation of tariffs against China
The book called for the continuation of all tariffs imposed on China during the Trump administration, while urging the US to develop supply chains “based solely on American workers, our allies, or our friendly neighbours in the Americas”.
They thanked the Biden administration for restricting US investment in sensitive Chinese sectors such as artificial intelligence, and called for further measures to sever American investment ties with organisations associated with the Chinese Communist Party.
Taiwan’s ‘defence’ prioritised, partnership with Japan critical
While the US is debating how to respond to a possible Chinese intervention in Taiwan, the authors of the book also address this issue.
The book clearly states that “the island must be defended”. The authors argue that protecting Taiwan’s security is in both the economic and national security interests of the United States.
But the authors insist that the US should demand more from its allies.
“If allied countries were allowed to contribute in their own way, they could significantly reduce the strategic burden on the United States,” the book says.
The US-Japan alliance “sets the standard” for a successful “America First” foreign policy, the authors write, praising Tokyo’s decision to increase defence spending and acquire stand-off missiles.
As for the Quad, an informal four-way partnership between the United States, Japan, India and Australia, the authors encourage “closer military integration” to counter the rise of China.
Call for more military support for Israel
Ellie Cohanim, Trump’s former Deputy Assistant Secretary of State for ‘Monitoring and Combating Anti-Semitism’, explained what the ‘America First’ strategy means for the Israeli military.
Cohanim wrote that the US should send Israel a fleet of 25 Lockheed Martin F-35s, a Boeing F-15 EX and an Apache E attack helicopter.
Cohanim wrote that the US should give Israel some of the billions of dollars in military funding in Israeli currency so that Israel can spend it at home, and that Washington should force Arab states to accept Israel’s suspension of political negotiations with the Palestinians and subject the Palestinian people to “indefinite forced de-radicalisation”.
According to Cohanim, “peace in the Middle East will only be achieved through the reassertion of American power”.
America
US wealthy demolish multimillion-dollar mansions for land
Wealthy buyers in the US are tearing down multimillion-dollar homes shortly after purchasing them for hundreds of millions of dollars.
According to a report by The Wall Street Journal, the trend is driven by a shortage of land in prestigious locations, particularly along coastlines.
For ultra-wealthy buyers, the prime factor has become the land’s location rather than the structure standing on it. After the acquired properties are flattened, newer, more modern homes are built on the cleared lots.
Drawing attention to the shift in the luxury real estate market, the report noted:
“The home itself, formerly the primary driver of an expensive real estate purchase, is now almost beside the point. Buyers are competing first and foremost for well-located land, situated on the ocean or a mountaintop.”
The newspaper cited moves by US billionaire William Lauder as an example. Lauder purchased the oceanfront estate of radio host Rush Limbaugh, who died in March 2023, for $155 million and had it completely demolished in July.
Lauder had previously torn down two homes situated on roughly 1.2 hectares of land along the Palm Beach coast. Having initially planned to construct his own residence on the parcel, Lauder subsequently sold the cleared plot for approximately $200 million.
Jonathan Miller, a real estate appraiser, stated that such transactions are becoming increasingly common as land prices rise.
Amid this momentum, estate agents have also begun marketing luxury homes directly as teardown lots.
Listings use artificial intelligence-generated imagery to showcase how the land would look without the structures on it.
Marketers avoid using the word “demolition” directly, resorting instead to terms such as “adaptive reuse”.
Teardown listings rise across luxury housing market
The trend is not confined to the coast and is spreading to other regions across the US.
Data from property brokerage Redfin reveals that references to demolishing buildings are becoming more frequent in sales listings.
The share of such listings exceeds 15% in the Bunker Hill Village area of Houston, while standing at 6.67% in Pimmit Hills, Virginia.
Dina Goldenteyer, a real estate agent working in Miami, remarked that serial demolitions have become more frequent because buyers no longer appreciate homes older than a decade.
Former retail executives Jamie Dooley and Christine Scott spent $3.7 million in 2020 to demolish a seaside home near Destin, Florida.
Although the couple spent five years building a modern home on the cleared site, they listed the resulting new structure with a demolition condition, citing the fact that no one wanted to buy the property as it stood.
William Paddock, an employee at the environmental consultancy WAP Sustainability, pointed to the environmental damage caused by this construction cycle.
Paddock emphasized that tearing down a home of roughly 1,000 square metres and replacing it with a new building of approximately 2,700 square metres generates a carbon footprint equivalent to the annual emissions of an average 250 American households.
America
US inflation reaches 3.7% as midterm election campaign intensifies
An uptick in September inflation as the US midterm elections approach has pushed the cost-of-living debate back to the centre of the agenda for Democrats seeking to regain control of Congress from Republicans.
Annual inflation stood at 3.7% in September, according to the Consumer Price Index published by the Bureau of Labour Statistics, with energy, petrol, and electricity costs rising on a monthly basis.
Food prices remained flat from August to September, recording a 2.5% increase compared with the same period last year.
Democrats are anchoring their election campaigns to pledges of easing the cost of living, blaming the price increases on President Donald Trump’s tariffs and the war with Iran.
Trump and Republicans, pointing to the numerous left-wing candidates who won primary elections this year, contend that the opposition has become captive to “communists” within the party.
When annual inflation stood at 2.4% in February, the US and Israel launched the Iran war on the final day of that month, and prices continued to climb throughout the conflict.
The recent acceleration has not entirely reversed the retreat from the 40-year peak of 9.1% recorded in June 2022; however, the rate has remained above the Federal Reserve’s 2% target for over five years.
Fed policymakers raised the benchmark interest rate by a quarter of a percentage point last month, citing the battle against stubborn inflation. Officials will convene again next week to consider whether to raise rates or hold them within the 3.75% to 4% target range.
Energy and fuel record sharpest increase since first month of war
In September, energy prices posted their largest monthly jump since March, the first full month of the war with Iran, climbing 20.4% year-on-year. Energy costs had risen 2.1% from July to August, after falling 1.5% from June to July and 5.7% from May to June.
Recent escalations in Iranian attacks on oil tankers in the Strait of Hormuz, alongside more frequent strikes by Ukrainian forces against Russian refineries, have strained global crude oil and refined product markets, driving up US petrol and diesel prices.
Petrol prices also recorded their sharpest monthly increase since the first month of the war, climbing 9.1% from August to September, bringing the annual increase to 35.3%.
American Automobile Association (AAA) data shows the average price of regular petrol across the US stands at $4.26 per gallon; while below the level of roughly $4.48 recorded a month ago, it remains more than $1.20 higher than a year earlier. Average gallon prices exceed $6 in California and $5 in both Washington state and Nevada.
Electricity prices rose 0.2% from August to September, offsetting the 0.2% decline between July and August, and were up 4.4% year-on-year.
Heavy power demand from new data centres is feeding through into local household electricity bills. Trump argued that companies must cover the cost of the electricity required by their data centres themselves.
In a post on Truth Social, Trump claimed that he was requiring large data centres to generate their own power and feed the surplus back into the local grid, suggesting this could bring about “a major drop” in electricity prices.
Used vehicle market posts monthly rise as food costs stabilise
The cost of food at home fell 0.1% month-on-month in September, while dining out increased 0.2%.
Egg prices dropped to $2.27 a dozen, falling roughly 35% compared with September 2025 and remaining well below the 20-year peak of $6.23 recorded in March 2025.
Ground beef prices rose roughly 2.4% compared with September 2025, but at $6.48 a pound, they remained below the 20-year high of $6.98 reached in June.
Chicken held steady at its year-earlier level of $2.06 per pound last month, having fluctuated between $2.01 and $2.09 since November 2024.
Used car and truck prices fell 1.5% compared with September 2025, but rose 0.7% month-on-month in September following 0.4% increases in both July and August.
Heather Long, chief economist at Navy Federal Credit Union, noted that the sector faces severe pressure stemming from a combination of expensive replacement parts and a shortage of skilled labour.
Speaking to The Hill, Long emphasised that every cost pressure across the market is being felt directly at local auto repair shops.
America
Anthropic posts $80.7bn loss ahead of IPO as computing costs soar
Anthropic, developer of the artificial intelligence model Claude, reported a net loss of $80.7 billion for the first six months of 2026 ending 30 June.
According to a report by The Wall Street Journal citing the company’s draft initial public offering prospectus, this recorded loss nearly doubled the $42 billion loss incurred across the entirety of 2025.
The vast majority of that enormous figure, accounting for $72 billion, stemmed from accounting-driven book-value write-downs.
In contrast, the company saw a sharp surge in revenue, with turnover in the first half of the year climbing to $16.3 billion from $1.1 billion in the same period of the prior year.
During this period, Anthropic spent approximately $9 billion on computing power and infrastructure needs, surpassing in just six months the $7.3 billion spent across the whole of 2025.
The company has commitments to pay roughly $450 billion over the next seven to 10 years under cloud service contracts.
Under these obligations, contracts are planned for $111 billion with Google Cloud, $110 billion with Amazon Web Services, and $31 billion with Microsoft.
Anthropic will also spend up to $86 billion by 2033 and 2034, respectively, to lease Nvidia chips through smaller AI-focused cloud providers Nscale and Lambda.
The company could spend an additional $750 billion in the coming years to expand its computing capacity.
Roughly a third of the draft IPO prospectus was dedicated directly to risk factors.
The document highlighted the possibility that models could cause tangible real-world harm, noting that artificial intelligence could exhibit a “self-preservation” tendency and produce responses resembling “blackmail”.
Anthropic warned that the scale of damage caused by an AI-driven “catastrophic event” could render insuring against such risks impossible.
According to market expectations, Anthropic’s IPO could rank among the largest transactions in history, potentially surpassing SpaceX’s record.
Following the market debut, the company’s market valuation is projected to reach up to $2 trillion.
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