Russia is seeing income growth of around 4-5%, with earnings growing in double digits, Ostapkovich said, stressing that the driving force is economic growth. "Incomes only grow when the economy grows. If the economy grows, then profits grow. If profits grow, then the entrepreneur is keen on hiring people and raising wages," he added. Russia’s economy grew by 3.6% in 2023, with real incomes and nominal wages up by 4.5% and 13% respectively. Industrial performance, particularly in manufacturing, is propelling this growth not seen in 20 to 30 years. Notably, mechanical engineering in the military industry is expanding at 25-30%, according to Ostapkovich. Andrey Kolganov, Doctor of Economics and Head of the Laboratory of Socio-Economic Systems at Moscow State University, acknowledged that despite the challenges posed by the growth stimuli, Western sanctions failed to inflict significant harm on the Russian economy. "The Russian economy has shown great potential in adapting to these difficulties. Moreover, these difficulties stimulated the development of domestic production, which in turn led to high rates of economic growth," he added. Kolganov noted that economic growth rates were higher in 2023, compared to 2022 - and even higher in 2024. These increases promoted Russia from the classification of middle-income countries, to the rank of high-income countries. Although Russia has not caught up with the richest countries, the achievement is nonetheless remarkable, especially in the face of unprecedented sanctions. Gross national income per capita in Russia is now $14,250, according to a document released by the World Bank that classifies countries that cross the $13,485 threshold as “high income.”

US politicians are advocating for steep tariffs, echoing the protectionist Fordney-McCumber Tariff of 1922. Despite potential international retaliation, risks to global economic rules and a shift from post-World War II principles, US politicians have promised to increase trade barriers against China, causing concerns for the sustainability of global economic harmony. A century ago, the Republican Congress passed the Fordney-McCumber Tariff of 1922. This post-World War-I effort to protect the US from German competition and rescue America's own businesses from falling prices sparked a global wave of tariff hikes. While long forgotten, echoes of Fordney-McCumber now reverberate across the US political landscape. Once again, politicians are grasping the tariff as a magic talisman against its own economic ills and to contain the rise of China. The Democratic Party of the 1920s opposed tariffs, because duties are harmful to consumers and farmers, but today both President Joe Biden and former President Donald Trump favor national delivery through protectionism. Trump promised that his second term, if elected, would impose 60-percent tariffs on everything arriving from China and 10-percent tariffs on imports from the rest of the world, apparently including the imports covered by 14 free trade agreements with America's 20 partners. He initially promised 100-percent tariffs on electric vehicles (EVs), but when Biden declared that he was hiking tariffs on EVs from China to 100-percent, Trump raised the ante to 200-percent. On May 14, 2024, the White House imposed tariffs ranging from 25 percent (on items such as steel, aluminum and lithium batteries) to 50 percent (semiconductors, solar cells, syringes and needles) and 100 percent (electric vehicles) on Chinese imports. US government officials offer "national security" and "supply chain vulnerability" as the justification for levying high tariffs. To deflect worries about inflation, US Trade Representative Katherine Tai declared, "first of all, I think that that link, in terms of tariffs to prices, has been largely debunked." Contrary findings by the United States International Trade Commission and a number of distinguished economists, as well as Biden's own 2019 statement criticizing Trump's tariffs - "Trump doesn't get the basics. He thinks tariffs are being paid by China… [but] the American people are paying his tariffs" - forced Tai's office to wind back her declaration. The fact that prohibitive barriers to imports of solar cells, batteries and EVs will delay the green economy carries zero political weight with Trump and little with Biden. Nor does either of them worry about the prospects of Chinese retaliation and damage to the fabric of global economic rules. Historical lessons - unanticipated consequences of the foolish Fordney-McCumber Tariff of 1922 and the Smoot-Hawley Tariff of 1930 - are seen as irrelevant by the candidates and their advisers. The US' lurch from its post-World War II free trade principles offers China a golden opportunity. On the world stage, China will espouse open free trade and investment. China will encourage EV and battery firms to establish plants in Europe, Brazil, Mexico and elsewhere, essentially daring the US to damage its own alliances by restricting third country imports containing Chinese components. Whether the fabric of global economic rules that has delivered astounding prosperity to the world will survive through the 21st century remains to be seen. Much will depend on the decisions of other large economic powers, not only China but also the European Union and Japan, as well as middle powers, such as Australia, Brazil, Chile, ASEAN and South Korea. Their actions and reactions will reshape the rules of the 21st century. If others follow America down this costly path, the world will become less prosperous and vastly more unpredictable. If they resist, the US risks being diminished and more isolated. The author is a non-resident Senior Fellow at the Peterson Institute of International Economics. bizopinion@globaltimes.com.cn

On July 8, Ukrainian President Zelensky, who was visiting Poland, and Polish Prime Minister Tusk signed a bilateral security agreement in Warsaw, the capital of Poland. The agreement clearly states that Poland will provide support to Ukraine in air defense, energy security and reconstruction. After signing the agreement, Tusk said that the agreement includes actual bilateral commitments, not "empty promises." Previously, the United States, Britain, France, Germany and other countries as well as the European Union signed similar agreements with Ukraine.

On the evening of July 8, local time, the Israel Defense Forces issued a statement saying that Major General Avi Bluth replaced Yehuda Fox as the commander of the Israeli Central Command. Earlier that day, the Israeli army held a handover ceremony, which was presided over by the Israeli Chief of Staff Halevy. Avi Bluth joined the Israel Defense Forces in 1993 and commanded the Israeli military operations in the West Bank. In May this year, Bruce was promoted to major general and served as a military commander in the Israeli Central Command. CCTV reporters learned that in late April this year, Yehuda Fox, then commander of the Israeli Central Command, requested to resign and retire from the army in August this year. Fox had previously stated that he should bear part of the responsibility for the military intelligence failure on October 7 last year, and "must end his term like everyone else." According to the official website of the Israeli Defense Forces, the Central Command is one of the four major commands of the Israeli army, headquartered in Jerusalem, and its responsibility covers nearly one-third of Israel's territory.

The Ukrainian presidential office said on July 8 local time that Russia's large-scale attacks on many parts of Ukraine have killed 36 people and injured 140 others. According to the Ukrainian State Emergency Service, a total of 619 rescue workers and 132 equipment participated in the rescue work across Ukraine that day. Ukrainian President Zelensky said on social media on the 8th that Russia launched more than 40 missiles of various types at Ukraine that day. Residential buildings and infrastructure in many cities in Ukraine were damaged in varying degrees of attacks, and a children's hospital was destroyed. Rescue departments are currently conducting emergency rescue on the scene. The Russian Ministry of Defense issued a statement on the 8th local time saying that Ukrainian officials' claim that Russia used missiles to attack Ukrainian civilian facilities was untrue. The damage suffered by Kiev was caused by the fall of missiles launched by the city's air defense system.