USA news live updates: Biden meets with his G7 allies after Russia invades Ukraine – Times of India

Wall Street opens 2% lower, following a global drop in markets after Russia’s attack on Ukraine; oil above $100 a barrel, reports AP

Biden to announce “further consequences the United States and our allies and partners will impose on Russia” later on Thursday, the White House said.

He will also address the nation at 12 p.m. EST (1700 GMT), according to a White House official. Read more

A separate report from the Commerce Department on Thursday confirmed that economic growth accelerated in the fourth quarter as the drag from a resurgence in COVID-19 infections over the summer, driven by the Delta variant, eased.

The US central bank is expected to start raising rates in March, with economists anticipating as many as seven hikes this year.

The dollar rallied against a basket of currencies, while US Treasury yields fell as investors sought a safe haven.

The weekly jobless claims report from the Labor Department on Thursday also showed unemployment rolls shrinking to levels last seen in 1970, underscoring the tightening labor market conditions.

There is an acute shortage of workers, with a near record number of job openings, keeping layoffs minimal.

The number of Americans filing new claims for unemployment benefits fell slightly more than expected last week, indicating that the labor market recovery was gaining traction.

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Biden, who served as America’s vice president and was deeply engaged in 2014 when Russia annexed the Crimea region of Ukraine, will be joined for the G7 call in the White House Situation Room by Blinken and Treasury Secretary Janet Yellen.

The US president said Washington would also coordinate with NATO allies “to ensure a strong, united response that deters any aggression against the alliance.”

President (Vladimir) Putin has chosen a premeditated war that will bring a catastrophic loss of life and human suffering.

Biden in a statement

The United States and its allies will respond in “a united and decisive way” to what Biden called “an unprovoked and unjustified attack by Russian military forces” on Ukraine.

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President Joe Biden convened a meeting of national security council on Thursday morning to discuss the latest developments in Ukraine, a White House official said as Russia continued a large-scale invasion of its neighbour.

US President Joe Biden is meeting with G7 allies to hammer out a raft of new sanctions against Russia after it invaded Ukraine, and will later speak to the American people on a crisis that he warns will cause “catastrophic loss of life”.