U.S. to hit Iran with fresh sanctions after Israel attack

White House national security adviser Jake Sullivan at the White House last month. Photo: Al Drago/Bloomberg via Getty Images

The U.S. will impose new sanctions on Iran's missile and drone program after the country's unprecedented attack on Israel over the weekend, White House national security adviser Jake Sullivan announced Tuesday evening.

Why it matters: President Biden is urging Israeli Prime Minister Benjamin Netanyahu to exercise military restraint. But in the economic sphere, the administration is demonstrating a willingness to retaliate against Iran.

🔸These new sanctions and other ones Treasury Secretary Janet Yellen is preparing represent a subtle message to Israel that there is more than one way to harm the ruling regime in Tehran.

Driving the news: Sullivan said in a statement that Biden is working in coordination with international partners including G7 nations and bipartisan leaders in Congress on a comprehensive response to Iran's attack.

🔸U.S. defense agencies are working on strengthening air and missile defense and early warning systems across the Middle East.

🔸The new sanctions will also target entities supporting the Islamic Revolutionary Guard Corps (IRGC) and Iran's Defense Ministry. "We anticipate that our allies and partners will soon be following with their own sanctions," Sullivan said.

🔸Meanwhile, Yellen vowed that the U.S. "will not hesitate" to inflict economic punishment in response to Iran's attack.

What's next: Yellen will press fellow finance ministers — visiting D.C. for the annual spring IMF meetings this week — to focus their governments on possible sanctions work with the U.S. on coordinated actions.

🔸"Treasury will not hesitate to work with our allies to use our sanctions authority to continue disrupting the Iranian regime's malign and destabilizing activity," Yellen is prepared to say Tuesday during her opening remarks at a press conference.

🔸"The attack by Iran and its proxies underscores the importance of Treasury's work to use our economic tools to counter Iran's malign activity," she will say, according to a copy of her remarks obtained by Axios.

🔸The G7 is also considering sanctions with the goal of isolating Iran internationally and increasing economic pressure on the regime, White House national security spokesman John Kirby told reporters Monday.

🔸"We now have a unified alliance of partners," he said. "That wasn't Iran's intent."

Flashback: Days after Hamas Oct. 7 attack on Israel, the Biden administration announced new sanctions against Hamas leaders and financial facilitators.

Zoom out: Republicans have criticized the Biden administration for not doing more to check the aggression of Iran and Iranian-backed forces throughout the Middle East.

🔸Biden's warning to Netanyahu to temper any possible Israeli counterattack against Iran was hit with a barrage of criticism Sunday, including from some Democrats.

🔸Last September, Republicans pilloried the president for releasing some $6 billion in Iranian oil revenue as part of a hostage swap deal.

🔸In January, after a pro-Iranian militia killed three U.S. service members in Jordan, some GOP lawmakers called for attacks on targets inside of Iran.

🔸Instead, Biden ordered strikes against Iranian groups in Iraq and Syria.

Zoom in: House Republicans have scheduled more than a dozen votes for this week on bills sanctioning Iran and its proxies in retaliation for last weekend's wide-ranging drone and missile attack on Israel.

Go deeper: Blinken: Escalation with Iran is not in U.S. or Israel's interests

Editor's note: This article has been updated with details of the White House national security adviser's announcement.

Updated 9 hours ago - World Blinken: Escalation with Iran is not in U.S. or Israel's interests

 

Blinken: Escalation with Iran is not in U.S. or Israel's interests

Secretary of State Antony Blinken told a group of American Jewish leaders on Tuesday that further escalation with Iran is not in the interests of either the U.S. or Israel, three people who attended the meeting told Axios.

Why it matters: The Biden administration and several other Western countries allied with Israel are urging Benjamin Netanyahu's government not to rush into a retaliation against Iran that could lead to a regional war.

🔸The U.S. assessment is that Iran would respond to any significant, overt Israeli strike     on Iranian soil with a new round of missile and drone attacks, a senior U.S. official told     Axios.

🔸"We think it will be very hard to replicate the huge success we had on Saturday with defeating the attack if Iran launches hundreds of missiles and drones again — and the Israelis know it," another U.S. official said.

Behind the scenes: A person who attended the meeting said Blinken did not say that Israel should refrain from responding to Iran, stressing it was Israel's decision to make.

🔸"But his message was: be smart, strategic and limited as possible," the attendee said.

🔸"Strength and wisdom are two sides of the same coin," Blinken told the Jewish leaders.

🔸Blinken said that "we would never tell Israel what to do," and that the Biden administration was simply giving Israel the best advice it can, according to two people who attended the meeting.

The intrigue: Blinken told the group that the fact that Jordan and Saudi Arabia were part of the defensive effort to repel Iran's attack was very important and opens opportunities for the future, according to one attendee.

🔸Blinken also claimed that Hamas may have rejected the most recent hostage deal because it thought the Iranian attack might lead to a regional conflict, two attendees said.

🔸He added that if Hamas sees there is no regional war, the militant group will once again be under pressure to cut a hostage deal.

🔸The State Department declined to comment.

Zoom in: Blinken spoke on Monday with Benny Gantz, a minister in Israel's war cabinet, and conveyed a similar message regarding Israel's possible retaliation, two sources with knowledge of the call said.

🔸Gantz said on Tuesday that he's spoken to senior U.S. officials over the last 24 hours about the need for the international community to take action against Iran, including imposing more sanctions in order to stop its aggression.

🔸"Israel will work with its allies around the world to make it happen. A regional normalization process will serve this goal. Israel will act with strategic wisdom and respond in the time and place of its choosing," Gantz said at a policy conference.

🔸The call between Blinken and Gantz, which hasn't been disclosed publicly, is one of a series of calls between senior U.S. and Israeli officials in recent days focused on Israel's plans for retaliation.

🔸Secretary of Defense Lloyd Austin spoke on Monday with his Israeli counterpart Yoav Gallant. It was their fourth call since the Iranian attack on Saturday.

The other side: Iranian President Ebrahim Raisi told Russian President Vladimir Putin in a phone call Tuesday that Iran doesn't seek further escalation, according to Iranian state news agency IRNA.

🔸"We will respond to any action against Iran's interests more fiercely, extensively and painfully than before," Raisi stressed, according to IRNA.

🔸The Kremlin said Putin "expressed hope that all sides would show reasonable restraint and prevent a new round of confrontation fraught with catastrophic consequences for the entire region."

‘Playing with fire’: Ukraine’s frustration grows with US lawmakers, Europe

 ‘Playing with fire’: Ukraine’s frustration grows with US lawmakers, Europe

Ukraine is raising its standing army by 300,000, as the US stumbles and the EU lacks capacity to defend a future member.

Yuliia takes shelter inside a metro station with her daughter Varvara during a Russian missile strike, amid Russia's attacks on Ukraine, in Kyiv, Ukraine, April 11, 2024. REUTERS/Alina Smutko
Yuliia, a Ukrainian woman, takes shelter inside a metro station with her daughter Varvara during a Russian missile attack in Kyiv, Ukraine 

Athens, Greece – Frustration with the United States for holding back critical financial and military aid from Ukraine spilled into the open at the Delphi Economic Forum in Greece last week.

“The Russians are destroying Ukrainian power plants, which is a war crime, but unfortunately they’re getting away with it because as the collective West we have not supplied Ukraine with enough missiles,” Radoslaw Sikorski, the Polish former foreign and defence minister, told Al Jazeera on the sidelines of the meeting.

On the day he spoke to Al Jazeera, Russia unleashed a barrage of some 80 missiles that completely destroyed a thermal power plant in Kyiv, which supposedly has the best air defences in the country.

General Motors to move Detroit HQ to new downtown building, plans to redevelop Renaissance Center

 General Motors to move Detroit HQ to new downtown building, plans to redevelop Renaissance Center

General Motors will move its Detroit headquarters to a new downtown office building next year and redevelop its iconic home along the Detroit River.

National headlines from ABC NewsCatch up on the developing stories making headlines.The Associated Press

DETROIT -- General Motors will move its Detroit headquarters to a new downtown office building next year and work to redevelop its iconic home along the Detroit River, company and city officials confirmed Monday.

The announcement was made at the site of the old Hudson’s department store, which is being developed into a tower and 12-story office building that will house GM and is being built by the Bedrock real estate firm.

Bedrock will join GM, the city, and Wayne County in coming up with ideas to remake the seven-building Renaissance Center, the company's current world headquarters and a showpiece on the city's skyline that's often shown on televised sports broadcasts.

GM CEO Mary Barra said the move to a brand new state-of-the-art office building in the heart of the city will help GM recruit talent in the future. The new site is about a mile (1.6 kilometers) north of the Renaissance Center. The move also keeps GM’s headquarters in the city for the foreseeable future, she said.

"We’re going to be in the heart of the city,” Barra said. “Our people are already excited to be in Detroit and live here. I think having this workspace that’s modern and new that really fits the way people work today, I think it’s definitely going to be an attraction.”

Bedrock Chairman Dan Gilbert said office building on the Hudson’s site on Woodward Avenue was designed and built to house a major corporation. The building and the adjacent tower will have meeting space, retail, a luxury hotel and living space, along what was America’s first paved road, he said.

The move will help Detroit continue to thrive, he said.

Mayor Mike Duggan said GM and Detroit have risen and fallen together for the past century, and he’s pleased to say that “GM and Detroit are rising together again.”

The future of Renaissance Center, home to GM through its brush with death and bankruptcy in 2009 as well as multiple years of huge profits, remains unclear. But the move next year will mark the end of an era for the automotive giant.

The main tower, the tallest building in Detroit, is 73 stories.

Through the years and especially after the pandemic, the number of GM employees at the building has dwindled, and multiple businesses located there have closed.

Barra said GM is open to ideas about the Renaissance Center complex, which the company bought nearly three decades ago. The company invested more than $1 billion there, she said. It's not selling the building at present, but that is possible.

Bedrock owns multiple office buildings throughout the city's downtown and has renovated many of them.

Barra said GM, Bedrock and governments will explore residential, commercial and mixed uses for the iconic tower complex, known locally as the RenCen.

“I am confident that together we can create a right future for that site,” Barra said Monday.

Duggan said Gilbert will know what to do with the complex in the future.

GM bought the tower complex in 1996 and later moved its headquarters there from a site north of downtown. It has housed the company ever since.

Bedrock has been buying up properties downtown for many years and has led its rebirth. Gilbert also runs loan company Rocket Mortgage.

In a 2022 interview, Barra told The Associated Press that GM will keep its main office in the RenCen complex just across the Detroit River from Canada.

But she qualified her statements, saying she couldn't predict what might happen in five, 10 or 15 years. Since then, about 5,000 white-collar workers at GM took early retirement buyouts, and may workers are still on a hybrid office-home work schedule, so GM needs less office space.

The company takes up about 1 1/2 of the RenCen’s towers, which have seen little pedestrian traffic for years. Much of GM’s work force, including product development and engineering, is north of the city at an updated 1950s technical center in suburban Warren. After GM’s 2009 bankruptcy, the company considered moving the headquarters there.

The Renaissance Center was built by Henry Ford II, who formed a coalition in the 1970s in an effort to reinvigorate Detroit’s downtown.

Bedrock announced last week that the final structural steel beam had been put in place on the Hudson's tower, which is expected to have 1.5 million square feet of retail, office, dining, hospitality and residential space.

Trump Media Stock Plunges, Extending Recent Losses

 Trump Media Stock Plunges, Extending Recent Losses

Funds that bet on a fall were set to profit as the parent of Truth Social came under renewed pressure after it registered new shares for a potential sale.

Since former President Donald J. Trump’s company, Trump Media & Technology, began trading, its shares have fallen by about 60 percent.Credit...Michelle Gustafson for The New York Times

Shares of former President Donald J. Trump’s social media company plunged on Monday after the company filed to register the potential sale of tens of millions of additional shares.

Trump Media & Technology’s stock fell 18.3 percent, erasing hundreds of millions of dollars from the company’s market value — and putting a dent in Mr. Trump’s majority stake. Since a surge in its first days of trading as Trump Media, which lifted the value of the company to about $8 billion at one point last month, the company’s shares have dropped by around 60 percent.

Trump Media was expected to register the potential sale of new shares after the completion of its merger last month with Digital World Acquisition Corp., a cash-rich shell company known as a SPAC. Companies that merge with SPACs, or special purpose acquisition companies, typically file a registration statement a few weeks after the deal is completed for the sale of additional securities held by early investors.

Matthew Goldstein covers Wall Street and white-collar crime and housing issues. More about Matthew Goldstein

Joe Rennison writes about financial markets, a beat that ranges from chronicling the vagaries of the stock market to explaining the often-inscrutable trading decisions of Wall Street insiders. More about Joe Rennison