Crypto News: A climate win for Biden and a tense chat with Xi: Weekend Reads

Senate Democrats reached a landmark agreement that, if it wins approval, will cut US carbon emissions, reduce the price of drugs such as insulin and make big corporations pay more tax.

But bad news on the economic front may neutralize any assistance the deal may provide the party before midterm elections in November.

US President Joe Biden and his Chinese counterpart Xi Jinping are planning a face-to-face meeting after speaking for the first time since March, a conversation their aides did not describe as "constructive."

Ukraine's efforts to beat back Russia's invasion may be shifting gears after delivery of advanced weapons from western backers, but another fight remains to rebuild an economy that is trying to muddle through even as businesses face the everyday dangers of war.

Delve into these and other top political stories from the past seven days in this edition of Weekend Reads. — Michael Winfrey

Arcelor Mittal Steel Plant on June 29 in Kryvyy Rih, Ukraine. Photographer: Julia Kochetova/Bloomberg

Click here for this week's most compelling political images and share this newsletter with others. They can sign up here.

Manchin-Schumer Shock Deal Began in Basement, Unfolded in Secret
A meeting in the basement of the US Capitol was the first in a series of secretive discussions that led to Democrats' breakthrough agreement that could be their biggest victory in the Senate after two years of struggling to manage a 50-50 split. Laura Litvan takes a look at how it all went down.

Biden Faces Fresh Showdown With Xi Despite Talk of Summit
Biden and Xi ended their call Thursday with plans to hold their first face-to-face summit. But as Rebecca Choong Wilkins and Iain Marlow report, the US and China are unlikely to halt their bickering in the months before the two leaders finally meet.

Biden Loses Bragging Rights Against China With US Economy Fading
It was a great talking point for Biden while it lasted: a forecast for the US economy to grow faster than China's for the first time since 1976. But as Christopher Anstey explains, data showing the economy shrank last quarter makes it unlikely the US will surpass China's expansion this year.

When economies stall, politicians typically inject fiscal support to turn things around. This time it's going to be complicated, as high inflation means the standard recession-fighting measure of putting more cash into consumers' pockets risks adding to the already intense price pressures.

Ukraine's Fight to Rebuild in Face of Unrelenting War
Ukraine's military has been remarkably successful in stopping a vastly more powerful foe from taking control of the country. But its economy needs to rebuild under fire if the leadership in Kyiv is to end the war on its own terms, Marc Champion and Daryna Krasnolutska report.

Long-Range Guns Given to Ukraine Open Door to New Phase of War
The war in Ukraine may be entering a new stage as long-range rockets supplied by the US disrupt Russia's grinding advance in the eastern Donbas region. Marc Champion and Alberto Nardelli look at why reasons for the leadership in Kyiv to attempt a counteroffensive are rising.

For Boris Johnson's Successors, Brexit Is Anything But Done
Former Prime Minister Boris Johnson began his resignation speech by proudly declaring that he got "Brexit done." The lines of vehicles backed up at the Channel ports last week served as a reminder that many of the ramifications of leaving the European Union are only now beginning to be felt, Ellen Milligan writes.

Macron Tries To Push Back Against Russia Influence in Africa
French President Emmanuel Macron is ready to step up support to African countries facing food and security concerns in a bid to stem Russia's growing sway in the region. Samy Adghirni reports how he visited the region just as Moscow's top diplomat did the same.

Hungarian Prime Minister Viktor Orban will speak at a gathering of US conservatives in Texas next week. As Mark Niquette and Jeff Green report, that's despite his recent comments which prompted Hegedus, a long-time ally, to resign from his government and compare his comments to Nazism.

Italy's Right Has an Orban-Style Super Majority Within Reach
Italy's right-wing coalition could score a landslide victory that would allow it to change the constitution. As Alessandro Speciale and Chiara Albanese write, an alliance led by Giorgia Meloni's far-right Brothers of Italy has a wide lead in opinion polls ahead of Sept. 25 elections.

Boom-to-Bust Past Inspires Push to Diversify Iceland's Economy
Tired of repeated economic swings caused by individual sectors growing too big too fast, Iceland is pushing to diversify. Ragnhildur Sigurdardottir looks at some of the interesting businesses that have popped up under a drive to promote innovation.

American Drivers Score $3.11-a-Gallon Gas Over Border in Mexico
As nations scramble for energy, Mexico is sitting pretty, at least for now. President Andres Manuel Lopez Obrador has invested heavily in state oil company Petroleos Mexicanos, which has helped cut gas prices and is attracting Americans from across the border, Maya Averbuch reports.

Abe Killing Puts Pressure on Lawmakers' Unification Church Ties
The assassination of Japan's former Prime Minister Shinzo Abe has thrown a spotlight on the little-known relationship between the country's ruling party and the South Korea-based Unification Church. Isabel Reynolds, Nao Sano and Yuki Furukawa explain why.

Argentina's 'Super' Economy Minister Faces Mounting Crisis Ahead
President Alberto Fernandez's appointment of a "super minister" has raised expectations the government may implement at least some painful measures to tackle Argentina's enormous political and economic problems. They include inflation estimated at 90% this year that's threatening his administration, Patrick Gillespie and Scott Squires write.

And finally ... The International Space Station has been buzzing with US astronauts and Russian cosmonauts in recent days but the scene may belong to a waning era of cooperation. Russia's top space official said the country is pulling out of the program as tension over the war in Ukraine has cast a pall over the orbiting symbol of US-Russian diplomacy, Todd Shields reports.