• A U.S. drone was forced down in the Black Sea by a Russia fighter jet that collided with its propeller after executing maneuvers described by military officials as “reckless, environmentally unsound and unprofessional.” The incident is the first known physical contact between U.S. and Russian forces since the invasion of Ukraine, and the State Department summoned Russia’s ambassador in Washington to give a formal objection over the drone’s downing. (The New York Times)
• Protests have erupted across Pakistan after police attempted to detain former Prime Minister Imran Khan, leading to clashes with supporters directly in front of Khan’s residence in Lahore. Khan is seen as likely to unseat current Prime Minister Shehbaz Sharif in elections that must be held by October and his supporters claim the government’s attempt to arrest him over allegations that he unlawfully sold gifts he received while in office is an effort to remove him from the political picture. (Financial Times)
• Honduras will seek to establish formal relations with China, a move that would effectively end its relationship with Taiwan and fulfill a 2021 campaign pledge from President Xiomara Castro. Honduras’ plan would leave Taipei with just 13 countries that formally recognize it, but experts say the current government’s success in bolstering informal diplomacy with Japan, the United States and European countries is likely to help the incumbent party in upcoming elections. (Nikkei Asia)
• Annual inflation in Argentina rose to a crippling 102.5% in February, in what is its highest rate since 1991 and among the most extreme in the world. The government has attempted to address the depreciation of the Argentinian peso by subsidizing protected foreign exchange rates dedicated to specific industries that make it cheaper for certain businesses to purchase dollars on the exchange market. (CNN)

Happening today:

• 10 a.m. ET The Carnegie Endowment for International Peace hosts a discussion of the U.S.-India Nuclear Deal and examines its impact on non-proliferation. 

Voters Mostly Support Biden’s 2024 Budget Proposal

Morning Consult

Russia’s allies are a motley—and shrinking—crew

The Economist 

They are a coalition of the failing; the Soviet Remembrance Society; and a gang of opportunists.

China and US clash over Uyghurs at UN Islamophobia event

Simon Hooper and Umar A Farooq, Middle East Eye 

US accuses China of ‘genocide’ ahead of UN’s first International Day to Combat Islamophobia – which has been co-sponsored with Muslim nations by Beijing.

Taiwan unveils new combat and surveillance drones as China threat grows

Eric Cheung, CNN 

A Taiwanese state-owned military weapons developer unveiled five new types of indigenous military drones on Tuesday, as the self-ruled island looks to boost its asymmetric warfare capabilities against China’s growing military threat.

Kishida to woo South Korea’s Yoon with after-dinner taste of nostalgia

Yosuke Onchi and Rieko Miki, Nikkei Asia 

Omelet rice to follow sukiyaki at Tokyo summit as duo aim for warmer relations.

Philippine police officer jailed for killing teens in rare drug war conviction

AFP via Japan Today 

A Philippine police officer has been found guilty of killing two teenagers during former president Rodrigo Duterte’s drug war, court documents obtained by AFP Tuesday showed, a rare conviction of one of the crackdown’s enforcers.

India’s government opposes same-sex marraige

Karishma Mehrotra and Gerry Shih, The Washington Post 

The Indian government has presented its formal opposition to same-sex marriage in a key Supreme Court case, saying in an affidavit that such unions would cause “complete havoc” in the country.

India’s path to overtake China hinges on tighter contract enforcement

Ken Koyanagi, Nikkei Asia 

With backlog of 50m disputes, modernizing rule of law key to attracting more investment.

China’s consumer spending rebounds after end of Covid curbs

Thomas Hale, Financial Times 

Officials warn uneven economic recovery threatened by falling export demand and property crisis.

Poland may hand MiG-29 jet fighters to Ukraine within weeks

The Associated Press 

Poland’s prime minister said Tuesday that his government may hand its Soviet-made MiG-29 fighters jets over to Ukraine “within the next four to six weeks.”

RAF and German jets intercept Russian aircraft near Estonian airspace

Christy Cooney, BBC News 

RAF and German fighter jets have intercepted a Russian aircraft near Estonian airspace in the first joint operation of its kind.

Budget 2023: Hunt to announce £4bn boost for childcare in England

Pippa Crerar et al., The Guardian 

Exclusive: Chancellor will promise to provide extra 30 hours a week to parents of one- and two-year olds.

German arms industry seeks clarity on Ukraine weapons orders

Frank Jordans, The Associated Press 

Germany’s defense industry says it stands ready to ramp up its output, including the kinds of arms and ammunition needed by Ukraine, but needs clarity about what governments want before investing in further production capacity.

Stock Markets Tumble as Bank Fears Go Global

Jason Karaian, The New York Times 

Shares fell sharply, with banking stocks taking a beating, as Tuesday’s rally quickly faded.

Mexico Indicts Five Men in Kidnapping, Deaths of Americans

Juan Montes and José de Córdoba, The Wall Street Journal 

Judge orders accused tried on kidnapping and homicide charges after drug gang handed them in to authorities in Matamoros.

Mexico to use traditional medicine, more Cuban doctors

The Associated Press 

Health authorities in Mexico said Tuesday they will use more traditional medicine and more Cuban doctors in the country’s woefully under-equipped public hospital system.

Could scientist Claudia Sheinbaum be Mexico’s next leader?

Christopher Sherman and E. Eduardo Castillo, The Associated Press

Mexico is a year away from electing its next head of state and the potential candidate getting the most attention is an environmental scientist who might become the first female leader of Latin America’s second-largest economy.

Plan to plough $1bn into sustainable farming in South America misses initial target

Michael Pooler, Financial Times 

Fund for beef and soy farmers who protect rainforest struggles to make loans as planned.

Saudi investment in Iran could happen ‘very quickly’ after agreement – minister

Rachna Uppal, Reuters 

Saudi Arabia’s finance minister, Mohammed al-Jadaan, said on Wednesday that Saudi investments into Iran could happen “very quickly” following an agreement.

US’s Blinken meets Ethiopian leaders to repair bilateral ties

Al Jazeera 

Blinken’s trip is the latest in a series of visits to Africa by senior US officials as the US looks to reinforce ties with the continent amid competition from China and Russia.

US couldn’t be ‘honest broker’ in Saudi-Iran negotiations, says ex-Saudi intelligence chief

Middle East Eye 

Turki al-Faisal says Saudi-Iran deal could lead to positive developments in Middle East.

Ugandan leader’s son unnerves with tweets of ambitions

Rodney Muhumuza, The Associated Press

On Twitter, the Ugandan president’s son has mused about invading neighboring Kenya, praised Russian President Vladimir Putin and offered cattle for the Italian prime minister’s hand in marriage.

Former NATO Chief: Trump Could Sabotage the War

Alexander Burns, Politico 

Regardless of whether he wins, Trump’s nomination would blow up Republican support for Ukraine, says Anders Fogh Rasmussen.

Biden’s green allies promise lawsuit over Alaska oil project

Niina H. Farah, Politico

The approval of the Willow oil project is setting the stage for a legal battle that may have the administration and Republicans on one side and environmentalists on the other.