Axios

The Israeli military will not complete its withdrawal from southern Lebanon within the 60-day period set out in the ceasefire deal that ended its war with Hezbollah, the Israeli prime minister's office said Friday.

Why it matters: Hezbollah has warned that it will consider the ceasefire null and void if Israel breaches Sunday's withdrawal deadline. The Trump administration has been negotiating with Lebanon and Israel in the last 48 hours to prevent the ceasefire from collapsing, two sources with knowledge of those discussions said.

The U.S. Treasury Department announced on Friday that all sanctions imposed on Israeli settlers involved in violent attacks against Palestinians in the occupied West Bank and against organizations involved in the building of illegal West Bank outposts have been lifted and all frozen assets released.

Why it matters: The lifting of the sanctions is a victory for the "settlements lobby" in Israel and in the U.S., which pushed for this move after President Trump was elected.

Pandas Bao Li and Qing Bao made their giant debut at the Smithsonian National Zoo Friday, launching a new decade of panda diplomacy and tourism in D.C.

Why it matters: Pandas have become a D.C. symbol, synonymous with cherry blossoms and the three-star flag, and their return is hailed as a giant step forward for the city.

The U.S. Justice Department released indictments against five people Thursday in connection with a years-long North Korean IT worker scheme.

Why it matters: The indictments are against a mix of people from North Korea, Mexico and the U.S. — highlighting just how global North Korea's operations have become.

So ... are we still calling it the Gulf of Mexico, as it's been known for 400 years? Or is it really the Gulf of America now, pursuant to President Trump's executive order?

Why it matters: That tension — between the formal policy of the U.S. and longstanding common practice — is a real one for government agencies, map makers and even journalists.

President Trump left Washington four years ago touting a revolutionary new consensus on the threat posed by China.

• He returned this week seeming to downplay that threat — signaling a potential thaw in relations between the world's two leading superpowers.

Why it matters: The stakes are enormous. How Trump deals with Chinese President Xi Jinping over the next four years will have sweeping implications for the global economy, AI, climate change, national security and more.

Immigration and Customs Enforcement (ICE) agents raided a Newark, New Jersey, business venue on Thursday and detained undocumented immigrants as well as U.S. citizens without warrants, the city's mayor said.

The big picture: Mayor Ras Baraka said in a statement after that a U.S. military veteran "suffered the indignity of having the legitimacy of his military documentation questioned" during the raid. Sen. Cory Booker (D-N.J.) said he'd "reached out to the Department of Homeland Security for answers."

President Trump is expected to give his Middle East envoy Steve Witkoff responsibility over Iran diplomacy, according to two U.S. officials and two other sources with knowledge of the issue.

Why it matters: Trump's intention to give the Iran file to Witkoff, the close confidant he tasked with pushing for a historic peace deal in the Middle East, signals that the president wants to try and get a new nuclear deal with Iran before considering other options, like military strikes.

DAVOS, Switzerland — President Trump told the World Economic Forum that he wants to meet Russian President Vladimir Putin soon in order to discuss a possible peace agreement to end the war in Ukraine.

Why it matters: Ending the war is one of Trump's primary foreign policy objectives. He said recently that he'd like to secure a deal in the next six months, after previously promising a deal on "day one."

President Trump said in a virtual address at the World Economic Forum on Thursday that he will mandate the Federal Reserve lower interest rates imminently, a threat that undermines the Federal Reserve's political independence.

Why it matters: In his first major speech since the inauguration, Trump re-upped pressure on the central bank — a frequent feature of his first term, though it had previously been rare for presidents to comment on Fed policy.

U.S. private security contractors will start in the coming days to operate a key Gaza checkpoint and deploy armed guards to the enclave, according to two Israeli officials and a source with direct knowledge.

Why it matters: It will be the first time in decades that U.S. private security companies will operate in Gaza.