Axios

President Trump said on Friday that there is "no rush" moving forward with his "Gaza takeover" plan, which he also described as a "real estate transaction" between America and Israel.

Why it matters: Trump's comments at the top of his Oval Office meeting with the Japanese Prime Minister Shigeru Ishiba seem to be putting the brakes on the plan after it stunned the middle East and generated alarm among America's Arab allies.

President Trump hit the International Criminal Court (ICC) with sanctions in an executive order on Thursday that accused the international tribunal of targeting the U.S. and its ally Israel.

The big picture: The action comes days after Israeli Prime Minister Benjamin Netanyahu met with Trump during a visit to Washington, D.C.

President Trump signed an executive order that temporarily freezes tariffs on low-cost packages from China.

Why it matters: The order reinstates the long-standing de minimis exception for such packages, which are typically valued below $800. This provides relief for consumers who would face higher costs on retail goods shipped from China.

A broad coalition of Jewish organizations, including reform and conservative Jewish groups, is denouncing President Trump over moves on democracy, his "scapegoating" of immigrants and transgender people, and says his empowering of Elon Musk "to force ideological conformity" threatens the country's "democratic norms."

Why it matters: The open letter, which was released Friday, is signed by more than 100 groups from many Jewish denominations, perspectives and broad missions. It's the latest criticism of Trump by religious organizations over his immigration and cost-cutting policies.

President Trump is taking a sledgehammer to a bedrock of U.S. foreign policy, ripping up decades of "soft power" in favor of a highly personalized, transactional, coercive style of dealmaking.

Why it matters: For Trump, results speak loudest. Less than three weeks into office, his administration already has struck deals of varying substance with Canada, Mexico, Colombia, Panama, El Salvador, Guatemala and even Venezuela.

The Trump administration is being sued over its move to dismantle the U.S. Agency for International Development (USAID), with unions representing workers in the lawsuit calling the action "unconstitutional and illegal."

The big picture: The lawsuit that was filed in federal court Thursday seeks to block efforts to place most of USAID's 10,000-strong global workforce on administrative leave by Friday night and restore currently frozen funding and operations.

Secretary of State Marco Rubio is planning to visit the Middle East in mid-February, two Israeli officials and two sources with knowledge told Axios.

Why it matters: It would be Rubio's first trip to the region since he assumed office and comes amid the uproar President Trump's "Gaza takeover" plan created in the Middle East.

During his meetings in Washington, Israeli Prime Minister Benjamin Netanyahu presented a plan for ending the war in Gaza in return for Hamas giving up power and its leaders leaving Gaza, according to two U.S. sources and one Israeli source.

Why it matters: Netanyahu has said he doesn't see a path to a post-war plan for Gaza as long as Hamas is in control. If Hamas relinquishes power and its leaders go into exile, it could open the door for a day-after plan, possibly including President Trump's "Gaza takeover."

The Bank of England cut interest rates by a quarter percentage point on Thursday as the U.K. economic outlook darkens, alongside the looming threat of President Trump's trade policy.

Why it matters: The central bank now expects the U.K. to grow slightly, alongside somewhat higher inflation risks — a toxic mix that could weigh on a global economy that might already take a hit from Trump tariffs.

President Donald Trump claimed on Thursday that Israel will transfer Gaza to U.S. control at the end of the fighting and after the residents of the enclave have already been displaced, so there will be no need to use American troops.

Why it matters: Trump Truth Social post seemed to be aimed at pushing back on the criticism — including from some in his America First camp — that the plan he presented on Tuesday to displace two million Palestinians from Gaza and take over the enclave would embroil the U.S. in another costly conflict in the Middle East.

In a rebuke of the Trump administration, Panama has refuted a claim by the U.S. State Department that American vessels can now transit the Panama Canal without being charged fees.

Why it matters: The dispute comes shortly after the State Department made the announcement Wednesday evening. President Trump has pushed to regain control of the canal — one of the world's most significant pieces of infrastructure.

"This can't go on like this," President Trump said as he and Israeli Prime Minister Benjamin Netanyahu sat in the Oval Office on Tuesday, discussing Gaza's rebuild from the rubble.

• "Here's what I want to do...," Trump said, according to two officials briefed on the meeting, which included Cabinet members and Trump senior advisers.
• Trump then laid out a plan far more ambitious than what he and his aides had discussed earlier in the day: "The U.S. will take over the Gaza Strip ... we will develop it."

Driving the news: Trump's earthquake of an announcement — an "audible," staffers called it — continued to ripple around the world Wednesday, drawing some praise but a lot of backlash, namely about its legality and logistics.