This past week, House Speaker Nancy Pelosi made a stop in Taiwan during her trip to Asia, a controversial move both domestically and abroad. While there were Democrats and Republicans alike who applauded Speaker Pelosi for standing up for Taiwan's independence and democracy, China viewed the move as a strike against their sovereignty and "One China" policy. FOX News Senior Foreign Affairs Correspondent Greg Palkot explains the military and diplomatic consequences of the trip, and why there was so much pushback from the White House. He also provides an in-depth look at the Chinese Military exercises being launched in response to Speaker Pelosi's visit. Senate Democrats, led by Senate Majority Leader Chuck Schumer and Senator Joe Manchin, announced the Inflation Reduction Act last week—a package consisting of climate change, healthcare, drug pricing, and tax measures. The bill will impose new taxes on the vast majority of Americans, but there is confusion as to whether the measure violates President Biden’s pledge to not raise taxes on households with annual incomes under $400,000. Many claim the bill will not remedy high inflation plaguing the country but will instead worsen it. Senior Policy Analyst on Tax Policy at the Heritage Foundation Preston Brashers joins the Rundown to break down how the Democrats’ spending package and economy-wide taxes will affect inflation rates across the board from consumer prices to employee wages. Learn more about your ad choices. Visit megaphone.fm/adchoices