U.S. President Donald Trump outlined plans to refill oil reserves, cut taxes, and reallocate government savings at the FII Priority Summit in Miami. He also criticized Ukraine’s leadership and called for direct talks with Russia.
Speaking at the Future Investment Initiative (FII) Priority Summit, hosted by Saudi Arabia’s sovereign wealth fund in Miami, Trump detailed his administration’s economic plans, energy strategy, and foreign policy stance.
At the forefront was his pledge to quickly refill the U.S. Strategic Petroleum Reserve (SPR), which he said was depleted by his predecessor, Joe Biden, to lower gasoline prices.
📢 “We’ll fill it up fast,” Trump declared, without detailing how or when the reserves would be restored.
His speech also focused on major tax cuts, promising to eliminate taxes on tips, overtime, and Social Security benefits while also lowering taxes for workers, businesses, and energy producers.
📢 “We’re going to dramatically cut taxes for families, for workers, and for companies,” he said, adding that companies investing in new U.S. factories and infrastructure would be able to expense 100% of their investments.
Trump also addressed government spending, announcing that his administration is considering returning 20% of savings—from Elon Musk’s Department of Government Efficiency initiative—directly to Americans, while another 20% would go toward reducing federal debt.
🌍 Trump’s Stance on Ukraine and Russia
On foreign policy, Trump doubled down on his skepticism toward U.S. support for Ukraine, claiming that President Volodymyr Zelenskyy convinced Washington to spend $350 billion on a war that “never had to start.”
📢 “They’ll never settle that war without our involvement,” Trump said, while criticizing Europe for failing to bring peace.
He also took aim at Zelenskyy’s leadership, questioning his decision to postpone elections and citing unverified casualty figures, claiming that Russia has lost 900,000 soldiers, while Ukraine has lost 700,000.
📢 “I love Ukraine, but Zelensky has done a terrible job. His country is shattered, and millions of people have unnecessarily died.”
Trump argued that diplomacy is needed, stating that “you can’t bring a war to an end if you don’t talk to both sides”. He praised Saudi Arabia’s efforts in hosting negotiations, referring to talks held in Riyadh without Ukraine’s direct participation.
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U.S. President Donald Trump has threatened to impose 100% tariffs on imports from any country that adopts a digital services tax. The move escalated tensions with trading partners over levies that Washington argues unfairly target American technology companies.
Australia booked its place in the FIFA World Cup 2026 Round of 32 after a tense goalless draw with Paraguay. Already-eliminated Türkiye ended its campaign on a high with a dramatic 3-2 win over group winners the United States.
The UN's International Maritime Organization has paused escort operations through the Strait of Hormuz after a cargo ship was reportedly attacked near Oman, with two U.S. officials accusing Iran of the attack.
The United Nations' top human rights official has called for independent investigations into deaths in U.S. immigration detention facilities, citing a rise in fatalities among people held by U.S. Immigration and Customs Enforcement (ICE).
An earthquake of magnitude 6.9 struck Japan's northeast coast on Thursday, but no tsunami warning was issued, no injuries were immediately reported and no irregularities were found at nuclear facilities, the authorities said.
As Western Europe battles a deadly heatwave that has shattered temperature records, disrupted transport and power supplies, and forced the closure of schools and cultural landmarks, attention is turning to whether El Niño is playing a role in the extreme conditions.
The U.S. Senate rejected a resolution on Wednesday that would have directed President Donald Trump to remove U.S. forces from hostilities against Iran unless Congress formally authorised military action.
The Kremlin has denied a Wall Street Journal report claiming Moscow is pressuring Belarus to support an expanded Russian military campaign in Ukraine.
Tens of thousands of people are still unaccounted for after two powerful earthquakes struck Venezuela. At least 589 people have been confirmed dead and hundreds are believed to be trapped under rubble, as emergency crews and international rescue teams race to respond.
U.S. President Donald Trump has threatened to impose 100% tariffs on imports from any country that adopts a digital services tax. The move escalated tensions with trading partners over levies that Washington argues unfairly target American technology companies.
The United Nations' top human rights official has called for independent investigations into deaths in U.S. immigration detention facilities, citing a rise in fatalities among people held by U.S. Immigration and Customs Enforcement (ICE).
An aircraft roughly the size of a car crashed into Beijing's tallest skyscraper on Friday evening, triggering a major emergency response and a heavy police presence as authorities sealed off the area and gave no immediate explanation for the incident.
Montenegrin police, working alongside the United States' Federal Bureau of Investigation, have arrested an Iranian national accused of carrying out a series of cyberattacks that allegedly caused an estimated $3.4 billion in damage to U.S. infrastructure.
South Korea is set to dramatically expand its unmanned warfare capabilities, with plans to integrate drones across all branches of its military as tensions with North Korea continue to shape the country's defence strategy.
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