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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Israeli military bulldozers have begun demolishing buildings in the West Bank city of Hebron on Friday, 23 October, following armed clashes with Palestinians that left two Israeli soldiers dead, according to the Israeli military.
Around 11,000 people joined a demonstration in Orléans on Saturday against the National Rally congress, according to the local prefecture.
Typhoon Champi swept past Taiwan on Saturday, leaving one person dead and more than 500 injured as strong winds and torrential rain brought down trees, cut power and disrupted transport across the island.
French President Emmanuel Macron on Friday described a deadly shooting in the towns of Trappes and La Verrière, west of Paris, as a racist attack and ‘a turning point’ for the country.
Missile and drone attacks have put Saudi Arabia on high alert, disrupting life in Riyadh and testing a new defence pact with Türkiye and Pakistan as regional tensions escalate.
Protests against war and rising living costs took place in major Italian cities on Saturday, with some incidents of violence and clashes, a week after unrest erupted across the country.
Bulgarians are voting in a presidential election on Sunday as deadly drone attacks on merchant vessels in the Black Sea raise security concerns and expose divisions over the country's response to Russia's war in Ukraine.
Serbia is voting on Sunday as a mass student protest movement seeks to unseat long-time populist leader Aleksandar Vučić in the biggest challenge to his rule for more than a decade.
Portuguese police cleared a housing protest camp in Lisbon on Sunday (25 October), as new figures reveal house prices have risen 16.5 per cent in a year, the fastest increase in the European Union.
Six people were killed and another was seriously injured when a passenger train collided with a minibus at a railway crossing in Russia’s Jewish Autonomous Region on 24 October, local authorities said.
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