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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A strong earthquake with a magnitude of 6.6 struck the waters off Yilan County, Taiwan, late on Saturday, the China Earthquake Networks Center (CENC) reported.
Moscow’s major airports have experienced widespread flight delays and cancellations due to heavy snowfall and icy conditions, disrupting travel across Russia, Europe, and the Caucasus.
The UN Security Council is set to hold an emergency session on Monday to discuss Israel’s recognition of Somaliland as an independent state, amid criticism from African, Middle Eastern, and other international actors.
Two people were killed and 26 others injured after a massive multi vehicle crash on a major expressway in Japan as the country began its end of year holiday travel period, police said on Saturday.
New York placed the state under emergency measures on Friday as a powerful winter storm brought the heaviest snowfall since 2022, disrupting travel across the north-east of the United States.
Russia launched missiles and drones at Kyiv and other parts of Ukraine overnight on Saturday, Ukrainian officials said, ahead of talks on Sunday between President Volodymyr Zelenskyy and U.S. President Donald Trump aimed at ending nearly four years of war.
The United States carried out a strike against Islamic State militants in northwest Nigeria at the request of Nigeria's government, President Donald Trump and the U.S. military said on Thursday.
Israel became the first country to formally recognise Somaliland as an independent state on Friday, drawing strong condemnation from Somalia and regional and international organisations.
Ukrainian President Volodymyr Zelenskyy said on Friday that Russia is using territory in neighbouring Belarus to support attacks on Ukrainian targets and to circumvent Kyiv’s defensive positions, warning that the practice undermines Belarusian sovereignty.
The U.S. on Saturday welcomed the ceasefire between Cambodia and Thailand, which ended weeks of deadly border clashes, and called on both countries to fully implement the Kuala Lumpur Peace Agreement.
Japan’s tourism sector has experienced a slowdown after China’s government advised its citizens to reconsider travel to Japan, following remarks by Prime Minister Sanae Takaichi regarding Taiwan.
Italian authorities have arrested nine people on suspicion of financing Hamas through Italy based charities, prosecutors said on Saturday, in an operation coordinated by anti mafia and anti terrorism units.
Ukrainian President Volodymyr Zelenskyy is travelling to the United States to meet President Donald Trump in Florida on Sunday, in what officials describe as a critical step in ongoing U.S.-led diplomatic efforts to end Russia’s full-scale war against Ukraine.
Iran is engaged in a “comprehensive war” with the United States, Israel, and Europe, Iranian President Masoud Pezeshkian stated on Saturday.
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