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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Start your day informed with AnewZ Morning Brief: here are the top news stories for February 21st, covering the latest developments you need to know.
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A tragic crowd crush at New Delhi Railway Station on Saturday night left 18 dead and 10 injured as thousands of people, many heading to the Kumbh Mela festival, attempted to board delayed trains. The incident highlights the ongoing risks of overcrowding at public transportation hubs in India.
Pope Francis is showing improvement, the Vatican said, as the pontiff began his eighth day in hospital. Francis was admitted after struggling with breathing and is being treated for pneumonia.
EU boosts undersea cable security with nearly €1B reallocation, enhancing surveillance, deterrence, and rapid response. A new data-sharing system, drone program, and emergency repair fleet aim to protect critical infrastructure amid rising sabotage concerns.
Pope Francis is showing improvement, the Vatican said, as the pontiff began his eighth day in hospital. Francis was admitted after struggling with breathing and is being treated for pneumonia.
EU boosts undersea cable security with nearly €1B reallocation, enhancing surveillance, deterrence, and rapid response. A new data-sharing system, drone program, and emergency repair fleet aim to protect critical infrastructure amid rising sabotage concerns.
China's centuries-old treasures have been pulled out of storage to be restored for display at Beijing's Forbidden City and Palace Museum. Meticulous repairs are needed ahead of the museum's 100th anniversary this year.
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