Donald Trump loves to put his name on things, and when it comes to the recent burst of inflation, it’s totally deserved. Trump and Republican politicians are doing their best to try to make a simple story complicated. But there is no doubt that Trump is the lead and almost sole author of the inflation […]
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President Donald Trump has suspended the implementation of sweeping American sanctions against Russia, using presidential waiver powers to prevent penalties approved by Congress from taking effect just weeks after he signed them into law.
The executive order issued by the White House on Friday, 16 October, suspends tariffs of up to 500 per cent on Russian imports, alongside penalties targeting major purchasers of Russian oil and gas. It also waives numerous financial and commercial restrictions intended to reduce Moscow’s ability to finance its war against Ukraine.
The decision comes two days before the 18 October deadline for implementing key provisions of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which Trump signed on 18 September. The legislation was named after the late Republican senator Lindsey Graham, who had championed tougher economic measures against Russia.
The presidential order formally establishes the tariff increases required by the legislation while simultaneously suspending their application.
Under the law, Russian imports into the United States would face additional duties of 500 per cent. A separate provision would impose 100 per cent tariffs on goods imported from the five largest purchasers of Russian crude oil and natural gas if those countries knowingly made new purchases from 18 October, subject to specified conditions and exemptions.
Another provision targets countries identified as leading facilitators of Russian oil sanctions evasion, potentially exposing their exports to similar American penalties.
Trump invoked Section 115 of the legislation, which permits the president to waive sanctions and tariffs after certifying to Congress that doing so serves the national interests of the United States.
The order confirms that the certification and an accompanying explanatory report have been submitted to Congress. However, the publicly released document provides no detailed justification for suspending the measures.
The waivers will remain in effect until the president or designated senior officials decide that further action is appropriate. Existing sanctions imposed under earlier executive orders are explicitly preserved, meaning the decision does not remove all American restrictions against Russia.
Nevertheless, the order prevents the new legislation’s principal economic penalties from operating at a time when Congress had sought to intensify pressure on Moscow.
The suspension follows Trump’s agreement with Putin to facilitate renewed Russian diesel exports, announced on 9 October as part of an effort to reduce international fuel prices.
As EU Today previously reported, the agreement envisages an immediate release of more than 300,000 tonnes of Russian diesel, followed by additional shipments in November and subsequent months. Washington also authorised certain transactions involving Russian diesel until April 2027.
The arrangement has raised questions about the relationship between the administration’s energy policy and sanctions intended to constrain Russia’s war economy.
Diesel prices have become an increasingly important domestic political issue ahead of the American congressional elections on 3 November. The war involving Iran and disruptions to international energy supplies have contributed to exceptionally high fuel costs, creating additional pressure on the administration.
The White House hopes additional Russian supplies will relieve pressure on international markets. However, energy analysts have questioned whether the quantities involved will materially affect American prices, particularly before the elections.
The latest waiver also removes the immediate threat of punitive tariffs against major Russian energy customers, including China and India, which had objected to the proposed measures.
The decision is likely to intensify opposition within Congress, where the sanctions legislation attracted substantial bipartisan support.
Earlier this week, 12 senators, including six Republicans, called on Trump to reverse his diesel agreement, arguing that allowing Russian fuel back onto international markets would provide Moscow with additional revenue for its military operations.
Democratic Senator Richard Blumenthal, who helped develop the sanctions legislation, criticised the diesel arrangement as contrary to Congress’s intention to strengthen economic pressure on Russia.
The decision also exposes a widening divergence between Washington and Brussels.
At the European Council meeting on Friday, European Commission President Ursula von der Leyen and European Council President António Costa reaffirmed that EU sanctions against Russia would remain in place until Moscow ended its war against Ukraine.
Costa declared that the present circumstances required increased pressure on Moscow rather than a relaxation of existing restrictions. The European Union is also preparing a 22nd sanctions package while considering additional financial support for Kyiv.
For Ukraine, the decision means that Russia will continue to benefit from energy exports and the international trade that helps finance its war. Instead of tightening restrictions on these revenues, Washington has suspended measures specifically intended to cut them.
The timing is particularly significant. While Trump is pressing Kyiv to halt attacks on Russian oil refineries and other energy facilities, Moscow continues its strikes against Ukrainian cities and civilian infrastructure. Zelenskyy has argued that Ukraine cannot be expected to stop targeting Russia’s energy sector while Russian attacks on Ukrainian infrastructure continue.
Although Trump can reinstate the sanctions, his decision removes the immediate threat of additional penalties against Russia and its principal energy customers. It also places Washington increasingly at odds with its European allies. Brussels remains committed to maintaining and expanding sanctions against Moscow, while the White House is now giving priority to reducing American fuel prices, even if that means easing economic pressure on Russia.
TOKYO — An unwelcome blast of US inflation is blowing across Asia’s markets. September’s hotter-than-expected price data revived concerns that the Federal Reserve will keep rates higher for longer, threatening fresh pressure on currencies, capital flows and economic growth across the region.
Last month’s 3.7% year-on-year increase in consumer prices didn’t just exceed forecasts. It ensured the Fed is on an even bigger collision course with both the bond market and US President Donald Trump’s White House. It’s arguably the last thing both Trump and US Federal Reserve Chairman Kevin Warsh wanted to see less than three weeks ahead of the mid-term elections.
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Industrial production in the eurozone fell by 0.5 per cent in August compared with July, according to figures released by Eurostat on Thursday, adding to evidence that European manufacturers are struggling to sustain a recovery amid rising energy costs and uncertain demand.
The decline followed a revised contraction of 0.3 per cent in July, while output across the wider European Union fell by 0.3 per cent in August. Compared with the same month last year, eurozone production was down 1.1 per cent, against a decline of 0.2 per cent across the EU as a whole.
Belgium recorded the largest monthly contraction among the member states covered by the release, at 5.1 per cent, followed by Ireland at 3.1 per cent and Portugal at 2 per cent.
The latest industrial production figures underline the uneven performance of Europe’s factories, with losses concentrated in some economies and sectors while others continue to expand.
The sectoral breakdown presents a particularly revealing picture of the pressures facing European industry.
Production of intermediate goods, which include materials and components supplied to other manufacturers, declined by 0.8 per cent across the eurozone in August. Energy production fell by 0.6 per cent, while output of non-durable consumer goods contracted by 2.7 per cent.
By contrast, capital goods production increased by 0.4 per cent, indicating that activity in equipment and machinery manufacturing remained comparatively resilient.
The divergence was also pronounced between member states. Industrial production increased by 6.5 per cent in Sweden, 4.3 per cent in Estonia and 2.6 per cent in the Netherlands.
On an annual basis, Ireland recorded a 15 per cent decline, followed by Belgium at 7.1 per cent and Bulgaria at 5.4 per cent. The Netherlands, meanwhile, registered growth of 9.8 per cent compared with August 2025.
These variations make it difficult to describe Europe’s industrial position as a single, uniform downturn. National production figures reflect different industrial structures, production cycles and exposure to particular markets.
Ireland’s figures, for example, can be influenced by changes in output among large multinational enterprises, while Belgium’s manufacturing economy is particularly exposed to developments in chemicals, pharmaceuticals and energy-intensive production.
Nevertheless, the simultaneous contraction of industrial output across the eurozone reinforces concerns about the strength of the European economic recovery.
The continuing disruption of global energy supplies has complicated the position of European manufacturers, particularly businesses that depend on predictable electricity and gas prices.
The Middle East conflict has increased uncertainty over energy costs and transportation, making production planning more difficult for companies operating with substantial fuel, heating or electricity requirements.
As EU Today reported earlier this week, Brussels has already moved to delay certain methane requirements for energy imports as governments seek to limit additional pressure on gas supplies.
The decision reflects a wider debate over whether the EU’s existing regulatory framework adequately accounts for the international cost disadvantages facing European industrial producers.
Chemicals, metals, fertilisers and other energy-intensive industries must compete with manufacturers operating in markets where energy costs and regulatory requirements can differ considerably.
The problem extends beyond immediate profitability. Persistently unfavourable operating costs can affect decisions about new factories, maintenance, modernisation and the location of future investment.
Those decisions may have longer-lasting economic consequences than monthly fluctuations in production.
The figures arrive as EU governments debate the future of European industrial policy, including the treatment of imported products and the conditions under which companies should qualify for public support.
Recent disagreements over proposed European-content requirements have illustrated divisions between governments seeking greater protection for EU manufacturers and those concerned that restrictive rules could increase costs or disrupt supply chains.
In a recent warning over the proposed Made in Europe framework, Mercedes-Benz chief executive Ola Källenius argued against excluding Britain from industrial arrangements intended to strengthen European production.
The debate is particularly consequential for automotive manufacturers whose supply chains extend across EU borders and into neighbouring countries.
Meanwhile, the proposed EU budget for 2028–2034 has become another focus of disagreement, with member states questioning how much funding should be devoted to industrial competitiveness, strategic technologies and energy infrastructure.
The immediate economic issue is whether European factories can recover production as energy costs remain elevated and external demand fluctuates.
Eurostat’s August figures do not establish how individual government policies have affected output, nor do they determine whether the contraction will continue. They do, however, show that industrial activity entered the autumn with limited momentum.
The next industrial production release, covering September, is scheduled for 16 November and will provide an indication of whether the late-summer weakness persisted into the final quarter of the year.
The European Commission calls it the Affordable Housing Act and says it can “truly bring a change in people’s lives”. But how much will it actually do to make housing more affordable, asks Catherine Feore?
The tension at the heart of the proposal is that Brussels is making ambitious claims about tackling the housing crisis while simultaneously making clear that it is not imposing new housing policies on governments or cities.
Commission President Ursula von der Leyen says the measure fulfils a promise to tackle housing affordability, describing it as “one step in this direction” and declaring: “Today, we are delivering for all Europeans.” Housing Commissioner Dan Jørgensen went further, saying the Act gives governments and cities tools to “make more affordable homes available”.
Yet the proposed legislation itself is considerably more cautious.
The Commission acknowledges that insufficient housing supply is the structural cause of the affordability crisis. Short-term rentals, second homes and other non-primary uses are not the root problem, although they can exacerbate shortages and push up prices in already constrained markets.
Housing stress test
The Act principally delivers a common legal framework for authorities that choose to intervene.
Central to this is a new EU test for housing stress. An area would normally qualify where an average home costs at least eight years of disposable per-capita income, that ratio has increased over the previous decade, and pressures are unlikely to ease over the next three years. At a ratio of ten or more, the historical deterioration test is dropped. Population dynamics, housing supply and demand must also be assessed.
Authorities could then restrict short-term rentals outside a host’s primary residence or tackle second homes, prolonged vacancy and certain other non-primary uses. But there is no obligation. They must also demonstrate that the activity has significantly harmed housing affordability or availability for at least three years, and any restriction must be targeted, necessary and proportionate. This seems to set a high bar of evidence for most local authorities.
Currently, local authorities must notify the Commission of short-term rental restrictions under the Services Directive. That notification requirement will no longer be required. Cities can use the new framework without seeking prior Commission approval, although measures must be published and remain open to legal challenge. Officials argue this will remove a burdensome procedure and make intervention easier.
But the Commission is equally explicit about what it is not doing. The Act does not regulate rents, harmonise housing policy, give Brussels new housing competences, dictate taxation, inheritance or planning, or require, recommend or encourage authorities to impose restrictions. Housing policy choices “remain national, regional and local”.
Executive Vice-President Teresa Ribera says that when markets fail to provide affordable homes, “public authorities have a responsibility to act”. But the Act does not compel that action; it provides a stronger legal framework if authorities choose to act independently.
Its impact could be real in tourist hotspots where non-primary housing use is demonstrably worsening shortages. But it cannot itself build a home or lower a rent. The question is whether a clearer legal toolbox matches the expectations created by the Commission’s promise to tackle Europe’s housing crisis. When asked to quantify how much of a difference the new provisions could make, the Commission couldn’t give precise figures, saying that it would depend on the measures adopted.
PHOTO CREDIT: Teresa Ribera, Executive Vice-President of the European Commission for a Clean, Just and Competitive Transition, and Dan Jørgensen, European Commissioner for Energy and Housing, give a press conference on the affordable housing Photographer: Jennifer Jacquemart © European Union
The government has formed a committee to negotiate with Jamaat-e-Islami over its ongoing sit-in.
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NEW YORK: Oil prices climbed in early trading Wednesday, building on the previous session’s sharp gains, as overnight military exchanges between the United States and Iran escalated tensions in the Middle East and revived fears of supply disruptions through a critical global shipping chokepoint. Brent crude futures rose $1.03, or 1.1%, to $95.68 a barrel ... Read more
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The National Price Reduction Initiative came into effect on Monday, August 31, with more than 1,660 basic consumer goods in supermarkets to be offered at reduced prices. The initiative is supposed to cover food, everyday household items, school supplies, private-label products and meat. The initiative has been launched by the government in cooperation with main […]
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Core inflation, which excludes volatile food and energy prices, rose to 8.7% year-over-year in August, up from 8.4% in July.
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Oil prices rose more than 2% Monday after the United States attacked an Iranian island in the Strait of Hormuz and drew retaliation from Tehran, as the six-month-old conflict between the two countries showed no signs of easing. Brent crude futures climbed $2.21, or 2.51%, to $90.31 a barrel as of 0436 GMT. U.S. West ... Read more
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ISLAMABAD: The leaders of Pakistan’s Jamaat-e-Islami (JI) on Sunday warned of staging sit-ins in Rawalpindi and Islamabad if authorities refuse to grant permission for a public gathering in the garrison city, as the party escalates pressure on the government over rising fuel prices and inflation. Hafiz Naeemur Rehman, the emir of Jamaat-e-Islami, told a news ... Read more
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