World News Wire

Hudson Institute fellow: Putin's Russia is a declining power to be contained

Hudson Institute Senior Fellow Ludovic Hood, in a commentary republished from The Hill, argued Putin should be treated as a loser rather than a peer to be bargained with. He cited IMF figures showing Britain's economy at about $4.3 trillion versus Russia's $2.8 trillion.

Commentary: Old Industries Like Steel Never Grow Up, So the Infant Industry Argument Should Be Renamed 'Peter Pan'

Reason magazine published a commentary on Oct. 22 arguing that the persistent tariff protection sought by century-old U.S. industries such as steel should be renamed the "Peter Pan industry argument"—these industries never grow up because tariffs ensure they never have to. Citing a New York Fed study, the article says tariffs "contributed 2.9 percentage points to goods price inflation," and without them those prices would have slightly declined. The author argues that higher U.S. steel costs stem from specific rules and choices, such as the 1947 Section 2-B contract provision won by the United Steelworkers that barred mill managers from changing established work practices unless new technology required it. In 1959, 500,000 steelworkers struck for 116 days, and that year the U.S. imported more steel than it exported for the first time. In 1965, only about 17 percent of U.S. steel was made using basic oxygen furnaces, versus 55 percent in Japan. The modern steel industry was instead built by Vulcraft, a frustrated steel buyer that later became Nucor, using electric arc furnaces. The author notes a 50 percent steel tariff raises costs for downstream manufacturers, while in 2025 the U.S. imported steel from 79 countries, with the top 10 sources accounting for 77.8 percent of imports—none considered adversaries—and only 23 percent of finished steel was imported in 2024.

Friedman: Trump-Zelenskyy tensions reflect inescapable Ukraine stalemate

Economist: Flavio Bolsonaro emulates Milei as Brazil weighs free-market reforms

US lawmakers weigh how to share AI wealth, with Alaska as model and warning

Trump: Large data centers mandated to make their own electricity, give excess power back

US Senate bipartisan permitting bill backers court industry support ahead of Nov. 9 procedural vote

Aides to the four lead senators urged industry supporters at an ACORE conference to lobby for the bill ahead of a Nov. 9 procedural vote requiring 60 votes for cloture. The 417-page measure would revise NEPA, the Endangered Species Act and the Clean Water Act.

France's fiscal crisis warns California against Proposition 40 wealth tax

Under Proposed Treasury Rule, Corporate Homebuyers Who Don't Track Their Receipts Face $1 Million Fines

The U.S. Treasury Department on Thursday released a proposed rule defining terms left undefined in the 21st Century ROAD to Housing Act, which took effect in July. The law bars investors who own 350 or more single-family rentals from buying new ones, but exempts build-to-rent and renovate-to-rent purchases. The proposal defines build-to-rent homes as new single-family homes never owned by an owner-occupier, bought within 18 months of receiving a certificate of occupancy and occupied by a renter. Renovate-to-rent homes must have had major building code violations fixed by the institutional buyer, with improvement spending of at least 15 percent of the purchase price. Investors must track and report such expenses; violations carry a maximum civil penalty of $1 million per home purchase. The new restrictions take effect in January.

CFR: Brazil runoff between Lula and Bolsonaro effectively tied in polls, prediction markets favor Bolsonaro

A Council on Foreign Relations podcast noted voters are prioritizing crime and cost-of-living issues, while markets welcome Bolsonaro's pledges to cut spending and stabilize debt.

Wyden unveils bills to tax data centers, aid AI-displaced workers

Senate Finance ranking Democrat Ron Wyden released two bills: the Stability and Opportunity for Workers Act would create up to two years of income support for retraining workers, expand unemployment insurance and add up to 52 weeks of Extended Benefits; the second would impose an excise tax on data center operators and bar them from research credits, 100 percent bonus depreciation and Opportunity Zone breaks.

CBPP: SNAP enrollment falls by 5.5 million after 2025 Republican reconciliation law

Nationwide SNAP participation fell by 5.5 million people, or 13 percent, between the law's July 2025 enactment and July 2026, based on the latest available month of data, the Center on Budget and Policy Priorities said. The report attributes the decline to people losing food assistance as the law is implemented.

CBPP urges Congress to delay SNAP cost shift as participation losses exceed CBO estimates

SemiAnalysis: Export controls accelerate China's chip self-sufficiency push

CFR's Froman warns French protests signal deeper political, economic crisis

CFR President Michael Froman said the recent protests in France stem from a collapse of the social contract, weak growth, high public spending and youth unemployment, warning far-right parties may capitalize on the unrest ahead of France's 2027 election and Germany's elections.

Commonwealth Fusion Systems wins $85M CHIPS Act award

The U.S. Department of Commerce will grant CFS $85 million and take an equity stake in the company. The funding supports five initiatives including silicon carbide power electronics, RF power generators, radiation-hardened control electronics and adapting AI hardware.

Bombardier to Invest $270M in US, Add 800 Jobs

Canadian jet maker Bombardier plans to invest $270 million in the United States and add 800 jobs, according to multiple media reports. Fox Business said the deal was touted by President Trump.

CFR: Investors may be over-optimistic betting on Bolsonaro austerity pledges

The Council on Foreign Relations said Brazil's gross government debt is just under 83% of GDP with interest payments at 8.8% of GDP, and that Bolsonaro's promised nearly $40 billion fiscal adjustment lacks detail while most spending is mandatory.

About 50,000 protest in Vienna against university budget cuts

Around 50,000 people demonstrated in Vienna on Thursday against the government's 2028-2030 university budget of about 16 billion euros, the Austrian Students' Union (ÖH) said, while universities say at least 18 billion is needed.

Kelowna council candidate who campaigned on 'I barely want to do this' wins seat

Former robotics engineer Brady Rogers placed fourth in a field of 37 candidates competing for eight seats, defeating three incumbents. He told Reason his honesty was genuine but that he also has a real policy platform, including addressing homelessness through better use of existing resources and reforming Kelowna's property tax structure that taxes land and improvements at the same rate.

WSJ Opinion: Kansas Republican Marshall backs giant tax increase, runs left of Democrat on Social Security

Göttingen tax office reviews non-profit status of leftist youth center Juzi

Germany's new tobacco tax law thrown into doubt by procedural error

French economists urge budget discipline and productive ambition together

Trump exempts some Canadian goods from tariffs ahead of US midterms, including blueberries, potatoes, apples

Republican Senator Susan Collins of Maine said she secured exemptions for products important to her state's agriculture, including blueberries, potatoes, apples and algae. Republican Senate candidate Mike Rogers in Michigan has also distanced himself from the tariff policy and called for an end to the trade dispute.

Tax Competitiveness Ranking: Estonia First for 13th Straight Year, U.S. Slips to 17th

The Tax Foundation's International Tax Competitiveness Index 2026 ranks Estonia first among OECD countries for the 13th straight year, with France last and the United States 17th, down one place from last year. The index scores countries on how low and how neutral their tax systems are—meaning minimal use of taxes to steer economic behavior. The report says Estonia has a 22 percent corporate tax rate applied only to distributed profits, a flat 22 percent individual income tax, and taxes only land rather than real property or capital. U.S. weaknesses include a real property tax burden among the highest in the OECD and a partial territorial system that does not exempt foreign capital gains income; on the plus side, U.S. sales/consumption taxes average 7.5 percent versus an OECD average of 19.4 percent. The report also notes the U.S. is one of only two countries, along with Eritrea, that base income taxation on citizenship rather than residency.

Trump's 24-hour roundup: Iran strike talk, Canada tariff relief, Starlink and UK gas field

U.S. Ambassador to Turkey Tom Barak told Israel's Channel 12 a weekend strike on Iran was "of course" possible; Trump said he knew nothing about it and that no attack would come before the midterm elections. The U.S. exempted some Canadian goods from 50% tariffs after trade talks broke down. Trump said he had not spoken with Elon Musk about Starlink restrictions in Ukraine but might, and he and UK Prime Minister Burnham discussed approval of the Jackdaw gas field.

Defense Production Act funds steered to GOP-backed energy projects

Funding comes from a $1 billion pot set aside in the July 2025 budget reconciliation package. Recent awards include $42 million for the Constitution Pipeline from Pennsylvania to New York, up to $50 million for a transmission project in Virginia and West Virginia, and an expansion of a Delek US Holdings refinery in Tyler, Texas.

Germany's Merz: Combustion engine ban could be fully shelved by year-end

CBPP urges federal policymakers to raise revenue to address twin deficits

Merz says Germany may cut electricity tax next year as Klingbeil doubts fiscal room

Merz expressed confidence at the CSU party conference in Munich that Germany's electricity tax could be lowered next year, saying it would leave people with more money. Finance Minister Klingbeil said after the tax estimate that there is no fiscal room, while a government spokesman reaffirmed the goal but cited a financing caveat.

Nolan: America's key political divide is capital vs. labor, not Republicans vs. Democrats

EVE Energy: Mass-Produced Large Cylindrical Battery Plants at Full Capacity, International Demand Exceeds Expectations

EVE Energy said on an October 23 conference call that all of its plants mass-producing large cylindrical batteries are running at full capacity. International customer demand has far exceeded expectations, and deliveries to domestic customers have also begun. The company also said it attaches great importance to the impact of consumption tax and export tax rebate adjustments on operating performance, and has communicated with customers in advance since the first half of 2026, reaching consensus and finalizing plans with the vast majority of them.

California High-Speed Rail board votes 7-2 to strip CEO of contract authority

An audit found $593,000 in travel expenses lacked justification or violated state rules, including premium airline tickets and rideshare trips to a cigar lounge and an escape room. The board stripped CEO Ian Choudri of his authority to independently approve and manage contracts under $25 million.

Milei pushes unregulated AI development in Argentina; Senate bill stalls

Argentine President Javier Milei argued in a June 4 Financial Times piece that AI should remain unregulated, backing legislation built on three pillars: leaving AI unregulated, creating a new legal category for nonhuman corporations, and keeping corporate taxes low. By late September, the Senate had held hearings but had not advanced the bill.

CSU proposes 'extremism clause' to cut payments to states governed by AfD or Left

CSU General Secretary Huber defended the proposed clause in Germany's state financial equalization system, calling it 'unjust' and in need of reform, citing potential Left-led governments in Saxony-Anhalt and Berlin planning to expropriate large housing companies.

Iraq and Pakistan cut key overland trade routes to Iran, WSJ reports

Iraq closed the Sheeb border crossing on Wednesday, a key gateway linking the two countries' largest oil-producing provinces, saying the move aims to strengthen anti-smuggling enforcement, while Pakistan intercepted trucks from Iran at the Gabd and Taftan crossings over the weekend citing security concerns, according to The Wall Street Journal.

China's motorcycle exports reach 15.16 million units in first nine months of 2026, with Africa posting the largest gain

Citing customs data, the China Chamber of Commerce for Motorcycle said China exported 15.1636 million complete motorcycles in January-September 2026, up 11.76% year on year, with export value rising 21.19% to $10.287 billion. Africa was the largest and fastest-growing destination, taking 5.7221 million units, up 32.05%, worth $3.195 billion, up 38.60%. Imports totaled 54,000 units, up 11.39%, valued at $293 million, up 10.93%.