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Yahoo
5 days ago
- Business
- Yahoo
Trump's Syrian Outreach Turns an Enemy Into a Friend
Six months ago, U.S.-Syrian enmity seemed locked in for good. Congress was set to renew the Caesar Civilian Protection Act, a set of economic sanctions designed to weaken the government of Bashar al-Assad by preventing postwar reconstruction. And it was only the latest in a set of economic sanctions imposed in 1979, when the U.S. State Department declared Syria a state sponsor of terrorism. Even the revolution that overthrew Assad in December 2024 did not seem to change the trajectory. As rebels led by Ahmad al-Sharaa, then nicknamed Abu Mohammad al-Golani, advanced on Damascus, the Biden administration insisted that Golani and his men were also terrorists. Congress went ahead with the Caesar Act renewal, and hawkish factions in Washington prepared to put impossible conditions on sanctions relief. This week, however, the Trump administration seems to have let bygones be bygones. On Friday, the U.S. Department of the Treasury issued a three-page waiver lifting almost all economic sanctions on Syria unconditionally. On Wednesday, an American flag flew over Damascus for the first time in a decade as the Syrian government handed back the old U.S. ambassador's residence to Thomas Barrack, who serves as both U.S. ambassador to Turkey and special envoy to Syria. Barrack said that President Donald Trump would soon be taking Syria off of the terrorism sponsors list, and claimed that the long-running Syrian-Israeli conflict is a "solvable problem," Reuters reported. "America's intent and the president's vision is that we have to give this young government a chance by not interfering, not demanding, by not giving conditions, by not imposing our culture on your culture," Barrack told the crowd at the residence. Later on his trip, Barrack followed up on the symbolism by signing off on a huge concrete investment: a $7 billion deal for a consortium of American, Turkish, and Qatari companies to build up Syrian electrical infrastructure. "Syria is OPEN FOR BUSINESS," Barrack declared on X. "Commerce not chaos!" It was the same tone Trump himself struck in Saudi Arabia earlier this month, where he denounced "so-called nation builders" who tried to impose their visions by force, bragged that "some of the closest friends of the United States of America are nations we fought wars against in generations past," and shook hands with Sharaa himself. Of course, a waiver isn't a permanent end to sanctions. The sanctions imposed by Congress have to be lifted by Congress. Earlier this month, Secretary of State Marco Rubio testified to the Senate Foreign Relations Committee that it should do exactly that. The administration could have taken a different approach. Sharaa had fought for Al Qaeda in the past, and Syria still has active territorial disputes with Israel, which captured the Golan Heights in a 1967 war and seized additional land after Assad fell. Some figures in the administration wanted to slow-roll sanctions relief as a way to keep the new Syrian government on its toes. But Rubio argued to Congress that keeping post-revolutionary Syria economically isolated could cause dangerous instability. By lifting almost all sanctions at once, the Trump administration demonstrated another foreign policy principle: You can just do things. Despite the bureaucratic tangle of sanctions, which some officials hinted would be a complicated process to undo, Trump simply waived them all with a short, simple declaration. And unlike the former Biden administration, which often complained that its hands were tied by hawkish Senate Democrats on foreign policy, Trump doesn't seem to be paying any political price for his outreach to Syria. A bigger test will be whether Trump can pull off the same maneuver with Iran, whose nuclear program he is currently negotiating to restrict. Sharaa won Syria a fresh start by overthrowing Assad. Iran, on the other hand, has a whole collection of ongoing, high-stakes disagreements with the U.S. And the U.S.-Iranian rivalry—which includes the 1979 embassy takeover and Iranian intervention in Iraq—has always been more emotionally charged than any U.S.-Syrian rivalry. Still, many of the same factors that led to "commerce not chaos" with Syria are aligned in favor of a deal with Iran. The Arab states now investing in Syria also want to do business with Iran without fear of U.S. sanctions, and have been reportedly lobbying Trump to deescalate that conflict. Trump himself seems pretty confident that a deal is around the corner—confident enough that he warned Israel not to attack Iran in the meantime. "I think we're going to see something very sensible," he told reporters at the White House on Wednesday. "That could change at any moment. It could change with a phone call. But right now, I think they want to make a deal, and if we make a deal, it would save a lot of lives." The post Trump's Syrian Outreach Turns an Enemy Into a Friend appeared first on
Yahoo
7 days ago
- Business
- Yahoo
Homeowner blindsided after insurance company issues sudden rate hike with no warning: 'I was surprised by the amount'
Homeowners across the country are seeing insurance rates rise, and the reason is out of their control. Insurance rates are on the rise, and the changing climate is to blame. As extreme weather events become more frequent or more intense (and sometimes both), insurance rates are skyrocketing to account for the growing risk. Last year, Nebraska and other surrounding states saw several tornadoes resulting in billions of dollars in damage. This year, residents in Omaha are still paying the price — their home insurance rates are rising hundreds of dollars. "I wasn't surprised that there was an increase. I was surprised by the amount of the increase," North Omaha resident Mary Butler told KETV. On average, Nebraska residents are paying anywhere from $5,000 to $7,000 annually, per Bankrate data. Insurance rates are rapidly becoming unsustainable. According to the U.S. Department of the Treasury, the "average homeowners insurance premiums per policy increased 8.7 percent faster than the rate of inflation in 2018-2022." Homeowners are presented with a difficult choice: bank-breaking insurance premiums or no disaster coverage. Some may not even have a choice — homeowners in high-risk regions can be dropped from their insurance plans without warning. Thousands of Californians were dropped from their policies after the wildfires, and North Carolinians lost coverage following Hurricane Helene. As the effects of the changing climate are felt throughout the country, more and more homeowners are at risk of losing their coverage. Some states are trying to introduce laws that will prevent insurers from canceling policies during times of catastrophe, like wildfires and floods. Do you think America is in a housing crisis? Definitely Not sure No way Only in some cities Click your choice to see results and speak your mind. If you're struggling to afford your policy payment, know your options — shop around for insurance policies to find the most protection at the lowest cost. You can also invest in home upgrades to help protect your home from extreme weather events. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
24-05-2025
- Business
- Yahoo
7 Aspects of the American Dream Now Unattainable for Middle Class, According to Austin Williams
Middle-class life, once the hallmark of the American Dream, is becoming increasingly challenging to afford, according to money influencer Austin Williams. He recently used a YouTube video to share the observation many people share, but few voice. Learn More: Find Out: However, it doesn't mean the dream is dead, but it does mean Americans have to put in more effort. Here are several more items that are no longer within reach for the average person of middle class status in the U.S. Home ownership is a classic symbol of the American Dream, yet it is becoming increasingly out of reach for the middle class. More than 90 percent of Americans live where home prices have increased faster than the median income, with inflation-adjusted pricing jumping by 65% between 2000 and 2020. Average incomes during that time 'barely rose,' the U.S. Department of the Treasury reported. Williams said to buy a home in this increasingly challenging economic climate, Americans need to embrace the concept of planning ahead. He believes you can still attain that milestone by saving slowly for a down payment, building up a good credit score and waiting for the right opportunity. Read Next: Americans have long considered college the pathway to the middle-class American Dream. However, as Williams highlighted in his video, more and more graduates are emerging with mountains of student debt and sustained unemployment. According to the Education Data Initiative, the average bachelor's degree student graduates with $29,550 in student loan debt. Unfortunately, repaying that debt proves more challenging than many students expect. ZipRecruiter data showed 23% of graduates take more than three months to find a job, and 5% of recent graduates are still searching. Williams's answer is to minimize borrowing and make sacrifices early. He believes in living at home when possible, and using resources like community college, scholarships and grants to minimize debt at graduation. In 2004, 83% of retirees felt they had enough money to live comfortably. By 2024, that number had dropped to 74%. Although that's still a respectable percentage, only 45% of workers believe they'll be comfortable when it's their turn. Williams blamed this trend on the decline of the employer pension and the difficulty of saving in a challenging economy. He admitted that responsibility for retirement falls on the individual, and encouraged people to plan early. Keeping expenses low and investing intelligently are his go-to strategies. Williams knows grocery costs are squeezing the middle class. The U.S. Department of Agriculture reported the price of food increased 23.6% from 2020 to 2024, and basic staples account for much of the increase. The Farm Bureau explained that egg prices increased by 350% per dozen from 2024 to 2025, partially because of the recent avian flu outbreak. Although the average person can't do much about this challenge to the American Dream, Williams believes small strategies still make a difference. He recommended using a meal plan, buying in bulk and searching for savings wherever possible. A car in the driveway has been a staple of the American Dream for years, but it's becoming less affordable. According to Kelly Blue Book, the average new car costs a near-record $49,740. It's not surprising that 40% of Americans have car payments, or that over 75% pay $300 or more a month. Williams's solution? Start with a low-end used car and eventually trade up, avoiding taking on large payments. According to the Peterson-KFF Health System Tracker, Americans spent an average of $13,432 per person on healthcare in 2023 — over $3,700 more per capita than any other developed nation. These costs have left 20 million Americans with medical debt. Williams believes the best defense is to maintain good health habits so it's easier to live with less costly health insurance. This option involves a bit of luck, but the average person can do little to change the cost of healthcare. Williams believes the U.S. is moving toward a 'two-class society,' where people are either doing well or seriously struggling. He thinks the days of resting comfortably in the middle class are gone, leaving this group to rely on their financial savvy. 'Now, more than ever, it's important to be more proactive and resourceful in your life,' he said. 'Focus on the things you can control, like your spending, your mindset, your goals and your expectations.' More From GOBankingRates How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Things You'll Be Happy You Downsized in Retirement This article originally appeared on 7 Aspects of the American Dream Now Unattainable for Middle Class, According to Austin Williams Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
UPI
24-05-2025
- Business
- UPI
Treasury, State Department ending Syrian sanctions to speed recovery
1 of 4 | President Donald Trump's administration is lifting sanctions on war-torn Syria, with the goal of speeding recovery and reconstruction efforts in the Middle Eastern country. File Photo by Ahmed Ahmed/UPI | License Photo May 24 (UPI) -- President Donald Trump's administration is lifting sanctions on war-torn Syria, with the goal of speeding recovery and reconstruction efforts in the Middle Eastern country. The move will pave the way for "new investment and private sector activity consistent with the President's America First strategy," Secretary of State Marco Rubio said in a statement this week. Trump earlier this month met with Interim Syrian President Ahmed al-Sharaa where he promised he would lift "crippling" U.S. sanctions. "I have issued a 180-day waiver of mandatory Caesar Act sanctions to ensure sanctions do not impede the ability of our partners to make stability-driving investments, and advance Syria's recovery and reconstruction efforts," Rubio said in the statement. "These waivers will facilitate the provision of electricity, energy, water, and sanitation, and enable a more effective humanitarian response across Syria." During his first term in the Oval Office in 2020, Trump imposed sweeping sanctions on Syria and its then-President Bashar al-Assad. The Caesar Syria Civilian Protection Act of 2019 had a major impact on Syria's economy, particularly its financial and construction sectors. Trump at the time said sanctions were targeting entities and individuals that were "actively supporting the murderous and barbaric Assad regime." Assad was ousted from power last December, fleeing to Russia. It ended a five-decade run of Assad family rule in Syria. In addition to lifting sanctions, the U.S. Department of the Treasury issued Syria General License 25, allowing people previously blocked from conducting business with Syrian entities to do so under the new al-Sharaa government. "The GL will allow for new investment and private sector activity consistent with the President's America First strategy. The Financial Crimes Enforcement Network is providing exceptive relief to permit U.S. financial institutions to maintain correspondent accounts for the Commercial Bank of Syria," Rubio said in the statement. "Today's actions represent the first step in delivering on the President's vision of a new relationship between Syria and the United States," Rubio said. "President Trump is providing the Syrian government with the chance to promote peace and stability, both within Syria and in Syria's relations with its neighbors. The President has made clear his expectation that relief will be followed by prompt action by the Syrian government on important policy priorities." The American directive comes just days after the European Union made a similar move. EU officials on Tuesday lifted its sanctions on Syria with the same goal of helping economic recovery. "We want to help the Syrian people rebuild a new, inclusive and peaceful Syria," EU High Representative for Foreign Affairs and Security Policy Kaja Kallas said at the time.
Miami Herald
22-05-2025
- Business
- Miami Herald
No reprieve for Maduro: Chevron's Venezuela oil license ends Tuesday, Rubio says
U.S. Secretary of State Marco Rubio announced Wednesday night that a key U.S. oil license allowing energy giant Chevron to operate in Venezuela will expire as scheduled next Tuesday — contrary to reports that the Trump administration was willing to extend a measure that critics claim would benefit the embattled regime of Nicolás Maduro. 'The pro-Maduro Biden oil license in #Venezuela will expire as scheduled next Tuesday, May 27,' Rubio wrote in a late-night post on X. The license, originally issued by the U.S. Department of the Treasury, permitted certain foreign companies — chiefly Texas-based Chevron — to continue working in Venezuela's heavily sanctioned oil sector. It was part of a broader Biden administration effort to encourage political dialogue with the Maduro government while easing economic and humanitarian pressures on Venezuelans. Rubio's statement signals a potentially pivotal shift in U.S. policy toward Venezuela, coming amid intense lobbying by oil industry representatives concerned about their investments in the country. Critics argue that continued oil deals risk propping up Maduro's authoritarian government. Just hours before Rubio's announcement, the Miami Herald reported that representatives of the Trump administration had been quietly negotiating a high-stakes deal with Caracas. The proposed agreement would allow Chevron to keep exporting Venezuelan oil to the United States in exchange for Venezuela's acceptance of thousands of migrants expected to lose legal status in the United States in the coming weeks. Sources familiar with the talks told the Herald that Maduro was pushing for major political and economic concessions in return for any oil agreement, going beyond the scope of the license extension. Previously, some outlets had reported that Chevron had already secured a two-month extension, a claim that was widely celebrated by members of Maduro's regime. Wednesday's announcement raises new questions about the future of U.S.-Venezuela oil ties. Celebrating Rubio's announcement, Miami Congresswoman Maria Elvira Salazar claimed that ending the Chevron license provides a crippling blow to Maduro's finances. 'Doing business with Maduro is lining the pockets of a criminal narco-regime that represses, imprisons, and exports terror through the Tren de Aragua. With this news, the United States sends a strong message: We stand with the Venezuelan people and with freedom. Not one more dollar for the tyrants!,' she wrote. The expiration of the license would deal a major blow to Venezuela's already fragile oil sector. State-run oil firm PDVSA has long depended on foreign partners like Chevron to maintain operations amid chronic under-investment, corruption, and the effect of U.S. sanctions. Without Chevron's expertise and resources, analysts warn that the country's oil output, already severely diminished, could decline further. Chevron currently produces approximately 220,000 barrels per day in Venezuela, roughly 24% of the country's total output. Industry observers consider the company essential to any serious effort to revive Venezuela's oil infrastructure. Miami Herald reporters Jay Weaver and Nora Gámez Torres contributed to this story
