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Yahoo
23-05-2025
- Business
- Yahoo
US lifts first sanctions on Syria following Trump's surprise announcement
The administration of United States President Donald Trump has taken its first concrete action to deliver sanctions relief for Syria, following a surprise policy pivot earlier this month. On Friday, the US Department of the Treasury announced sweeping relief to an array of individuals and entities, which it said will 'enable new investment and private sector activity consistent with [Trump's] America First strategy'. The US State Department, meanwhile, concurrently issued a waiver to a 2019 law, the Caesar Syria Civilian Protection Act, that would 'enable our foreign partners, allies, and the region to further unlock Syria's potential'. Trump surprised the international community when, on May 13, he pledged to remove sanctions placed on Syria during the leadership of its now-ousted leader, President Bashar al-Assad. Friday's announcements mark an initial step towards that goal, as Syria recovers from abuses under al-Assad's government and 13 years of civil war. 'As President Trump promised, the Treasury Department and the State Department are implementing authorizations to encourage new investment into Syria,' Treasury Secretary Scott Bessent said in a statement. 'Syria must also continue to work towards becoming a stable country that is at peace, and today's actions will hopefully put the country on a path to a bright, prosperous, and stable future'. Trump first unveiled his plans for sanctions relief during a tour of the Middle East in mid-May. He said lifting US sanctions would give Syria 'a chance at greatness', since the restrictions left the war-torn country economically isolated. 'It's their time to shine. We're taking them all off,' he said from Riyadh. Shortly after, Trump met and shook hands with Syrian leader Ahmed al-Sharaa, who had only recently been removed from the US's 'Specially Designated Global Terrorist' list. Calls for sanctions relief had grown following the fall of al-Assad's government last December. As head of the Hayat Tahrir al-Sham (HTS) group, al-Sharaa spearheaded the offensive that led to al-Assad fleeing the country, bringing the civil war to an end. The war, which first broke out in 2011, had left Syria's economy in tatters. As many as 656,493 people were killed during the conflict, according to the Syrian Observatory for Human Rights, and a 2020 report from the United Nations estimated that the country suffered total economic losses of about $442.2bn in the first eight years of the war alone. Sanctions have further dampened Syria's economic outlook, making it difficult for countries with ties to the US to conduct business there. Since taking power in December, Syria's interim government has argued the ongoing sanctions, largely imposed during al-Assad's rule, would slow development and cause further instability. Trump's announcement earlier this month buoyed hope for many Syrians of a new path forward, although the extent of the relief had remained this week, the European Union also announced it had lifted sanctions against Syria. Friday's sanctions relief in the US applies to the 'the Government of Syria … as in existence on or after May 13, 2025', according to the Treasury Department. The reprieve also applies to several previously sanctioned transportation, banking, tourism and fossil fuel entities. Transactions related to Russia, Iran and North Korea remain under US sanctions. One of the biggest hurdles, however, is the Caesar Syria Civilian Protection Act, a law that was passed in 2019, during Trump's first term. It included broad sanctions that targeted al-Assad's government and its allies and supporters for atrocities committed against act was named after a former Syrian military photographer and whistleblower who smuggled out of the country a cache of images showing torture and mass killing at detention centres run by al-Assad's security forces. But since the law was passed by Congress, it will likely take an act of Congress to completely lift its restrictions. The president, however, can issue temporary waivers to the law, which is what the Trump administration did on Friday. In a statement, Secretary of State Marco Rubio said the waiver will last for 180 days, in order to 'increase investments and cash flows that will facilitate basic services and reconstruction in Syria'. 'We support the Syrian people's efforts to build a more hopeful future,' Rubio said.
Economic Times
19-05-2025
- Business
- Economic Times
With $258 billion in the black, U.S. Treasury posts historic surplus, experts say it might signal brighter days ahead
The US government saw a significant budget surplus in April 2025. It reached $258.4 billion, the second-highest ever. Tax payments drove this surplus, especially individual income taxes. Revenue reached $850.2 billion, while expenditures were $591.8 billion. Social Security was the largest expense. Despite the surplus, the year-to-date deficit is $1.049 trillion. The national debt continues to rise. Tired of too many ads? Remove Ads Key Drivers of the Surplus Tired of too many ads? Remove Ads US Government Revenue Breakdown Expenditures for April The Fiscal Trend FAQs Tired of too many ads? Remove Ads The US government recorded the second-highest monthly budget surplus in US history of $258.4 billion surplus in April 2025, just behind April 2022's $308.2 billion surplus, as per a first monthly surplus of fiscal year 2025 (which began in October 2024) was driven by an influx of tax payments, according to US Department of the Treasury attributed the surplus to 'large individual tax deposits,' because April was the due date for final payments on last year's taxes and the first instalment of quarterly estimated taxes for most individuals and businesses, reported the government received $850.2 billion in receipts in the month, while expenditures were $591.8 billion, as per the READ: After securing trillion-dollar trade deals from the Middle East, here's what Donald Trump's new approval rating says - are Americans liking him? According to MoneyWise, individual income taxes accounted for $537 billion, which was the largest contributor to government revenue for insurance and retirement receipts were the other highest contributors after income taxes, adding $184 billion, as per MoneyWise. Corporate income taxes provided $94 customs duties, aided by US president Donald Trump's tariffs, contributed $15.6 billion, more than twice April last year's $6.3 billion, although still a fairly modest share of the total, according to the READ: Wall Street icon Steve Weiss plans to sell all his Nvidia shares if they hit this limit; here's the reason he cited On the expenditure side, Social Security was the single largest expenditure at $132 billion, reported MoneyWise. The government also spent $89 billion in net interest on the public debt, $82 billion on Medicare, $76 billion on health programs, and $70 billion on national defence, as per the with the massive budget surplus in April, the broader fiscal trend is still a worry. Between October 1 and April 30, the government took in $3.110 trillion in revenues but spent $4.159 trillion, resulting in a deficit of $1.049 trillion for the year to date, MoneyWise is the reason that the national debt keeps on rising and as of May 18, the outstanding US government debt totalled $36.212 trillion, according to the surplus was driven by a large influx of tax payments, particularly individual income taxes, due to the April filing deadline and the first installment of quarterly estimated US government recorded a surplus of $258.4 billion in April 2025, as per MoneyWise.
Time of India
19-05-2025
- Business
- Time of India
With $258 billion in the black, U.S. Treasury posts historic surplus, experts say it might signal brighter days ahead
The US government recorded the second-highest monthly budget surplus in US history of $258.4 billion surplus in April 2025, just behind April 2022's $308.2 billion surplus, as per a report. Key Drivers of the Surplus The first monthly surplus of fiscal year 2025 (which began in October 2024) was driven by an influx of tax payments, according to MoneyWise. The US Department of the Treasury attributed the surplus to 'large individual tax deposits,' because April was the due date for final payments on last year's taxes and the first instalment of quarterly estimated taxes for most individuals and businesses, reported MoneyWise. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo Overall, the government received $850.2 billion in receipts in the month, while expenditures were $591.8 billion, as per the report. ALSO READ: After securing trillion-dollar trade deals from the Middle East, here's what Donald Trump's new approval rating says - are Americans liking him? Live Events US Government Revenue Breakdown According to MoneyWise, individual income taxes accounted for $537 billion, which was the largest contributor to government revenue for April. Social insurance and retirement receipts were the other highest contributors after income taxes, adding $184 billion, as per MoneyWise. Corporate income taxes provided $94 billion. While, customs duties, aided by US president Donald Trump's tariffs, contributed $15.6 billion, more than twice April last year's $6.3 billion, although still a fairly modest share of the total, according to the report. ALSO READ: Wall Street icon Steve Weiss plans to sell all his Nvidia shares if they hit this limit; here's the reason he cited Expenditures for April On the expenditure side, Social Security was the single largest expenditure at $132 billion, reported MoneyWise. The government also spent $89 billion in net interest on the public debt, $82 billion on Medicare, $76 billion on health programs, and $70 billion on national defence, as per the report. The Fiscal Trend Even with the massive budget surplus in April, the broader fiscal trend is still a worry. Between October 1 and April 30, the government took in $3.110 trillion in revenues but spent $4.159 trillion, resulting in a deficit of $1.049 trillion for the year to date, MoneyWise reported. This is the reason that the national debt keeps on rising and as of May 18, the outstanding US government debt totalled $36.212 trillion, according to the report. FAQs What caused the US government surplus in April 2025? The surplus was driven by a large influx of tax payments, particularly individual income taxes, due to the April filing deadline and the first installment of quarterly estimated taxes. How much was the surplus for April 2025? The US government recorded a surplus of $258.4 billion in April 2025, as per MoneyWise.
Shafaq News
19-05-2025
- Business
- Shafaq News
Iraq drops out of the US Treasury bonds' top holders
Shafaq News/ On Sunday, the US Department of the Treasury announced that total foreign holdings of US Treasury securities have exceeded $9.05 trillion in 2025. Japan remains the largest foreign holder with $1.13 trillion, followed by the UK ($779B), China ($765B), the Cayman Islands ($455B), and Canada ($426B). Among Arab countries, Saudi Arabia and the UAE featured in the top 20 holders, with $131B and $111B, respectively. Iraq, which was among the top 20 in 2023 with $32.6B in US bonds, did not appear in the latest 2025 rankings.
Libyan Express
15-05-2025
- Business
- Libyan Express
US treasury begins process to lift Syria sanctions
BY Libyan Express May 15, 2025 - 04:16 Updated: May 15, 2025 - 04:17 US begins lifting sanctions on Syria, Treasury chief confirms The US Department of the Treasury has initiated procedures to remove sanctions against Syria, according to Treasury Secretary Scott Bessent. 'The Treasury Department is moving to provide sanctions relief to stabilise and move Syria towards peace,' Bessent stated in a post on the X social media platform . The announcement follows US President Donald Trump's statement on Tuesday in Riyadh, Saudi Arabia, indicating that the United States would lift sanctions on Syria at the request of Saudi Crown Prince Mohammed bin Salman. Trump met with Syria's interim President Ahmed al-Sharaa before participating in a US-Gulf summit in Saudi Arabia. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
