WASHINGTON (AP) — President Donald Trump likes to say he’s bringing in trillions of dollars in investments from foreign countries, but a provision in his tax cuts bill could cause international companies to avoid expanding into the United States.

The House-passed version of the legislation would allow the federal government to impose taxes on foreign-parented companies and investors from countries judged as charging “unfair foreign taxes” on U.S. companies.

Known as Section 899, the measure could cause companies to avoid investing in the the U.S. out of concern they could face steep taxes. The fate of the measure rests with the Senate — setting off a debate about its prospects and impact.

A new analysis by the Global Business Alliance, a trade group representing international companies such as Toyota and Nestlé, estimates that the provision would cost the U.S. 360,000 jobs and $55 billion annually over 10 years in lost gross domestic product. The analysis estimates that the tax could cut a third off the economic growth anticipated from the overall tax cuts by Congress’ Joint Committee on Taxation.

“While proponents say this punitive tax hike is intended as a retaliatory measure against foreign governments, this report confirms that the real victims are American workers in states like North Carolina, South Carolina, Indiana, Tennessee and Texas,” said Jonathan Samford, president and CEO of the Global Business Alliance.

Republican Rep. Jason Smith of Missouri, chair of the House Ways and Means Committee, has defended the provision as protecting U.S. interests by giving the president a tool that can be used against countries with tax codes that, in the federal government’s opinion, put American companies at a disadvantage.

“If these countries withdraw these taxes and decide to behave, we will have achieved our goal,” Smith said in a statement last week. “It’s just common sense. I urge my colleagues in the Senate to move quickly to pass this bill and protect Americans from economic bad actors around the world.”

The tax gets at a fundamental tension within Trump’s policy agenda: a contradiction in the broad strokes of Trump simultaneously trying to tax imports and foreign profits at higher rates while also seeking investments from companies headquartered abroad.

In late May, Trump defended his approach by saying that his tariffs were causing more countries to invest in the U.S. to avoid imports getting taxed. While some countries and companies have made announcements, there is not evidence of the investments pushing up spending on new factories as measured in the government’s monthly report on construction spending.

Europe heaps harsh sanctions on Russia, saying ‘strength is the only language’ Moscow understands

European Commission President Ursula von der Leyen announces a new package of sanctions against Russia at the EU headquarters in Brussels on June 10, 2025. – Nicolas Tucat/AFP/Getty Images

The European Union announced a new package of sanctions against Russia on Tuesday, saying that Moscow’s daily deadly attacks against Ukraine show that it is not interested in peace – despite recent diplomatic efforts.

The new package – the 18th since Russia launched its full-scale unprovoked invasion against its neighbor in 2022 – is designed to further target the Kremlin’s ability to make money from its oil and gas production.

The proposal includes lowering the price cap on Russian oil exports from $60 to $45 per barrel and introducing a full transaction ban on Russian banks and financial institutions in third countries that help Russia circumvent existing sanctions.

The EU said it is also proposing a ban on the use of Russian energy infrastructure, forbidding any EU operator from engaging directly or indirectly in any transactions that involve the Nord Stream pipelines.

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The new package will need to be approved by the EU’s 27 member states. That could be complicated given previous concerns raised by some more pro-Kremlin governments, such as Hungary and Slovakia, about further sanctions targeting Russia.

While both those countries have previously threatened to block new rounds of sanctions, so far they have ultimately voted in favor of them.

The President of the European Commission Ursula von der Leyen said the sanctions were necessary “because strength is the only language that Russia will understand.”

“We want peace for Ukraine. Despite weeks of diplomatic attempts, despite (Ukraine’s) President (Volodymyr) Zelensky’s offer of an unconditional ceasefire, Russia continues to bring death and destruction to Ukraine. Russia’s goal is not peace, it is to impose the rule of might. Therefore, we are ramping up pressure on Russia,” von der Leyen said at a news conference in Brussels.

The leaders of Germany, France, the United Kingdom and Poland last month told Russian leader Vladimir Putin to agree to a 30-day ceasefire or face possible “massive” sanctions. Putin ignored the ultimatum, proposing instead “direct talks” between Moscow and Kyiv.

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But two rounds of talks in Istanbul, Turkey, have made it clear Russia is sticking to its maximalist demands that would essentially equate to Ukraine’s capitulation.

Targeting Russian energy

Explaining why the EU has targeted Russia’s energy sector, the Commission chief said oil exports still represent one third of Russian government revenues.

“We need to cut this source of revenue,” she said.

The oil price cap was introduced by the EU and G7 countries in December 2022.

The cap, which applies to Russia’s seaborne oil exports, prohibits Western companies from providing shipping, insurance and other services needed to export the fuel unless it is priced below the threshold.

By enforcing a price cap, the EU and its allies have tried to diminish a key source of revenue for the Kremlin while still allowing its oil to flow to the global energy market – because cutting Russia’s supplies completely could destabilize the market and cause prices to shoot up.

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Von der Leyen said on Tuesday that the price cap needs lowering because global oil prices had fallen since the cap was first introduced and now trade “very close” to the $60 level.

The price of a barrel of Brent crude, the global oil benchmark, has dropped 18% since the price cap on Russian crude took effect on December 5, 2022. It was trading at almost $68 a barrel late morning Eastern Time (ET) on Tuesday.

The bloc also wants to harden sanctions on Russia’s banking sector. Shortly after the invasion, the United States, EU, Britain and Canada jointly banned some Russian banks from the SWIFT messaging service – a high-security network connecting thousands of financial institutions around the world. That has made it far more difficult for those banks to send and receive money from abroad.

Now, the Commission wants to go a step further and prevent any EU operator, such a a business, from conducting a transaction with a list of sanctioned Russian banks. It also plans to add another 22 of Moscow’s banks to that list. Additionally, the bloc wants to extend the transaction ban to financial institutions in third countries that help Russia circumvent existing sanctions.

Von der Leyen said the latest package of sanctions will also broaden the current ban on materials and technologies that can be exported to Russia, adding: “We want to make sure that Russia does not find ways to modernize its weapons with European technologies.”

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The sanctions will also include new measures against 22 Russian and foreign companies providing direct or indirect support to Russia’s military and industrial complex.

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The EU proposed new sanctions against Russia, targeting energy and banking sectors, including banning Nord Stream transactions and lowering gas price caps.

www.nytimes.com

The European Union has announced its latest sanctions package against Russia, targeting the energy and banking sectors to pressure President Vladimir Putin. This initiative, revealed on 2025-06-10 18:48:00, marks the EU’s 18th response since the full-scale invasion of Ukraine.

6 Key Takeaways EU sanctions target Russia’s energy and banking sectors.

Proposed ban on Nord Stream pipeline transactions.

Lower price cap for Russian gas sales.

Blacklisting of ships in Russia’s shadow fleet.

18th sanctions package since Ukraine invasion.

Stalled peace talks between Russia and Ukraine.

The proposed measures aim to ban transactions with the Nord Stream pipelines and lower the price cap on Russian gas in global markets. By doing so, the EU hopes to diminish Russian revenues and disrupt covert oil transport operations conducted by Moscow.

Fast Answer: The EU’s new sanctions against Russia aim to cripple its energy sector and banking system, reflecting ongoing tensions and the stalled peace talks between Russia and Ukraine.

This round of sanctions raises crucial questions about the effectiveness of economic pressure in altering Russia’s military strategy. Will these measures lead to a significant shift in the conflict? The stakes are high, and the global community is watching closely.

Sanctions target energy and banking sectors to weaken Russia’s economy.

Nord Stream pipeline transactions will be banned to restrict energy flow.

New blacklists for ships used in covert oil transport are included.

The ongoing conflict and sanctions significantly impact global energy markets and international relations, making this situation critical for global stability.

As the situation evolves, continued international dialogue and strategic responses will be essential to navigate these complex geopolitical waters.

Today’s ESG Updates

Meta pushes AI innovation: Launches superintelligence lab, led by Scale AI CEO Alexandr Wang.

EU tightens Russian sanctions: Targets energy exports and Kremlin-linked banks, urging U.S. support.

AAL Shipping hits sustainability goals: Achieves 95% of ESG targets, lowers emissions, strengthens governance.

UK invests in nuclear energy: Commits £14.2 billion to Sizewell C, aiming for 24GW capacity by 2050.

Featured ESG Tool of the Week:

Klimado – Navigating climate complexity just got easier. Klimado offers a user-friendly platform for tracking local and global environmental shifts, making it an essential tool for climate-aware individuals and organizations.

Meta plans to build “superintelligence” AI led by Scale AI CEO Alexandr Wang

AI is about to surpass human cognitive abilities, or so they are saying, with Meta launching a new AI research lab focusing on developing “superintelligence”. With the assistance of Alexandr Wang, CEO of Scale AI, Meta aims to invest billions in staying ahead of the AI race. Meta is undergoing major AI reorganisation after underwhelming business performance in recent months. The prioritised investment into AI is needed to recruit top talent and meet regulatory requirements as tech giants fight to have AI market dominance.

📊 Insight: AI is the hottest integration technology for businesses. It is quickly shaping the business landscape with companies who hold the latest gaining a competitive advantage. Those who dominate the AI market, dominant business. AI is the hottest integration technology for businesses. It is quickly shaping the business landscape with companies who hold the latest AI tools

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Further reading: Meta Is Creating a New A.I. Lab to Pursue ‘Superintelligence’

EU’s new Russian sanctions target the energy and bank sector

The European Commission is set to introduce its latest Russian sanctions, targeting energy exports and banks. The sanction will restrict companies linked to the Nord Stream pipelines and banks used by the Kremlin for international transactions. The EU continues to distance itself from Russian reliance and pressure the Kremlin’s resources. Brussels also calls for the US support in tightening restrictions on Russian revenue sources to unite EU and US economic interests. EU Commission President Ursula von der Leyen emphasises cutting Russia’s lifelines although it has received minimal support from the US.

📊 Insight: The Nord Stream is one of the EU’s main sources of Russian gas. Restriction on it could lead to price fluctuations both for businesses and consumers. Any international transactions and Russian-linked firms also need to re-organise operations to account for increasing hurdles in business.

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Further reading: European Commission to unveil new Russia sanctions on energy, banks

AAL Shipping publish 2024 sustainability report, highlighting the success of ESG initiatives

AAL Shipping has achieved 95% of its ESG targets across land and sea operations as highlighted in its 2024 sustainability report, backed by GRI standards. Despite expanding its fleet, the company reduced greenhouse gas emissions compared to 2021. The introduction of ‘Super-B-Class’ vessels and reduced real estate energy consumption has both reduced fuel consumption and electricity consumption. ‘Super-B-Class’ ships have been designed ready with methanol-ready engines to lower emissions while increased worker support and governance policies have strengthened operating efficiency.

📊 Insight: Reports like the AAL report highlight the effectiveness of . Streamlining business and investing in sustainable solutions, whilst costly at first, provide long-term benefits incentivized by governments and investors. Reports like the AAL report highlight the effectiveness of ESG solutions

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Further Reading: AAl Sustainability Report 2024

Britain commits a further £14.2 billion to Sizewell C nuclear project

Britain continues to fall into the spiral of investment into nuclear energy with an extra £14.2 billion invested into the Sizewell C nuclear project. Along with wind energy, Britain is banking on becoming energy secure with nuclear energy. The Sizewell C nuclear project is predicted to provide six million homes with electricity and create 10,000 jobs. The investment is part of the country’s broader plan to boost nuclear power, predicted to reach 24GW by 2050. With the UK government being the majority owner of the project, the public both supports energy efforts but questions the surmounting funds allocated to nuclear projects.

📊 Insight: Nuclear projects have been a topic of contention as projects like the Hinkley Point project have become the most expensive nuclear projects in history…all funded with public money. It calls into question the need for the streamlining of and standardisation of nuclear power plant production. Nuclear projects have been a topic of contention as projects like the Hinkley Point project have become the most expensive nuclear projects in history…all funded with public money. It calls into question the need for the streamlining of ESG regulations

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Further reading: Britain to invest further 14.2 billion pounds in Sizewell C nuclear project

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Wikimedia Commons

The European Commission has unveiled its 18th sanctions package targeting Russia, focused on undermining Moscow’s energy revenues and financial sector. The proposed measures aim to limit Russia’s military capabilities and weaken its economy in response to the ongoing conflict in Ukraine.

Among the significant actions are the banning of transactions with Russia’s Nord Stream gas pipelines, inclusion of 22 additional Russian banks on the sanctions list, and a tighter grip on banks from third countries. Furthermore, the proposal seeks to lower the G7-imposed price cap on Russian crude oil to $45 per barrel.

Commission President Ursula von der Leyen emphasized the collective stance of the G7 nations in taking these measures, calling for continued unity. The proposals are set to be discussed by EU countries, reflecting the bloc’s ongoing commitment to curtailing Russian aggression and its economic resources.

(With inputs from agencies.)