US Acts on Tariffs and Argentina's Currency as Russia Warns on LNG Market - October 2025

The U.S. Senate voted 51-47 to eliminate the national emergency cited by President Donald Trump for imposing global tariffs, a vote described as largely symbolic. In a direct economic intervention, the US bought pesos and established a $20 billion currency swap line with Argentina to stabilize the currency and aid President Javier Milei. Meanwhile, Leonid Mikhelson, CEO of Russia's Novatek, stated that excluding Russian liquefied natural gas (LNG) from the global market will inevitably lead to higher gas prices. He noted that Russia contributes over 10 percent of global LNG production, making its removal from the gas balance unrealistic.