Donald Trump, the President of the United States, increased the tariff rate to 15 percent only one day after announcing a 10 percent tariff on imported goods. In a message posted on social media, he described the decision as a response to a recent Supreme Court ruling that found his administration’s use of emergency powers to impose tariffs unlawful. The move has created new trade tensions and raised uncertainty about the timing of implementation. Given the cancellation of the government’s special authorities, experts see the legal path for these tariffs as challenging, and the issue is expected to become a central topic in the upcoming State of the Union address in Congress.

Rachel Reeves, the UK Chancellor, is approaching her Spring Statement supported by a set of better than expected economic data. According to the ONS report, the January budget surplus reached a historic record and retail sales climbed to their highest level in 20 months. At the same time, the S&P Global Purchasing Managers’ Index rose to 53.9, signaling a return of private sector activity to expansion territory. Despite the positive data, political pressures and the Labour Party’s weaker standing in polls continue to pose risks to Reeves’ political future.

Based on rumors and reports from Axios, talks between the United States and Iran are expected to take place on Friday, with Iran set to submit its nuclear proposal. These discussions are occurring as Trump has set a 10 to 15 day deadline to reach an agreement, and his military deployments in the Middle East have been completed.

Goldman Sachs, in an apparently contradictory move, raised its oil price forecast for the end of 2026 by 6 dollars to 60 dollars for Brent and 56 dollars for WTI. The bank cited an unexpected decline in OECD inventories as the reason for the upgrade, but emphasized that the outlook for excess supply next year remains intact. However, Goldman warned about downside risks from the potential removal of sanctions on Iran and Russia, which could reduce prices by 5 to 8 dollars. In its 2027 outlook, the bank projected an average Brent price of 65 dollars.