The US Supreme Court announced that Donald Trump did not have the authority to use the 1977 emergency law to impose broad tariffs, and these tariffs were deemed illegal. As a result, Trump’s tariffs were revoked and the government is required to refund approximately 170 billion dollars collected as import tariffs. The court’s ruling supported global equities, the US dollar fell in the short term, and gold rose due to uncertainty

Following geo negotiations that reportedly made little progress, it seems Trump's patience has run out and a 10 to 15-day deadline has been set for an agreement with Iran. Meanwhile, in response to reports of the US considering a limited strike, the Islamic Republic warned that in case of military aggression, it will deliver a "decisive response". Iran stated that it does not seek war, but considers all enemy bases and facilities in the region as legitimate targets. These tensions have raised concerns in global markets, particularly oil, with Brent crude surpassing $70.

US economic growth in the fourth quarter came in below expectations, with annualized GDP rising only 1.4%. Data from the Bureau of Economic Analysis shows that the prolonged government shutdown and weaker trade were key factors behind this weakness. Despite the slowdown, the American consumer and heavy investment in artificial intelligence infrastructure have continued to support the economy. Donald Trump described the shutdown’s impact as significant, while core inflation remains elevated and complicates the monetary policy path. As a result, Federal Reserve officials currently prefer to keep interest rates unchanged until a clearer picture of inflation and growth emerges.

PCE inflation in the United States increased more than expected in December, with the monthly core index reaching 0.4%, a development that could delay interest rate cuts. According to the Bureau of Economic Analysis, core inflation rose to 3.0% on an annual basis and remains above the 2% target. Data from the Bureau of Labor Statistics also points to continued stickiness in services inflation, although some components remain highly volatile. Economists, including Barclays analysts, believe this trend will likely prevent the Federal Reserve from cutting rates before June.