Tariffs and a Courtroom Clash

Former President Donald Trump announced a new 10 percent global tariff under Section 122, a provision that allows a president to impose trade levies for up to 150 days.

He sharply criticized the Supreme Court after a 6 to 3 ruling struck down most of his tariffs, saying he was “ashamed” of the justices who voted against them.

The court rejected the administration’s argument that the International Emergency Economic Powers Act grants the president broad, effectively unlimited authority to impose tariffs.

US Growth Loses Momentum

The US economy expanded more slowly than expected in the fourth quarter of last year. Gross domestic product grew at an annualised rate of 1.4 percent, down from 4.4 percent in the previous quarter.

Weaker consumer spending and a 43 day government shutdown weighed on activity.

Analysts expect growth to pick up in early 2026, when large tax refunds are forecast to boost household consumption.

Trump Raises Pressure on Iran

Donald Trump said he is considering limited strikes on Iran to push it toward nuclear negotiations. He has given Tehran up to 15 days to reach a deal.

Iran’s foreign minister responded by saying a proposal would be sent within three days.

Brent crude, the global oil benchmark, steadied after rising to its highest level in six months amid fears of possible conflict.

Europe’s Drone Defence Drive

Germany, France, Italy, Poland and Britain have launched a joint programme to develop low cost drones and air defence systems, drawing on battlefield lessons from Ukraine.

The five countries pledged to spend millions of euros on the weapons, aiming to better protect European airspace from potential Russian incursions.

Europe’s defence spending this year is expected to reach its highest level since the Cold War.

Royal Lodge Under Investigation

British police continued searching Royal Lodge, the former residence of Andrew Mountbatten-Windsor.

The former Prince Andrew was released on Thursday after being arrested on suspicion of misconduct in public office.

Authorities are investigating whether he shared classified documents with Jeffrey Epstein, the deceased sex offender with whom he had a close relationship. He has denied wrongdoing.

Lagarde Commits to Full Term

Christine Lagarde said she will remain president of the European Central Bank until her term ends in October 2027, dismissing reports of an early departure.

In an interview with the Wall Street Journal, she defended her record and said completing her tenure would ensure it remains “solid.”

An early exit could have allowed French president Emmanuel Macron to influence her successor ahead of France’s 2027 election.

Aston Martin’s Warning Signal

Aston Martin issued its third profit warning in recent months, citing slowing sales and the impact of US tariffs in its largest market.

The carmaker said its 2025 losses were worse than the lower end of analysts’ expectations of £184 million, or 248 million dollars.

Wholesale deliveries fell by 10 percent to around 5,500 vehicles last year. To raise cash, the company is selling its Formula 1 naming rights for £50 million.