Market Brief, North America

Equity markets are lower and the dollar is weaker against all of its major counterparts after the US cycled through four different tariff frameworks between Friday morning and Saturday afternoon, underscoring the policy uncertainty facing the world’s largest economy. After the Supreme Court struck down President Trump’s use of the International Emergency Economic Powers Act, he moved to replace the measures with a flat-rate 10 percent levy on all US imports under Section 122 of the Trade Act of 1974, which he then raised to 15 percent on Saturday. The new tariff, which is set to take effect tomorrow and...

The American economy slowed by more than expected in the final quarter of 2025, with weaker consumer spending, trade effects, and the government shutdown combining to sap momentum. Data released by the Bureau of Economic Analysis this morning showed gross domestic product rising at a 1.4-percent annual rate in the fourth quarter after a 4.4-percent jump in the three months prior, surprising economists who had anticipated a print closer to the 3-percent mark. Household spending decelerated to a 2.4 percent pace from 3.5 percent previously, net exports flatlined as tariff front-running effects continued to offset themselves, and the government shutdown...