Good morning and welcome to our ongoing coverage of global business, financial markets, and economic developments. In a significant policy shift, former US President Donald Trump is reportedly planning to dial back some of his trade tariffs on steel and aluminium goods, according to recent reports.
Tariff Review Underway
The Financial Times has revealed this morning that the Trump administration is actively reviewing the list of products affected by tariffs of up to 50% on steel and aluminium imports, which were announced last year. These tariffs extend to goods manufactured from those metals, such as washing machines and ovens. Sources indicate that the administration intends to exempt certain items from these duties.
Shift to Targeted National Security Probes
Instead of broad tariffs, the US would launch more focused national security investigations into specific goods, as cited by three unnamed individuals familiar with the internal discussions. This move reflects growing concerns among US trade officials that the existing tariffs are adversely impacting consumers by driving up prices for domestic goods.
The timing of this review coincides with mounting economic pressures in the United States. A Pew Research Center poll from January suggests that approximately 7 in 10 US adults rate the country's economic conditions as fair or poor. Moreover, more than 70% of Americans reported in October that their monthly living costs had increased by between $100 and $749, highlighting widespread struggles with the cost of living.
NatWest Executive Pay Surge
In other business news, NatWest has released its full-year earnings, showcasing a substantial increase in executive compensation. The bank's boss, Paul Thwaite, has secured an annual pay package of £6.6 million, marking a 33% rise compared to the previous year. This development follows the bank's privatisation and the removal of its banker bonus cap.
Thwaite is not alone in benefiting from this financial upturn. NatWest's committee has approved a 2025 bonus pool of £495 million for its staff, which is 10.8% higher than the 2024 bonus pool of £446.6 million, indicating a broader trend of enhanced remuneration within the institution.
Today's Economic Agenda
The day's key events include earnings reports from NatWest and Capgemini at 7am GMT, Eurozone trade data at 10am GMT, Moderna earnings at 1pm GMT, and US inflation figures for January at 1:30pm GMT. Additionally, the Munich Security Conference is underway, focusing on global defence and diplomatic issues.
