Greetings,
The United States: If the newly announced tariffs take effect, US tariff levels could revert to those last seen in the 1940s, marking a significant shift in trade policy.

According to the ISM Manufacturing PMI, US factory activity returned to growth in January.

Equities: How did the market respond to tariff risks on Monday?

This chart shows the impact of previous US trade war announcements on S&P 500 volatility.

China: China’s household consumption remains unusually low as a share of GDP compared to both upper-middle and high-income economies, highlighting a structural imbalance in domestic demand.

Cryptocurrency: Tariff announcements weighed on bitcoin.

Commodities: Gold hit a record high.

Food for Thought: Hawaiian Airlines leads US in on-time arrivals.

Edited by William Villacis
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