After a year of uncertainty, tariff rates have stabilized at lower levels than feared—and become a significant U.S. government revenue source. We assess the tariff landscape ahead of the Supreme Court’s important ruling.

The euro area defied expectations in 2025, delivering growth amid a challenging environment. Yet beneath this resilience, Europe has started to redraw its economic and strategic maps.

Supply-demand conditions weakened further in most large Canadian markets as January unfolded. Potential buyers remained cautious despite elevated inventory giving them the upper hand. Severe winter weather likely contributed to the slowdown, with significant...