During the Spring Festival holiday, significant events unfolded across global markets. Here is a summary of the key developments.

In a major legal setback, the U.S. Supreme Court ruled on the 20th that the International Emergency Economic Powers Act does not authorize the president to impose large-scale tariffs. This decision directly impacted the tariff policies of the previous administration. Later that day, an executive order was signed to terminate the relevant tariff measures previously enacted under this act. Following the ruling, a new 10% "global import tariff" was announced under Section 122 of the Trade Act of 1974, intended to last for 150 days. The following day, it was declared that this new tariff rate would be increased to 15%, effective immediately. U.S. Customs and Border Protection stated that tariffs levied under the IEEPA would cease from February 24, clarifying that this suspension does not affect any other tariffs.

The European Parliament has suspended its approval process for the EU-U.S. trade agreement. The chair of the parliament's International Trade Committee announced the decision to pause related work and delay a vote scheduled for the 24th, citing the need for clear rules and legal certainty amidst the "chaos" following the U.S. Supreme Court's ruling. The European Commission has demanded an explanation from the U.S. regarding the court's decision and clarity on future measures, emphasizing that EU businesses require fair treatment, predictability, and legal certainty.

Regarding Iran, the EU's High Representative for Foreign Affairs called for a "diplomatic solution," stating that another war in the region is not needed. This comes amid speculation about potential negotiations and military options. A new round of talks between the U.S. and Iran is scheduled for the 26th.

U.S. economic data showed that real GDP growth for 2025 was 2.2%, down from 2.8% in 2024, marking the lowest growth rate since 2021. Fourth-quarter growth slowed significantly to an annualized rate of 1.4%.

In the UK, the Consumer Price Index rose 3.0% year-on-year in January, down from 3.4% in December. Canada's goods trade deficit widened significantly to C$31.3 billion in 2025. Japan's core CPI, excluding fresh food, rose 2.0% in January, marking the 53rd consecutive month of increase.

NASA announced another delay for the Artemis II crewed lunar mission due to a newly identified issue with the rocket, making a March launch impossible. A major winter storm threatened the U.S. Northeast, leading to thousands of flight cancellations and power outage warnings for hundreds of thousands of homes.

In France, the National Rally party submitted a motion of no confidence against the government, protesting a new multi-year energy plan. In Mexico, the killing of a major drug lord triggered violent retaliatory attacks and unrest across multiple states.

Global market performance was mixed during the holiday period. U.S. stock indices were relatively stable but fell in the latest trading session on concerns about AI's sector impact and tariff issues. IBM shares fell over 13% after an AI startup announced a tool that could modernize COBOL, a key IBM business. European indices generally strengthened. Gold and silver prices rallied significantly, while oil prices also moved higher.

In corporate news, Novo Nordisk's stock fell sharply after a trial showed its new weight-loss drug, CagriSema, resulted in less weight loss (20.2%) compared to competitor Eli Lilly's tirzepatide (23.6%). OpenAI reportedly forecasts its revenue will surpass $280 billion by 2030. The European Central Bank fined JPMorgan's European subsidiary €12.18 million for misreporting capital requirements. Musk's X platform has appealed a €120 million fine from the European Commission. Danone expects losses between €35 million and €70 million due to a recent infant formula recall. Aston Martin issued another profit warning and sold naming rights to an F1 team for £50 million to ease cash pressures.