Donald Trump appeared to blame Ukraine for starting Russia’s war in the country. When asked why Ukraine’s president, Volodymyr Zelensky, had been sidelined during talks in Riyadh on Tuesday, he suggested that over the past three years Ukraine’s “grossly incompetent” leader “could have made a deal”. Mr Trump demanded: “where is all the money that’s been given” and suggested that Ukraine hold elections.
Mr Trump said he was considering tariffs “in the neighbourhood of 25%” on imports of cars, pharmaceuticals and semiconductors. Many of the levies would rise “substantially” over the year, he added. Mr Trump also said there would be room for negotiation and that the EU had already agreed to lower its barriers to American cars, which the bloc denied.
Jair Bolsonaro, Brazil’s hard-right former president, was formally charged with trying to stage a coup to overturn the election he lost to Luiz Inácio Lula da Silva (known as Lula) in 2022. The attorney-general accused Mr Bolsonaro—who denies wrongdoing—of leading a “criminal organisation” that falsely discredited the electoral system and encouraged groups of supporters to storm the three branches of government in Brasília, the capital, in January 2023.
HSBC is revamping its business to the tune of $1.8bn. Europe’s largest bank by assets plans to restructure its main business units and scale down its investment banking operations. The Britain-based bank plans to save $300m in 2025 and $1.5bn in 2026; it will use those funds to cover the upfront costs of the overhaul, such as hefty severance packages for bankers.
The European Union is expected to levy new sanctions against Russia. The reported package will target the country’s aluminium and further tighten restrictions on crude oil exports. EU ministers are expected to approve the 16th round of measures against Russia since the full-scale invasion of Ukraine three years ago on Monday.
Britain’s inflation rose to 3% in January, according to the Office of National Statistics—the highest rate in ten months. That was mostly down to the cost of food, non-alcoholic drinks, transport and the imposition of value-added tax on private-school fees. It means the Bank of England will probably remain cautious over cutting interest rates.
The ill health of Pope Francis, who was admitted to hospital on Friday in Rome, is worrying his flock. On Tuesday the Vatican said that the condition of the 88-year-old pontiff, who has pneumonia in both lungs, is “complex”, but that he “remains in good spirits”. His fragile state has set off speculation about who might succeed him.
Figure of the day: $18bn. Alibaba’s market value gain on rumours that China’s leaders are rehabilitating the company’s founder, Jack Ma. Read the full story.
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