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The probability has doubled from last week as the renewed trade war between the U.S. and its major trading partners threatens to inject inflation into the global economy.

"Potential tariff-driven decline in U.S. natural gas imports from Canada is too small to significantly raise U.S. natural gas prices," the bank said. Oil and gas prices jumped on Monday after Trump imposed tariffs over the weekend. The tariffs, which will take effect on Feb. 4, include a 25% levy on most goods from Mexico and Canada, with a 10% tariff on energy imports from Canada, and a 10% tariff on Chinese imports.

Bitcoin is down sharply over concerns about the potential impacts of the tariffs announced by the Trump administration. Watch these crucial chart levels.

BTC, ETH, SOL all down as the market digests the impact of the possibility of a global trade war

Australian retail sales dipped in December as pay back for a Black Friday splurge the month before, but discounting helped shoppers make a desperately-needed contribution to economic growth over the whole fourth quarter. Data from the Australian Bureau of Statistics (ABS) on Monday showed retail sales fell 0.1% in December from November, when they had risen by 0.7%. The outcome was firmer than analyst forecasts for a 0.7% drop, helped by Cyber Monday promotions falling in December this year and discounting spread across the month.

(Bloomberg) -- Having lived with the risk of a US-led trade war for weeks, financial markets reopened Monday needing to deal with the reality.Most Read from BloombergNew York’s First ‘Passive House’ School Is a Model of Downtown DensityWhen French Communists Went on a Brutalist Building BoomTrump Paves the Way to Deputize Local Police on ImmigrationHow the 2025 Catholic Jubilee Is Reshaping RomeHistoric London Elevator Faces Last Stop in Labour’s Housing PushInvestors favored the US dollar in ea

(Bloomberg) -- US President Donald Trump said the Federal Reserve was right to pause its rate-cutting path in its decision last week, a break from his penchant for calling for lower rates.Most Read from BloombergNew York’s First ‘Passive House’ School Is a Model of Downtown DensityWhen French Communists Went on a Brutalist Building BoomTrump Paves the Way to Deputize Local Police on ImmigrationHow the 2025 Catholic Jubilee Is Reshaping RomeHistoric London Elevator Faces Last Stop in Labour’s Hou

US stock market futures were tending down Sunday, one day after President Donald Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China.

NEW YORK (Reuters) -Global markets buckled up for a turbulent session on Monday after U.S. President Donald Trump launched a trade war with sweeping tariffs on Canada, Mexico and China that threaten to undermine economic growth and reignite inflation. Canadian Prime Minister Justin Trudeau announced plans for retaliatory tariffs on imports of goods from the United States, the first of which also would take effect on Tuesday.

According to Larry Fink, CEO of asset management giant BlackRock, Bitcoin could eventually soar as high as $700,000. In an interview with Bloomberg at the World Economic Forum in Switzerland, Fink outlined a potential scenario that could send Bitcoin on a path to $700,000. Right now, we're at a point where allocating even 1% of a portfolio to Bitcoin is considered risky, especially if you're a pension fund, endowment fund, or other large institutional investor.