The eurozone economy likely started the year less weakly than it ended 2024, according to business surveys, but the threat of higher U.S. tariffs still tempers hopes that lower borrowing costs will help fuel a pickup as the year advances.

US President Donald Trump has presented tariffs as a kind of silver bullet against China. When asked if he could stop Chinese President Xi Jinping from taking Taiwan and reach an agreement on fair trade practices,

U.S. President Donald Trump said he would ask Saudi Arabia and other OPEC nations to “bring down the cost of oil,” casting the push for more crude output as a way to heighten pressure on Russia and help end the nearly three-year war in Ukraine.

Oil fell 1% on Thursday after U.S. President Donald Trump urged Saudi Arabia and OPEC to bring down its cost during his address at the World Economic Forum. Uncertainty over how Trump's proposed tariffs and energy policies would affect global economic growth and energy demand also weighed on prices.