Global economic and political events in late January 2025 are reviewed, focusing on the impact of President Trump's actions. These include trade disputes with Colombia and potential tariffs on Canadian and Mexican imports, impacting oil prices and the energy market. The text also analyses bitumen prices across various global markets, noting price fluctuations influenced by seasonal factors and geopolitical events. Finally, the overall global economic outlook for 2025 is described as stable but not robust, with the IMF predicting modest growth.