Caroline Hepker

Marco Rubio speaking there as the episode threatens to escalate an already tense standoff between the U.S.

and Cuba.

That's news when you want it with Bloomberg News Now.

I'm Caroline Hepker.

News when you want it with Bloomberg News Now.

I'm Caroline Hepker.

The US President Donald Trump has made a strident defence of his economic record during the State of the Union address.

In a record one hour and 47 minute speech, the President said that inflation was, quote, plummeting and the economy was strong.

The president used the speech to draw stark contrast between his administration and that of his predecessor, as well as overstating the inflation rate he inherited.

President Trump repeatedly blamed opponents and the establishment for his political troubles.

The U.S.

president also attacked the Supreme Court's decision to strike down his global tariffs as half of the justices who ruled against him were sitting watching.

President Trump's veiled threat comes after both the EU and India paused their US trade deals following the Supreme Court's decision.

Trump also suggested that his new tariffs would not require approval from Congress.

That's despite the newly enacted 10% and potentially 15% global levy having a 150-day limit before congressional approval is required to keep it in place.

In earnings news, HSBC has reported better than expected earnings for 2025.

The lender posted pre-tax profits of $29.9 billion for the year.

That's as HSBC's market value topped $270 billion for the first time.

CEO George L. Hedry says the bank will continue to evolve.

That was HSBC's George L. Hedry there speaking to Bloomberg this morning.