A year of tariffs, technology, and Trump

Volatility, shifting technology, and high-stakes decisions shaped the global economy this year.
Tariff wars wreaked havoc and disrupted supply chains, artificial intelligence raced from promise to product, and tech executives made visible efforts to curry favor with the White House.

At the helm of the Trump administration’s Department of Government Efficiency, Elon Musk oversaw the gutting of agencies and layoffs of thousands of federal workers.
Musk left the government in May, still far from his goal of cutting $1 trillion from the federal budget.

As tech companies lobbied for favorable policies, their leaders frequently appeared at White House events.

President Donald Trump, who has financial ties to several crypto firms, pulled back from a regulatory crackdown on the industry and signed pro-cryptocurrency legislation.

A bitcoin crash in October wiped $1 trillion of market value, highlighting the volatility of crypto assets even as they become more mainstream.

Warren Buffett said in May that he would step down and hand over leadership to Gregory Abel. He said he would accelerate plans to give away much of his $150 billion personal fortune.

Our photographers covered it all, documenting the forces and people behind a defining year in business.

This article originally appeared in The New York Times.

New Year's Eve revellers toasted the end of 2025 on Wednesday, waving goodbye to 12 months packed withTrump tariffs, a Gaza truce, and vain hopes for peace in Ukraine.
It was one of the warmest years on record, the stifling heat stoking wildfires in Europe, droughts in Africa, and deadly rains across Southeast Asia.
There was a sombre tinge to party preparations in Australia's harbor city, Sydney, the self-proclaimed 'New Year's capital of the world'.

Security will be tighter than usual, with squads of heavily armed police patrolling the crowds.Sydney kicks off a chain of celebrations stretching from glitzy New York to the Hogmanay festival on the chilly streets of Scotland.
More than two million people are expected to pack Brazil's lively Copacabana Beach for what authorities have billed as the world's biggest New Year's Eve party.- Truce and tariffs -Labubu dolls became a worldwide craze in 2025, thieves plundered the Louvre in a daring heist, and K-pop heartthrobs BTS made their long-awaited return.
The world lost pioneering zoologist Jane Goodall, the Vatican chose a new pope, and the assassination of right-wing activist Charlie Kirk laid bare America's deep political divisions.
US President Donald Trump returned to the White House in January, launching a tariff blitz that sent global markets into meltdown. From palm-fringed islands in the South Pacific to the sprawling factories of Shanghai, a few escaped the trade assault unscathed.
Many expect the tough times to continue in 2026.
After two years of war that left much of the Gaza Strip in ruins, US pressure helped land a fragile ceasefire between Israel and Hamas in October. But with each side already accusing the other of flagrant violations, no one is sure how long the break in hostilities will hold.
Israel's assault on Gaza has killed more than 70,000, mostly civilians, according to the health ministry, a figure the UN deems is credible.
The war in Ukraine -- sparked by Russia's invasion in 2022 -- meanwhile grinds towards its fourth anniversary in February.

There were hopes a renewed burst of diplomacy might produce a breakthrough this year.

But Russia shot down any idea of ​​a temporary ceasefire in the final days of 2025.
As shuttles shuttle between Moscow, Washington, and Kyiv, one major obstacle remains: Ukraine is reluctant to give up land, and Russia is unwilling to give it back.

- Sports, space, and AI -The coming 12 months promise to be full of sports, space travel, and serious questions over artificial intelligence.

More than 50 years since the last Apollo lunar mission, 2026 looks to be the year that mankind once again sets its sights towards the moon.
NASA's Artemis II mission, backed by Elon Musk, plans to launch a crewed spacecraft that will circle the moon during a 10-day test flight.
After years of unbridled enthusiasm, artificial intelligence is starting to face mounting scrutiny. Nervous investors are already asking whether the years-long AI boom might be starting to resemble something more like a market bubble.

Athletes will gather on Italy's famed Dolomites to hit the slopes for the Winter Olympics.
And for a brief few weeks between June and July, nations will come together for the biggest football World Cup in history.
For the first time, 48 teams will compete in the world's most-watched sports event, playing in venues across the United States, Mexico, and Canada. From the beaches of Brazil to the far-flung reaches of New Zealand, the tournament is expected to draw millions of fans.