It is hard to overstate the significance of this moment.
As symbols go, hitting the Kerch Bridge which connects mainland Russia to illegally annexed Crimea is the equivalent of flicking two fingers at Vladimir Putin and his territorial pretensions. The day after his 70th birthday too, which the Ukrainian memosphere is relishing.
It is as much of a prestige blow as losing the Moskva warship back in March – though the fact these memorable images of the bridge in flames are already reverberating across Russian media will bring this attack home to the public in a way the Moskva’s loss did not.
Please use Chrome browser for a more accessible video player
0:55
Moment bridge linking Russia and Crimea explodes
It could be a turning point too because, from the Russian perspective, it demands a response. This is, after all, Crimea. It is where Russians holidayed in Soviet times and where, since 2014, they holiday now. It holds a special place in the heart of many Russians which is why the annexation was so wildly popular.
Margarita Simonyan, head of state-run RT whose sole occupation these days seems to be propounding on the talkshow circuit, said just one word on her telegram channel this morning: “And?”
Vladimir Putin has some decisions to make.
His troops are in retreat on the battlefield. First came Ukraine’s stunning victories around Kharkiv, then an unravelling around Kherson, now the Kerch bridge.
This hit signals Ukraine’s intention to recapture Crimea proper, still a far-off ambition for now but one Volodomyr Zelenskyy has made clear he intends to realise and which is beginning to look at least slightly less far-fetched.
Advertisement
The calls from across the Russian patriotic establishment are growing louder.
“The special military operation is OVER. It’s time to FIGHT”, tweeted loyalist lawmaker Sergei Mironov. “There is no way back!”
Please use Chrome browser for a more accessible video player
1:17
Will Putin use tactical nuclear weapons?
But just what does Putin do? Partial mobilisation has not gone down well in Russia and may simply prolong rather than win him the fight.
Full mobilisation and a declaration of war will be less popular still and again, may not make the difference in terms of reversing his fortunes – although calling it what it is and imposing some kind of martial law, at least around the border regions, may give the pretence of dealing with what Russia deems the Ukrainian “terrorist threat”.
So then he is left with his nastier options.
As the US President said on Friday, with his troops “significantly underperforming”, Vladimir Putin could resort to nuclear, biological or chemical weapons.
He could decide to take aim at Kyiv. He could take steps which really would risk wider conflagration.
He is being egged on domestically, he – or at least his defence minister – is being criticised domestically, and he has few ways out of this awful quagmire he has dug for himself on his next-door neighbour’s territory.
Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.
The damage it will do is obvious: costs for companies will rise, hitting their earnings.
The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.
The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.
The president was also said to have taken actions “beyond the powers provided in the constitution”.
Image: Demonstrators stayed overnight near the constitutional court. Pic: AP
Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.
The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.
Image: The court was under heavy police security guard ahead of the announcement. Pic: AP
After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.
He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.
His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.
The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.
South Korea must hold a national election within two months to find a new leader.
Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.
While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.
All three of the US’s major markets opened to sharp losses on Thursday morning.
Image: The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP
By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.
Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.
More on Donald Trump
Related Topics:
Worst one-day losses since COVID
As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.
The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.
It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.
Please use Chrome browser for a more accessible video player
5:07
The latest numbers on tariffs
‘Trust in President Trump’
White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.
“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”
Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”
He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.
Please use Chrome browser for a more accessible video player
3:27
How is the world reacting to Trump’s tariffs?
Economist warns of ‘spiral of doom’
The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.
He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.
Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.
He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”
It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.
Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.
Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.
It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.
He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”