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The lightning collapse of Bashar al Assad’s regime in Syria exposes the brittleness of even the most brutal dictatorship when under pressure, but it also creates a security vacuum that carries great risk.

Once the scenes of rebel euphoria subside on the streets, much will rest on the powerful group, Hayat Tahrir al Sham (HTS), which led the charge into Damascus overnight.

Previously linked to al Qaeda, this Sunni Islamist militant faction is viewed as a terrorist organisation by many Western powers, including the UK.

But the movement has sought to distance itself from its extremist roots and instead emphasise a commitment to tolerance of minorities.

Read more: Latest updates from Syria

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‘New era in Middle East’

Now, having achieved such stunning success over the past few days, its leader Abu Mohammed al Jolani faces the even bigger task of uniting a country that has been divided by civil war for more than 13 years.

The Assad regime, which comes from Syria’s minority Alawite sect of Shia Islam, inflicted terrible violence on its people, in particular during the first years of the uprising that began in 2011 – and including the use of chemical weapons.

Bringing those responsible to justice without resorting to violent retribution will be a key, though hugely difficult, test for whether a transition of power led by HTS can be relatively peaceful.

Even with the best intentions of the HTS leadership, though, Syria has become a breeding ground for Sunni Islamist terrorism – and this threat could grow.

Any security vacuum will be exploited by Islamic State – which formed a caliphate across swathes of Syria and Iraq during the early years of the civil war – and by al Qaeda.

Read more:
Analysis: What comes next is of great concern
Who are the Syrian rebels – and what are their plans?

President Bashar al Assad and Russian President Vladimir Putin in Moscow in July 2024. Pic: AP
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Mr Assad and Vladimir Putin in Moscow in July 2024. Pic: AP

Putin must be in crisis mode

Then there is the question of Mr Assad’s foreign backers, primarily Russia and Iran.

Vladimir Putin must surely be in crisis mode following the sudden vanquishing of an ally he had previously successfully propped up when rebel groups first challenged his grip on power.

Russia has two strategic military facilities on Syria’s Mediterranean coast – the Tartus naval base and the Hmeimim airbase in Latakia province.

Both will be under threat unless the Kremlin is able to cut some hasty deal with Syria’s emerging powerbrokers – though such a move would surely be near-on impossible given Moscow’s part in supporting the violence carried out previously by Mr Assad’s army.

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Syrian rebels storm presidential palace

The dramatic transformation in the reality on the ground will be felt even more starkly by Iran, whose forces have similarly been instrumental in supporting the regime, both through the Islamic Revolutionary Guard Corps (IRGC) as well as Iranian-backed Hezbollah forces in Lebanon.

Syria has been a key part of an axis of influence cultivated by the IRGC over decades and has been an important site for smuggling weapons to Tehran’s proxy forces across the region.

An image of Syrian President Bashar al Assad riddled with bullets at the provincial government office building in Hama. Pic: AP
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An image of Mr Assad riddled with bullets at the provincial government office building in Hama. Pic: AP

Turkey could emerge as an important ally

Other regional powers will also be rapidly reassessing their approach to Damascus.

Turkey, which shares a border with Syria, will be an interesting nation to watch.

President Recep Tayyip Erdogan’s government has long strongly opposed Mr Assad and has been an important backer for a number of rebel groupings that helped to oust him.

It means Ankara could well emerge as an important ally to the new Syrian leadership.

Trump may be left with little choice

The United States, which has been supporting a Kurdish rebel group in the northeast of Syria, has been unusually muted during the past week of unprecedented change.

President elect Donald Trump has been clear he does not see a role for Washington in the crisis.

But should the situation descend into escalating bloodshed once again, he may have little choice.

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Stock markets slump for second day running after Trump announces tariffs – in worst day for indexes since COVID

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Stock markets slump for second day running after Trump announces tariffs - in worst day for indexes since COVID

Worldwide stock markets have plummeted for the second day running as the fallout from Donald Trump’s global tariffs continues.

While European and Asian markets suffered notable falls, American indexes were the worst hit, with Wall Street closing to a sea of red on Friday following Thursday’s rout – the worst day in US markets since the COVID-19 pandemic.

As it happened: Worst week’s trading in five years

All three of the US’s major indexes were down by more than 5% at market close; The Dow Jones Industrial Average plummeted 5.5%, the S&P 500 was 5.97% lower, and the Nasdaq Composite slipped 5.82%.

The Nasdaq was also 22% below its record-high set in December, which indicates a bear market.

Read more: What’s a bear market?

Ever since the US president announced the tariffs on Wednesday evening, analysts estimate that around $4.9trn (£3.8trn) has been wiped off the value of the global stock market.

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Mr Trump has remained unapologetic as the markets struggle, posting in all-caps on Truth Social before the markets closed that “only the weak will fail”.

The UK’s leading stock market, the FTSE 100, also suffered its worst daily drop in more than five years, closing 4.95% down, a level not seen since March 2020.

And the Japanese exchange Nikkei 225 dropped by 2.75% at end of trading, down 20% from its recent peak in July last year.

Pic: Reuters
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US indexes had the worst day of trading since the COVID-19 pandemic. Pic: Reuters

Trump holds trade deal talks – reports

It comes as a source told CNN that Mr Trump has been in discussions with Vietnamese, Indian and Israeli representatives to negotiate bespoke trade deals that could alleviate proposed tariffs on those countries before a deadline next week.

The source told the US broadcaster the talks were being held in advance of the reciprocal levies going into effect next week.

Vietnam faced one of the highest reciprocal tariffs announced by the US president this week, with 46% rates on imports. Israeli imports face a 17% rate, and Indian goods will be subject to 26% tariffs.

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Do Trump’s tariffs add up?

Read more:
Markets gave Trump a clear no-confidence vote
There were no winners from Trump’s tariff gameshow

China – hit with 34% tariffs on imported goods – has also announced it will issue its own levy of the same rate on US imports.

Mr Trump said China “played it wrong” and “panicked – the one thing they cannot afford to do” in another all-caps Truth Social post earlier on Friday.

Later, on Air Force One, the US president told reporters that “the beauty” of the tariffs is that they allow for negotiations, referencing talks with Chinese company ByteDance on the sale of social media app TikTok.

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Tariffs: Xi hits back at Trump

He said: “We have a situation with TikTok where China will probably say, ‘We’ll approve a deal, but will you do something on the tariffs?’

“The tariffs give us great power to negotiate. They always have.”

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Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem

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Financial markets were always going to respond to Trump tariffs but they're also battling with another problem

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.

Tariffs latest: FTSE 100 suffers biggest daily drop since COVID

Financial investors had been gradually re-calibrating their expectations of Donald Trump over the past few months.

Hopes that his actions may not match his rhetoric were dashed on Wednesday as he imposed sweeping tariffs on the US’ trading partners, ratcheting up protectionism to a level not seen in more than a century.

Markets were always going to respond to that but they are also battling with another problem: the lack of certainty when it comes to Trump.

More on Donald Trump

He is a capricious figure and we can only guess his next move. Will he row back? How far is he willing to negotiate and offer concessions?

Read more:
There were no winners from Trump’s tariff gameshow
Trade war sparks ‘$2.2trn’ global market sell-off

These are massive unknowns, which are piled on to uncertainty about how countries will respond.

China has already retaliated and Europe has indicated it will go further.

That will compound the problems for the global economy and undoubtedly send shivers through the markets.

Much is yet to be determined, but if there’s one thing markets hate, it’s uncertainty.

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Court confirms sacking of South Korean president who declared martial law

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Court confirms sacking of South Korean president who declared martial law

South Korea’s constitutional court has confirmed the dismissal of President Yoon Suk Yeol, who was impeached in December after declaring martial law.

His decision to send troops onto the streets led to the country’s worst political crisis in decades.

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”.

Demonstrators who stayed overnight near the constitutional court wait for the start of a rally calling for the president to step down. Pic: AP
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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.

Read more from Sky News:
Highs and lows of Five-Year Keir
MP tells Sky News she was targeted online by Tate brothers

More on South Korea

The Constitutional Court is under heavy police security guard ahead of the announcement of the impeachment trial. Pic: AP
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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.

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