Trump, Meta, crypto and more
Keeping up to date on developments in the commercial and business world is vital for securing training contracts and vacation schemes at top commercial law firms. Staying on top of these stories can sometimes feel overwhelming — especially if you don’t know where to look. To help you out, we’ve complied a list of five news stories affecting businesses this week, breaking down the key facts and suggesting how they might affect law firms and their clients.
1. Trump and tariffs
During his election campaign, Donald Trump claimed that “tariff” was “the most beautiful word in the dictionary.” Now that the American President has returned to office, economists have been discussing how Trump’s threatened trade policy might affect the US economy.
Tariffs are taxes on goods imported from abroad. Generally speaking, they increase the price of foreign-made goods, making them less attractive to consumers. Governments impose tariffs to promote domestic industries, raise revenue and exert geopolitical influence on other countries.
On the day of his inauguration, Trump threatened tariffs of up to 25% on imports from the US’s largest trading partners, Canada and Mexico. Trump has also warned of levies on Chinese imports and threatened to bring tariffs on EU products unless the bloc increased their consumption of American oil.
All this talk of tariffs has raised concerns around inflation. Central banks around the world have been battling inflation since it rose sharply in 2021. Tariffs are often seen as inflationary because they can cause higher consumer prices which may lead to increased wages and an inflationary wage-price spiral. Trump’s other policies, such as cutting taxes and reducing immigration, have also been associated with the risk of inflation. Other economists have pointed out that, as only 19% of the US economy is made up of external trade, tariffs may have a limited economic impact.
For law firms, this economic instability may dampen activity in certain departments, such as corporate M&A, as it becomes harder to accurately value target companies. Economic instability can also lead to more cautious deal-making, as businesses become hesitant to make large investments or take on additional debt in an unstable financial environment. However increased geopolitical tension may increase demand for legal services related to risk management, international disputes and sanctions compliance.
2. Pressure mounting on UK employers
Doubts around the UK economy have grown following a downturn in the labour market. Vacancies for permanent jobs in the UK declined at their fastest pace since 2020 at the end of last year according to a survey by KPMG and the recruitment firm REC. Figures also show that employers cut jobs following Rachel Reeves’ October Budget which saw businesses bear the brunt of £40bn in tax increases.
Kier Starmer’s Labour government have put pressure on employers by raising the National Living Wage to £12.21/hr for those over 21. In April 2025 costs for employers will jump again as the national insurance rate for employers rises to 15%, with the threshold for contributions reducing from £9,100 to £5,000 per employee. This is a significant cost which will disproportionately affect larger employers.
Additionally, the government’s Employment Rights Bill, expected to receive Royal Assent in mid 2025, expands day-one employment rights for workers and increases statutory sick pay, as well as restricting the use of zero-hours contracts and obliging employers to accommodate flexible working requests.
This pressure on employers may generate additional work for law firms with strong employment practices. The rising cost associated with employing workers may see many businesses looking to reduce their headcount and start redundancy processes. Additionally, the expanded set of employment rights workers are entitled to from the beginning of their employment could result in an increase in unfair dismissal claims brought against employers.
3. Zuckerberg ends Meta factchecking
In preparation for Donald Trump’s return to the White House, Mark Zuckerberg has announced that Meta is ending its third-party fact-checking programme in the US. Instead, the online platform will rely on users to flag misinformation.
The Facebook founder has stated his intention to “Allow more speech by lifting restrictions on some topics that are part of mainstream discourse and focusing out enforcement on illegal and high-severity violations.” He also claimed, “It’s time to get back to our roots around free expression on Facebook and Instagram.” Meta will now move to a “community notes” strategy of targeting misinformation, a strategy employed by to Elon Musk’s platform X.
Zuckerberg has stated that he has “No immediate plan” to end third-party fact checking and introduce community notes outside the US. Last year, regulation of social media stepped up elsewhere in the world as the EU’s Digital Services Act and the UK’s Online Safety Act came into force. These Acts require online platforms to tackle illicit content and safeguard users. Zuckerberg expressed disapproval of this regulation as he mentioned an “ever-increasing number” of European laws that were “institutionalising censorship and making it difficult to build anything innovative there.”
This development may affect law firms instructed by clients in the digital platform space as they navigate complying with hefty regulation in the EU and UK while keeping up with this trend towards “free expression” over the Atlantic.
4. Expansion of Gatwick
The UK government is poised to greenlight significant airport expansions, including Gatwick and Luton. Transport secretary Heidi Alexander is set to decide by late February on Gatwick’s £2.2bn project to activate its standby runway, increasing capacity to handle up to 75 million passengers annually by the 2030s up from 46.5 million.
Luton airport’s proposal to expand passenger numbers from 18 million to 32 million per year awaits a ruling by April, with plans promising thousands of jobs. Meanwhile, the contentious third runway at Heathrow remains in limbo, contingent on meeting strict environmental tests.
For law firms, particularly those with aviation or environmental practices, these developments signal a potential increased demand for regulatory guidance. The projects also present opportunities for those specialising in infrastructure finance, as private funding models gain traction. Aviation practices may see soaring interest as firms attempt to capitalise on the budding influx of commercial aircraft into London’s airways.
5. $TRUMP and $MELANIA — The Trumps launch memecoins
Donald and Melania Trump have thrown their hats into the cryptocurrency ring with the launch of their respective memecoins: $TRUMP and $MELANIA. Announced on Trump’s social media platform, Truth Social, the $TRUMP coin was launched on Friday January 17, 2025, debuting at $3. Over the weekend, the coin value surged to over $75, making the value of the coins in circulation worth more than $14bn.
Following closely on her husband’s heels, Melania Trump introduced the $MELANIA coin on January 19, 2025. Initially undervalued compared to $TRUMP, it quickly gained traction, trading at a high of $9.30 with a market capitalisation exceeding $10 billion.
What is a memecoin? As opposed to traditional coins, memecoins have no utility outside of their cultural value. They are a type of cryptocurrency based on internet memes, jokes, or trends. Unlike Bitcoin or Ethereum, which aim to solve practical problems or support decentralised applications, memecoins typically have minimal real-world use. Their value is primarily fuelled by community enthusiasm, social media trends, and celebrity backing.
This highly profitable coin launch follows the Trumpian agenda to reduce the regulatory burdens on crypto firms in the US. In December 2024, Bitcoin shattered its long-standing resistance to soar past $100,000, a rise catalysed by Trump’s explicit support for crypto during his presidential campaign. Central to Trump’s vision has been the appointment of Paul Atkins, a well-known advocate for market deregulation, as the head of the Securities and Exchange Commission (SEC).
For law firms, this signals a potential boom in demand for crypto-related advice. International firms can expect an increase in cross-border compliance work, crypto investments, market manipulation claims, and blockchain-related transactions. As banks explore entering the crypto market and global regulations evolve, firms with expertise in fintech will be well-positioned to take advantage of the boom.
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