Trump's critics will say 'I told you so' after angry speech

Thank you for joining us at this late hour.

You can catch up on the speech below, including analysis from Mark Stone.

By US correspondent Mark Stone

A very notable presidential address, not for what he announced because there was no big reveal, no breaking news. It was the tone which fascinated me.

The 9pm live address was his framing of his greatest hits from the past year, but delivered by an angry and frustrated man.

"Why are my polling numbers not better?" was the vibe he gave off.

"Why is the economy not doing better? Why are you - the voters - not feeling better off?" Not quotes but the clear subtext.

It is his low polling, rising unemployment, the cost of living and inflation challenges which prompted this address.

Had he come out and, off script, with empathy, said: "Look, I get it. It's taking time for you to feel my economic success…." If he’d said all that with meaning, I think that would have landed in a more sympathetic way.

Instead, reading, unusually, off a script, he came across as a very frustrated president and extremely defensive.

Here's the worry for Team Trump. So often out and about with voters, I hear people say: "Oh I don't really like his style, his language, his divisiveness. But he’s a businessman. He knows how to run the country and the economy."

If he loses those people, he's in real trouble.

That’s especially true when combined with suggestions he is losing some in his base too - just listen to his fan-turned-foe, MAGA stalwart, Marjorie Taylor Greene.

One last thought. There are observers who think Trump is kind of unhinged, losing his marbles a bit. The slightly strange tone of this speech will be evidence for them, for sure.

Watch Stone's full analysis below:

Nothing on Venezuela, but plenty of bragging about the president's first year back in office.

We will bring you the thoughts of our US correspondent Mark Stone about what we should take away from all that shortly…

Jerome Powell's replacement as chair of the US Federal Reserve will be announced soon, the president has said.

Markets have been concerned the central bank's impartiality is at risk once Powell departs in mid-May.

Trump has already taken action to place supporters of rapid interest rate reductions within the bank's rate-setting ranks.

He is set to double down on that effort through his nomination for Powell's successor. Trump is seeking a monetary policy focus on promoting economic growth.

The US president is never shy of blowing his own trumpet, but this Christmas-time speech comes at a crucial moment.

Trump is trying to rebuild his steadily eroding popularity, as public polling shows most Americans are frustrated with his handling of the economy.

Inflation has picked up, with his tariffs having raised prices. 

It had hit a four-decade high in 2022 and then come down, before the tariffs began in April.

Flanked by two Christmas trees with a portrait of George Washington behind him in the White House's Diplomatic Reception Room, he has sought to pin any worries about high inflation on Joe Biden. 

So far, Donald Trump has repeated his greatest hits in his address to the American people.

The US president attacked immigration, "woke", transgender issues and Joe Biden's administration.

He says since returning to the presidency, "in a few short months, we went from worst to best".

"Over the past 11 months, we have brought more positive change to Washington than any administration in American history," he claims.

"There's never been anything like it, and I think most would agree."

Donald Trump is now addressing the nation from the White house.

We'll bring you the latest updates here - and you can watch his speech live in the video above.

The US military has said it carried out a lethal strike on a vessel in the eastern Pacific Ocean, killing four men.

"Intelligence confirmed that the vessel was transiting along a known narco-trafficking route in the Eastern Pacific and was engaged in narco-trafficking operations," the US Southern Command said in a post on X.

Donald Trump's military has attacked several vessels in the Pacific and the Caribbean over the last few months, killing at least 95 people.

It is part of his campaign against people he accuses of transporting drugs into the US.

Tensions between the US and Venezuela have been rising for several months now.

If this has all passed you by - or you just need a reminder - let's bring you up to speed...

The US administration, on the orders of Donald Trump, has gathered a huge armada, with naval vessels and the biggest aircraft carrier in the world off the coast of Venezuela. 

Just last night, he said: "Venezuela is completely surrounded by the largest Armada ever assembled in the history of South America."

He also warned: "It will only get bigger, and the shock to them will be like nothing they have ever seen before."

Now, on the face of it, this is all about drugs. It's about stopping its trade out of Venezuela and into the US.

But, actually, is it about oil and is it about regime change? 

That's something Trump appeared to confirm in a social media post, claiming Venezuela for many years has been stealing US oil.

That's not true, but it is true that US companies have had a stake in Venezuelan oil, which was stopped by Hugo Chavez and then Nicolas Maduro.

And it appears now that this may well be about oil.

At the risk of stating the obvious, Donald Trump's speech could go one of two ways.

Either he reels off what he hails as his greatest hits over the past year, or he announces something really significant.

As our US correspondent Mark Stone outlines, an address like this typically falls into the latter category.

"They are moments where the president wants to convey something to the people of the United States and beyond," he says.

But there is speculation both ways.

"Some people are telling us and briefing that actually this is just an end-of-year moment," Stone adds.

"Others are saying, well, it could actually be much more significant. There could be some announcement on Venezuela."

Watch the clip below for his full preview...