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The OECD has cut global economic outlooks in its first report since US President Donald Trump unleashed tariffs on a number of allies. Meanwhile consumers across the world are taking matters into their own hands, many boycotting American products. Plus, Forever 21 is filing for bankruptcy for the second time.

US President Donald Trump has threatened to slap a 200 percent duty on imports of wine and spirits from the European Union.  He accused the bloc of imposing a “nasty” 50 percent tariff on bourbons, even though that planned levy is itself a response to Trump’s 25 percent tax on steel and aluminium imports. Plus, Donatella Versace is stepping down as chief creative officer at the Italian fashion house after 30 years.   

Since it invaded Ukraine in February 2022, Russia’s economy has proved to be robust despite sanctions, inflation and labour shortages. But how long can it last? Charles Pellegrin takes a deep dive with his guest Richard Connolly, associate fellow and specialist on the Russian economy at the Royal United Services Institute (RUSI) in the UK. He is also the author of a commentary titled “Russia’s Wartime Economy isn’t as Weak as it Looks”.

The 48th International Tourism Salon gets underway in Paris, with the world’s #3 destination the United States seeing a big drop in Canadian visitors. The United Nations prepares for budget cuts amid an efficiency drive after 7 years of liquidity crisis. 

A new, 25 percent import tax on all steel and aluminium coming into the United States has taken effect, drawing swift retaliatory measures from Canada and the European Union. Donald Trump warned of a further response. Sweeping metal tariffs imposed during Trump’s first term did have some positive impact on the US steel and aluminium industries but negatively affected other sectors downstream. Plus, US inflation in February cooled slightly.