Economics

What Happened in the World Economy This Week and What It Means

Trump throws a wrench in global trading system, Powell economy
Lowflation worries, central bank musical chairs, trade wars

President Donald Trump announces tariffs on imported steel and aluminum at a meeting with metals industry executives.(Source: Bloomberg)

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By Bloomberg News

March 2, 2018 at 3:00 AM UTC

Updated on

March 2, 2018 at 11:00 PM UTC

This article is for subscribers only.

Just when it looked like the global economy was running on all cylinders, President Donald Trump injected a degree of risk to the otherwise favorable outlook.

The U.S. president announced on Thursday plans to impose 25 percent tariffs on imported steel and 10 percent tariffs on foreign aluminum, with more details to be unveiled next week. Equities fell as fears of a trade war spread and expectations for U.S. economic growth weakened a bit.