Global trade uncertainty remains high as the Donald Trump administration’s tariff regime expands, with the imposition of 25% tariffs on Canadian and Mexican goods and a potential 10% tariff on Chinese ones. The expected retaliation from the trade partners of the United States (US) will exacerbate the situation.

The crude oil market is experiencing the effects of this uncertainty, with the price of Brent declining in February on demand growth concerns.
 

• Inflation decreased in the United States, the euro area and China, while itincreased in Japan
• Global supply chains were underutilised in February
• Global energy prices fell 4.2%, led by decline in oil and coal prices