Trade : US forces EU & Canada into a retaliatory tariff spiral, damaging MTS (PRIV)
(D. Ravi Kanth, Geneva)
The European Union and Canada on 12 March separately announced retaliatory measures against the United States for imposing a 25% tariff on imports of steel and aluminium in an escalating trade war that has seemingly upended the multilateral trading system (MTS) and turned the rules- based World Trade Organization on its head, said people familiar with the development.

IPCC : Sticky issues in approval of outlines of WG3/WG2 reports (PRIV)
(Indrajit Bose, New Delhi)
The Intergovernmental Panel on Climate Change (IPCC) approved the outline of its Working Group (WG) 3 Report on "Mitigation and Climate Change" and WG 2 Report on "Impacts, Adaptation and Vulnerability" at it 62nd session in Hangzhou, China, held from 24 February to 1 March following intense negotiations.

WTO : Global goods trade holds steady, but trade policy uncertainty looms (PRIV)
(Kanaga Raja, Penang)
While global goods trade appeared to remain steady in the fourth quarter of 2024 and looks set to continue its growth in the first months of 2025, increased trade policy uncertainty and the prospect of new tariffs could weigh on trade in the medium term, according to the World Trade Organization (WTO).