Michelle Fleury

The OECD is attempting to assess the impact of President Trump's trade war in its latest update on the global economy. It concludes that tariffs will be bad for global economic growth and have a significant effect on living standards. Growth in the US is forecast to slow dramatically, according to the Paris-based group, with inflation likely to pick up this year.

The OECD is attempting to assess the impact of President Trump's trade war in its latest update on the global economy. It concludes that tariffs will be bad for global economic growth and have a significant effect on living standards. Growth in the US is forecast to slow dramatically, according to the Paris-based group, with inflation likely to pick up this year.

And the outlook for Canada and Mexico is even worse. President Trump has imposed tariffs on once-close allies like Canada, Mexico and the European Union, as well as rivals like China, with more tariffs expected at the start of April.

And the outlook for Canada and Mexico is even worse. President Trump has imposed tariffs on once-close allies like Canada, Mexico and the European Union, as well as rivals like China, with more tariffs expected at the start of April.

Jason Goldstein runs Icarus Brewing in New Jersey, making craft beer for the past eight years. He says he'll feel the effects of the tariffs because he depends on aluminium and steel to make, package and sell beer.

Jason Goldstein runs Icarus Brewing in New Jersey, making craft beer for the past eight years. He says he'll feel the effects of the tariffs because he depends on aluminium and steel to make, package and sell beer.

He fears it will go beyond metal tariffs, causing even more damage to his business.

He fears it will go beyond metal tariffs, causing even more damage to his business.

The metal tariffs cut deep into the heart of America's manufacturing base. At Linda Toole, they make parts for the aerospace industry. They use mostly domestic milled steel.

The metal tariffs cut deep into the heart of America's manufacturing base. At Linda Toole, they make parts for the aerospace industry. They use mostly domestic milled steel.

Like Mr Trump, company president Mike DiMarino wants to see more goods made in America. But he's not sure if tariffs are the best way to achieve this.

Like Mr Trump, company president Mike DiMarino wants to see more goods made in America. But he's not sure if tariffs are the best way to achieve this.

So what happens in the meantime?

So what happens in the meantime?

The new tariffs come as the US clashed with Canada over new 50% tariffs on Canadian metals, triggered by a surcharge Ontario placed on electricity exports to the United States. After several hours, both sides backed down. Ontario Premier Doug Ford said he reversed his decision after speaking to US Commerce Secretary Howard Lutnick.

The new tariffs come as the US clashed with Canada over new 50% tariffs on Canadian metals, triggered by a surcharge Ontario placed on electricity exports to the United States. After several hours, both sides backed down. Ontario Premier Doug Ford said he reversed his decision after speaking to US Commerce Secretary Howard Lutnick.

Still, Mr Trump's new confrontation with Canada sent jittery markets tumbling again. The new tariffs come just as investors have shown, but their enthusiasm for Donald Trump's favourite foreign policy tool is very limited.

Still, Mr Trump's new confrontation with Canada sent jittery markets tumbling again. The new tariffs come just as investors have shown, but their enthusiasm for Donald Trump's favourite foreign policy tool is very limited.

The ban will prevent oil companies from leasing waters for new drilling along the east and west coast, the eastern Gulf of Mexico and Alaska's Bering Sea. It's an attempt to protect Joe Biden's climate legacy from President-elect Donald Trump, who has pushed for more oil and gas drilling and downplayed the effects of climate change.

The ban will prevent oil companies from leasing waters for new drilling along the east and west coast, the eastern Gulf of Mexico and Alaska's Bering Sea. It's an attempt to protect Joe Biden's climate legacy from President-elect Donald Trump, who has pushed for more oil and gas drilling and downplayed the effects of climate change.