U.S. President Donald Trump’s aggressive trade policies have abruptly steered the global economy toward slower growth and higher inflation, with risks of further deterioration if tensions escalate, the OECD warned.

The Paris-based organization, which represents 38 of the world’s richest nations, slashed its growth forecasts for most member countries and now expects global expansion to slow to 3.1% in 2025 and 3% in 2026. The combination of rising trade barriers, business uncertainty, and cautious consumer spending is weighing on economic momentum.

European Union countries are actively discussing revisions to the bloc’s binding gas storage rules, as concerns grow that the existing mandates are inflating gas prices. A negotiating document suggests that member states, including Germany, France, and the Netherlands, fear that fixed deadlines for filling gas storage are signaling to markets that European buyers must secure large volumes of fuel by a set date, creating opportunities for price manipulation.

Currently, the EU requires member states to fill gas storage to 90% of capacity by November 1 each year. However, countries are now considering modifying this rule to allow a more flexible range, proposing a deadline that falls anywhere between October 1 and December 1. The proposal would also make intermediate storage targets voluntary, instead of binding, to prevent unnecessary market distortions.

Alaskan state representatives are preparing to visit Japan later this month in an effort to attract investment for a massive natural gas project that President Donald Trump claims could inject trillions of dollars into the U.S. economy. Officials from the Alaska Gasline Development Corporation (AGDC) and its development partner Glenfarne Group will meet with industry leaders in Japan, South Korea, and Taiwan to pitch the $44 billion Alaska LNG project. The initiative involves constructing a 1,300-km (800-mile) pipeline to transport natural gas from Alaska’s remote northern fields to export terminals, with shipments expected to begin by 2030.

Trump has been actively promoting the project as part of his broader push to increase U.S. energy exports to Asian allies while simultaneously pressuring them with trade tariffs. In a meeting on February 7, he directly urged Japanese Prime Minister Shigeru Ishiba to support the project, and on March 4, South Korea agreed to engage in discussions.