America’s annual inflation rate fell to 2.8% in February, below forecasts of 2.9%. The core rate, which excludes volatile food and energy prices, was 3.1%. Stock futures jumped in response, as the figures raised expectations that the Federal Reserve would pursue more aggressive interest-rate cuts. However, the data predates most of Donald Trump’s new tariffs, raising concerns that price pressures could rise further.
Ukraine agreed in principle to an American proposal for an “immediate” 30-day ceasefire with Russia following talks in Saudi Arabia. In return, America said it would “immediately” unblock the flow of American weapons and intelligence to the country. Russia has yet to agree to the interim pause in the fighting. “The ball is now in their court,” said Marco Rubio, America’s secretary of state.
America’s global tariffs of 25% on steel and aluminium took effect. The EU immediately said it would place tariffs on €26bn-worth ($28bn) of American imports, to come into force next month. Earlier Donald Trump reversed his plan to double levies on Canada to 50% hours after he announced it. Canada’s Ontario province shelved its proposed 25% surcharge on American-bound electricity.
America’s House of Representatives narrowly passed a six-month funding bill to avoid a partial government shutdown from Friday. That is a victory for Mr Trump, who needed overwhelming party support for it to proceed. Only one Republican voted against the measure—and one Democrat for it. It now heads to the Senate, where it will require several Democrats’ support to avoid a filibuster.
Greenland’s pro-business opposition won 29.9% of the vote in a closely watched parliamentary election, beating the incumbent left-wing coalition. The victorious Demokraatit Party promised a gradual route to independence from Denmark and “more business to finance our welfare”. Mr Trump has vowed to make Greenland—a semi-autonomous region—part of America in order to boost his country’s security.
Northvolt, a Swedish battery-maker once seen as Europe’s best hope to rival Chinese firms, filed for bankruptcy after failing to secure $1bn in new financing. The company had raised $15bn from investors including Volkswagen and Goldman Sachs since its founding in 2016. But rapid expansion and high costs drained its funds. The firm’s collapse is a major blow to Europe’s electric-vehicle ambitions.
A court in Georgia sentenced Mikheil Saakashvili to nine more years in prison on embezzlement charges. The country’s former president, who calls the charges politically motivated, was already serving a six-year prison term. Mr Saakashvili pursued strong relations with the West during a nine-year presidency, before losing power to Georgian Dream, an increasingly Kremlin-friendly party, in 2013.
Figure of the day: 1trn yuan ($140bn), the size of the venture-capital fund that China’s government wants to set up for tech-focused investment. Read the full story.
Donald Trump’s return to the presidency has brought exceptional changes to American politics—with consequences for the rest of the world, too. Read The US in brief, a daily update of the domestic political stories that matter. Sign up here to receive it as a newsletter, each weekday, in your inbox.