YouTube just announced that the Video Editor and Slideshow creators will be retired, which is not too surprising.
If you've used the YouTube video editor recently, you probably noticed it hasn't been updated in a long time. It uses Flash, which is on its way out, and frequently produces errors.
Enhancements will still be available, and you can use that to trim, selectively blur or add a filter to your video.
You have until September 20th to finish and publish your projects. Any videos published before then will not be affected.
The alternative is to download your videos and use the video editor of your choice.
If you are using a Chromebook, I haven't found any good free video editing options.
I've been trying out WeVideo, which seems to work well. But that does cost $60 per year to access most features. You can try it out for free, but the free tier only allows publishing 5 minutes of video per month, at 460p (so not HD), with the WeVideo branding.
For more info about the change, or if you have questions, head over to the YouTube help forum:
https://productforums.google.com/forum/#!topic/youtube/dx5xKn6v6rM
And in the YouTube Help Center:
https://support.google.com/youtube/answer/183851
Note that if you want to download your own videos, Google Takeout should let you retrieve them in the original file format. Downloading the MP4 from the YouTube Video Manager will only download in 720p.
Google Takeout: https://support.google.com/accounts/answer/3024190
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