A trade war involving the US, Canada, Mexico and China is underway, after US President Donald Trump announced steep tariffs on imports. 

In response to concerns about a rise in prices for consumers, he wrote on Truth Social: “Will there be some pain? Yes, maybe (and maybe not!)"

Dr Shane Oliver, chief economist and Head of Investment Strategy at AMP, talks to Sean Aylmer about the impact on consumers, the potential for inflation to climb, and what it means for markets and for interest rates.