What's happening?** Donald Trump's trade tariffs on Mexico, Canada, and China have sparked retaliation and legal challenges from those countries. The tariffs have also led to a slump in Asian markets and a drop in the Australian dollar and ASX200.
Who's affected?** Automakers and their suppliers in Japan and South Korea, as well as Australian iron ore miners, have seen sharp declines in their share prices.
Why should you care?** The sweeping tariffs could cause 'short term pain' for Americans and undermine global growth, according to Trump himself.
What's next?** Trump has threatened to impose tariffs on the EU and the UK, even as he concedes that Americans may bear some of the economic brunt of a global trade war.