The key points are:
US President Trump has announced tariffs on Canada, Mexico and China and is threatening more tariffs.
The one-month delay to tariffs with Canada & Mexico is a sign they may be averted, but the uncertainty with more tariffs likely means a volatile ride for investment markets.
Australia is vulnerable to a US/global trade war via a hit to China, but its less vulnerable than many other countries.
Trump’s trade war adds to the case for an RBA rate cut as its more of a threat to Australian growth than inflation.