Financial markets declined markedly Wednesday afterDonald Trumpunveiled steeper-than-expected retaliatorytariffson goods imported to the U.S. from other nations.

A baseline 10% tariff was imposed on dozens of countries, starting at midnight on Saturday.

When exactly that wealth that Trump is promising will start flowing is already a point of contention.

Donald Trump

Donald TrumpGetty Images

This will have consequences for how Australians see this relationship.

Donald Trump