This week, the focus will be on President Trump's tariffs, how markets react and whether we see any retaliation from major US trading partners. Key economic releases in the US this week will include the jobs report, the ISM indices and the University of Michigan's consumer sentiment index. The global earnings season will be in focus again, with more than 100 S&P 500 companies due to report including Alphabet and Amazon. Here in New Zealand, the highlight will be the labour force report on Wednesday, which is expected to see unemployment rise above 5 per cent for the first time in more than four years.