The resignation of the US President’s economic advisor Gary Cohn hit US equities overnight. As Phil Dobbie discusses with NAB’s Rodrigo Catril, there are reports that Trump will extend tariffs further against China in retaliation for intellectual property theft. So how concerned should we be about a trade war? And to add fuel to the fire, China, Japan and Australia release balance of trade figures today. Plus, how likely is a soft Brexit? The latest response from the EU seems to suggest a free trade agreement is the only outcome. Will all the Brexit and tariff talk have any influence on the ECB’s QE timetable – will the Bank actually commit to one tonight?