On Background: Will Trump's trade war hurt Australia?

The world was understandably gripped this week by Donald Trump's rather surprising suggestion that the US might take ownership of Gaza and turn it into what he's called the Riviera of the Middle East. Whether this was his intention or not, the bombshell announcement did take a lot of attention away from something else the President had done just a day or two earlier, roll out his grand tariff strategy. His threats to impose hefty tariffs on both Canada and Mexico didn't actually eventuate, at least not yet, but a new 10% tariff on Chinese goods did, and China didn't take this hit lying down. It's responded with trade sanctions of its own. So is this the beginning of a wider US-China trade war, and what does that mean for Australia?