President Donald Trump’s rapidly evolving trade war threatens to resurrect an all-too-familiar question for the Federal Reserve: If inflation moves higher, will it be transitory?

President Trump has offered a mix of reasons for upending global trade relations, baffling and angering America’s biggest trading partners.

Let's take a look at four things investors should know. A blanket tariff of 25% is now levied on nearly all goods from Canada and Mexico, with the notable exception of Canadian energy products — think oil and gas — which come with a 10% duty.