US President Donald Trump will meet Japanese Prime Minister Shigeru Ishiba for the first time on Friday (Feb 7) as two allies wary of China's rise work to boost business and security ties while an escalating trade war threatens to rupture the global economy.

After many months of threats, the US has imposed 10% tariffs on all Chinese goods coming into the country. Helen Qiao, chief economist for Greater China at Bank of America, joins John Lee and Katia Dmitrieva to gauge the impact in the world's second largest economy and what could lay ahead.