Fears from one analyst, the world has unlearned the lessons of the Great Depression

Donald Trump's rolled out 10-percent tariffs on goods from New Zealand and most other countries, with higher tariffs for some countries and products.

Matt Goodson from Salt Funds Management says there's a risk of further tariffs and trade wars.

He says any economic benefits will be offset by the risk of stagflation, with low economic growth and high inflation.

Goodson says the tariffs could have a similar impact to those the US imposed in 1930, which may have worsened the Great Depression.