The Bank of England will monitor the trade policies of U.S. President-elect Donald Trump for their impact on the UK economy once they are announced, BoE Governor Andrew Bailey said, adding he did not want to speculate on what the policies might be.

A recent KPMG analysis contends that if all of Trump’s policies are implemented, Australia’s economic growth would be between 0.8% and 1.5% lower than it would otherwise have been: a projected loss of between $19 billion and $36 billion.

President-elect Donald Trump’s plans for higher tariffs, lower taxes and more curbs on immigration are expected to reignite inflation, but economic forecasters are divided over whether they’ll weaken or boost the U.