Jacqueline Howard
Live reporter

Image source, Reuters

As investors watched the US stock market take its biggest one-day dive since the pandemic in 2020, the message from the White House to Wall Street was: "Trust in President Trump".

Trump himself said markets would "boom" under his new tariff scheme as the Dow Jones, Nasdaq and S&P plunged over the course of the day.

Twenty-four hours after Trump imposed minimum 10% import tariffs worldwide starting on 5 April, the US's key trading partners are mapping out their response.

Canadian Prime Minister Mark Carney retaliated with 25% levies on all vehicles imported across the border, lamenting that the close relationship with the US is "now over". In contrast, Mexican President Claudia Sheinbaum said her country would not retaliate in kind.

Meanwhile, the UK has drawn up a 400-page sample list of US goods that could face future tariffs in retaliation to Trump's tariffs, and though EU leaders are yet to present the bloc's official response, many have slammed the tariffs as "brutal".

Eyes will be on the Asian markets in the coming hours as eastern trading floors reopen after initial losses immediately following Trump's announcement.

We are now ending our live coverage for the night, but will be back with you come morning. In the meantime, there is plenty about the impact of Trump's tariffs on offer across BBC News:

• Why Trump's tariffs aren't really reciprocal
• US tariffs on China, EU and more, at a glance
• See all the Trump tariffs by country
• iPhones, pensions and Brexit: Your questions about tariffs answered

Robin Levinson-King
Reporting from Toronto

Image source, EPA

At a grocery store in Toronto, shopper Benedykta Mazur has become a bit of a sleuth.

Since Donald Trump launched a trade war with Canada, she has been trying to buy Canadian as much as possible. Some products, like fresh blueberries in April, are impossible.

But while she’s willing to pick up something grown in Mexico or Chile, she draws a hard line at anything grown or manufactured in the US.

“It's a no, an absolute no,” she tells me, after Trump announced his latest round of tariffs on the rest of the world.

“This is something that is not going to be just kind of wishy washy,” she says.

Mazur says while Canadians have a reputation for being “really nice”, it is time to turn people’s charms elsewhere, and build partnerships with countries that “share commonalities in regards to how you treat another person, because countries are made of people”.

Giulia Tommasi
Reporting from Rome

Image source, Rocco Mangiaracina

Rocco Mangiaracina is an agricultural entrepreneur. His small family business based in Campobello di Mazara, Sicily, produces around 20,000 bottles of olive oil a year.

This is the first year they've started exporting to the US.

“Only a week ago, we sent our first 900 bottles to the American market," he says, adding that he planned to send more bottles but was advised to wait and see how the situation develops.

“Our concern isn’t so much for us, since we’re not the ones bearing the extra costs, but for the importer - who was planning to place another order soon, increase volumes, or expand the product range.

"Now the importer is discouraged by the prospect of having to pay significantly more and, as a result, being forced to raise the final price for consumers.

"This feels like a regression - putting up barriers whose usefulness I struggle to see."

Soutik Biswas
India correspondent

Trump’s tariffs have rattled global trade, but disruption often creates opportunity. What does this mean for India, the world’s fifth largest and increasingly protectionist economy?

Starting 9 April, Indian goods will face tariffs of up to 27%. Before this, US tariffs averaged just 3.3% - far lower than India’s 17%, per the White House.

Yet, with the US imposing even steeper tariffs on China (54%), Vietnam (46%), Thailand (36%), and Bangladesh (37%), India has a chance to gain ground in textiles, electronics, and machinery, says Delhi-based think tank GTRI.

Higher tariffs on Chinese and Bangladeshi exports could help Indian manufacturers expand in the US, while a shift in semiconductor supply chains from Taiwan (32% tariffs) could also benefit India - if it builds the right infrastructure.

But can India truly seize the moment, or are these tariffs just a Trump bargaining chip?

Image source, Reuters

Governments around the world have been reacting today to tariffs imposed on them by the US. Here is what some world leaders have said:

• European Union chief Ursula von der Leyen has said the consequences of the tariffs "will be dire for millions of people around the globe"
• UK Prime Minister Sir Keir Starmer said his government is "taking a calm approach, acting in the national interest" - the UK also published a 417-page list of US goods that could face tariffs
• Canada's Prime Minister Mark Carney said it will match the US auto tariffs, with 25% levies on certain vehicles imported from the US
• The Chinese government has promised “resolute countermeasures”, which will hurt American companies trying to sell into China's market
• South Africa’s presidency has said that the tariffs "affirm the urgency to negotiate a new bilateral and mutually beneficial trade agreement with Washington"
• In Brazil, its foreign ministry said the government is "evaluating all possible actions to ensure reciprocity in bilateral trade", according to the Reuters news agency
• Over in Australia, Prime Minister Anthony Albanese has described the tariffs as not being "the act of a friend", adding that they are "unwarranted"
• Mexico's President Claudia Sheinbaum said it would not be imposing any tariffs on the US, having been largely left out of the White House's new tariffs announcement
• Poland's Prime Minister Donald Tusk said the tariffs could cost Poland losses of more than $2.6bn, calling it a “severe and unpleasant blow”

You can find a list of affected countries in our article taking a look at the tariffs.

Bernd Debusmann Jr
Travelling with the president

Image source, BBC/Bernd Debusmann Jr

On his flight from Washington DC to Miami this afternoon, President Trump surprised reporters in the back of the plane by stopping by for an extended question-and-answer session.

Over the course of 20 minutes, Trump answered a wide range of questions, about everything from TikTok and Elon Musk's future to the Chagos Islands and New York's mayoral race.

The bulk of the questions, however, were on tariffs.

In response to a BBC question on his message to American workers and businesses that may ultimately feel the impact of retaliatory tariffs, Trump said: "I think it's going to all work out."

"Remember, there are no tariffs if you build your plant, or make your product in the US," he said. "There's going to be a transition period, because they're going to be building instead of paying tariffs to some other place."

"All you have to do is build or make your product in the United States, and a lot of people are doing that," he added.

According to Trump, he spoke to two of the five major automobile manufacturers.

"They've already started moving their parts-making out of Mexico, out of Canada, and into the United States," he said.

Jonathan Josephs
BBC business reporter

As we've reported, the World Trade Organization (WTO) has sharply reduced its forecasts for global trade because of President Trump's global tariffs. Malcom asks about the role of the WTO in the imposition of tariffs.

When it comes to the rules of global trade, including tariffs, the WTO is supposed to decide and enforce them.

Under President Trump, there has been mixed messaging from the United States because it remains somewhat but not fully engaged.

The American complaint, from both Republicans and Democrats, has been that the WTO system doesn’t treat America fairly - by which they mean China gets preferential treatment on global trade.

The US also thinks WTO ruling have overstepped their remit to its detriment.

One example would be the steel and aluminium tariffs imposed by President Trump in his first term.

The WTO said they were against the rules but President Joe Biden's administration ignored that, arguing as Trump had, they were allowed under national security provisions.

That argument has also been used this time so a similar response can be expected.

In recent weeks, the Trump administration has withheld about $25m of funding from the WTO meaning it faces restrictions on what it can do there.

However, hope of engagement comes in President Trump's nomination of a new ambassador to the Geneva based institution - Joseph Barloon’s appointment is pending Congressional approval.

Ali Abbas Ahmadi
Reporting from Windsor, Ontario

Kathryn and Christina both work at the Ford plant in Windsor, Ontario, in Canada.

They tell me that they "absolutely" fear that their plant will shut down, just as the Stellantis one has temporarily.

"It's absolutely terrifying," says Christina, who marks her 25th year working at Ford today.

She has four children, one of whom is in university, and two who are younger. "I would like them to have a good life too," she says, tears welling in her eyes.

Kathryn, whose family has been with Ford for five generations, says she fears her sons will lose their jobs at the plant.

She is nearing retirement age, she says, and worries that her pension will also be affected.

"If anything drastic were to happen, 40% of our pension is gone."

Vishala Sri-Pathma
Business reporter

Image source, Reuters

As we've just reported, US stocks plunged today, with the S&P 500 suffering its biggest decline since March 2020.

Investors are concerned that the tariffs unveiled on Wednesday raise the risk of a global trade war which may tip the US economy into a recession. The scale of the tariffs were not anticipated so appear to have caught investors off-guard.

Shares of multinational companies tumbled. Nike and Apple dropped 13% and 10%, respectively. Tech shares dropped, with chip-makers Nvidia off 7% and Elon Musk’s Tesla down 5%.

When asked about the market reaction to the tariffs, President Trump said: “The markets are going to boom. The stock is going to boom. The country is going to boom. And the rest of the world wants to see is there any way they can make a deal."

Vishala Sri-Pathma
Business reporter

The US financial market experienced its biggest one-day loss since June 2020, the year of the pandemic.

The Dow Jones tumbled 3.9%, the Nasdaq plunged nearly 6% and the S&P 500 was down 5% - its biggest decline since March 2020.

Lesotho says it will send a government delegation to the US to plead its case after Washington imposed its highest tariffs - 50% - on its imports.

The small southern African country's Trade Minister, Mokhethi Shelile, has warned of factory closures and job losses.

The US has a large trade deficit with Lesotho, which sells textiles and diamonds to America.

Thousands of people in the country of 2.3 million people are employed making clothes for the US market under a tax-free initiative set up to help countries trade their way out of poverty.

• How jeans and diamonds pushed Lesotho to the top of Trump's tariffs list

A short while ago, we heard from President Donald Trump before boarding Air Force One in Maryland.

One reporter asked him how the tariffs were going, to which Trump said he thinks "it's going very well. It was an operation like when a patient gets operated on, and it's a big thing".

"We have six or seven trillion dollars coming into our country," the US president says, "the markets are going to boom, the stock is going to boom, the country is going to boom".

"And the rest of the world wants to see is there any way they can make a deal," he adds. "They've taken advantage of us for many, many years."

As a reminder, here is a list of the countries with the highest tariffs announced yesterday.

Ali Abbas Ahmadi
Reporting from Windsor, Ontario

Image source, BBC News

Journalists are crowding the local auto workers' local union after news broke of the temporary shutdown of the Stellantis plant - Windsor's largest employer.

Derek Gungle, speaking softly to protect his voice after all the interviews he's given, tells me that he works to assemble cars at the Stellantis plant.

He says the shutdown announcement was “kind of expected” after Trump announced the tariffs, but "scary, very scary".

If the worst happens and the shutdown becomes permanent, or he is laid off, Gungle says he has “no idea” what he will do.

Gungle says Windsor is heavily reliant on cross-border trade and any threat to that that will have devastating effects.

He is the second person to mention Flint, Michigan, when speaking about this crisis. Clearly, the fear of deindustrialisation is at the forefront of peoples’ minds.

Watching that happen just across the border was “weird, very weird,” he says. “I’m hoping it doesn’t have to come to that.”

On Wednesday, the US president announced taxes on goods coming into his country, including 10% on all UK imports.

Here are the BBC's Henry Zeffman and Anthony Zurcher on how the last 24 hours unravelled - and what might come next:

Jonathan Josephs
BBC business reporter

The World Trade Organization (WTO) has sharply reduced its forecasts for global trade because of President Trump's global tariffs.

Instead of predicting a 3% growth in volume, it now expects a 1% contraction.

The drastic scale of this reduction underlines that these US tariffs pose the biggest challenge to the global trading system since the WTO began drawing up and enforcing the rules 30 years ago.

The director general, Ngozi Okonjo-Iweala, says the tariffs "will have substantial implications for global trade and economic growth prospects".

She adds that she is deeply concerned about escalation and retaliatory measures - which have already started - making things even worse. Some of Trump's tariffs are already being challenged at the WTO.

But the Geneva-based body risks being sidelined if it can't find a way to help its members, including the US, to settle their differences.

Jonathan Josephs
BBC business reporter

As part of Your Voice, Your BBC News, our correspondents and experts have been answering your questions on US tariffs.

Here's one from Justine Armstrong, who asks whether the new import taxes will affect people in the US "more acutely" than those in other nations.

The most immediate impact will be felt by people in America in the form of higher prices.

In the first instance, the tariffs are paid at the more than 300 border crossings, ports and airports where companies bring goods in from abroad.

Those extra costs will squeeze profits along the supply chain and invariably - at least partly - will end up being paid for by American consumers.

In other parts of the world, a slowdown in demand from American consumers could lead to fewer jobs if companies currently supplying America can’t find somewhere else to sell their stuff.

A major catalyst for American companies getting their goods from Asia was China opening up to foreign companies in the late 1970s and offering cheaper options.

That meant a dramatic decline in US manufacturing and one of President Trump’s big hopes is that he can reverse that movement.

However, not everything can be made in the US, and even if it can it will take time and significant financial commitment from the companies involved.

How well those goods can then compete on price remains to be seen.

Anthony Zurcher
North America correspondent

Image source, Reuters

Donald Trump spoke briefly with the press on the South Lawn before departing for Florida.

He took one question and said the country would soon be booming.

Image source, EPA

We have some fresh remarks to bring you from Italy's Giorgia Meloni, who says Donald Trump's decision to impose blanket tariffs was "wrong".

But the Italian prime minister urges some caution moving forward.

"I think the US choice is wrong, but we must not fuel alarmism," Meloni says. "It is not a catastrophe."

Meloni says she is "not convinced the best way to respond to tariffs is with our own tariffs".

Jonathan Beale
Defence correspondent, reporting from Nato headquarters in Brussels

Image source, EPA

Poland’s Foreign Minister, Radek Sikorski, says the EU’s response to Donald Trump’s tariffs will be “measured, professional and clever”.

He says the European Commission is now considering its response – “and we have some very competent people working on it”.

He will not give details of what that response might involve.

Speaking to the BBC, Sikorski describes the imposition of tariffs as “a new departure” for the US – which he says had been the leader for decades in promoting free trade, through the General Agreement on Trade and Tariffs (GATT) and the World Trade Organization (WTO).

Sikorski says the new tariffs, announced by President Trump, are “a massive decision” and “we haven’t found the positives yet”.

Poland’s prime minister, Donald Tusk, says the tariffs could cost Poland losses of more than $2.6bn dollars. He calls it a “severe and unpleasant blow” on X.

How did the US work out the tariff numbers?published at 19:00 British Summer Time 3 April

19:00 BST 3 April

Image source, Reuters

If you scan across Donald Trump’s tariff chart, you'll see that the value in the first column equals roughly half of the number in the second column for most countries. There's a reason for that.

The two columns represent:

1. Tariffs that countries supposedly charge the US
2. Tariffs the US will impose on other countries

Initially, it was assumed that the figures were based on existing tariffs plus other trade barriers (like regulations and licensing rules) which make trade harder.

But, the White House has now published its official methodology, and it turns out there is a simple equation behind it

The calculations are based on a country’s goods trade deficit with the US. In other words, how much more the US imports than it exports. This number is then divided by the total value of imports from that country.

Let's use China as an example: The US buys more goods from China than it sells to them - there is a goods deficit of $295bn and the total amount of goods it buys from China is $440bn.

Then, we find the percentage difference between those two numbers, which = 67% - that's the number which appears in the first column of Trump’s chart.

And to work out column two - the tariff the US wishes to impose - you simply divide that number by two.

So in China’s case, the result is 34, and there you have the tariff.

• How were Donald Trump's tariffs calculated?