Wall Street suffers its worst day since 2020 after Donald Trump announced a raft of worldwide tariffs last night
In Canada, Prime Minister Mark Carney announces 25% tariffs on certain US vehicles
The UK has drawn up a 400-page list of US products it could hit with tariffs - Henry Zeffman says it is a toughening up of Starmer's stance
Trump announced 10% tariffs on most countries - including the UK - from Saturday, with higher rates on some of America's biggest trading partners from 9 April. We cover the basics in five key questions here
As part of Your Voice, Your BBC News, our experts are answering your questions - including whether the UK is enjoying a "Brexit benefit" as well as the impact of tariffs on US customers and products
How the US stock market is reacting to Trump’s tariffs…in 45 seconds
Image source, US PoolDonald Trump has started speaking in the Rose Garden of the White House.
Press watch live above to follow along, and we'll bring you his announcement on tariffs on this page.
Bernd Debusmann Jr
Reporting from the White House
Image source, Bernd Debusmann Jr/BBCI'm now in the Rose Garden of the White House, where a Marine Corps jazz band is playing for a crowd of several dozen people, lined up on the grass in white chairs.
Some of the attendees are wearing hard hats and construction gear - a hint of what is likely to be Trump's message that these tariffs are meant to benefit the American worker.
From my vantage point, I can see several administration officials and lawmakers, including Director of National Intelligence Tulsi Gabbard and Florida Representative Byron Donalds.
Robert F Kennedy Jr is clearly visible as well, laughing loudly as he chats to his neighbours.
Also among those in attendance is Sean Spicer, Trump's first press secretary, who walked by and briefly greeted the press - most of which has been penned up behind velvet ropes to the rear of the garden.
Bernd Debusmann Jr
Reporting from the White House
Several dozen reporters are congregated outside the doors that lead to the Rose Garden - anxious to get inside.
The international contingent is larger than most events I cover here. In the area immediate surrounding me, I see Brazilian, Italian and Japanese news crews.
A Spanish-speaking crew from a US network is nearby, discussing the impact of tariffs on Mexico and how the mechanics of that may play out.
I can't see the Rose Garden from here yet, but I do hear jazz music being played on loudspeakers.
By Ben Chu, BBC Verify policy and analysis correspondent
Most economists think that the impact of rapidly-rising tariffs will be negative - but the extent of the economic damage will depend on how much other nations follow the US in imposing tariffs of their own both on the US and other trading partners.
In 2020, economists at the Organisation for Economic Co-operation and Development, a club of mainly rich nations, examined the potential impact of an extreme global trade war, in which tariffs on all goods traded between countries shot up to 25%.
This research suggested that the global economy would end up around 5.5% smaller, external, with higher losses for the US, Korea and Australia.
The UK and Canada - which rely more heavily than most on imports needed for industrial production - were seen suffering losses of more than 10% of their economic output.
Ali Abbas Ahmadi
Reporting from Windsor, Ontario
Windsor is just across the river from Detroit
I’ve just arrived in Windsor, Ontario, a city right on the border with the United States, that is billed as the automotive capital of Canada.
Windsor and the surrounding Essex County are home to around 422,000 people, of whom more than 42,300 work in manufacturing. So the threat of a potential 25% tariff on cars, in addition to the existing 25% on steel and aluminium, looms large over this region.
On Saturday, a senior executive from Linamar - an Ontario-based supplier to the major automakers - warned that the car industry in North America could grind to a halt in less than a week in a trade war.
That threat is at the forefront of everyone's minds in Windsor, as the residents had a front-row view to the economic decline in Detroit, just across the river, after the automobile industry there collapsed in the early 2000s.
President Trump's announcement on new tariffs is set to begin in just under 30 minutes. He will be speaking from the White House where he has invited steel and auto workers, as well as his cabinet and some members of Congress.
We'll be bringing you the key lines in our page, and you'll be able to watch yourself by clicking Watch live above once it starts.
For now, here are the main points to know:
Tommy Lumby
Business data journalist
Last week, the UK's Office for Budget Responsibility published estimates of how the British economy could be hit by tariffs, according to different scenarios.
In the first, the US increases tariffs on goods from China, Canada and Mexico by 20 percentage points, and these countries retaliate to the same extent.
On top of the above, the second scenario sees the US raise tariffs on goods from all other countries by 20 percentage points.
The third includes the assumption that, in addition to everything mentioned above, all US trading partners retaliate with their own equivalent tariffs on US goods.
Bernd Debusmann Jr
Reporting from the White House
Peter Navarro, the White House's senior counselor for manufacturing and trade, has defended tariffs as a "restoration of full-spectrum manufacturing" in an opinion piece penned in USA Today.
In the piece, Navarro - one of the administration's most outspoken supporters of tariffs - argued that automobile tariffs in particular will create jobs and increase wages across the US.
"No longer does America fully manufacture its own automobiles," he wrote. "We largely assemble high-value parts made overseas."
Explaining the decline in US auto manufacturing, Navarro said that "other nations use unfair trade practices and predatory industrial policies to flood our market with subsidized vehicles and parts while blocking US exports from reaching their own consumers."
Trump's 25% tariffs on foreign cars and parts, Navarro added, "will provide powerful incentives for automakers to bring engine, transmission and drivetrain production back to American soil".
Navarro specifically cited manufacturers in Japan, Germany and India as examples.
"This isn’t protectionism. It’s restoration," he concluded. "Restoration of full-spectrum manufacturing, from bolt to body. Restoration of high-wage, high-skill jobs. And restoration of America’s arsenal of democracy."
BBC World Service
OS Radio
Image source, Lydia ForsonLydia's business in Ghana sells haircare products to the American market
We've been hearing from Lydia Forson in Accra, Ghana, who owns Kinky Matters, a hair care product company. She says the prospect of tariffs imposed by Donald Trump is "unnerving" because she has a lot of customers in the US.
"We were trying to expand more on export to the US because of the growing customer base. So, we're a little nervous," she tells the BBC's OS radio programme.
Over in New Delhi, Dinanath Upmanyu, the chief executive of clothes maker Billoomi Fashion, tells BBC radio he is worried. He sells 60% of his products to the US market and "utimately, it is the customer who has to pay," he says.
He says he fears American customers "may stop buying or they may buy some alternatives. The US is one of the biggest importers of Indian textiles."
By Ben Chu, BBC Verify policy and analysis correspondent
One of Trump’s justification for imposing so-called reciprocal tariffs is that some countries have higher tariffs on American imports than the US charges on imports from them.
He argues this represents "unfair" trade.
The US had an average tariff of 3.3% in 2023 according to World Trade Organisation (WTO) data.
That was below the European Union's average tariff of 5% and China's average tariff of 7.5%.
And it was considerably lower than India’s 17% average tariff and South Korea’s 13.4%.
So, it is legitimate for Trump to point out that some countries have a higher average tariff on imports than America's.
However, under WTO rules this does not constitute "unfair trade", as long as countries apply the same tariff rate to the same category of goods coming from every other country, rather than discriminating between different countries in setting the rate.
President Trump is considering announcing the creation of what he calls the "External Revenue Service", the BBC's US partner CBS News reports. Trump has previously described this hypothetical agency as an arm of government which would "collect tariffs, duties, and all revenue that come from foreign sources."
The report from CBS, cited to sources, also includes information that the president is likely to charge tariffs on low-value merchandise shipped from China to individual US consumers. The White House has not commented on this.
Currently, a US loophole allows duty-free shipments of Chinese goods worth less than $800. This has enabled Chinese companies such as Shein and Temu to skirt import fees.
The changes - if they happen - would affect the shopping habits of American consumers who buy cheap products online from China.
Bernd Debusmann Jr
Reporting from the White House
Image source, Getty ImagesAs staff prepare for this afternoon's tariffs announcement event in the Rose Garden, a news report claiming Elon Musk will leave his Doge role "soon" has become another topic of conversation here at the White House.
According to Politico, President Trump has told his inner circle that the billionaire tycoon will leave his government role in the coming weeks.
The White House called the report "garbage". And Trump's Press Secretary Karoline Leavitt said on X that Musk will "leave when his work is complete", although she did not specify a timeline.
The duration of Musk's work with the so-called Department of Government Efficiency - where he has overseen sweeping cuts across the US government - has never been made clear.
He is classified as a "special government employee", which would limit his service to 130 days a year.
In a recent interview with Fox News, Musk said that he believes Doge "will have accomplished most of the work required" within that 130-day timeframe.
The Politico report comes the morning after Musk suffered a major setback in an election in Wisconsin. He spent $20m campaigning for a conservative judge who lost the race for a seat on the state's supreme court.
Nadine Yousif
Reporting from Toronto
Image source, Getty ImagesPierre Poilievre
The threatened tariffs from US President Donald Trump have, in many ways, upended Canada's federal election set for later this month.
It is an issue that is now top of mind for Canadians voters, who are worried that additional US tariffs will mean further job losses and uncertainty, and a weaker Canadian dollar. The majority of exported Canadian goods - around 75% - are sold to the US.
Leaders of all federal parties have been busy pitching their own plans on how they would respond. Mark Carney, the Liberal leader who is also juggling his role of incumbent prime minister, has vowed to be strategic and measured.
His main opponent, Conservative leader Pierre Poilievre, said in an announcement early today that he would impose so-called reciprocal tariffs "to discourage American attacks," and to accelerate trade negotiations with the US to put an end to the uncertainty. A free trade agreement - known as the USMCA - between Canada, the US and Mexico is up for review in 2026.
"Why wait? Why not get it done now?" Poilievre asked.
New Democratic Party leader Jagmeet Singh, meanwhile, made his own announcement today in Winnipeg, promising to support workers by investing any money collected from retaliatory tariffs on the US back into affected sectors.
Ana Faguy
US Reporter
Image source, Getty ImagesAnita Doherty, a Maryland resident, says she and her husband had been procrastinating on replacing their aging car, but when the Trump tariffs started dominating the news cycle, she rushed to a used car dealership.
Last month, she bought a used Toyota.
"We decided to buy now, instead of waiting and potentially spending more money," Doherty tells the BBC. "It's a no brainer that prices of all kinds of things are going to be going up."
Doherty and her husband are in their 60s, and she's semi-retired. She says she's nervous about what the tariffs are going to mean for them.
With some of her retirement funds invested in the stock market, she's seen them take a hit in recent months.
"It's not fun to watch you retirement fund dwindle when you're in your retirement years and you don't have time to watch them bounce back."
Let's take a broad view of the current state of the US stock market, as Wall Street investors wait to see what Donald Trump has to say later.
As of 13:30 New York time (18:30 GMT) and following a slump earlier in the day, the three most important indices tracking US stock prices were all marginally up:
But this is not their final value for the day, as trading is open on Wall Street for several more hours. The final bell calling a halt to the day's work will be at 16:00 in New York, the same time as the scheduled tariffs announcement.
Nadine Yousif
Reporting from Toronto
Image source, Getty ImagesMark Carney
US President Donald Trump's "Liberation Day" has arrived, and Canada is bracing itself for the impact.
The country is in the middle of a federal election, which makes the timing tricky for candidates. Liberal leader and incumbent Prime Minister Mark Carney has had to step away from the campaign trail a few times - including today - to prepare Canada's response.
Carney has said that US tariffs are "the most significant crisis of our lifetimes". Earlier in the week, he put it bluntly: "Canada's old relationship with the US is over," he said, adding that Canada must now "fundamentally reimagine" its economy.
He has so far hinted at a measured response, vowing that Canada will be "very deliberate" in its retaliation to ensure minimal impact on Canadian businesses.
"We will not disadvantage Canadian producers and workers," he said.
So far, Carney seems to benefit politically from the tariff chaos. As the incumbent prime minister, he has been able to play the role he is auditioning for. Polls show his approach is resonating, with the Liberals now ahead by six points from their rival Conservative party.
By Ben Chu, BBC Verify policy and analysis correspondent
There are a wide range of estimates because Trump has not been clear about how his new tariffs will be designed and to which countries they will apply.
Bloomberg Economics think that, on top of the tariffs Trump has already announced since returning to office, the US’s average tariff rate on all imports could rise to 10.8%, which would be the highest rate since the 1940s.
The Budget Lab at Yale University estimate it could hit 15.5%, which would be the highest since the 1930s.
However, Bloomberg Economics also think it’s also possible the US average tariff rate could hit almost 35%, a rate not seen in the US since the 1800s.
This range of estimates underlines just how much uncertainty there is about what the president will do.
Beer and empty aluminium cans are set to be included within the scope of the previously announced 25% tariff on steel and aluminium tariffs.
The revisions will come into effect from Friday, according to the Department of Commerce.
As a reminder, on 12 March, President Trump implemented a 25% import tax on all steel and aluminium entering the US - the move ended previous exemptions for allies including Canada and the EU.
Rank-and-file steelworkers and auto workers have been invited to the White House for President Trump's tariffs announcement, our US partner CBS News reports, citing two White House officials.
They'll join the majority of Trump's cabinet, including Vice-President JD Vance, with House Speaker Mike Johnson, House Majority Leader Steve Scalise and other members of Congress who are also invited.
As a reminder, the announcement is due to take place in White House Rose Garden at 16:00 ET (21:00 BST).
We'll be following along live in our page and bringing you the key lines and further analysis from our team of correspondents.
As mentioned in our last post, the argument over tariffs is complex, but here are some of the arguments against.
Higher prices: Tariffs are a tax on imports, so they introduce a new cost that has to be paid by someone. Typically that results in higher prices, at least to some degree, for the end customer. This has a disproportionate effect on lower earners, who have less money to spend.
Hit to growth: When prices rise, people buy less. That hurts businesses and leads to lower growth. It can even tip an economy into recession.
Makes firms less efficient: Firms become less efficient if they are making decisions about production and supply chains based on tariffs, instead of other factors like cost and talent. This makes them less capable of competing globally.
Inhibits trade: Global supply chains are so intertwined that even a single product can involve parts moving across borders several times. Tariffs can mean multiple bits of red tape for one end product - discouraging trade and ultimately weakening global relationships.
Retaliation: If one country imposes tariffs, another might retaliate with their own. Each side could keep escalating - a situation known as a trade war.