Michelle Fleury
BBC World News Correspondent in New York

These are anxious times for wine sellers.

Josh Cohen, co-founder of Flatiron Wines and Spirits in New York, says tariffs would be devastating for the US importers he works with.

"Anybody that they employ, all the taxes they pay are supported by wines that they import from France. If there is a 200 % tariff, there's simply no way for them to sell those wines anymore in America and they'll close up. That'll be it, they'll go out of business."

European goods are expected to be a prime target of upcoming tariffs - with EU alcohol already facing a tit for tat threat of 200% duties.

President Trump threatened the steep levy on European alcohol after the EU announced plans to impose a 50% tariff on American whiskey.

To beat tariffs, some wine enthusiasts are buying more.

"Some champagne collectors have bought very deeply," Cohen says.

His advice: "If you're organising a wedding for instance and you have your heart set on a specific wine, well don't wait til August to buy it."

As markets in the US and around the world are taking a hit, the price of gold is on the rise.

Gold prices hit a new record, rising above $3,100 (£2,400) an ounce today.

The price of gold has increased by over 40% since the end of 2023.

The rising price of metal has been provoked in part by trade frictions and economic uncertainty brought on by Trump's tariff plans.

Image source, Getty Images

25 November 2024: Donald Trump says one of his first executive orders in office will be to charge Mexico and Canada a 25% tariff on all products entering the US, claiming he is taking action on fentanyl drug flow to the US.

1 February 2025: The US president follows through on his promise, implementing 25% tariffs on goods from Canada and Mexico, as well as a 10% tax on China, saying these would become effective on 4 February.

4 February 2025: Trump backtracks, and agrees to hold off imposing the Canadian and Mexican tariffs for 30 days after last-minute calls with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum.

5 March 2025: Tariffs on goods from Canada, Mexico and China take effect from 00:01, and Canada and China respond with retaliatory tariffs - Mexico says it will respond soon.

6 March 2025: A day later, Trump grants Mexico a temporary reprieve on tariffs - until 2 April. Later that day, Canada is given the same suspension deal - though some goods from both countries will still be subject to levies.

11 March 2025: Donald Trump responds to Ontario Premier Doug Ford’s threats to tax electricity exports to the US by doubling planned tariffs on Canadian steel and aluminium imports to 50%. The US president later reverts this measure back to 25% and Ford's own threat is suspended.

12 March 2025: A 25% duty on all steel and aluminium imports into the US takes effect - impacting all of the US’s trade partners including the EU, which reacts with €26bn (£21.9bn, $28.3bn) worth of counter-measures.

26 March 2025: Trump signs an executive order imposing 25% tariff on cars and car part imports to go into effect on 2 April.

Just an hour and a half after the New York Stock Exchange's opening bell, markets are still down.

The S&P 500 - an index that tracks the share prices of 500 of the largest public companies in the US - has fallen 0.68%.

Meanwhile the Nasdaq Composite - which measures more than 3,700 stocks listed on the Nasdaq exchange - has fallen 1.9%.

The Dow Jones Industrial Average, or the Dow, a stock market index of 30 prominent US companies, is faring slightly better, down only .03%.

Natalie Sherman
New York business reporter

That's the multi-million-dollar question - and for now, we’re still getting lots of conflicting signals.

For much of last week, Trump seemed to be trying to dial down expectations, suggesting he would give countries breaks or be “nicer” than expected.

But over the weekend the president said he planned to tariff “all countries” and trade adviser Peter Navarro shared estimates of how much money could be raised from the import taxes that implied dramatic action.

The Washington Post reported Trump was pushing aides to “go bigger” and the Wall Street Journal said Trump had revived his campaign proposal to impose a blanket 20% tariff.

Both reports made it clear the situation was fluid.

Politico, who was also trying to get a read, quoted a “White House ally close to Trump’s inner circle” saying: “No-one knows what the [expletive] is going on… like, the very basic questions haven’t been answered yet.”

We don't know yet what sort of tariffs Donald Trump will unveil on Wednesday, but we do already know about his tariffs on automakers.

Last week, the US president announced new import taxes of 25% on cars (coming into effect on 2 April) and car parts coming into America (coming into effect sometime in May).

But so far today, traditional US automakers are faring better than tech companies after the US market opened.

General Motors remained fairly unscathed, Ford saw an uptick (+2%) and Stellantis, a multinational carmaker which makes US brands Jeep and Chrysler among others, saw a dip of around 2%.

Tesla by contrast dipped as much as 7% upon open.

Trump has said introducing these tariffs will boost manufacturing in the US, along with encouraging US consumers to buy more American-made goods.

Mitchell Labiak
Business reporter

If you own shares directly, well, the value of your investment has gone down. For those who do not own shares, the potential effects are less direct.

First, falling share prices can hit the economy in many different ways.

For example, if a company’s share price falls, it means the firm will get less money than it did before when selling shares to investors. And a company struggling to raise cash has less cash to spend and so is less likely to hire staff or raise pay.

Second, there is what it might mean for your retirement. Pension funds are among the biggest investors in stock markets - and they don’t just stick to their own countries. UK pension funds might invest in US stocks, and vice versa.

However, pension funds tend to invest over the long term, so day-to-day movements in share prices matter less than long-term trends.

Image source, Getty Images

Stocks of the largest firms listed in the US have slid down again today, following a difficult period last week for the stock market.

The S&P 500 - an index that tracks the share prices of 500 of the largest public companies in the US - fell 1.53% for its fifth negative week out of six last week.

Meanwhile the Nasdaq Composite - which measures more than 3,700 stocks listed on the Nasdaq exchange - also reported its third negative week in four when it fell by 0.96%.

This negative trend reflects the estimations of chief investment officer at M&G Wealth Shanti Keleman, who tells the BBC there could be "quite a lot of uncertainty" for some time as Trump changes his mind on tariffs.

• You can read on for more on how Trump - once an avid NYSE watcher - now has plans to rebuild wealth in the US that can no longer be measured in the quarterly results of America's stock market giants

The BBC's Michelle Fleury has just spoken to Maha Rafi Atal, a political economy professor at the University of Glasgow, who says the Trump administration has a "very old-fashioned view of trade".

Trump has pledged tariffs on what he calls the "dirty 15" - 15 countries that the US has a trading deficit with, or countries that sell more goods to the US than they buy from it.

Atal says that the administration is oversimplifying trade relationships with these countries.

She says that when the administration sees the US importing a lot of goods from those countries, what they don't realise is that some of those goods are component parts that are ultimately being used to manufacture products in the US, which are later exported abroad.

“It’s not such a one to one as the Trump administration is suggesting," Atal says.

She adds that ultimately, if there is an all-out trade war, "nobody wins".

Without the detail we can’t be sure, but some analysts think they could take America’s average external tariff up to around 8.5% - which would be the highest since the late 1940s.

Though others think it could go as high as 16.5%, the highest since the protectionist trade wars of the 1930s.

Big tech stocks have fallen upon the US market opening today, with Tesla taking a big hit.

The company, run by President Trump's close ally Elon Musk, had its share price plummet 7% upon opening.

The company has been hit by protests across the US and Europe in recent weeks in response to Musk's political role in the Trump administration.

The BBC's New York Business correspondent Michelle Fleury has just spoken to Nancy Daoud, a private wealth advisor, who says it's too early to tell what the impacts of tariffs will be on the markets.

"I think it’s important to recognise that as of today it’s all just noise and speculation," she says.

Daoud says markets are always a "leading indicator with a great deal of emotion".

"Everyone is doom and gloom about tariffs… but in reality we don’t know what the outcome will be," she says, adding it will take about two weeks or so to fully understand the impacts of the tariffs on markets.

In the interim period, Daoud says, there will be an "adjustment" and "there will be some pain".

You can watch BBC's "Business Daily: Opening Bell" by clicking watch live at the top of this page.

Mitchell Labiak
BBC Business reporter

The S&P 500 index of the largest firms listed in the US opened down 1.1% on Monday following suggestions from US President Donald Trump that new tariffs would hit all countries.

Tech giants Apple, Microsoft, Nvidia, Alphabet, and Meta all dropped in early trading, with Nvidia's shares sinking 3.7%.

Meanwhile, Tesla, which is run by Elon Musk, fell more than 5% as the company battles with falling sales, competition from China, as well as a growing backlash against Musk’s politics and his large role in the Trump administration.

Michelle Fleury
BBC World News Correspondent in New York

Trump’s threat of universal tariffs are ramping up market volatility and dampening the economic outlook for the world’s largest economy.

On today’s “Business Daily: Opening Bell” (which goes on air as Wall Street opens), I’ll be speaking to Nancy Daoud, Private Wealth Advisor at Ameriprise Financial about what investors think of the Trump administration’s tariff agenda ahead of "Liberation Day".

We’ll hear from a wine seller on why tariffs would be devastating for the industry.

Plus what does it mean for the global economy? We get the view from Maha Rafi Atal, Associate Professor in Political Economy, at the University of Glasgow.

You can watch it all on our live stream at the top of this page from 14:30 BST (09:30 EDT).

Dearbail Jordan
Business reporter

Image source, Getty Images

Will Butler-Adams, chief executive of Brompton Bicycle, which makes folding bikes, says US tariffs are creating uncertainty.

While, at the moment, Brompton's products are not facing additional taxes, he says people interpreting the tariffs are trying to establish how much steel in products might have come from outside the US, which might therefore lead to tariffs.

"The reality is we don't [know] actually and the people who are on the borders importing goods into the US don't actually entirely understand how some of these tariffs might be put in," Butler-Adams says.

About 10% of Brompton's sales come from the US, where it has grown from a staff of four to 40 people and has shops in New York and Washington.

But Butler-Adams says tariffs might prove to be "counter-productive".

"Ironically, if he puts taxes on, it is going to make our product less competitive," he adds.

"We won't continue to invest in the same way that we are now. We may even shrink, in the extreme we might pull out."

Image source, Getty Images

We're just over half an hour away from the opening bell of the New York Stock Exchange, which rings at 9:30 EDT (14:30 BST).

We'll be watching to see how the US market reacts to the unease we've seen in global markets because of Trump's upcoming tariffs.

Stock markets have fallen in Asia and Europe after President Donald Trump suggested that new tariffs he has planned this week will hit all countries, not just those that have the biggest trade imbalances with the US.

In Frankfurt, the DAX index was down more than 1% in the first hour of trading.

In Paris, the CAC40 was down by a similar margin. In London, the FTSE 100 was also down.

Image source, Reuters

Tariffs are a central part of US President Donald Trump's economic vision. He says "tariff" is his favourite word.

He argues the taxes will encourage US consumers to buy more American-made goods, boosting the country's economy and increasing the amount of tax raised.

Trump wants to reduce the gap between the value of goods the US imports and those it exports to other countries.

For example, the US had a goods trade deficit of $213bn (£165bn) with the European Union (EU) in 2024, something Trump has called "an atrocity". By contrast, the EU had a services trade deficit of €109bn (£91bn) with the US.

The US president has also said tariffs were intended to force China, Mexico and Canada - the countries first targeted - to do more to stop migrants and drugs reaching the US.

He has refused to rule out the possibility of a recession as a result of his trade policies. US Commerce Secretary Howard Lutnick said tariffs were "worth it" even if they led to an economic downturn.

The BBC has gone to car dealerships outside of Washington DC to ask drivers how President Trump's auto tariff will affect them.

The US president has announced a 25% tariff on all imports of cars and car parts manufactured outside the US, set to come into effect on Wednesday. He said the measure would lead to "tremendous growth" for the industry, promising it would spur jobs and investment in the US.

While Donald Trump's announcement of a new import tax on cars and car parts was aimed at foreign manufacturers, US firms are also set to bear the brunt of the 25% tax.

At the time of the Trump's announcement last week, Elon Musk's Tesla firm was largely spared from the hit of taxes - with its shares ending the day flat.

But, Trump's ally wrote on social media that Tesla is "NOT unscathed here", before adding: "The cost impact is not trivial."

Many major car companies have operations in the US, while also bringing in models or parts from outside the US.

Patrick Masterson, chief copy editor at Cars.com, warns that "the major takeaway I think people should know about this is no vehicle is 100% US-made", adding that no automaker will likely be spared from the effect of a tax on imports.

• Read more on how US consumers can expect to pay thousands of dollars more per vehicle following Trump's tariff in our news article

Mitchell Labiak
Business reporter

Stock markets across the world have fallen after the latest comments from US President Donald Trump.

Trump has suggested his next round of tariff announcements, expected on Wednesday, will hit all countries, rather than just those who sell more goods to the US than they buy.

So, what’s going on?

Since being sworn in at the start of this year, Trump has announced a raft of tariffs, which are taxes on US firms importing goods.

The aim of this is to encourage American consumers to "buy American’" and US firms to "build American", though many US companies argue it is not simple to start making more things there, especially if so many of their factories and workers are overseas.

Either way, the short-term effect of all this is what we are seeing today.

Following Trump's comments, Asian markets have fallen and European markets have opened down.