Jonathan Josephs
Business reporter

Image source, EPA

The head of the World Trade Organization (WTO) says these tariffs “will have substantial implications for global trade and economic growth prospects”.

In a statement Dr Ngozi Okonjo-Iweala says she is “deeply concerned about this decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that lead to further declines in trade”.

In a sharp revision of its previous forecasts the WTO now says that it's expecting the volume of global trade to shrink 1% this year.

This compares to the previous forecast of 3% growth that it made in October.

President Trump’s global tariffs are the biggest shock to the WTO system for governing global trade in its 30-year history but the Geneva-based body says its rules still govern about 74% of all global trade.

Many countries have “reached out” to the WTO’s leadership with questions but if President Trump ignores it, as he has done in the past, retaliatory tariffs may be one of the few options they have even though Dr Okonjo-Iweala wants it to be a platform for resolving their differences as it was set-up to do.

Will Grant
Reporting from Mexico City

Image source, Reuters

Mexican President Claudia Sheinbaum began her daily press briefing by saying that Mexico would not be imposing any tariffs on the US.

The fact that Mexico and Canada had largely been left out of the new tariffs announcement from the White House, she said, was “good for the country” and testament to the strength of their bilateral relationship.

However, many in Mexico are unsure whether the country’s vital car manufacturing industry would be affected by the decision - or exempted under the rules of the USMCA regional free trade agreement.

The country’s finance minister, Marcelo Ebrard, said the vast majority of the Mexican automotive industry - 84%, he claimed - conformed with USMCA rules and therefore should avoid the 25% tariff on foreign-made cars being imposed by the US.

Mexico currently sends around $200bn (£152bn) worth of assembled cars to the US each year, around 40% of its total annual exports. It is also the leading provider of car parts to the US.

Paul Sargeant
Visual Journalism Team

President Trump revealed the tariffs for a number of major countries during his speech yesterday, but the full list was released a little later by the White House.

Here are the countries with the highest tariffs announced yesterday.

Vietnam has by far the largest economy among this group - with an annual GDP of around $430bn - and is the only one among the world’s top 50 largest economies.

In comparison, the Falkland Islands, despite being a British overseas territory rather than a country, has a GDP of around $370m - over 75,000 times smaller than the GDP of the United States.

Vishala Sri-Pathma
Business reporter

Image source, Getty Images

Stocks around the world are lower, as investors digest the tariffs announcement by the White House on Wednesday.

At the time of writing, the S&P 500 index is down 3.8% and the Nasdaq almost 5%, dragged down by tech giant Apple, down 8%.

The iPhone maker is one of the companies most exposed to tariff risk, given China is a key manufacturing hub.

In fact, the falls have been heaviest in companies whose supply chains are most dependent on overseas manufacturing - like Apple but also Amazon (7% down) and Nike (11%).

Since January, when the Trump administration began, US markets have lost 10% of their value, marking the worst 10-week start under a new president since George W Bush in 2001 during the height of the dot-com selloff.

In Europe - shipping giant Maersk which is widely viewed as a barometer for world trade - was 9.5% lower.

The UK's FTSE 100 index was down 1.6% with France’s CAC 40 and Germany’s DAX posting deeper losses of 3.3% and 3.1%, respectively.

Faarea Masud
Business reporter

Image source, Getty Images

Construction machinery giant JCB says it will double the size of its new Texas factory, after Donald Trump's tariffs announcement.

JCB boss Graeme Macdonald says the "significant" impact of the tariffs will be mitigated by doubling the factory's capacity, which is the second JCB plant in the US and is still being built.

Manufacturing in the US will allow it avoid tariffs when selling inside the US.

On exports from the UK, Macdonald says: "We are thankful that the tariff is only 10% and we can only hope that the UK government will conclude negotiations on a trade deal in the coming days and weeks."

Image source, Getty Images

It's been a busy day in Wall Street - and around the world - as markets and countries react to US President Donald Trump's announcements on tariffs. Here's what you need to know:

• US stocks dropped sharply on Wall Street today - firms that relied on imports or foreign manufacturing seemed affected by the tariff plans
• Responding to the drops, White House press secretary Karoline Leavitt said people on Wall Street should "trust in President Trump", adding that the tariffs are "not a negotiation"
• Trump himself said on social media: "THE OPERATION IS OVER! THE PATIENT LIVED"
• Last night, the president announced a minimum 10% tariff on all countries, with higher duties on others - including 20% on the EU and 54% on China
• A new 25% tariff on car imports was announced by Trump last week, with Canadian PM Mark Carney telling media today that his country would match it

• The tariffs have drawn criticism - Trump's former vice-president Mike Pence says “blowing up the world trading system has consequences that the president isn’t advertising”
• Meanwhile, the UK has drawn up a list of US goods that could face future tariffs in retaliation

But hang on - what even are tariffs? Here's our post explaining what they mean.

Chris Page
Ireland correspondent

Image source, PA Media

Ministers in Northern Ireland’s devolved government have discussed the potential impact of US tariffs at their weekly meeting.

The first minister, Michelle O’Neill of Sinn Féin, says the move by President Trump is a “race to the bottom” which “doesn’t serve anyone’s interests.”

She tells a news conference that the power-sharing executive in Belfast will focus on protecting jobs and growing the economy.

The deputy first minister, Emma Little-Pengelly of the Democratic Unionist Party, says she will push for the European Union (EU) not to impose retaliatory tariffs on the US.

Because of distinct post-Brexit trading arrangements, importers in Northern Ireland would have to pay tariffs on goods from the US if the EU decided to levy duties on American products.

Local businesses would be able to claim back the expense if the goods were staying in this part of the UK.

But Little-Pengelly says she had told the Westminster government that the tariff reimbursement scheme is “not fit for purpose”.

Donald Trump has chosen to impose a wide range of different tariffs on other countries.

But how did he come up with the figures?

Ben Chu from BBC Verify explains.

Are Trump’s tariffs breaking trade rules?published at 17:26 British Summer Time 3 April

17:26 BST 3 April

Image source, EPA

By Anthony Reuben

The US is a member of the World Trade Organisation (WTO) and the new tariffs appear to breach WTO rules.

Those rules, external say that countries need to have the same trading system for all countries that they do not have free trade agreements with.

It’s known as the most-favoured-nation (MFN) treatment and it can only be breached under strict circumstances such as if members want to give developing countries special access to their markets.

In theory, countries facing high tariffs from the US could take them to the WTO’s dispute settlement court.

But during Trump’s first term, the US started blocking the appointment of judges to the appeals body that rules on disputes between members, arguing that it had overreached its role.

As a result, the body cannot currently function, external and there is little that the WTO can do about any breaches of its rules.

As a reminder, Canada's Prime Minister Mark Carney has claimed Trump's tariffs are "against international trade law".

Canada's prime minister says they are setting up a framework for automakers to avoid the counter tariffs as long as they keep production and investment in Canada.

Canada has a large auto sector deeply integrated with the US.

Carney, who is also Liberal leader, is off the federal campaign trail for the second time in as many weeks to address US tariffs.

Canadians go to the polls on 28 April, and the campaign - in its 12th day - has been overshadowed by the trade war with the US.

Carney spoke with President Trump last week, and he says that Trump agreed he would begin talks on the economic and security partnership between the two nations with Canada's next prime minister, whoever wins the election.

The Liberal Party leader is not alone in talking tough on the US - all party leaders have pitched plans to move Canada away from its deep economic dependence on the US as a trading partner and to protect Canadian workers affected by the trade war.

Besides the latest retaliation, Canada has previously unveiled some C$60bn in counter tariffs on the US.

Carney says he will "fight to bring each of these tariffs to an end".

The Canadian prime minister says his government has gone to the World Trade Organization "because these actions are against international trade law".

The US and Canada had formerly enjoyed a close relationship and "steadily deepening integration", but Carney says this is now over.

"This is a tragedy. This is also the new reality," he says.

We'll have more from BBC Verify's Anthony Reuben on whether Trump's tariffs are breaking trade rules shortly.

Canada's Prime Minister Mark Carney has announced it will match the US auto tariffs, with 25% levies on all vehicles imported from the US that are not compliant with the North American free trade deal, or CUSMA.

Canada will also bring in a tariff on non-Canadian content of any free-trade compliant vehicles from south of the border, he says.

Carney notes that Mexico will be exempt.

US auto tariffs that came into force at midnight local time have had an immediate affect: a Stellantis plant in Windsor, Ontario, which employ 3,600 people, will be shuttered for two weeks starting on Monday due to US tariffs.

Canada escaped additional US tariffs yesterday, but three sets of US tariffs are currently in place: partially imposed blanket 25% tariffs on Canadian imports, the 25% global steel and aluminium levies, for which Canada is a major supplier to the US, and global auto tariffs.

You can press watch live at the top of this page to follow along.

Brajesh Upadhyay
Reporting from Washington

Image source, Reuters

Trump’s tariffs have drawn some strong words from his former vice-president, Mike Pence, who rarely speaks against his former boss in public.

In a post on X, Pence dubs the tariffs “the largest peacetime tax hike in US history. These Tariffs are nearly 10x the size of those imposed during the Trump-Pence administration and will cost American families over $3,500 per year".

Pence also posted an article this morning from the Wall Street Journal’s Editorial Board, titled Trump’s New Protectionist Age, which says “blowing up the world trading system has consequences that the president isn’t advertising”.

Advancing American Freedom, a policy advocacy organisation founded by Pence, has been vocal in its criticism of Trump’s tariff plans. The group has argued that Trump’s tariffs "are essentially a tax on American consumers and businesses”.

Earlier, Trump’s current vice-president, JD Vance, strongly defended his boss saying the US economy will go through a “big change”.

Nick Edser
Business reporter

A short one from John Claffey, who asks: "Is this products only and NOT services?"

Yes, the tariffs only apply to physical goods that are traded between countries.

Trump hopes that in the long-run this will encourage more firms to make things in the US and lead to an increase in manufacturing jobs.

The tariffs do not apply to services, which includes sectors such as banking, finance and legal services.

Marc Ashdown
Business correspondent

A question sent in from Stuart Milner now: "If America does not import as many Land Rover luxury cars and other markets cannot be found to replace the lost American market, will they and other British made cars be cheaper to buy in this country due to surplus stock and lower demand?"

British vehicles to the value of £9bn came off assembly lines and were shipped to America last year.

For Jaguar Land Rover the US market represents about a quarter of its total revenue.

There is huge concern in the industry, with a blanket 25% on finished vehicles, but varying taxes too on parts like batteries and semiconductors.

If there's no reduction in the current tariff plan, there is a chance of discounted vehicles being offered here - Tesla recently introduced discounting and incentives to try to reverse a decline in sales.

But there are also warnings that manufacturers might opt instead to simply reduce production - build fewer cars - which could lead to job losses and result in a hit to the vehicle industry, and wider economy.

Dharshini David
Deputy economics editor

A question now from David Rash, in Yeovil: "If Trump's tariffs result in reducing the supply of foreign goods into the US, and US exports also reduce, will this not lead to a stagnant world economy as other countries attempt to find new markets because the US will deter any trade?"

This is a very real risk.

The tariffs introduced by President Trump amount to the largest such levy to face American consumers in almost a century.

If they do get put in place – and remain – there is likely to be a serious dent to the amount bought by Americans, still the world's biggest shoppers, from the rest of the world.

And those who are prepared to fork out for higher prices due to tariffs will have less to spend on other things.

In the event of the retaliation threatened by other countries, American exporters will suffer – hence the concern that not just the US but the whole global economy, so reliant on trade flows, could slow.

But as you say, the natural inclination is for countries hardest hit – toymakers from China to apparel manufacturers in Vietnam - to boost sale in other markets.

That might appeal to consumers – but obviously, could disadvantage businesses in those target markets.

Does the UK impose 10% tariffs on US imports?published at 16:20 British Summer Time 3 April

16:20 BST 3 April

Image source, EPA

By Anthony Reuben

Donald Trump’s scoreboard said that the UK charges 10% tariffs on US imports so the US would be charging 10% to the UK.

And Carla Sands, a former economic adviser to Trump, told BBC Radio 4 Today: "What President Trump is seeking is reciprocity... so 10% tariffs on the UK from the US and the UK charges the US 10% tariffs.”

That is not correct.

The UK charges an average of about 4% tariffs on imports from the US, external, as Trade Secretary Jonathan Reynolds confirmed later in the programme.

While the White House has set the new tariffs using a formula based on levels of imports and exports from each country, White House officials have also explained that there is a minimum "baseline" tariff of 10% on all imports to the US.

And that is what the UK will be paying from the weekend.

Image source, EPA

After a meeting with industry representatives, French President Emmanuel Macron says Trump's tariffs are a "shock for international trade", saying it will have a "massive impact" on the European economy.

"The decision that was announced last night is a brutal and unfounded decision," he says, adding that the US economy and consumers will emerge "poorer and weaker".

As a reminder, the European Union is amongst those hit hardest and EU chief Ursula von der Leyen called Trump's tariffs a "major blow to the world economy".

We have recapped how world leaders have been responding to Trump's tariffs here.

Thomas Mackintosh
Live reporter

What are tariffs?

Tariffs are additional taxes charged on goods imported from other countries.

What has Trump introduced and why?

Trump has announced a long list of tariffs on imports to the US. A minimum base level of 10% will apply to most countries - including the UK - from 5 April, with higher duties on some of America's biggest trading partners from 9 April.

Trump argues the tariffs will encourage US consumers to buy more American-made goods and in turn boost the country's economy, increasing the amount of tax raised.

How have other countries responded?

World leaders have criticised Trump's latest tariffs as a "major blow" to the global economy. EU chief Ursula von der Leyen warned "the consequences will be dire for millions of people around the globe". There is some relief for the UK at lower tariffs - but not delight at Trump's move, writes Chris Mason.

What impact could tariffs have?

Many economists warn Trump's tariffs could lead to a global trade war, and increased costs will be passed on to American consumers, raising prices and threatening recession. A messy global trade war looks inevitable, suggests the BBC's economics editor Faisal Islam.

What tariffs has Trump already introduced?

Early into his second term in office, Trump targeted key US trading partners China, Mexico and Canada. He has also announced tariffs on energy imports, steel and aluminium imports and a 25% tariff on car imports which came into force today.

Image source, Getty Images

The CEO of conservative media firm Newsmax rang the bell to mark the start of trading at the New York Stock Exchange earlier.

It went downhill from there, though - Newsmax shares are currently down by 19% since opening.

But overall, it's been a good week for Chris Ruddy and his company.

The US firm's shares were originally priced at $10 (£7.75) when they made their trading debut in New York on Monday. Even with today's drop, they're at $42 (although did hit peaks of $233 on Tuesday).