Jonathan Josephs
BBC business reporter

Tariffs are the word of the day, but "non-tariffs barriers" are among the reasons why China has been singled out for higher tariffs.

Since President Trump’s first term, the world’s two biggest economies have charged tariffs on more than half of what they sell each other.

However, American companies have long complained about the non-tariff barriers that make life difficult for them in China.

It means they can’t sell and operate as freely as many would like in a country with huge potential because of its sheer population size.

These restrictions can include a lack of protection for their intellectual property, which makes it hard to stop Chinese companies copying products.

There are also limits on what foreign companies can own in certain industries, and the question of whether the Chinese government gives unfair financial help to some of its companies to help them compete internationally. It’s often denied doing so.

Both the US and China have increased various economic restrictions, particularly on technology, in recent years. And President Trump’s newest tariffs mean a further decoupling is likely.

Image source, Getty Images

US Treasury Secretary Scott Bessent is warning countries not to respond to Donald Trump's latest round of tariffs.

"My advice to every country right now is, do not retaliate," Bessent tells Fox News.

"Sit back, take it in, let's see how it goes. Because if you retaliate, there will be escalation," he warns.

"If you don't retaliate, this is the high watermark."

Image source, Reuters

Italian Prime Minister Giorgia Meloni has called the newly announced US tariffs "wrong" and says it could lead to a trade war.

"We will do everything we can to work for a deal with the United States, aiming to prevent a trade war that would inevitably weaken the west in favour of other global actors," she wrote in a statement.

Meanwhile Australian Prime Minister Anthony Albanese says the tariffs are "not unexpected" but they are "totally unwarranted".

"President Trump referred to reciprocal tariffs, a reciprocal tariff would be zero, not 10%," he says.

"The administration's tariffs have no basis in logic and they go against the basis of our two nation's partnership.

"This is not the act of a friend."

David Wallace Lockhart
Reporting from New York

I’ve been watching the tariff announcement at the Caledonian Bar in Manhattan.

They stock 130 Scottish whiskies, and they’ll now face a 10% tariff when it comes to importing them.

A typical glass would set you back about $20. But that may have to increase.

Jeff Winslow - who works at the bar - explains that they may have to pivot more towards US spirits, like bourbon and rye, which won’t face a similar increase in price.

That’s exactly the sort of change in behaviour distillers in Scotland will be worried about.

After the tariffs were announced, Scotland's Deputy First Minister Kate Forbes said: “We do not believe unilateral measures by the US are the answer and we are concerned about the negative impact of trade barriers on the Scottish economy. We urge the US and all parties to come together and work towards mutually beneficial resolutions."

Image source, Getty Images

We've just heard from Swiss President Karin Keller-Sutter, who writes on X that the country "will quickly determine" its next steps in response to the tariffs.

"The country's long-term economic interests are paramount," she wrote. "Adherence to international law and free trade remain core values."

Switzerland is considered one of the "worst offenders" according to President Trump and his trade list, and its goods will be taxed at 31% under the US plan.

The US sent $25bn worth of goods to Switzerland in 2024, and imported more than twice that amount, $63.4bn, leading to a large trade deficit.

In its annual trade report released earlier this week, the US described Switzerland as protectionist, claiming it used high subsidies, import restrictions and tariffs to keep prices low and build up its agricultural sector.

Chris Mason
Political editor

Just like so many others, the Business Secretary Jonathan Reynolds was watching the telly to see what President Trump would have to say.

Folk in government in the UK had picked up a sense of the mood music – a sense that the UK was "in the good camp rather than the bad camp" as one figure put it to me – but they had no idea what that meant.

We now do know what it means.

I detect a sense of relief among ministers, but make no mistake they are not delighted – the tariffs imposed on the UK will have significant affects, and the tariffs on our trading partners will have a profound impact on jobs, industries and global trading flows in the weeks, months and years to come.

Negotiations with America over a trade deal continue.

I am told a team of four UK negotiators are in “pretty intensive” conversation with their American counterparts – talking remotely, but willing to head to Washington if signing a deal appears imminent.

Let’s see.

The other point being seized upon at Westminster, in particular by the Conservatives, is the difference between how the UK is being treated compared to the European Union – with plenty pointing to it as a dividend of Brexit.

Who will get hit the hardest by Trump's tariffs?published at 23:16 British Summer Time 2 April

23:16 BST 2 April

Dharshini David
Deputy economics editor

Cambodia, Vietnam, Malaysia, Bangladesh all fall among the list who will face the heaviest tariffs on the goods they sell to America.

Some are also among those who benefited the most from President Trump’s trade policy during his first term. The tariffs he imposed on China allowed production in those countries to expand, and for them to grow their market share in America.

Now, President Trump says, it’s payback time. Being disadvantaged in this way could cost those companies dearly. They may try to recoup sales for their textiles and other products in other countries. And the result, for America Is uncertain.

Only if American shoppers are prepared to wear higher prices will President Trump gain the extra revenues he hopes for. If they change their buying habits, that penalises those trading partners but he doesn’t get that tariff cash. It’s one example of why he can’t have it both ways.

Catherine Moore
BBC News Northern Ireland

Posting on X after the announcement, Northern Ireland First Minister Michelle O'Neill says her priority "has always been to protect the best interests of workers, families, and businesses on the island".

"We must ensure that our all-island economy, which has grown substantially in recent years, continues to thrive to create better opportunities for all our people," she adds.

O'Neill says she will "continue to speak with political and business leaders throughout this period of uncertainty" and prioritise "the prosperity and future of everyone who calls our island home".

Meanwhile, Democratic Unionist Party (DUP) leader Gavin Robinson says that "Northern Ireland remains exposed to potential EU retaliation, and local businesses must not become collateral damage".

"The government must take urgent steps to protect Northern Ireland's interests and ensure our place in the UK internal market is fully safeguarded," he says.

Speaking earlier, Prime Minister Keir Starmer said the UK government was "looking carefully" at the prospect of any retaliatory tariffs the EU may announce in response to the tariffs, and the impact they might have in Northern Ireland.

Michael Race
Business reporter

Image source, EPA

Sebastian Gorka, an adviser to US President Donald Trump, has told BBC Newsnight that the UK is getting a “special rate” on tariffs, and suggested it would be “improved” in the future.

“After Brexit you have reaffirmed your independence and I think that is been proven today by the special rate that has been afforded to the UK,” he told the programme.

“There’s nothing to say that the current rate, the exempted rate, the special rate you have been afforded could not be improved. It is the beginning.”

The UK government has been in negotiations over a potential economic deal with the Trump administration in recent weeks, but could not reach an agreement prior to today’s announcement.

Vishala Sri-Pathma
BBC News

Stocks turned lower in late hours after President Trump outlined tariffs that included a 20% tariff on the European Union, 24% on Japan and 34% on China.

The S&P 500 fell almost 1.5% andthe Nasdaq 100 slipped 2%.

Investors have been concerned about the impact of tariffs and the erratic nature of how they have been announced by the Trump administration.

Stocks of companies that are big importers were hit Wednesday evening.

Shares in Nike fell 6% and General Motors dropped 3%. Chip giant Nvidia has been hit hard. After initially rallying by 2%, it is currently down by nearly 5% after Taiwan was subject to a 32% rate.

So far, it appears that this announcement has not halted the slide in the US dollar or US stocks. The gold price continues to surge, and UK and European stocks look slightly more sheltered compared to US stocks.

Catherine Moore
BBC News Northern Ireland

Taoiseach (Irish Prime Minister) Micheál Martin says he can see "no justification" for the tariffs, adding that Ireland will reflect with its "EU partners on how best to proceed".

Martin says action should be "proportionate" and "aimed at defending the interests of our businesses, workers and citizens".

"A confrontation is in no one's interests," he adds.

"Ireland will be a strong advocate for an outcome which enhances the existing and strong transatlantic trading relationship."

Bernd Debusmann Jr
Reporting from the White House

Canada and Mexico - two of the three largest US trading partners, alongside China - are not subject to these tariffs, for now.

According to senior administration officials who spoke to reporters earlier, earlier tariffs placed on those countries by the Trump administration remain in effect, as well as an exemption for goods shipped under North America's free trade pact, the US-Mexico-Canada agreement (USMCA), which Trump signed during his first term.

If those tariffs are terminated, however, the tariffs will switch to the regime announced by Trump this afternoon.

Officials were earlier asked whether the USMCA exemptions would be extended, but provided no answer.

The world is beginning to react to the new tariffs announcement by Donald Trump.

We're hearing from Australian Prime Minister Anthony Albanese, who says the new US trade tariffs are "totally unwarranted" and will change the perception of the two countries' relationship.

Australia, a close ally of the US, received a new tariff of 10%.

"These tariffs are not unexpected, but let me be clear, they are totally unwarranted," Albanese says.

His foreign minister, Penny Wong, also says she doesn't underestimate the effect the new tariffs will have on the strategically important Asia-Pacific region.

She says Australia will respond with credibility and maturity.

As we've been reporting, the president has announced a raft of new tariffs - including a baseline tariff on all countries as well as additional tariffs of varying amounts for individual countries.

Below we've set out when these tariffs will begin:

• Today, 00:01 ET (05:01 BST) 25% tariff on all foreign-made automobiles
• April 5 12:01 (ET) (05:01 BST) baseline 10% tariff for all countries
• April 9 12:01 (ET) (05:01 BST) higher reciprocal rates

We've just heard from US President Donald Trump, who formally announced his plan to slap reciprocal tariffs on US trading partners around the world.

Here's a recap of what he had to say:

• Trump delivered a roughly 50-minute speech from the White House Rose Garden with his full cabinet in attendance as well as representatives of the US steel and auto industries
• He described today as "liberation day," and part of his plan to make America "wealthy again"
• His executive order represents "a declaration of economic independence", he said, in a reference to America's founding document announcing its plan to secede from Britain
• Starting tonight, the US will impose a 25% tariff on all foreign-made automobiles, he announced
• He singled out several countries, saying that they were "cheating" by forcing Americans to pay high tariffs
• He said Australia refuses to buy American beef, the EU rejects American poultry, and Asian countries "don't want us to sell our rice there"
• A baseline tariff of 10% will be applied to every country starting on 5 April, including the UK, Trump declared
• On 9 April, higher tariffs will begin to be imposed on certain countries, he said
• He pledged that history will prove him correct, and that in the future Americans will look back and realise that he was right

In the last hour, the US has announced a range of new global tariffs which will come into effect one different dates over the next week.

Steel and auto workers were among those attending the speech at the Rose Garden - some of whom were kitted out in hard hats and high-vis uniforms.

In the images below you can see some of those workers sitting in the crowd with cabinet ministers and senators.

Image source, EPA

Image source, Reuters

Image source, Reuters

Image source, Reuters

European nations, including the 27 members states of the European Union, feature heavily in Trump's announcement.

The EU has drawn the ire of the president, who has previously said he believes the bloc was created to "screw the United States".

Here's a breakdown of some of the countries listed in Trump's chart:

• European Union - 20%
• Kosovo - 10%
• Switzerland - 31%
• United Kingdom - 10%
• Norway - 15%
• Ukraine - 10%
• Liechtenstein - 37%
• Serbia - 37%

The White House's official rapid response team has published the full list of countries, external on its social media channels.

Let's have a closer look at the tariffs just announced by Trump. We'll break them down by region, starting with Asian countries ranging from Singapore's relatively low 10%, all the way up to 48% on Laos.

Here's a looks at some of the countries in Asia that appeared on his chart, alongside their new US tariff rates:

• China - 34%
• Vietnam - 46%
• Taiwan - 32%
• Japan - 24%
• India - 26%
• South Korea - 25%
• Thailand - 36%
• Malaysia - 24%
• Cambodia - 49%
• Bangladesh - 37%
• Singapore - 10%
• Philippines - 17%
• Pakistan - 29%
• Sri Lanka - 44%
• Myanmar - 44%
• Laos - 48%

Bernd Debusmann Jr
Reporting from the White House

Image source, Bernd Debusmann Jr/BBC

I'm now back in the White House, where large printed versions of the tariffs charts are now sitting on either side of the podium where Press Secretary Karoline Leavitt speaks to the press from.

Many reporters did not get accredited or approved for the Rose Garden event, which was held in a relatively tight space.

Those who didn't listened from the press area of the White House. Many of them are now running outside quickly to do their TV lives.

Today is one of the most crowded I've seen the White House, at least as far as reporters go - right up alongside Volodomyr Zelensky's visit earlier this year.

Tariffs will hurt, but UK's 10% could have been worsepublished at 22:07 British Summer Time 2 April

22:07 BST 2 April

Chris Mason
Political editor

"It is lower than it could have been," a senior government source tells me.

The tone was still sombre - a 10% tariff is big and they’d rather not have them at all - it is considerably less than some others and less than some thought it would be.

Ministers hope this announcement is a reasonable basis for carrying on with negotiations over a trade deal that could lead to them falling or being dropped entirely.

They hope too tonight’s news is a vindication of their approach so far to the Trump administration.

But make no mistake - and those in government are keenly aware of this - these tariffs will hurt, both directly and indirectly, as the patchwork of new taxes upends global trade flows in the weeks, months and years to come.