Anthony Zurcher
North America correspondent

Image source, Getty Images

Donald Trump's politics have shifted considerably over his decades in the public sphere.

But one thing he has been consistent on, since the 1980s, is his belief that tariffs are an effective means of boosting the US economy.

Now, he's staking his presidency on this being right.

"For years, hard working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense," he said at the White House on Wednesday.

"With today's action, we are finally going to be able to make America great again - greater than ever before."

It is still an enormous risk for this president to take.

Economists of all stripes warn that these massive tariffs will be passed along to American consumers, raising prices and threatening a global recession.

Read our analysis of what the tariffs mean for the world.

Koh Ewe
Live page reporter

Taiwan has called Trump's tariffs "highly unreasonable" and said it "does not reflect the actual economic and trade situation between Taiwan and the United States."

Taiwan's cabinet convened a meeting to come up with a response to the 32% tariff it is set to face for exports to the US.

Premier Cho Jung-tai also said Taiwan will make "serious representations" to the US.

As we've been reporting, the sweeping slate of tariffs announced by Trump on Wednesday has been met with widespread criticism from governments around the world.

Listen to Sarah Smith, Anthony Zurcher and Justin Webb break down President Trump's White House announcement. Which countries are most impacted by the fresh tariffs? Will the move spark a global trade war, or could the president roll back some parts of his policy?

Listen to Americast on BBC Sounds or wherever you get your podcasts.

Stephen McDonell
China correspondent

Image source, Getty Images

A 54% tariff hit on Chinese goods entering the United States is certainly huge, and will no doubt hurt Chinese companies trying to sell into America.

Beijing’s threatened countermeasures would also hurt US companies trying to reach the massive Chinese market.

But, in one way, these moves from Donald Trump are also a gift to Xi Jinping.

Xi is portraying his country as a champion of free trade, as a backer of multilateral institutions, and making comparisons with the US which is seen as trashing both of these.

Just last week China’s leader was sitting down with chief executives from big international corporations – including many from Europe – and the imagery was clear: the US under Trump equals chaos, trade destruction and national self-interest. China under Xi equals stability, free trade and global cooperation.

People may quibble with the Chinese Communist Party’s reading of where the world sits, but every time Donald Trump takes measures like those announced on Wednesday, it makes Xi’s sales pitch easier to deliver.

Economic necessity may draw many countries closer to China and further from Trump’s America.

Chinese authorities and state media have condemned Trump's fresh, sweeping slate of tariffs.

An opinion piece in Global Times, which is closely affiliated with Beijing, described Trump's announcement as "tariff blackmail".

As we reported earlier, China's Ministry of Commerce has condemned the US tariffs and vowed "resolute countermeasures".

"History has proven that raising tariffs does not solve US's own problems," the statement said. "It harms US interests while also threatening global economic growth and the stability of industrial and supply chains."

Meanwhile, China's ambassador to the US took issue with Taiwan being listed separately as a "country" in the tariffs list.

"Taiwan is China's Taiwan," he wrote on X. "We will never allow any room for 'Taiwan independence' force in whatever form."

European Commission President Ursula von der Leyen has just warned that the tariffs will deal a major blow to the world economy and be "dire for millions of people around the globe".

Closing her statement, von der Leyen emphasised Europe's position as a united front.

"We [Europe] are in this together: if you take on one of us, you take on all of us," von der Leyen said. "Our unity is our strength."

She stressed that Europe would "stand at the side of those directly impacted", having earlier noted that some of the world's most vulnerable countries are being hit with the steepest tariffs.

"Europe stands together - for business, for citizens, and for all Europeans, and we will continue to build bridges with all those who like us care about fair and rules-based trade as a basis for prosperity."

Von der Leyen also spoke of countermeasures to Trump's tariffs - saying that Europe is "already finalising its first package of measures in response to the first tariffs on steel" and preparing further countermeasures if negotiations fail.

"I know that many of you feel let down by our oldest ally," she said. "We must brace for the impact this will inevitably have."

Image source, European Commission

European Commission President Ursula von der Leyen stressed the impact that Trump's tariffs will have on consumers and businesses, who typically end up paying the extra cost on goods following the enforcement of such measures.

"It will be felt immediately [by consumers], hurting in particular the most vulnerable citizens," she said, adding that "all businesses, big and small, will suffer from day one".

The EU Commission president also lamented the broadstroke nature of the tariffs, which will dramatically affect trade relations with what she described as Europe's "oldest ally".

"The cost of doing business with the United States will drastically increase," she said. "And what is more there seems to be no order in the disorder - no clear path in the complexity and chaos that is being created, as all major trade partners are hit."

Ursula von der Leyen, president of the European Commission, has called the tariffs a major blow to the world economy.

She says: "Let’s be clear about the immense consequences: the global economy will massively suffer, uncertainty will spiral and trigger the rise of further protectionism.

"The consequences will be dire for millions of people around the globe."

Ursula von der Leyen, president of the European Commission is speaking now on Trump's tariffs. Please stay with us as we bring you the latest.

Tessa Wong
Reporting from Singapore

For decades, America has insisted it is a true ally of Taiwan, with the two places forging ever-closer economic and military ties.

Taiwan's computer chip industry has made it invaluable to the US, which also sees the island as a bulwark against China's expansionist claims in the South China Sea.

Former US President Joe Biden had vowed to protect Taiwan from a Chinese attack.

But under Donald Trump, that close relationship has been called into question.

He has previously said the island "stole our chip business" and that "Taiwan should pay us for defence".

Recently he pushed for the Taiwanese chip manufacturer TSMC - the world's largest - to invest further in their factory in Arizona.

Now, he has slapped a surprisingly hefty 32% tariff on imports from Taiwan.

For several years, there has been a growing suspicion in Taiwan that the US is "hollowing out" the island of its resources.

It has largely been fuelled by pro-China hawks but also disinformation campaigns from China.

This narrative, known as yimeilun or US scepticism, portrays the US as a fickle friend who will abandon Taiwan once it has outlived its usefulness, and that the Taiwanese are better off "reunifying" with China.

Most Taiwanese still believe the US is their ally.

Yimeilun is not a widespread narrative in Taiwan yet. But with Trump's actions like today's tariff, it may find fertile ground.

President Donald Trump unveiled 10% tariffs on all imports into the US, with certain countries hit with steeper tariffs. The watershed moment for global trade is already impacting stock markets.

This is what the import taxes mean for the US and countries around the world.

Koh Ewe
Live page reporter

We now have the latest statement from China's Commerce Ministry, urging the US to "immediately revoke these unilateral tariff measures and to resolve trade disputes properly through equal dialogue with its partners".

"China firmly opposes this move and will take resolute countermeasures to safeguard its rights and interests," a spokesperson said.

Earlier, Chinese state media Xinhua News Agency published a commentary calling the tariffs "self-defeating bullying" and said Trump was "turning trade into an over simplistic tit-for-tat game".

China is perhaps the country that's been hit hardest after Trump's announcement today, with an additional 34% tariff imposed on all Chinese goods - on top of the 20% that had already been levied.

Tiffanie Turnbull
BBC News, Sydney

Compared to some of its regional neighbours, Australia got off lightly with a 10% tax on all its exports to the US.

But the decision has stirred anger down under with Prime Minister Anthony Albanese saying it has "no basis in logic" and is "totally unwarranted".

"This is not the act of a friend," he said.

The countries have a free trade agreement, but Trump has justified the new tariffs by pointing to what he called non-tariff trade barriers, like Australia's biosecurity rules which block fresh US beef.

Last month, Trump also slapped tariffs of 25% on Australian aluminium and steel.

But Albanese said Australia will not retaliate with tariffs though, and is instead seeking a return to the negotiating table.

It's bad timing for the country, which is in the middle of an election campaign focussed on lowering the cost of living - and extra tariffs certainly aren't going to help.

Peter Hoskins
Reporting from Singapore

We're now getting a wider picture of how investors are reacting to Trump's sweeping tariffs.

In Asia, major stock indexes have fallen in morning trading as concerns grow over the threat of a global trade war.

Stock markets in mainland China have just opened with the Shanghai Composite index trading broadly flat, while Hong Kong's Hang Seng is down by 1.2%.

The Nikkei 225 in Tokyo is down by 2.9%, the Kospi in South Korea is down by 1.7%, and Australia's ASX 200 is around 1.2% lower.

Futures tied to the Dow Jones Industrial Average were down by around 800 points, or 1.8%, while S&P futures fell 2.7%, and the tech-heavy Nasdaq 100 futures were 3.3% lower.

Futures are contracts to buy or sell an underlying asset at a future date. In this case, they are an indicator of how US stock markets are expected to trade when they open on Thursday - although futures trading can be volatile.

Image source, Getty Images

We've been taking a closer look at the list of places targeted by Trump's recent tariff announcement.

According to the list released by The White House on X, the Trump administration will place a 10% tariff on goods from the Heard and McDonald Islands - an Australian territory that is closer to Antarctica than anywhere else, and is completely uninhabited.

The US president also announced a 10% tariff on goods from Svalbard and Jan Mayen, two remote Norwegian territories not far from the North Pole, that have a combined population of around 2,500 people.

It is unclear what goods are exported by any of these territories.

On Wednesday afternoon, Donald Trump announced sweeping new tariffs on goods entering the US that could upend global trade. Here's what you need to know:

• Trump announced a baseline of 10% tariffs, with some countries the White House has deemed the "worst offenders" getting hit with higher rates. The new rates affect about 100 countries, with 60 of those facing the higher import taxes
• The US will impose a 10% tariff on the UK, and 20% on the EU
• Countries that will face higher reciprocal tariffs include China (34%), Vietnam (46%), Thailand (36%), Cambodia (49%) and Japan (24%)
• He also imposed a 25% tariff on all foreign made automobiles, which will take effect at midnight on the US east coast on Thursday
• Trump has argued the tariffs will stop Americans from being "ripped off", pay down the national debt, and restore US manufacturing
• Olu Sonola, head of US economic research at the Fitch Ratings agency, called the tariffs "a game-changer, not only for the US economy but for the global economy. Many countries will likely end up in a recession"
• Markets have already started to react. Major markets in the Asia-Pacific region opened lower on Thursday morning
• US stock market futures have fallen sharply, BBC's Peter Hoskins reports, as investors grow concerned about the threat of a global trade war.
• Canada and Mexico were not included in today's fresh round of tariffs. The White House said they would deal with both countries using a framework set out in previous executive orders. Trump previously set those tariffs at 25%, before announcing some exemptions and delays

Nikhil Inamdar
India business correspondent, in Mumbai

Asian economies are among the hardest hit by Donald Trump’s tariffs - 34% for China, 46% for Vietnam and 49% for Cambodia.

Relatively speaking, India has fared better.

But at 26%, tariff rate on India is still steep and will severely affect major "labour intensive exports", says Priyanka Kishore of Asia Decoded.

"That will likely have a knock-on impact on domestic demand and headline GDP", at a time when growth is already stuttering, according to Kishore.

But India's electronics exports may potentially benefit, as higher tariffs on places like on Vietnam could lead to some re-routing of trade.

That is unlikely to mitigate the overall negative growth impact of Trump's salvo, though.

Unlike Canada, Mexico or the European Union, India has so far adopted a conciliatory approach to Trump and is negotiating a bilateral deal with the US. Whether this latest move by the administration triggers a retaliation in Delhi will be very closely watched.

Indian pharma - its largest industrial export at some $13bn - will be breathing a sigh of relief however, as medicines are exempt from these "reciprocal" tariffs.

More reactions are coming in from international leaders in response to the tariffs announced by Donald Trump.

• Swedish Prime Minister Ulf Kristersson: "We don't want growing trade barriers. We don't want a trade war... We want to find our way back to a path of trade and cooperation together with the US, so that people in our countries can enjoy a better life."
• South Korean Acting President Han Duck-Soo: "As the global trade war has become a reality, the government must pour all its capabilities to overcome the trade crisis."

• Colombian Foreign Minister Laura Sarabia: "We are looking at the measures, above all in order to protect national industry and our exporters."
• Brazil's government said in a statement it "is evaluating all possible actions to ensure reciprocity in bilateral trade, including resorting to the World Trade Organization, in defense of legitimate national interests".