Henry Zeffman
Chief political correspondent, reporting from Downing Street

This morning I’ve been in Downing Street as the prime minister begins the first day of this new economic world.

In the past few minutes a string of senior business leaders have walked into No 10 to meet Keir Starmer.

They include the bosses of GSK, the pharmaceuticals company, Unilever, which makes consumer goods, Johnson Matthey, a chemicals company, along with representatives of Airbus, Shell and the car industry.

The cast list displays the wide range of industries which will be affected by these tariffs.

The prime minister will deliver his reaction to Trump’s announcement at the start of the meeting, and will continue to try to project calm. He will also reiterate his desire to strike a deal with the US which would, among other things, reduce the tariffs.

When or whether the US president might sign the deal his team have been negotiating, though, seems to be as much of a mystery to senior government figures as it is to all of us.

• We're expecting those comments from Starmer shortly - we'll bring you them here as soon as we get them

Image source, Reuters

The UK government didn’t know what tariffs it would face ahead of the big announcement – ministers and officials were watching it on TV like everyone else.

Now they’ve found out the UK will be hit with a 10% baseline tariff – that’s the lowest rate available, and half the 20% being applied to the EU.

Business and Trade Secretary Jonathan Reynolds said last night the UK is still trying to strike a deal with the US that could "mitigate the impact".

He also said “nothing is off the table” when it comes to how the UK might respond.

He’s set to appear on BBC Breakfast at 07:30 BST and on Radio 4’s Today programme just after 08:20.

We’ve already heard from shadow home secretary Chris Philp. You can see what he had to say here.

Anthony Zurcher
North America correspondent

Image source, Reuters

One thing Donald Trump 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 his being right.

In a second term in which he is surrounded by like-minded advisers and is the dominant force in a Republican Party that controls both chambers of Congress, Trump is in a position to turn his vision of a new America-focused trade policy into reality.

These policies, he said, had made the United States into a wealthy nation more than a century ago and would again.

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

Economists of all stripes warn that these massive tariffs – 53% on China, 20% on the European Union and South Korea, with a 10% baseline on all nations – will be passed along to American consumers, raising prices and threatening a global recession.

If Trump is successful, however, he would fundamentally reshape a global economic order that America had originally helped to construct from the ashes of World War Two.

• Read my full analysis here

Image source, PA Media

Chris Philp, shadow home secretary, tells BBC Radio 4's Today programme the 10% baseline tariff rate on the UK "is not based on any negotiating genius from the government".

The UK has spent weeks trying to secure a trade deal with the US to avoid being hit with the level of tariffs introduced on countries such as Canada and China.

But Philp says "dozens and dozens" of countries are now on the same tariff as the UK, and accuses Starmer's government of acting "far, far too slow".

A Downing Street source said earlier the UK's lower tariff "vindicates" the government's plans, arguing "the difference between 10% and 20% is thousands of jobs".

Image source, Reuters

The US is bringing in sweeping new tariffs on goods from around the world. Here are the key points:

A 10% baseline rate

A minimum 10% tariff will apply to most countries, including the UK, Australia, Argentina and Saudi Arabia. It's set to start on 5 April.

Country-specific rates

Roughly 60 countries the US sees as the "worst offenders" will face specific "reciprocal" tariffs. The US says these were calculated using a formula based on what it sees as unfair trade practices. These come into effect on 9 April. Examples include:

• European Union: 20%
• China: 54% (which includes earlier tariffs)

• Japan: 24%

No new tariffs for Canada and Mexico

The White House says it will deal with both countries through an already announced framework, which includes 25% tariffs with some exceptions.

Cars to get 25% tariffs

A 25% tariff on all foreign-made cars was also put in place and came into effect at midnight on 3 April.

Other specified products - such as steel and aluminium - will retain tariff rates already set.

• Read our full at-a-glance overview here.

Reaction is pouring in from around the world after Donald Trump announced new global tariffs.

EU chief Ursula von der Leyen says "the consequences will be dire for millions of people around the globe" and adds that Europe is finalising its first response package to the steel tariffs (the US had already imposed 25% tariffs on EU steel and aluminium, before last night's announcement).

China has promised "resolute countermeasures" against the move.

Canada's Prime Minister Mark Carney says it is "essential to act with purpose and with force".

Italy's Giorgia Meloni has called the US tariffs "wrong" and warns they could spark a trade war.

Australia’s Anthony Albanese says "this is not the act of a friend".

South Korea’s acting president Han Duck-Soo says "the global trade war has become a reality".

In the Republic of Ireland, Micheál Martin says he sees "no justification" for the tariffs.

Switzerland’s Karin Keller-Sutter says the country "will quickly determine" its next steps.

More updates to come.

Michael Race
Business reporter

The UK exported nearly £60bn worth of goods to the US last year, mainly machinery, cars and pharmaceuticals.

If demand from the US drops because of extra charges for importers, it could squeeze profits and lead to job losses in the UK.

The Institute for Public Policy Research think tank says Jaguar Land Rover and the Mini factory in Cowley, Oxford, seem most exposed to US tariffs on cars.

It says more than 25,000 jobs in the UK car manufacturing industry "could be at risk", with one in eight UK-built cars heading to the US.

The pharmaceutical industry also depends heavily on trade with the US, and companies rely on global supply chains that cross borders to make medicines.

Image source, Getty Images

Dharshini David
Deputy economics editor

Image source, Getty Images

The card brandished by President Trump, listing the tariffs he's levying on other countries' goods, had the surreal air of a game show scoreboard.

He claims that the level of tariffs reflected those barriers levied by each country on American goods.

But it's become apparent it's more a reflection of the US's relative goods' deficit with each country

Deutsche Bank's head of Research, George Saravelos, confirms the tariffs applied reflect "the ratio of a country's goods trade deficit with the US over that country's exports to the US... put simply, the bigger the nominal trade deficit a country has with the US adjusted for the absolute size of that country's imports, the bigger the tariffs."

Hence why the likes of Vietnam and China, as well as Bangladesh, face the highest import taxes. And, with those being the origin of items such as Nike trainers and retail chain T-shirts, American shoppers will feel that pain in their pockets.

Peter Hoskins
Business reporter, Singapore

Image source, Getty Images

UK and mainland European investors are braced for financial markets to open on Thursday morning as traders react to Trump's new tariffs.

Overnight in Asia, major stock indexes regained some of their earlier losses as investors weighed concerns about the threat of a global trade war.

In afternoon trade, Japan's Nikkei 225 was almost 3% lower and the Kospi in South Korea was down by 0.8%.

In mainland China, the Shanghai Composite dipped 0.5% and the Hang Seng in Hong Kong fell 1.6%.

Futures tied to the Dow Jones Industrial Average in the US were down by more than 800 points, or almost 2%, while S&P futures fell 2.7%, and the tech-heavy Nasdaq 100 futures were 3.2% 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.

Good morning. It's just gone 6am in the UK and 1pm here in Singapore where we have been tracking reactions to US President Donald Trump's global tariffs announcement:

• US stock market futures fell sharply and Asian markets traded lower after Trump unveiled a baseline of 10% tariffs, with some countries the White House has deemed the "worst offenders" getting hit with much higher rates
• World leaders have reacted strongly, warning the tariffs could lead to a trade war, with one analyst saying "many countries will likely end up in a recession"

• Ursula von der Leyen, president of the European Commission, warned the global economy and some of the world's "most vulnerable" would suffer as a result of the tariffs, while also hinting at retaliation

• China, which is hardest hit by Trump's trade policies, has demanded the US revoke the new measures and threatened countermeasures. Chinese state media described them as "tariff blackmail"
• The universal 10% tariffs on all imports into the US will go into effect on 5 April, Trump said, with higher tariffs beginning to be imposed on certain countries from 9 April
• Trump also announced a 25% tariff on all foreign-made vehicles

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."