Bernd Debusmann Jr
Reporting from the White House

The scene outside the White House is fairly quiet, despite the high-profile event this afternoon. There was, however, one lone protester, quietly walking past the main entrance where the media go in and out.

Image source, BBC / Bernd Debusmann Jr

Lisa Lambert
BBC News

The US stock market may be currently closed for trading but is still reeling from Trump's tariffs announcement.

Analysts at Wedbush Securities, a major Wall Street investment firm and brokerage, is calling the slate of tariffs "worse than the worst case scenario" that many in the financial world had been fearing.

It said that the 34% tariff on Chinese goods was the "jaw dropper" and the tariffs of 32% on Taiwan and 20% on the EU were also "major".

Two of the biggest tech companies in the US - Apple and Nvidia - could feel the pain of the China and Taiwan tariffs, given that Apple produces its iPhones in China and chip makers like Nvidia rely on both countries. Apple recently announced plans to expand its US operations, which raises the possibility that Trump could exempt them from the taxes.

"For now the White House will say they are not looking for deals...but we continue to believe there are off ramps and major negotiations that will be happen over the coming months with various countries and companies to navigate this new world of tariffs," it wrote.

The White House has told our colleagues at CBS News that Trump's tariffs are additive.

This means that they can be stacked together with other tariffs issued by Trump.

The example they gave is China. The new tariff announced today is 34%, which will come in addition to the 20% tariffs that Trump has previously imposed.

This would put China's tariff rate at 54% - unless the White House decides that a certain product falls under Section 232 of the tariffs act, which would limit the rate to 25% for certain imports like steel and aluminium.

Trump's executive order notes that certain goods will be exempted from the his tariff plan.

These include steel and aluminium parts, copper, pharmaceuticals, semiconductors, "lumber articles", bullion, and "energy and certain minerals that are not available in the United States".

Ken Roggoff, the former chief economist at the International Monetary Fund has shared his assessment of President Trump's new tariffs on BBC's World Business Report

"He just dropped a nuclear bomb on the global trading system."

The economist predicts that the chances of the US, the world's largest economy, falling into recession had risen to 50% on the back of this announcement

The consequences for this level of import taxes on imports into the US "is just mind-boggling", Roggoff says.

Jonathan Josephs
BBC business reporter

European Union wine makers are clearly hugely concerned about the impact US tariffs will have. Last year 28% of EU wine exports went to the US, that was worth about $5.28bn.

Those numbers explain why the CEEV (Comité Européen des Entreprises Vins) which represents EU wine makers say the US wine market “is fundamental for the economic stability” of their industry.

Their bottles now face a 20% tariff, which means higher prices if neither the winemakers nor the retailers are prepared to take a hit to their profits. Many Americans may now decide a bottle of imported European wine is a luxury they can manage without.

It’s another blow for European winemakers just days after the EU proposed a support package to help them deal with a raft of challenges including falling consumption at home and climate change.

It’s little wonder the CEEV’s secretary-general Ignacio Sánchez Recarte urged the the EU and the US “to renew efforts to find a negotiated solution that would prevent tariffs from being applied to wine products”.

Tom Madrecki, vice president of Campaign and Special Projects at the Consumer Brands Association, says that despite how much is already made in the US, "we still have an inherent reliance on goods coming from overseas".

Because of that, Madrecki expects the cost of a variety of daily goods to go up.

"Cocoa, coffee, oats from Canada, specific types of steel that go into making the cans that are used for hair spray, to a soup... you still can't get those products here," he says.

"And so a tariff, at the end of the day, just increases the cost of production, and inevitably, that's going to be felt by consumers."

Image source, Getty Images

Canadian Prime Minister Mark Carney tells reporters that his country will combat Trump's tariffs with countermeasures.

"It's essential to act with purpose and with force, and that's what we will do," he says, on his way to a cabinet meeting.

Vishala Sri-Pathma
BBC News

The UK’s biggest business groups have been reacting to the news that UK exports to the US will be hit with 10% tariffs.

The Confederation of British Industry described the announcement as “deeply troubling for businesses”, while the director general of the British Chambers of Commerce said it was “a lose-lose situation for everyone”, adding that “orders will drop, prices will rise and global economic demand will be weaker as a result”.

The Federation of Small Business said that with 59% of small exporters selling into the US market, tariffs would cause “untold damage” to small firms.

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.