Image source, Getty Images

US President Donald Trump has said he's not considering a pause on new tariffs, saying he wants to allow time for negotiations with other countries.

Asked specifically in the Oval Office about a potential break - reports which were refuted earlier by the White House, who called it "fake news" - Trump was direct: "We're not looking at that."

The closing figures might not have looked dramatic over on Wall Street, but there were big swings throughout the day - a sign that investors are still feeling very nervous about how White House policies might play out, our business reporter Natalie Sherman writes.

European and Asian markets both slumped for another consecutive trading day, as US tariffs continue to send shockwaves through global supply chains.

The US president also reiterated his threat of additional 50% tariffs on Chinese goods if Beijing did not walk back from its 34% counter tariffs - that must be done, he says, by midday tomorrow.

The White House later told AFP news agency that with the incoming 34% rate and the additional 50% threat, the total extra tariffs on China this year could rise to 104% (the exact rate will be dependent on the product).

In response (to the response), China's US embassy spokesman tells CBS News, the BBC's US partner, that "pressuring or threatening China is not a right way to engage".

Our live coverage is wrapping up, but you can stay up to date by reading our news stories:

• Trump threatens new 50% tariffs on China
• Wild market swings as tariffs rattle US economy

Image source, Reuters

Some of the stocks for the so-called "magnificent seven" - which is made up of Nvidia, Alphabet, Amazon, Apple, Microsoft, Meta, and Tesla - sank on Monday as Donald Trump threatened further tariffs on China.

The group has accounted for a large chunk of the more than $5tn (£3.9tn) the S&P 500 index has lost in value in recent trading sessions, Reuters news agency reports.

Tesla shares slumped 2.6%, while Apple was down 3.7%.

The biggest boosts today came from Nvidia, which was up more than 3%, and Amazon.com, which added 2.5%.

Tech analyst Dan Ives says Apple has the biggest exposure to American tariffs on Chinese goods because most iPhones are assembled in China, according to Reuters.

Apple secured exemptions to US tariffs on China during Trump's first term.

However, analysts are unsure if it can secure waivers this time despite announcing earlier this year that it planned to invest more than $500bn (£369bn) in the US over the next four years.

China will firmly safeguard its legitimate rights and interests, China's US embassy tells CBS News, the BBC's US partner.

In response to Donald Trump's threat of imposing 50% additional tariffs on Beijing, China says the White House is demonstrating a "typical move of unilateralism, protectionism and economic bullying".

Spokesman Liu Pengyu goes on to say China has issued its position on opposing Washington's "abuse of tariffs" to demonstrate "our serious and just attitude".

Earlier, Trump gave Beijing the deadline of midday Tuesday to remove its 34% counter-tariff.

The Chinese spokesman stresses that these kinds of threats are "not [the] right way to engage with us".

"China will firmly safeguard its legitimate rights and interests."

Watch below to see how other countries are reacting to US tariffs:

'Unforced error' and 'uncertainty': How a dramatic day played out on Wall Streetpublished at 21:43 British Summer Time 7 April

21:43 BST 7 April

Natalie Sherman
New York business reporter

Image source, Reuters

After two days of massive declines, Wall Street got a breather. Sort of.

The closing figures might not have looked dramatic, but there were big swings throughout the day - a sign that investors are still feeling very nervous about how White House policies might play out.

In early morning, for example, the S&P jumped more than 5% in a matter of minutes, amid rumours of a possible pause, which the White House quickly denied.

"That is enormous," notes Howard Silverblatt, senior index analyst at S&P Dow Jones indices, who says he's rarely seen such dramatic turns during his more than 40-year career on Wall Street.

"There's a lot of uncertainty here and that's what's driving the market."

Mike Mussio, president of FBB Capital, says the situation - which has sent the S&P 500 back to levels last seen roughly a year ago - was "frustrating" for investors.

"This feels like kind of an unforced error in terms of policy."

The three major US markets have now closed after a tumultuous day of trading.

When they opened in New York earlier today, all three were significantly down. Now, the picture is less clear. Here's where things stood at 16:00 local time (21:00 GMT):

• The Dow Jones closed down 0.91%
• In its third consecutive day of losses, the S&P 500 fell 0.23%
• The tech-heavy Nasdaq closed in positive territory, up 0.10%

Trump now says the US is "making tremendous progress with a lot of countries" over tariffs.

The countries that "really took advantage of us are now saying please negotiate", he tells reporters.

This is the "only chance" they have to reset trade, and they will come out "unbelievably well".

Trump adds that it will help reopen factories in America and strengthen their economy.

"We're not taking care of our enemies anymore but we do take care of our friends."

Image source, Getty Images

US President Donald Trump says he is not considering a pause on new tariffs to allow for negotiations with other countries.

Earlier, there were reports that Washington would impose a 90-day pause, these claims were promptly refuted by the White House who called it "fake news".

Asked directly about a potential pause, he tells reporters in the Oval Office: "We're not looking at that. We have many, many countries that are coming to negotiate deals with us, and there are going to be fair deals."

The US president went on to reiterate his threat of additional 50% tariffs on Chinese goods if Beijing did not walk back from its retaliatory plans by tomorrow (Tuesday).

Image source, Getty Images

We've been hearing from the White House economic adviser, Stephen Miran, who encourages nations hoping to escape reciprocal US tariffs to make offers to US President Donald Trump.

Miran says the president would welcome moves to lower barriers to US exports, according to the Reuters news agency.

Speaking at the Hudson Institute think-tank, Miran says he believes a range of US policies, including deregulation, would keep inflation under control.

His remarks come amid global markets volatility for another trading day.

More from Trump now in the White House.

He says there could be both permanent tariffs and negotiations.

If China doesn't pull back on its reciprocal tariffs by midday on Tuesday, Trump reiterates that he will raise tariffs against them by 50%.

"We have $36 trillion debt for a reason", he adds, and they will be talking to China among other countries to make a "fair deal and a good deal" for America.

"It's now America first," Trump says.

We've just been hearing an update from President Trump and Israeli Prime Minister Benjamin Netanyahu, who as we've been reporting have been meeting in the White House today.

The Israeli PM says they will eliminate the trade deficit with the US, adding he thinks it's the right thing to do.

Netanyahu says that they intended to take down trade barriers and that Israel can be a model of other countries.

He says he recognises the problems the US has with the system as it currently stands.

You can follow the latest updates on Trump's meeting with Netanyahu in our other live page, currently being run by our colleagues in Washington DC and New York.

Natalie Sherman
New York business reporter

When President Trump entered the White House in January, about two thirds of goods sent from China to the US were already facing tariffs, as a result of actions he took during his first term.

His moves then hit items like solar panels, washing machines and other kinds of machinery. But many key consumer products, like iPhones, toys, and clothing, had been spared.

That has not been true this time around.

Image source, Get

Starting in February, Trump put in place a new, 10% levy on all goods from the country, which he increased to 20% in March. It has left businesses like the toymakers I spoke to in March reeling.

And that was before last week, when he said he would raise the tariff to another 34 percentage points.

Some key strategic items, such as pharmaceuticals, semiconductors and lumber, were spared from the tariffs that action.

But the announcement means the vast majority of imports from China - which accounted for more than $400bn in trade last year, making it America's top source of imports after the European Union and Mexico - are facing a tariff rate of at least 54% - which Trump has now threatened to raise again by another 50 percentage points.

Image source, Reuters

Further countries have been reaching out to the US in order to reach a deal before higher custom tariffs on roughly 60 nations are due start on Wednesday 9 April.

Bangladesh's interim leader Muhammad Yunus has written a letter to US President Donald Trump to ask for a three-month pause to the tariffs he has imposed on them, a statement from their government said on Monday.

Last week, the US announced 37% tariffs on the country, which is the world's second largest garment manufacturer.

In the letter, Yunus also said his country "will take all necessary actions to fully support [Trump's] trade agenda".

Meanwhile, Japan's Prime Minister Shigeru Ishiba has said he held a call with Trump in which "both sides decided to designate cabinet members to take charge and continue discussions". Currently, Japan faces 26% tariffs.

US Trade Representative Jamieson Greer is due to tell the Senate Finance Committee on Tuesday that nearly 50 countries have reached out to him to discuss the new tariffs, according to a written testimony seen by Reuters news agency.

Greer says Argentina, Vietnam and Israel are among these nations.

Image source, Reuters

US Treasury Secretary Scott Bessent says he has been tasked with opening trade negotiations with Japan "following a very constructive phone discussion" between both governments.

"Japan remains among America’s closest allies, and I look forward to our upcoming productive engagement regarding tariffs, non-tariff trade barriers, currency issues, and government subsidies," he writes in a post on social media platform X.

Bessent repeats his previous comments about over 50 countries reaching out to Trump in the past few days to engage in negotiations.

"We look forward to meaningful negotiations with them over the coming weeks," he adds.

Is Trump right about oil, interest rates and food prices?published at 19:37 British Summer Time 7 April

19:37 BST 7 April

By Lucy Gilder

In response to sharp falls on global markets following his tariff announcements, President Trump took to his social media platform, Truth Social, earlier to praise the state of the US economy.

“Oil prices are down, interest rates are down… food prices are down, there is NO INFLATION,” he wrote.

It’s true that global oil prices, external have fallen steeply since the tariffs were announced and interest rates on 30-year and 15-year fixed rate mortgages are down too.

Last month, food prices rose slightly – up by 0.2% – which was a slower increase than the previous month.

Overall inflation currently stands at 2.8%, external, down slightly from former President Biden’s last month in office.

Image source, Reuters

While we've been reporting on events in the US, EU trade ministers have been meeting in Luxembourg today to discuss how they will move forward.

As a reminder, the EU is facing a higher tariff rate of 20% after having been dubbed one of the "worst offenders" by Donald Trump.

Today, European Commissioner for Trade and Economic Security Maros Sefcovic says the EU is "prepared to use every tool in our trade defence arsenal to protect [the] EU single market".

Irish Trade Minister Simon Harris has called today's meeting "really useful" as he underlines that unity within the group is "extremely strong".

Earlier, we touched on some of the comments from the bloc's chief, Ursula von der Leyen, who says the EU is "always ready for a good deal".

• Zooming out: Taking goods, services and investment into account, the EU and the US are each other's largest trading partners by far

Israel hopes to lessen the impact of US trade warpublished at 18:59 British Summer Time 7 April

18:59 BST 7 April

Anthony Zurcher
Reporting from the White House

Image source, Getty Images

Benjamin Netanyahu is visiting the White House right now, just four days after Donald Trump shocked the global economy with his aggressive tariff announcement – which includes 17% on Israeli exports to America.

This meeting gives the Israeli prime minister a chance to make an in-person case that those tariffs should be lower.

Israel recently dropped its own tariffs on American imports, although that move did not prevent it from being targeted in the president’s new trade policy.

If Trump is willing to listen – and cut a deal with Israel - it could provide an early example of how, through concessions and personal appeals, a country could extricate itself from the ongoing American trade warfare.

If there’s some kind of big announcement, however, it won’t happen in a formal press conference. The one scheduled for this afternoon was cancelled by the White House – without explanation – about an hour before its scheduled start time.

Instead, the two men will answer questions from the smaller press pool during their sit-down in the Oval Office.

The White House has said more than 50 world leaders have reached out to Trump in the past few days to engage in negotiations. With just two days until those US tariffs go into effect, they are sure to be watching closely to see if anything concrete comes from today’s US-Israel talks – and what lessons they can learn from them.

• If there any tariffs developments to report, we'll have that live here. But our Washington team is also covering Trump and Netanyahu's meeting live

Image source, Reuters

When did this start? After Trump announced a large increase in US tariffs last Wednesday.

And a tariff is... A tax paid to the government to bring goods into the country. Most countries have some tariffs. The US's were relatively low, but Trump has increased them significantly.

Why did he do this? Trump's been saying he wants to do this for decades. The US buys more physical goods than it sells, and he claims this is unfair and threatens security. Tariffs, he says, will bring more jobs to the US.

But most experts disagree... Most economists argue trade barriers such as tariffs reduce growth, and that such a quick and dramatic shift in tariff policy will make trade and investment harder.

And how do other countries feel? Not great. Many have threatened to retaliate by increasing tariffs on US goods entering their countries.

This affects stock markets because... Companies are facing higher costs to move their products across the world. There's also great uncertainty - it's not clear what Trump, or the countries he's putting tariffs on, will do next, making investment decisions more challenging.

And stocks are what exactly? To own a stock is to own a share of a company - the more you have, the more of the company you own. A stock market is where people buy and sell these shares. So when a stock market index falls, it means the value of those companies have dropped.

Mitchell Labiak
BBC Business reporter

The FTSE 100 has just had three pretty awful days of trading.

On Thursday, investors in the UK’s biggest listed firms began to react to what Trump’s tariffs will mean for them. Shares continued to slip on Friday and today.

All told, the index has recorded a 10.5% slump since 'Liberation Day' - wiping out just shy of £250bn in value.

That may sound mind-boggling, but for context it means the FTSE 100 is now back where it was around this time last year. So the loss is significant, but pension funds invested in the FTSE 100 over the long term shouldn’t be too hurt.

And investors are always keen to pour back in if they sense good news.

The index saw a spike this afternoon after reports that Trump was considering a 90-day pause to the tariffs, but that turned out to be false.

Image source, EPA

Mexico wants to avoid imposing reciprocal tariffs on US goods but it does not rule it out, President Claudia Sheinbaum says.

Sheinbaum says that her country wants to continue talks with Washington before taking on any other measures, whilst protecting Mexican industries and companies.

Mexico and Canada were spared the further tariffs announced for most other economies on 2 April. Both countries had already seen tariffs imposed in February - though these have since been partially rolled back.

In March, US President Donald Trump announced he would temporarily suspend tariffs on Mexico "as accommodation, and out of respect for" the country's president.

The US is one of Mexico's largest export markets.

Markets worldwide have tumbled since US President Donald Trump announced fresh tariffs on imports from nearly all economies.

Asia-Pacific stocks from Shanghai to Tokyo and Sydney to Hong Kong plunged on Monday by levels not seen in decades.

In Europe, the biggest stocks continued to slide - as is the case in the US, where trading is still open.

The impact on the UK's FTSE 100, America's S&P 500, Germany's Dax and Japan's Nikkei has been wide-ranging.

Here's an overview of each drop: