As well as a 10% "baseline" tariff already in place, the US will impose what the Trump administration describes as reciprocal tariffs on roughly 60 of the "worst offenders".

These will go into effect on 9 April.

The key trading partners subject to these rates include:

• 27-member European Union: 20%
• China: 54% (including earlier tariffs)
• Vietnam: 46%
• Thailand: 36%
• Japan: 24%
• Cambodia: 49%
• South Africa: 30%
• Taiwan: 32%

Here's the global "at-a-glance" picture with the full list of the affected countries.

Mariko Oi
Asia Business Correspondent

In my 20 years of covering the Asian stock market, this is one of the biggest continuous market sell-off the region is experiencing.

Japan, South Korea, Australia are in a sea of red for a third day, while investors in China where the market was closed for a public holiday on Friday are experiencing what they described as an ugly Monday.

This shows that investors are increasingly concerned - not just the US economy - but about the prospect of the global economy falling into a recession.

It takes an enormous shock to trigger that, with the Covid pandemic and the global financial crisis being the most recent causes.

As global leaders continue their negotiations with Washington, they are also scrambling to support businesses that are directly affected by the tariffs.

Japan’s carmakers are one of the worst affected due to the 25% levy that Trump brought in for all imported vehicles into the US.

Banking shares are also hit hard with British banking giants such as HSBC and Standard Chartered falling by 10-15% today.

US officials say more than 50 countries and territories have reached out to Washington for trade talks since Trump's tariffs announcement on 3 April. The officials have not offered details, but here are some foreign leaders who have said they prefer dialogue to retaliation.

India has indicated that it will not announce reciprocal tariffs. In fact, it is open to cutting tariffs on more than half of US imports, to shield Indian exports, government officials told Reuters news agency last week. During his tariffs announcement Trump described India's Prime Minister Narendra Modi as a "great friend" but said the South Asian nation was "not treating [the US] right".

Taiwan's President William Lai has offered zero tariffs as a basis for talks with the US, adding that Taiwan has plans to expand its purchase of American goods, including agricultural, industrial and defence equipment.

Vietnam's Communist Party chief To Lam was one of the first leaders to speak with Trump following the flurry of tariffs, where he reportedly asked Trump to delay the implementation of the charges before both countries could reach an agreement. The US is Vietnam's largest export market. Vietnam has been hit with a 46% tariff rate, among the highest.

Israel's PM Benjamin Netanyahu is expected to fly in to the US Monday discuss the tariffs with Trump, among other issues. Ahead of the visit, Netanyahu said he will be "the first international leader" to meet Trump since the tariffs were introduced.

Annabelle Liang
BBC News, Business reporter

Stock markets don't like uncertainty – and many things are still uncertain about President Trump's tariffs.

For one, will the import taxes take effect as planned, or will countries successfully negotiate lower rates?

There were five Asian nations in the 10 countries and territories hit with the highest tariffs announced last week. This is a worry for many businesses in the region, as it raises the cost of selling goods to the US.

Qian Wang, Asia Pacific Chief Economist from the Vanguard investment firm, said "Asia is bearing the brunt of the US tariff hike" as it stands.

"While there could be some room for negotiation, a new regime of higher tariffs is here to stay. This is negative to the global and Asia economy," she added.

There are also concerns that China's response could ratchet up trade tensions with America.

Beijing has already said it would introduce a 34% tit-for-tat tariff "which makes it clear China won't fold", said Vishnu Varathan, managing director at Mizuho Securities, Singapore.

"This escalates US-China trade antagonism, hobbling hopes of defusing terse trade conditions," Varathan added.

Image source, Getty Images

Image source, Getty Images

Now that Asia's major stock markets are open we can take a look at where we are with the big falls we're seeing today:

• Nikkei 225 (Japan) -6.3%
• *Hang Seng (Hong Kong) -9.8%
• *Shanghai Composite (mainland China) -6.6%
• ASX 200 (Australia) -4.5%
• Kospi (South Korea) -4.4%
• *Taiex (Taiwan) -9.6%
• STI (Singapore) -7.1%
• Dow Jones Futures (US) -2%

*closed on Friday for public holidays

The Hong Kong-listed shares of UK-based banking giants HSBC and Standard Chartered have plunged.

In early trading on Monday HSBC was down by more than 15%, while Standard Chartered fell by 18%.

The Hong Kong stock market was closed on Friday for a public holiday.

Image source, Getty

Shares in mainland China and Hong Kong have slumped as stock market opened after being closed for public holidays on Friday.

The Shanghai Composite index fell by around 4.8%. Hong Kong's Hang Seng opened more than 8% lower.

Shares of the three biggest Japanese banks have plunged by more than 12% in Monday trading.

Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group added to losses seen last week.

The Tokyo index of banking stocks had lost 20% over the period, marking its biggest decline in several decades.

Image source, Getty Images

Taiwan shares have plunged as its stock market opened after being closed for a public holiday on Friday.

The TAIEX index in Taipei plunged by almost 10% at the open on Monday.

The fall was driven by Taiwan's technology firms, including chipmaking giant TSMC.

Stock markets in mainland China and Hong Kong - which were also closed on Friday - are set to open at the bottom of the hour.

US President Donald Trump's tariffs have triggered a stock market "bloodbath", one analyst tells the BBC.

Julia Lee, Head of Client Coverage, Pacific, at FTSE Russell - a subsidiary of the London Stock Exchange Group says: "The market looks red across the board with very little places to hide, and all sectors are trading lower. US futures trading lower point to another hard session on Wall Street tonight."

"Tariffs are feeding into expectations around inflation and a recession."

Shares of Japanese carmakers have slumped on the open on Monday.

Honda was trading almost 8% lower while Nissan was down 10%.

Both firms count North America, comprising of the US, Canada and Mexico, as their largest market.

The smaller Mitsubishi Motors also saw its shares fall by around 10%.

Image source, Getty Images

Shares in Australia have fallen as concerns around President Trump's tariffs set in.

The benchmark ASX 200 index was around 6% lower, led by losses in the banking, mining and energy sectors.

Bernd Debusmann Jr
With press pack on Air Force One

Image source, Reuters

I just touched down at Joint Base Andrews in Washington DC after an eventful flight on Air Force One in which President Trump made a sudden visit to the press section of the cabin.

Over the course of about 16 minutes, Trump answered questions on a wide variety of topics, including immigration, Benjamin Netanyahu’s visit and the war in Ukraine.

The bulk of the questions, however, revolved around tariffs and market reaction to them.

He repeatedly defended his tariffs and said that any adjustment would be temporary.

"The whole thing is crazy, and I got elected on that basis," he said.

In particular, he took aim at China, saying that the U.S. must solve its trade deficit with the country.

"Unless we solve that problem, I'm not going to make a deal," he said. "I'm willing to make a deal but they have to solve their surplus. China is taking a big hit because everyone knows we’re right."

According to Trump, he has spoken to "a lot of Europeans and Asians" who are "dying to make a deal".

"What's going to happen to the markets, I can't tell you," he said. "But our country is much stronger."

At one point, he reacted extremely angrily to a reporter’s question on the US "pain threshold" as global markets take a hit.

"I think your question is so stupid," he told the reporter. I don't want anything to go down. But sometimes you have to take medicine to fix something."

Japanese shares have extended their falls on Monday morning.

The benchmark Nikkei 225 index was down by almost 8% shortly after the market opened.

The country's major carmakers and banks have been hit particularly hard.

Speaking to reporters on board Air Force One, President Trump has said that "sometimes you have to take medicine to fix something" as US stock market futures tumbled.

He also says that jobs and investment are returning to the US, and the world will soon stop treating America badly.

"We're going to become a wealthy nation again, wealthy like never before," Trump adds.

Shares in Japan and South Korea have fallen in early trade on Monday as US President Donald Trump's tariffs continue to send shockwaves around the world's financial markets.

The benchmark Nikkei 225 in Tokyo was trading 1.8% lower, while the Kospi in Seoul was more than 4% lower.

US stock market futures are sharply down, indicating at this point that Wall Street shares will fall when they open on Monday.

Dow Jones Industrial Average Futures are down 3.8%, or about 1,500 points, the broader S&P Futures are 4.3% lower, and tech-heavy Nasdaq Futures are down by around 5.2%.

Futures are contracts to buy or sell a specific underlying asset at a future date. In this case they give an indication of how US shares may perform ahead of stock markets opening but trading can be volatile.

Investors in mainland China, Hong Kong, and Taiwan will also get a chance to catch up as those markets were closed for public holidays on Friday.

Image source, Reuters

In his latest comments, President Trump has insisted the recently imposed US are working, describing them as "a beautiful thing to behold".

In a post on Truth Social, he wrote: "We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the USA. They are already in effect, and a beautiful thing to behold."

He adds that "some day" people will realise that tariffs for the US are a "very beautiful thing".

What is the chance of a global recession?published at 00:41 British Summer Time 7 April

00:41 BST 7 April

Dharshini David
Deputy economics editor

The hundreds of billions wiped off shares of companies such as Apple and Nike last week demonstrate the possible damage to the economies they source from.

It’s nations the like of Vietnam and Cambodia, which have built their prosperity in recent decades on becoming go-to places for affordable goods, which are likely to see the biggest economic damage.

This is not to say that a global recession is an any way certain. Trade of goods is only one part of a complex global economy.

But with China now retaliating, growth in most major nations seems set for a blow. This comes just as countries were putting a series of shocks, from Covid to the Ukraine war, behind them.

Image source, EPA-EFE/REX/Shutterstock

All eyes now are on the Asian markets which will start trading shortly.

Here are the opening hours of some major stock exchanges across the vast continent:

• Tokyo (Japan), Busan and Seoul (South Korea) - 09:00 local time (00:00 GMT; 01:00 BST)
• Shanghai, Shenzhen and Hong Kong (China) - 09:30 local time (01:00 GMT; 02:00 BST)
• Bombay (India) - 09:15 local time (03:45 GMT; 04:45 BST)