Matt Spivey
Live editor

Image source, Reuters

After a turbulent week for the global stock markets, Wall Street saw some gains at the close on Friday but the UK's FTSE ended down 1.1%.

With the stocks closed for the weekend it will be a waiting game to see how Trump's 90-day pause on higher tariffs will impact the markets going forward.

China hiked tariffs on US goods to 125%, after the US hit them with a 145% tariff on some goods entering the US.

The value of the US dollar has fallen in recent days to a new three-year low following the uncertainty over the impact of Trump tariffs on the global economy - the BBC's New York business reporter Natalie Sherman explains why.

Trump turned to social media earlier to say that the US is "doing really well on our tariff policy".

Meanwhile, the US says it is preparing for negotiations with countries over tariffs in the coming weeks, as the BBC has been hearing from those affected by the US-China trade war.

We're now ending our live coverage, thanks for joining us.

• Watch: Was Trump's 90-day tariffs pause really a grand plan?
• Why Trump is hitting China on trade - and what might happen next
• Analysis: Why Beijing is not backing down to Trump on tariffs

Sakshi Venkatraman
Reporting from Washington DC

Image source, Handout via Jenny Ngo

In San Francisco, a local coffee shop owner is grappling with what the tariffs will mean for her business.

Jenny Ngo, who runs Telescope Coffee, said she was waiting to hear how much her roaster will hike prices.

The coffee she sells is sourced from Ethiopia and Guatemala, both facing the standard 10% tariff. She also imports her iced coffee cups from China - and said she noticed the prices on those jumped overnight.

"We unfortunately project to raise prices again in order to sustain our business," she said.

Business owners around the country say the queues for a morning latte are already getting shorter as customers tighten their belts and imported beans become more expensive.

Image source, Reuters

Days of volatility have beset stock markets all over the world in the wake of Donald Trump's tariff announcement.

In the US, those stock losses are more likely to affect the average person than in countries where investors are mostly wealthy individuals and major corporations.

In fact, the majority - around 61% - of Americans have some invested money in the stock market, according to 2024 estimates from Gallup.

Those investments are largely tied to accounts known as 401(k)s and IRAs - plans Americans use to save for retirement expenses such as housing, healthcare and day-to-day life once they've stopped working.

Workers contribute a small portion of their income to the account every month - excluded from the employee's taxable income - to the account. Often, employers will also contribute a pre-set amount, or match the employee's contribution.

That money is then invested into the stock market.

Account holders can choose how much risk they want to take with their investments, but these accounts have steep penalties associated with withdrawing any of the money invested before the person reaches retirement age.

Image source, Getty Images

Earlier, Beijing hiked taxes on US goods to 125%, in response to a 145% levy on some of China's goods imported to the US.

As the tit-for-tat continues, here's what people in China - who did not want to be named - have told the BBC about the trade war:

• "Actually our hope is for better China US relations, we want to see cooperation."

• "In China we’re not scared. Ordinary people have confidence in our country’s economic power. Don’t worry. Trade war is not going to affect our lives."

• "Our President Xi always said we live in the same global village. I reckon it would be great if we can stay friendly to each other. Why should we fight? It’s totally unnecessary."

• "The fight will only be short term. I believe China US will get the trade disputes solved by talks. It won’t affect me, as I only do domestic business. But for foreign trading companies - I’ve got friend in these industries - they’re export-import companies and manufacturers, for them, there is a definite impact."
• "I think hiking tariffs in such short period of time is Trump’s strategy. He wants to put pressure on Chinese leaders.- pushing them to come back to the table of negotiation. But it won’t work in the long run. It will badly hurt both China and US – the biggest economy powers of the world."

Imogen James
Reporting from Washington DC

A short walk away from the White House, where Trump revealed his sweeping tariffs, coffee shop owners are already feeling the effects.

The vast majority of coffee in the US is imported. Since 5 April, coffee imports have been affected by the 10% US tariffs against most countries.

Jorge Prudencio, who runs Bread Bite Bakery in Washington DC, says his Colombia-based coffee distributer just increased prices after the sweeping tariffs went into effect last week.

Prudencio tells me his coffee suppliers have told him his next order will carry yet another price hike.

He adds that his bakery will "definitely" be increasing prices for customers just to break even.

Asked if he is worried, Prudencio says: "Of course."

But Prudencio remains confident that people will still come to his shop and buy coffee. He says it is something people need.

After a turbulent week driven by tariff uncertainty, Wall Street has just closed for the weekend with some gains for the US markets - though they still remain well below where they were trading before President Donald Trump's tariffs announcement last week.

Here's how the US stock market's three major indexes closed for the day on Friday:

• S&P 500 was up 1.81%
• Dow Jones Industrial Averageclosed up 1.56%
• Nasdaq Compositealso closed 2.06%

BBC Monitoring

Kremlin spokesman Dmitry Peskov has said that Russia's economic bodies are analysing the potential consequences of the tariffs imposed by the US and are doing everything possible to minimise their negative impact, state news agency TASS reported on Friday.

"We need to carefully monitor this in terms of our interests. We need to assess how the measures taken by Trump may affect us and how the turmoil in the global economy might impact our economic [successes - TASS]," Peskov said.

"Our economic agencies are closely monitoring and analysing the situation in order to minimise this international economic storm, if necessary," Peskov added.

Image source, Reuters

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

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

Image source, EPA

As we reported earlier, US President Donald Trump threatened to hit Mexico with sanctions and tariffs after accusing the Latin American nation of violating a water treaty and "stealing water from Texas farmers".

Speaking at a press conference, Mexican President Claudia Sheinbaum says her country will send an immediate water delivery to Texan farmers, though she did not specify how much and said this would depend on availability.

Mexico is looking for alternative ways to comply with the 81-year-old treaty with the US, she says, adding that an agreement will be worked out in the coming days.

The country has been struggling to keep up with its water deliveries due to a three-year drought, Sheinbaum said earlier on Friday.

If you're after a concise, simple explanation for what exactly a tariff is, then look no further.

BBC Newscast presenter Adam Fleming gives a brief overview in this and short video and looks at how the measure is being used by Trump to achieve his aims.

Image source, Reuters

Following the White House press secretary's comments a short while ago about President Trump being optimistic that progress will be made on trade between the US and China, let's take a step back for a minute and get a reminder about what else the US president has said on China this week.

President Trump was asked by reporters on Wednesday whether he would consider talks or a meeting with China's President Xi Jinping, after the White House implemented further tariffs on the country.

Trump responded: "Sure, he's a friend of mine. I like him - President Xi - I like him, I respect him."

He also described China's leader as a "very smart guy" and predicted the two would make a "very good deal".

This follows comments from the US president hinting at a potential summit between the two leaders in the "not too distant future".

It won't be the first time the two leaders have met. The pair held a bilateral meeting at the G20 summit in 2019, where talks heavily focused on trade.

Earlier today, China’s commerce ministry spokeswoman He Yongqian urged the US on to meet it “halfway”.

“The door to dialogue is open, but it must be based on mutual respect and conducted in an equal manner,” she said.

Six senior Democrats have written to the Securities and Exchange Commission (SEC) , externalcalling for the body to look into "potential violations of federal securities laws" by US President Donald Trump.

"We urge the SEC to investigate whether the tariff announcements, which caused the market crash and subsequent partial recovery, enriched administration insiders and friends," said the letter, signed by former presidential candidate and sitting senator, Elizabeth Warren.

The letter describes the recent tariffs imposed by Trump as "erratic" and "reckless" but adds that it is the president's pausing of his so-called "reciprocal" tariffs plan that is the source of their concern.

Image source, Getty Images

"Our nation has strict laws to prevent insider trading and market manipulation", it continues by saying.

"Yet before pausing the tariffs that threw markets into disarray, President Trump appears to have previewed his plans to do so on Truth Social".

The group of senators urged the SEC to conduct an investigation into the tariff announcements and whether they benefited Trump or his affiliates.

The letter was also signed by Chuck Schumer, Ron Wyden, Mark Kelly and Ruben Gallego and Adam Schiff, who additionally requested a response from the SEC by 25 April on whether there are plans to investigate the US president's tariff actions.

Image source, Reuters

US President Donald Trump "remains undeterred in his mission to make America wealthy again", the White House says in a press statement.

In the statement titled 'why President Trump’s tariffs are necessary', the White House says trade policies have failed the US for decades but adds that progress is already being made in "re-shoring American industry".

Several countries and major companies are then listed as considering or committing to investments in the US since Trump took office in January.

One of the examples cited is Apple, which announced a $500bn (£382bn) investment in manufacturing and training in the US in February.

Bernd Debusmann Jr
Reporting from the White House

We've just wrapped up Karoline Leavitt's briefing, which at 22 minutes was abnormally short - perhaps the shortest one of this administration.

It was certainly the shortest that I've attended, personally.

As far as tariffs go, we learned very little that we did not already know, with Leavitt sticking to the same talking points we've been hearing from the White House for the last several days.

What's clear is that the White House will continue to emphasise the negotiations with other countries as tangible signs that the threat of tariffs is effective.

We're likely to hear more news about those talks next week, particularly if deals are reached - which Leavitt suggested might be very soon.

Other than that, there was little news that emerged from the briefing.

Most reporters here are now discussing the confirmed sighting of a mysterious mouse in the briefing room, as well as a curious incident in which a bird landed on the head of a Fox News reporter earlier today.

Image source, Reuters

Press Secretary Karoline Leavitt is next asked about reports that we're weeks away from seeing the first deal with at least one country on tariffs. Leavitt is asked which country that is.

She replies by saying she can't say which country, but says that very good progress has been made on an agreement.

She claims that 15 offers are already on the table.

Leavitt is asked about earlier comments from Beijing that it would not respond to any further tariffs imposed by the US.

She says the US tariff on Chinese goods remains at 145%, as it was yesterday, adding that Trump made it clear that "when the United States is punched, he will punch back harder".

Leavitt adds that Trump hopes to make a deal with China that benefits the US.

"Taking on China in terms of trade and tariffs is something that both Democrats and Republicans alike have spoken about for decades, President Trump is finally doing it", she says.

Bernd Debusmann Jr
Reporting from the White House

Leavitt is asked about why US allies should work with the US to isolate China on trade, despite being hit with tariffs themselves.

In response, Leavitt says that other countries "need" the US, again saying that the "phones are ringing" from those that hope to negotiate trade deals for their own countries.

"They need the United States of America. They need our markets. They need our consumer base," she says, adding that some need the US to "survive".

She specifically points to Israel and Japan - who have both reached out to the administration - as examples.

More now from the White House press briefing.

The next question on tariffs for Press Secretary Karoline Leavitt is about President Donald Trump's recent comments that he's open to making a deal on tariffs with China. She is asked: Why doesn't he just pick up the phone?

Leavitt replies by saying the US is the strongest and best economy in the world and the president wants to do what's right for the American people.

When pressed on whether Trump's waiting for China to make the first move, Leavitt says she's not going to comment on that but reiterates that the president is "optimistic" that progress will be made on trade deals.

Next on tariffs, Leavitt answers a question about possible plans for the money generated for the federal government by the levies charged on imports.

She says the point of Trump's "trade and tariff agenda" is to bolster American manufacturing industries, bring down the cost of living and maintain critical supply chains in the US - what the White House has been saying about their plans for tariffs all along.

"We cannot be dependent on countries like China if we want this country to be strong and wealthy," she adds.

Bernd Debusmann Jr
Reporting from the White House

I'm now here at the White House press briefing, which just started a few minutes ago and where tariffs figured prominently in Press Secretary Karoline Leavitt's opening remarks to reporters gathered in the room.

As we've heard from other officials and the president in the last several days, Leavitt points to the more than 75 countries that the White House has claimed have sought out negotiations with the US.

"The phone has been ringing off the hook," she tells reporters.

Trump, she adds, sought to change what she called the "status quo" of international trade that she says previous administrations had left untouched.

So far, there is nothing new in what we're hearing from the White House on the tariff front.