Next up is BBC Newsnight political editor Nick Watt. He is being asked about the reaction from Prime Minister Sir Keir Starmer and the British government to the tariffs.

Watt says the UK wants the 25% tariff on car imports to go down, as well as the 10% tariff applied to UK goods imported into the US.

He says Starmer says his approach will be calm and cool, but "behind the scenes they're pretty nervous because its a moment of peril for the UK" and the world.

But despite this the government is doing its best not to offend Donald Trump due to his unpredictability, Watt adds.

The next question is for North America correspondent Anthony Zurcher about the spat between Trump advisors Elon Musk and Peter Navarro - and what it tells us about the tariff policy and how Republicans are receiving it.

Musk has called Trump's trade adviser, Navarro, a "moron" over comments he made about Musk's electric vehicle firm, Tesla.

Zurcher says the spat between the pair shows "there is some conflict within Donald Trump's circle", but also notes that the president "enjoys conflict".

He says there are different factions in the White House with treasury secretary Scott Bessent being in favour of more restrained policy and a focus on China, as opposed to those advocating for a more aggressive trade policy led by Peter Navarro.

"It seems like at least the folks who are preaching caution, the folks who are telling Donald Trump to take a step back and let the markets cool off a little bit, they have the upper hand," Zurcher says.

Our colleagues on the BBC News channel have been speaking to some of our top reporters, putting your questions to them about tariffs and stock market movements.

First up is BBC North America Business correspondent Erin Delmore to help us understand what's going on with tariffs and stock markets.

She says "gone is the euphoria" from yesterday when the three major US stock market indexes surged.

Delmore says the sell off we are seeing on Wall Street cuts in half gains from yesterday.

She explains stocks sank lower when it was confirmed China's tariff rate went up to 145%.

Delmore adds "uncertainty has everyone on pins and needles here" over Donald Trumps talk of transition costs with his tariff policies.

How far will the trade battle with China go?published at 19:18 British Summer Time 10 April

19:18 BST 10 April

Bernd Debusmann Jr
Reporting from the White House

Listening to Trump's cabinet meeting here at the White House, it strikes me that we, so far, have very little indication of how far Trump is willing to go with regards to the trade battle with China.

The President hasn't given any timeline, saying only that "we'll see what happens" with China. He has, however, repeatedly attacked China in his remarks and said that they've "taken advantage" of the US.

He has also repeatedly hinted at a belief that the tariffs will, ultimately, force China to fold - or at least come to the negotiating table.

Today, for example, he expressed confidence that he'd be able to "get along" with Chinese premier Xi Jinping. Yesterday, he also said that he believed China wanted to negotiate, but was not sure how to go about it.

What remains unclear is how long the Trump administration believes it will take for that to happen.

Donald Trump’s cabinet meeting has wrapped up after more than an hour.

Shortly before it ended, Trump talked about the ongoing negotiations over tariffs.

He said his administration was "very close" to the first country making a deal, adding he wanted to "make deals that are proper for the United States".

By the end of the 90-day pause, if deals are not made that the US wants, the higher tariffs will be put back in place, he told reporters.

The president added that isn't considering for any country or company to get an exemption.

Asked about the money raised from tariffs, Trump said he will use it to pay down national debt, reduce taxes, creative government budgets, and "helping" the US-Mexico border.

"US steel is going to do very well now because of tariffs," Trump also said, making the case that now people see empty steel plants, but that will change soon because of his action.

"Soon it's going to be thriving," Trump said, and factories will be filled up as well as new ones being built.

"We're gonna be better and stronger than ever before."

Jamieson Greer, the US trade representative, says last week Trump started a "reordering of international trade".

He says this "should have happened decades ago", and Trump came into power during an "emergency situation".

Trump takes over, and says they were left with "a mess" by the previous administration.

Greer then says Trump has given room for negotiation on the tariffs, and he is "standing up for American workers".

"We've had countries come in over the past couple of weeks that represent more than half of GDP," he claims.

He says the tariffs promotes US manufacturing and protects workers.

Image source, Reuters

Donald Trump is speaking again at a televised cabinet meeting, and is asked what will happen next with the US' relationship with China.

Remember, the US has imposed an effective tariff rate of 145% on Chinese imports.

The US president says "we'll see what happens" and that the US would like to strike a deal with China - but, he adds, China has taken advantage of the US in the past.

Referencing Chinese leader President Xi Jinping, Trump says he's sure they'll "be able to get along".

Danielle Codd
Business reporter

Lotus, which produces luxury sports cars and electric vehicles, has today confirmed it is restructuring and blamed, in part, Donald Trump's tariffs.

The British manufacturer, which is based in Norfolk and employs 1,699 people, said up to 270 jobs could be lost.

The company said the proposal was to “ensure sustainable operations, amid volatile and evolving market conditions including the US tariffs and shifting consumer demand for sports cars”.

As a reminder, Trump has imposed a 25% tariff on all cars imported into the US, a major market for British firms.

As we've been reporting, Donald Trump has been chairing a televised cabinet meeting.

Here's what Commerce Secretary Howard Lutnick had to say about the tariffs fallout.

Image source, Reuters

As we've been reporting, US stock prices are down again today.

There was a rally yesterday, following Donald Trump lifting higher rates of tariffs on most countries. But today has been another day of falls.

Here are the latest numbers from Wall Street's three major stock indexes, as of 18:30 BST / 13:30 EST.

• Dow Jones Industrial Average - down 3%
• Nasdaq Composite - down 5.6%
• S&P 500 - down 4.8%

In a short while the BBC's top experts will be answering your questions about US President Donald Trump's tariffs in a special programme.

It'll be hosted by Sumi Somaskanda and Ben Brown. Answering your questions, we'll have:

• Deputy economics editor Darshini David
• North America correspondent Anthony Zurcher
• World affairs editor John Simpson
• North America business correspondent Erin Delmore
• BBC Newsnight political editor Nick Watt

Make sure to follow live from 18:30 BST by pressing the watch live button at the top of our page.

Treasury Secretary Scott Bessent has just been speaking at the televised cabinet meeting alongside Donald Trump.

He says the US is putting a "process in place" to begin negotiations with countries hit by tariffs, and that the US president will be part of the talks.

Bessent insists the US is still the "best place to invest".

A short while ago, we also had confirmation from the White House that "formal discussions on reciprocal trade" are due to begin between the US and Vietnam, one of the countries hardest hit by the tariffs.

We're now hearing from Donald Trump, who is chairing a cabinet meeting which TV cameras have been allowed into.

He begins by addressing the fallout from his tariffs announcement, saying yesterday - which saw US markets make some recoveries after heavy losses - was a "big day".

Trump says there will "always be transition difficulty but it was the biggest day in history in markets".

He says investors are happy with how the country is running as they "try to get the world to treat us fairly".

"Everybody wants to come and make a deal" to reduce tariffs, Trump adds.

As a reminder, the US stock market has fallen sharply again today and, despite yesterday's gains, is still below where it was pre-tariffs.

Micky Bristow
BBC World Service Asia-Pacific editor

Image source, Getty Images

Last weekend, Warner Brothers' A Minecraft Movie topped the box office in China - but there might be fewer similar successes in the future.

China says it will reduce the number of American-made films shown in its cinemas, claiming the tariff dispute has dampened audience appetite for Hollywood movies.

Beijing already restricts US releases to 34 a year, and Hollywood has become less important in China as homegrown films increase in popularity.

That said, this new front in the tariff war will still come as a blow to Tinseltown.

Bernd Debusmann Jr
Reporting from the White House

The last few days have been a confusing time at the White House as reporters - and the world - work to make sense of exactly what has been happening.

One of the sources of confusion has been on the exact rate of tariffs added to Chinese goods.

Reports on that so far have been contradictory - but we now have clarification from the White House on what they meant.

The 125% announced by Donald Trump refers solely to what the White House calls reciprocal tariffs.

That's in addition to a 20% tariff that had been previously announced in a bid, US officials say, to pressure China to clamp down on fentanyl trafficking.

In other words, the total tariffs on China now stand at 145% - an enormously high figure that has the potential to have a very real impact, both on consumers in the US and on China's economy.

Image source, Getty Images

US markets have resumed their falls after yesterday’s rally.

The Dow Jones and S&P 500 indexes are down over 4% and the Nasdaq has been as much as 5% lower.

Warner Bros Discovery has seen a fall of 14% and Amazon and Apple are both down 7%.

Gold – seen as a safe haven asset – is up 3%, while riskier assets such as Bitcoin and Ethereum are down 5% and 10% respectively.

As we've just reported, the White House has briefed that the overall tariff imposed on most goods imported from China stands at 145%.

Yesterday, Trump announced on Truth Social that China was facing 125% "reciprocal" levies, which is what has been reported since.

However, the Trump administration is saying today that an existing 20% tariff - which was previously imposed on countries which the US says produce the drug fentanyl - will continue to be in place on top of that 125%. That takes the total to 145%.

The tariffs imposed on Chinese goods coming into the US is at 145%, the White House has clarified.

On Wednesday, Trump said he was hiking the levy to 125%.

However, the administration has just confirmed that figure did not include a pre-existing tariff of 20%, which is being added on top - bringing the total to 145%, higher than we thought previously.

We'll bring you more on this shortly.

Anne Cassidy
Business reporter

Image source, Todd Brayman

Canadian Armed Forces veteran Todd Brayman is no longer buying his favourite Californian red wine.

He says: "I have in my life served alongside American forces.

"It is just profoundly upsetting and disappointing to see where we are given the historical ties that our two countries have."

Brayman, a veteran of the Canadian Armed Forces, is one of a growing number of people across the world who are avoiding buying US products in protest at Trump's policies.

He tells us: "I think right now it's time to stand up and be counted, and in my mind, that means buying local and supporting Canadian business."

Image source, Getty Images

Canada will fight US tariffs until they are removed, Prime Minister Mark Carney says.

Speaking at a campaign event, he says the tariffs threaten Canadian workers, businesses and families, calling them "unjustified, unwarranted and misguided".

"We are responding with purpose and force," he adds.

Carney tells supporters "the stakes have never been higher for our economy".

Canada is holding a general election on 28 April. Polls had suggested Carney's Liberal Party was on course for a heavy defeat but its fortunes have improved, in part due to its strong anti-tariffs stance.