Image source, Reuters

Egg prices in the US have reached a record high of $6.23 (£4.82) per dozen, the latest official data shows.

That's tricky for Donald Trump, who repeatedly promised to get the prices of eggs down during his election campaign.

Why? In the US, the price of eggs is used by politicians from both sides as an indicator of the cost of living in general. It's a stat that is used as a stand-in for prices overall.

Last month, Trump gave a speech in which he said his predecessor Joe Biden had "let the price of eggs get out of control".

Earlier, we reported some good news on prices in the US - as well as some caution.

Image source, Getty Images

Donald Trump's 125% tariff on Chinese goods could impact the cost of an iPhone, given that as many as 80% of Apple devices bound for the US are made in the China, according to Counterpoint Research.

Some analysts say that if costs incurred by tariffs are passed onto consumers, iPhone prices in the US could rise by hundreds of dollars.

On top of that, the fluctuating value of the dollar could lead to higher prices in the UK, Europe and around the world.

As tariffs took effect, Apple reportedly looked to speed up and increase its production of India-produced devices as a way of avoiding the steep levy imposed on goods coming from China.

Zoe Kleinman and Liv McMahon from our technology team have been unpicking what it could mean for consumers.

As we've been reporting, US stock markets have dipped again this morning, after a massive rally of 9.5% yesterday regained some of the ground lost in recent days.

But it's a mixed picture elsewhere, with European and Asian markets seeing some rises earlier.

It's important to put these daily market fluctuations in context.

Despite some rises, the US's S&P 500, UK's FTSE, Germany's Dax, France's Cac 40 and Spain's Ibex 35 are all still lower than they were before Donald Trump made his tariffs announcement.

So while there has been some good news in places, the markets are still not as strong as they were a couple of weeks ago.

Michael Race
Senior economics and business reporter

It appears the buzz felt by investors when Trump announced a pause in tariffs yesterday has faded, with all the main US stock markets down so far today.

A company of note not having the best of days is electric car maker Tesla. Its share price has fallen some 6% in early trading after a surge yesterday.

Elon Musk has hinted at his opposition to Trump's trade policy and got into a public spat with the US president's trade advisor Peter Navarro earlier this week.

Tesla sources a lot of parts for its cars from outside the US, in particular China. Other companies which rely on imports to make products such as Apple and Nvidia are also down.

While tariffs have been eased for 90 days on some countries, the trade war is in full swing between Washington and Beijing.

The New York Stock Exchange saw massive gains yesterday but it was a different story when trading opened a short while ago.

The S&P 500 index of the largest firms listed in the US opened down 2.1%, the Dow Jones index was down 1.6% and the Nasdaq was down 2.8%.

In contrast, European and Asian markets saw gains earlier today.

There is clearly still a lot of uncertainty about the medium-term economic picture, as our business reporter Mitchell Labiak has been explaining.

Mitchell Labiak
BBC Business reporter

Image source, Reuters

Yesterday, the US stock market had one of its best trading days on record, with the S&P 500 jumping 9.5% in its biggest rally since 2008.

Now it appears the initial excitement around Trump's tariff reversal has died down as shares dip in the US this morning.

That initial positivity seems to have given way to uncertainty as firms figure out what the tariff pause means for them.

AJ Bell investment director Russ Mould says the US share price slump may be a long and drawn out process. "Disappointment sets in gradually," he says.

Natalie Sherman
New York business reporter

Image source, EPA

Normally on a day like today, Wall Street would be dissecting the latest inflation data coming from the US.

The Labor Department reports this morning that inflation, the pace of price rises, eased in March as petrol prices dropped.

Overall, prices rose 2.4% over the last 12 months, down from 2.8% in February. That's the slowest pace since September 2024.

The cooling should be good news for households worried about prices – and also for the US central bank, which has been trying to tame inflation.

But the report is backward looking and reflects the situation before many of Trump’s tariff moves came into effect.

Even after his pullback last night, he has put in place a 10% tariff on most imports, with higher rates hitting key items such as cars and a dramatic 125% levy in place on goods from China.

“Today’s cooler-than-expected inflation should be taken as old news, with tariffs expected to send inflation rocketing higher in the next couple of months,” says Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.

Inflation fell by more than expected in March, new figures from the US show. Prices were rising by 2.4% - down from 2.8% the month before.

However, March's data reflects the situation before the recent wave of tariffs came into effect.

Some analysts have warned tariffs could push inflation up as companies look to offset the new levies by passing on costs to customers.

We'll bring you more analysis on this soon.

David Waddell
BBC News

The price of Brent Crude, considered one of the key benchmarks for oil prices, fell again today on the international markets.

It had rebounded on Wednesday, after falling sharply after President Trump's so-called 'Liberation Day' speech.

On that day, the price had hit a peak of just under $75 (£58) per barrel, higher than at any other point since Trump took office in January.

This time last year it was just over $90. And yesterday it had fallen to under $59.

Analysts tell me there a couple of big factors at play. One is that OPEC+, the group of oil producers that includes Russia but excluded the US, raised its production target last week by over 400,000 barrels a day.

The second factor is how worries about a global recession will affect demand for energy - and oil in particular.

But that doesn't explain the volatility. Every day the White House seems to trigger a new adventure for investors. Economic confidence is riding a roller coaster - and that means big swings in the oil price.

• How could this affect me? Crude oil prices impact everyday items like petrol for your car. It can also impact the cost of shipping imported goods, heating homes, and production costs.

Image source, Getty Images

The S&P 500 index of the largest firms listed in the US opened down 2.1%.

The Dow Jones index was down 1.6%. The Nasdaq was down 2.8%.

It comes after shares jumped yesterday following Trump's tariff reversal.

We'll bring you more analysis and reaction shortly.

Mitchell Labiak
Business reporter

Image source, Reuters

Now attention turns to the US, where the stock market will open at 09:30 EST (14:30 BST).

Yesterday, the S&P 500 index - which tracks the largest firms listed in the US - jumped following news of Trump's climbdown on tariffs.

That brought the index back to where it was five days ago - but it is still lower than before Trump's 'Liberation Day', when the tariffs were announced.

Stay tuned. We'll update you after the bell on Wall Street.

Image source, Getty Images

Amazon CEO Andy Jassy says that he expects increased import costs from tariffs to be passed onto customers.

"We're going to try and do everything we can to keep prices as low as possible for customers," he says in an interview with US broadcaster CNBC.

He says this has included completing "strategic forward inventory buys" - and that he hopes this will mean Amazon remains well-stocked.

But Jassy estimates "sellers will pass that cost on" to customers, when asked who is likely to pay the price for higher tariffs.

Image source, Getty Images

The head of a French wine and spirits lobby group says Donald Trump's decision to pause most tariffs is "half good news" for the sector.

• As a reminder, the EU's import tariff to America has been reduced from 20% to 10% for 90 days, but the 25% rate for all aluminium, steel, and cars entering the US remains in place.

French wine and spirits companies will be able to resume shipments at 10% custom duties now and therefore be at the same level as other suppliers, says Nicolas Ozanam from the Federation of Wine & Spirits Exporters of France.

"The real constraint is logistics," he tells the Reuters news agency. "We have a 90-day window, and there are clearly people who will want to anticipate and stock up over there [in America] to be able to react more quickly."

He adds that given the 10% tariff remains in place, the sector still faces inflationary pressures.

Let's have a look at a brief timeline of how Donald Trump introduced - and changed - his tariff plans over the 79 days since he took office:

• 20 January: Trump uses his inauguration speech to outline plans to overhaul the trade system "to protect American workers" and introduce tariffs on foreign countries which will see the US "thriving like never before
• 1 February: He announces a 25% levy on Canadian and Mexican exports to the US - and an additional 10% on China
• 3 February: Mexico and Canada reach a deal to pause US tariffs for one month
• 10 February: Trump announces a 25% import tax on all steel and aluminium entering the US
• 4 March: The White House places an additional tariff on Chinese imports
• 12 March: Trump's 25% steel and aluminium tariffs take effect
• 26 March: The White House reveals new 25% duties on car and car parts coming into the US - those take effect from 2 April
• 2 April: Trump announces the US will impose "reciprocal tariffs" on certain countries, as well as a universal 10% levy on imports from all other countries
• 5 April: That 10% "baseline" tariff comes into effect
• 9 April: Custom tariffs on roughly 60 countries - dubbed the worst offenders - come into effect. Trump then announces a 90-day pause for all countries, except China, with a universal 10% tariff across the board. China's tariffs are hiked to 125%
• 10 April: EU puts retaliatory tariffs against the US on hold due to 90 day pause

There are a lot of numbers being thrown around with all this talk of tariffs, following Donald Trump's decision to pause higher rates for many countries for 90 days.

Here's a helpful graphic summarising where some countries currently stand:

Mark Broad
Business news editor

Kevin Hassett, the White House director of the National Economic Council, has told CNBC that the Trump administration is close to signing two tariff deals.

He says "two deals are almost closed" and just need lawyers to do some final work on the agreements.

Hassett adds that movements in the bond markets may have influenced President Donald Trump’s decision to pause some of the US tariffs yesterday – but the two things (the bond market movements and Trump’s decision to announce a pause) "happened to be at the same time".

White House officials are meeting today to decide the timelines, he tells CNBC.

Hassett also says he thinks that all the deals could be completed in 80 days.

On China, Hassett notes he expected Trump to meet President Xi "sooner or later" and says he would be "shocked" if a meeting does not happen, concluding that he thinks the US and China will "figure something out".

Michael Race
Senior economics and business reporter

The US bond market has been rocked by the introduction of tariffs as investors dumped US government debt yesterday, signalling that confidence in the US economy was faltering.

Governments sell bonds - essentially IOUs - to raise money from investors, and in return, they pay interest. During times of global economic turbulence, investors usually look to buy US bonds as they feel they are a safe investment (safe haven) for their money and the US economy can be relied upon.

But that didn't happen yesterday.

Instead investors began selling off their bonds and as demand for them fell over fears tariffs would push up inflation and affect returns, the interest rate (or yield) the US government pays to borrow money shot up sharply.

"Bond investors demand higher yields when they think inflation might erode their income," says Jeffrey Cleveland, chief economist at the US investment adviser Payden and Rygel.

That poses a big problem for the world's biggest economy as rising interest on bonds ultimately means higher costs for companies to borrow - if businesses can't get access to credit, that can halt economic growth and lead to job losses over time.

And as one economist put it yesterday "when US treasuries (bonds) sneeze, UK government bonds catch a cold" - that played out as UK government borrowing costs jumped.

Since Trump has paused some higher tariffs on countries, the US bond market has settled somewhat, but the interest rate/yield on US government borrowing over 30 years, for example, remains higher (4.7%) than it was at the start of the week (4.3%).

A shift of anything above 0.2% is considered big.

In short, bonds are essentially an IOU that can be traded in the financial markets.

If a government wants to borrow money (and most do) they usually do it by selling bonds to investors. The investor then gets to receive a stream of future payments.

The most common form of bond involves two types of payment by the borrower to the holder of the bond:

• The final payment when the bond "matures", after a pre-agreed number of years
• A stream of smaller payments, usually two a year in the meantime, known as coupons, which are a fixed percentage of the final maturity payment

You can think of the big sum at maturity as the repayment of the original loan and the coupon payment as interest. That's not exactly what they are, but that way of looking at it is a reasonable approximation.

The stock market and the bond market typically work in tandem, Laura Davison, Bloomberg's political editor explains.

When stocks fall, investors are taking their money out of stocks and shares and into the US dollar - such as the US treasury (also known as a bond).

Bonds are seen as safer assets - and a safer place for your money to be.

What we've seen in the past few days is unusual, Davison tells our colleagues on the BBC News Channel. People were viewing treasuries as an unsafe place to be, and stocks were falling.

It suggests investors don't view either US companies or US debt as a good investment, Davison says.

It had the potential to tip the country into a recession or depression - which is what the treasury and commerce secretary took to Trump. That's when we saw Trump put a pause on a lot of the tariffs, she adds.

Mitchell Labiak
BBC Business reporter

We've heard from a short-seller who cashed in on the market slump over the last week - but for most traders, the focus on 'Liberation Day' was about damage limitation.

Short-sellers are traders who acquire stocks and immediately sell them, planning on buying them back cheaper and pocketing the difference if the value goes down.

"Moments like this seldom come in your career," says Rich McDonald, a former commonwealth athletics champion who has over 25 years of experience as a trader - including for IG and Credit Suisse.

"I'm at home on a laptop. I have CNBC in one corner, the BBC on the TV, and the Times live coverage in another corner... And then I jumped to my feet because I wasn't expecting a board, I was expecting an announcement."

McDonald expected tariff cuts of 10% or 20%. "Nobody expected these huge numbers," he says.

He recalls racing his eyes over the board to figure out which firms might be worst hit - and then selling.

"These are billions being wiped off share prices every second, so it's really fastest finger first."

"You're running to stay still. My mind was sprinting."