Matt Spivey
Live editor

As the dust began to settle after higher tariffs came into effect, Trump switched up the game again.

Taking to Truth Social, the US president increased tariffs on Chinese imported goods to 125% "effective immediately". He also announced a 90-day pause on tariffs above 10% - for most countries, except China, Canada and Mexico.

The EU, despite voting for retaliatory tariffs against the US, will face the same 10% baseline tariff as other regions.

His softened stance meant markets surged after days of uncertainty.

There could be more developments to come, now that Trump has said he is open to a conversation with Chinese President Xi Jinping: "We will get a phone call at some point and then it's off to the races."

China has yet to respond to the higher rate, but right now it seems like Trump is leaning into a trade war, our correspondent Anthony Zurcher writes.

We're now closing this page - but we're bringing you the latest updates in our new live page here.

Now that we've taken a look at international reactions, let's take a quick look over how US politicians are responding to Trump's tariff policy.

• Wisconsin Senator Ron Johnson appeared relieved when speaking to reporters on Capitol Hill, saying: "I still don't know what his total strategy is. We know what his goal was, I don't know what the end game is here"
• Meanwhile, some Democrats, including California Senator Adam Schiff are concerned about members of the Trump administration might have profited off of early knowledge of Trump's policy change
• Michigan Senator Elissa Slotkin, a Democrat, seemed perplexed about the tariff back-and-forth, saying: “I’m just trying to understand what the hell is happening”
• Senator Rand Paul, a Kentucky Republican who has been critical of the president's tariff policy, told reporters he thought "the marketplace has spooked them"

Image source, Reuters

We've been seeing reaction through the day to Trump's softened stance on tariffs.

Here's what world leaders have had to say:

• Friedrich Merz, Germany's incoming chancellor said the pause was evidence that a united European approach to trade had a positive effect, adding: "Europeans are determined to defend ourselves and this example shows that unity helps most of all"
• Meanwhile Italy'sEconomy Minister Giancarlo Giorgetti welcomed the 90-day pause and said the Group of Seven countries - excluding he US - spoke about trying to "calm" the situation
• Bangladesh's interim leader Muhammad Yunus thanked the US president for pausing tariffs that would have seen exports to the US taxed at 37%. "We will continue to work with your administration in support of your trade agenda,"he added

Image source, Reuters

Work is only just beginning for Team Trumppublished at 23:03 British Summer Time 9 April

23:03 BST 9 April

Jonathan Josephs
BBC business reporter

President Trump’s 90 day pause on "reciprocal" tariffs means the work has only just began for his team.

He says more than 75 countries have been in touch looking for a deal and that means there’s an awful lot of negotiating for his team to do. It’s questionable if they have the capacity to get it all done inside three months.

Ten days ago the office of the US Trade Representative published its National Trade Estimate Report, external which gave a detailed breakdown of the trade barriers that US exporters want to overcome.

It shows that Team Trump have a clear idea of what comprises they want from various other countries to potentially remove some or all of the tariffs they’ve imposed.

However those other countries might well not want to give in to all those demands, they will have domestic political considerations to take into account too -- including potentially lengthy efforts to get new legislation on the statute books.

This is why international trade deals normally take many years of negotiations to come into force as President Trump saw when he tried to get agreements with Canada, Mexico and China in his first term.

Haider Saleem
Business reporter

US Treasury bonds have emerged at the forefront of market concern amid President Trump's latest tariff announcements.

Overnight, yields on benchmark 10-year bonds surged to 4.5%, the highest since February, as investors questioned the safety of US debt amid escalating trade tensions.

Today's Treasury auction showed muted demand, failing to significantly ease market nerves, despite Trump's announcement of a 90 day pause on reciprocal tariffs for most countries, except China, on which tariffs rose sharply to 125%.

Trump, speaking at the White House today, downplayed bond market volatility, describing it as “beautiful," denying direct ties between the sell-off and tariff policies.

Analysts, however, warn of potential long-term instability, due to recent tariffs which could lead to price increases, inflationary pressures, and continue to drive bond yields higher.

The market remains cautious, closely watching for potential Federal Reserve actions of rates cuts.

As Donald Trump announces a 90-day pause on higher tariffs for dozens of countries except China, the Americast team is looking at the economic fallout from days of uncertainty.

You can listen to the episode for all of their insight.

With China now facing 125% tariffs, the BBC has spoken to Americans to gauge how they're feeling about Trump's trade policy.

From concerns about the price of goods like iPhones to worries about US international trade - here's what they had to say.

"Xi is a smart guy and we'll end up making a very good deal," Trump continues.

He tells reporters in the Oval Office that the Chinese president is "one of the smartest people in the world".

Trump briefly turns to the firepower of the US, saying "we have weapons that nobody even knows", before bringing it back to complimenting Xi Jinping.

He says: "Xi is a man who knows exactly what has to be done, he loves his country".

"We will get a phone call at some point and then it's off to the races," Trump says.

We can bring you a few more comments from Trump, following questions a little earlier from reporters in the Oval Office.

If the White House strategy all along to bring countries to the table, why did you instruct top aides to say the White House was going to hold the line, one reporter asks.

"It is a negotiation," Trump says.

Trump says he would consider speaking with the Chinese president, while noting the Chinese are not taking advantage of the US.

"I think investing in the United States of America will be the greatest investment," he adds.

Trump told reporters in the Oval Office a few moments ago that he was thinking about a pause "over the last few days",

"It came together fairly early this morning", he says of the announcement.

"We wrote it up from our hearts," he adds, referring to his Truth Social announcement about the pause.

"We don't want to hurt countries that don't want to be hurt and they all want to negotiate," he adds.

In a social media post, the White House is continuing to double down on its suggestion that it will work with countries that don't impose retaliatory tariffs on the US.

"DO NOT RETALIATE AND YOU WILL BE REWARDED", the White House has posted on social media site X.

Trading has ended for the day on Wall Street - with US markets soaring after Trump announced a 90-day pause on higher tariffs for most countries.

Here's how the indexes looked as markets closed:

• The S&P 500 Index closed up 9.5%
• Dow Jones surged by 7.8%
• The Nasdaq jumped 12.1%

Tariffs on steel, aluminium and automobiles remain unchanged, the White House official confirms to the BBC.

Earlier this year, the US president ordered a 25% import tax on all steel and aluminium entering the US, ending previous exemptions for allies including Canada and the EU and marking a major expansion of trade barriers.

We can report that tariffs above 10% are paused for 90 days for everyone except China, Mexico and Canada.

That 10% tariff rate is the "baseline" that came into effect on 5 April.

That rate was never applied to Canada or Mexico, and neither country is getting a 10% baseline tariff now, the White House official says.

The tariffs that were placed on Canada and Mexico to ostensibly fight the fentanyl crisis remain unchanged: US-Mexico-Canada agreement trade is tariff-free, the White House official says, and non-USMCA trade is tariffed at 25%

A White House official confirms to the BBC that the EU is only being tariffed at the 10% baseline that went into effect on April 5.

Bernd Debusmann Jr
Reporting from the White House

Listening to Trump at this afternoon's event, one thing jumped out at me: Trump's apparent certainty that China will also eventually come to the table.

"A deal is going to be made with China," he told reporters. "A deal is going to be made with every one of them."

In his comments, Trump also claimed he had begun the process during his first administration - a process he says was waylaid by the Covid-19 pandemic, which he referred as a "mess caused by China".

"We didn't have time to do the right thing, which we're doing now," he added.

His comments echoed those of Treasury Secretary Scott Bessent earlier, who said he was "certain" that China's reciprocal tariffs would hurt their economy more than the American one.

For the moment, it seems as if China and the US are playing a game of chicken to see who blinks first - and Trump seems certain it will be China.

Jenna Moon
Live editor, in Washington DC

Image source, EPA

US President Donald Trump's tariff plan has suddenly changed - sparking confusion about what, exactly, this new policy means.

The president posted on his Truth Social platform that he has "authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately", while China now faces a higher 125% rate.

White House Press Secretary Karoline Leavitt and Treasury Secretary Scott Bessent say that the new 10% rate will apply to all countries except China.

But we have some questions.

• It's not clear if this reprieve applies to the EU, which today approved retaliatory tariffs against the US. A shouted question at the White House press "gaggle" went unanswered
• We're not sure if Canada and Mexico are included in this 10% rate - especially since Canada's retaliatory tariffs came into effect this morning
• It's not clear how this interacts with tariffs already in place, such as the 25% tariffs on foreign steel, aluminium and car parts

Comments made by Trump to the press just now at a Nascar event didn't clarify these questions.

Our team are working to rapidly unpick exactly what it is this means. Stay with us - as soon as we have answers, we'll share them with you right here.

Image source, Reuters

Trump is asked the U-turn on his policy. The president said previously that there would be no pause in the tariffs, but today announced a 90-day pause.

"You have to have flexibility," he says.

He's now moved away from speaking to the press and is speaking to the Nascar drivers patiently waiting behind him.

One reporter asks Trump if the tariff "pause" is based on the dip in the bond market.

The president says he was watching the bond market and that it was "beautiful".

"I saw last night where people were getting a little queasy," Trump says about the tariffs.

Image source, Reuters

Trump is now asked if a deal can be made with the EU.

Trump says a deal can be made with everyone, and they will be "fair deals for everybody".

"A deal's gonna be made with China, a deal's gonna be made with every one of them."

But he just wants "fair deals", the president says.

Trump then goes on to say that the economic situation is bad in the US because the country is being treated "unfairly".