Donald Trump says he is open to talks with Chinese President Xi Jinping after he hit China with an even higher tariff rate of 125%
The US president has also announced a 90-day pause on the implementation of higher tariffs, meaning a "universal 10%" levy will be in place for most countries
Following news of the tariffs reprieve, markets are soaring after days of economic turmoil
Anthony Zurcher's analysis: The US is making nice – or at least nicer - with most countries, but is leaning into a trade war with China
America's neighbours Canada and Mexico will still face the same tariffs that were imposed on them last month
Speaking at a Nascar event at the White House, Trump maintains that "fair deals" will be made with China and every other country
Trump says he would consider meeting with China’s Xi Jinping on tariffs
Edited by Jenna Moon
Good morning. It's 8am in Singapore and we are about to see markets open in the wake of yesterday's slump. We are monitoring markets and how they are going to be performing today. Stock markets in the Asia-Pacific region plunged on Monday by levels not seen in decades.
Here is where they closed.
Sakshi Venkatraman
Reporting from New York
Watch: Three things to know about Trump's tariffs announcement
On April 2, US President Donald Trump unveiled a slew of aggressive tariffs on imports from nearly every country in the world, sending shockwaves through global markets.
He targeted all countries with a standard 10% tariff, but for some of America's biggest trading partners, that number went much higher.
China was hit with a 54% tariff, for example (although this included some earlier tariffs Trump had ordered).
What followed was the worst week the global stock market has experienced since the Covid pandemic.
The three major US indexes slumped, falling more than 5%. Some Asian stocks are having their worst drop in decades.
World leaders are now scrambling to respond, with some now negotiating with Trump to lower their rates. Others, like China, are imposing their own retaliatory levies on the US.
Trump has continued to defend the tariffs, saying on Sunday, "sometimes you have to take medicine to fix something".