Jonathan Josephs
BBC business reporter

The new tariffs that the EU has announced on the United States will affect €20.9bn (£18bn) worth of goods.

I’m told they will be brought in three phases with the first set coming into effect on Tuesday next week on €3.9bn worth of stuff the US sells to EU countries.

A month later, on 15 May another €13.5bn of goods will be impacted, followed by a further €3.5bn from 1 December.

These tariffs are in response to the 25% import taxes President Trump imposed on all steel and aluminium and came into force in mid-March. They applied to both the EU and the rest of the world.

The delay in retaliating shows how EU trade policy isn’t able to move as quickly as the US because all 27 member states need to vote on any new tariffs.

However in its statement announcing the tariffs the EU did make clear that “these countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome”.

Confirmation of which goods the EU is targeting is expected within the next 24 hours.

Michael Race
Senior economics and business reporter

The bell has sounded and trading has restarted on the New York Stock Exchange after a turbulent Wednesday for Asian and European stock markets.

• The S&P 500 index has opened down marginally by 0.19%
• The Dow Jones Industrial Average has fallen 0.5%
• And the tech-dominated Nasdaq index is bucking the trend, up by 0.7%

European Union member states have voted in favour of imposing tariffs on some US imported goods, a statement from the European Commission confirms.

The new tariffs will come into effect from 15 April.

"The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy," the statement reads.

"The EU has stated its clear preference to find negotiated outcomes with the US, which would be balanced and mutually beneficial."

Image source, Getty Images

US Treasury Secretary Scott Bessent warns US partners that pursuing a stronger alliance with China would have dire consequences.

It comes as Spain's economy minister on Monday suggested Beijing could be a crucial strategic partner for his country and others in Europe.

But speaking at a summit in Washington DC, Bessent says aligning more with China would be like "cutting your own throat".

In an interview with the Fox Business Network earlier, he also reacted to China's "unfortunate" decision to impose 84% tariffs on US good.

China doesn't "have the edge here", he says, noting it sells more to the US than it buys. "So they can raise their tariffs, but so what?" he says.

China is deemed one of Trump's so-called "worst offenders" and has been slapped with a 104%tariff on Chinese goods entering the US.

But the country isn't backing down, here's how China has responded:

• China announces a 84% tariff on US imports, an increase from 34%, which will come into effect at 12:01 Beijing time on 10 April
• From tomorrow, they are adding 12 American companies to an export control list - a catalogue of items and products that may require an export licence to leave a country
• They are also adding six American companies to the unreliable entity list, including AI companies
• China has already filed a complaint to the World Trade Organization, where it says the US is violating international trade laws

Dharshini David
Deputy economics editor

China has just imposed 84% tariffs on the US, after Trump's levies of 104% on Chinese goods kicked in this morning. Ouch.

This is a trade war which seems to - second-by-second - get ratcheted-up. And so does the risk of recession.

We won't know for many months how this is going to play out, but this is one of many warning signs to be aware of.

Remember, for every five goods China sells to the US, the US only sells one to China - which leaves you wondering: Who will be more damaged by this?

It seems the tariffs may be more damaging for China than they are going to be for the US. But, make no mistake, it is American consumers who are in the firing line here, and Chinese businesses.

Lana Lam
Live digital reporter

It's passed 13:30 in London and 08:30 in Washington. If you're just joining us, here's the latest:

• China has increased their retaliatory tariffs on US imports to 84% after Donald Trump's 104% levies on Chinese goods kicked in earlier today

• This comes after China's foreign ministry insisted the country will "fight to the end" against Trump's tariffs if compelled, and accused the White House of "bullying practices"
• In his first comments since China's announcement, Trump told businesses now is a "great time" to move to the US

• Meanwhile, the European Union is preparing a range of counter-tariffs, including a 25% tax on US products such as motorbikes, luxury boats and orange juice
• This comes as stocks for European drug makers slipped in the wake of comments from Trump about plans for a "major" tariff on all pharmaceutical imports

• Before steeper tariffs on around 60 nations came into effect today, Trump said many countries were "dying" to negotiate deals. "I'm telling you these countries are calling us up, kissing my ass," he said

• The Bank of England said Britain is well placed to weather the storm but warns of future risks as the UK government said it's "confident" it will get a US trade deal

We'll continue to follow the latest developments so stick with us.

In his first comments since China announced it will raise its levy on US imports to 84%, US President Donald Trump is encouraging companies to move to the US.

Writing on social media platform Truth Social, the US president says: "This is a GREAT time to move your COMPANY into the United States of America."

"ZERO TARIFFS, and almost immediate Electrical/Energy hook ups and approvals. No Environmental Delays. DON’T WAIT, DO IT NOW!", he adds.

Stephen McDonell
China correspondent, reporting from Beijing

The finance ministry has just made an announcement, increasing the 34% tariff on all US goods coming into China to 84%.

Obviously, that's a clear blow to every US company wanting to sell into this huge market and - no doubt - it's going to send more shockwaves through the markets, especially in the US.

There may well be other measures from Beijing so, it appears, there's no backing down from the Chinese government.

Beijing said there would be resolute counter-measures if Donald Trump made good on his promise to increase the US tariff on Chinese goods to 104% - we're now seeing the beginnings of that.

Across China, state media reporters on social media have been ridiculing other countries going with the begging bowl to Washington to take the tariffs off, saying it plays right into Trump's hands.

The contrast that's being made is that Beijing says it supports multilateral trade efforts where rules apply to everybody.

There would be some sympathy for that, especially in South-East Asian countries like Thailand, Cambodia and Vietnam, which have been hit very hard by US tariffs.

Image source, Getty Images

China has added six more US businesses to its "unreliable entity" list, its commerce ministry says.

This includes aerospace and defence company Sierra Nevada Corporation, as well as AI firms.

This comes after the Chinese finance ministry announced 84% tariffs on goods imported from the US, after Donald Trump's 104% levies on Chinese imports kicked in today.

China previously added PVH - the company that owns designer brands Calvin Klein and Tommy Hilfiger - to the list.

The so-called "unreliable entities list" makes it harder to do business in China, as companies included may face sanctions and fines.

Image source, EPA

European markets - which were already down - have dropped further after China's announcement of 84% tariffs on US imports.

The FTSE 100 index of the largest firms listed in the UK has dropped 3.3% so far today, while the German Dax is down 4% and the French Cac 40 is down 4%.

Attention will soon turn to how US markets react to the news, when they open at 14:30 BST. Stick with us for the latest.

China's finance ministry has announced an 84% tariff on all goods imported from the US.

The ministry says that these new charges will take effect from 12:01 CST (05:00 BST) on 10 April.

Charlotte Edwards
Business reporter

The price of Brent crude oil has dropped to below $60 a barrel. This is the lowest price since February 2021, when the Covid-19 pandemic pushed prices down as less people used oil.

Brent crude oil is used as a global benchmark of oil prices. Analyst Ashley Kelly suggested that the White House wants oil prices to go down as this could be an advantage for the US.

How could this affect me? The price of Brent crude oil can impact the cost of many things we use every day, including the price of car fuel and heating your home.

It can also impact the cost of shipping imported goods, as well as the production cost for energy intensive industries.

Image source, Getty

Russia has accused the US of flouting international trade rules by imposing 104% charges on imports from China.

“Washington doesn’t seem itself binded by the norms of international trade law,” Russian foreign ministry spokesperson Maria Zakharova says.

When Donald Trump raised border taxes on Chinese goods by 10% in February, China complained to the World Trade Organization (WTO), which settles trade disputes.

Zakharova says the tariff decisions taken by Trump “violate the fundamental rule of the WTO”.

Russia has been spared from the list of over 60 countries hit by Trump’s latest tariffs, but the foreign ministry spokesperson tells reporters that the country is taking steps to minimise any possible damage by increasing its interactions with China.

As world reacts to tariffs, Bank of England remains on high alertpublished at 11:27 British Summer Time 9 April

11:27 BST 9 April

Dharshini David
Deputy economics editor

We’re caught in a tempestuous world - but the finances of British households, businesses and banks are well placed to weather the storm.

That was the conclusion from the regular meeting of the Bank of England committee which oversees financial stability.

It noted that the upheaval to global trade arrangements and increased uncertainty triggered by President Trump’s tariff announcements could affect financial stability by depressing growth - risks relevant to the UK, given its exposure to trade and large financial sector.

However, with households holding the smallest amount of debt relative to incomes since 2001, they and most businesses were judged highly resilient - and the banking system as being well equipped to cope, even if conditions deteriorate.

But the panel highlighted several risks including a further breakdown in global cooperation and more sharp falls in financial markets.

As ever, journalists were herded into an oppressive basement deep under the Bank to be briefed on this report, watched over by a security guard.

The war room ambience felt apt.

The lessons of the 2008 financial crisis have resulted in a safer, more robust financial system - but also means the Bank remains on high alert.

Trump's higher tariff on Japan leaves Tokyo stunnedpublished at 11:20 British Summer Time 9 April

11:20 BST 9 April

Shaimaa Khalil
Tokyo correspondent

Image source, Reuters

At the closing of trading today, Tokyo was stunned.

Not just because it’s looking into billions of dollars in projected losses, and a rollercoaster market ride – but as the US’s key economic and security ally in Asia, Japan feels betrayed.

Tokyo’s relationship with DC could not be more different from Beijing. One is a friend and the other is a foe. And yet it feels like Japan too must swallow the ramifications of the global reciprocal tariffs.

There’s a “how could you do this to us” sentiment in the political air here.

Japanese Prime Minister Shigiru Ishiba said the “whole country needs to be united” in the face of a “national crisis.”

The government has set up over a thousand consultation desks at financial institutions and business organisations nationwide, from Hokkaido in the north to Miyako Island in the south, to field tariff-related inquiries.

“We need to rectify what needs to be rectified, without getting emotional,” Ishiba said addressing parliament last week, calling for diplomatic composure and reiterating Tokyo’s commitment to the US economy.

But with the 25% levy on cars already in place, the economic danger is real for the US ally. Japan’s car industry which makes up for 20% of its total exports is projected to suffer a $17bn loss in potential exports if these tariffs continue.

A disaster scenario that Tokyo wants to avoid – although is is still unclear how.

Image source, Getty Images

"You would laugh if you weren't crying."

Jay Foreman, whose company Basic Fun! is known for the popular Care Bear toys, says he had to put out a notice earlier this week to halt shipments from China to the US.

"If it doesn't get sorted out, them I'm going to sell down the inventory that I have in my warehouse and pray," he adds.

It's not just business owners who might be checking their calculators this morning, here's how a couple of other Americans feel about the new charges on imports:

Catherine Foster, a 58-year-old from Florida:

"I'm probably a couple of years away from retiring and I don't know if I'm going to be able to... Trump is not a king and I feel like our congress and senate is letting us down, both parties, by not pushing back."

Ben Maurer, a 38-year-old from Pennsylvania:

"Tariffs are a necessary evil... Trump's out to prove a point, that we're here to get stuff done and we're going to get stuff done."

• Our New York business reporter Natalie Sherman has more reaction here

Mitchell Labiak
Senior economics and business reporter

The Bank of England's Financial Stability Report also gave us some insight into how businesses are feeling about the impact of tariffs.

It found that a UK economic downturn was seen by 62% of 55 companies surveyed between 27 January and 24 February as a "key source" of risk to the financial system, the highest level the survey had recorded in over a decade.

The same survey found just under half of respondents believed a UK economic downturn was the "key risk most likely to materialise", jumping by a fifth since the November survey.

Mitchell Labiak
Senior economics and business reporter

Image source, EPA

Rising trade tensions from US President Donald Trump's raft of tariffs has "contributed to a material increase in the risk to global growth" and financial stability, the Bank of England says.

US tariffs and other countries' response also increases "uncertainty... for inflation globally" while the cost of government borrowing has "fallen in response to the US announcement".

However, it says, "market functioning... remains orderly" and "UK household and corporate borrowers have remained resilient".

It "maintained its judgement" that UK banks could support households and businesses even if the economy turned "substantially worse than expected".

The comments published today are part of the Bank's first Financial Stability Report (FSR) since last November - meaning it is the first time the FSR has had a chance to consider Trump's tariff policies.

US ally South Korea hopes to cut a deal to reduce 25% tariffspublished at 10:45 British Summer Time 9 April

10:45 BST 9 April

Jean Mackenzie
Seoul correspondent

Image source, EPA

South Korea’s trade minister is in Washington to try to negotiate a tariff deal with Donald Trump’s team. The country, which sells large numbers of cars and electronics to the US, is being hit with being hit with 25% blanket tariffs because of its large trade surplus.

Seoul does not want to go down the Chinese road of retaliatory tariffs, and get into a trade war with America. Instead, it's hoping to convince Trump to lower tariffs by promising to buy more and invest more in the US.

But it's been on the backfoot when trying to strike a deal because it doesn’t currently have a president, due to the country’s ongoing political crisis.

Last night, Trump took a call with acting president Han Duck-soo for the first time, raising hopes here.

In a post on his Truth Social platform, Trump described the call as “great”. But he referred to South Korea’s trade surplus as “tremendous and unsustainable”. He said the pair also discussed payments for the “big time military protection” Washington provides Seoul.

South Korea and the US are military allies. There are tens of thousands of US troops stationed here, which help defend against North Korea.

There is a chance Trump may agree to lower tariffs if Seoul agrees to pay more for its defence. Trump said he was using tariff negotiations to try to strike other deals, calling it “one-stop shopping”.