There's much more to China's economy than US exportspublished at 07:48 British Summer Time 9 April

07:48 BST 9 April

Stephen McDonell
China correspondent, reporting from Beijing

It's much easier for China to be saying it will stand up to Trump than for other countries.

That’s because even though there has been so much trade coming from China into the US, it only amounts to around 2% of China's gross domestic product (GDP).

China has a huge domestic market to fall back on.

So when the Beijing government says it can ride this out, I think a lot of economists would say they can, certainly better than anyone else in the world.

China says it won't kowtow to bullyingpublished at 07:40 British Summer Time 9 April

07:40 BST 9 April

Stephen McDonell
China correspondent, reporting from Beijing

Image source, EPA

These tariffs are a huge hit for anyone in China who wants to sell into the US market.

It's just a waiting game now as we prepare for the Chinese government to reveal its promised counter measures.

It could come later today or tomorrow - but there will definitely be some sort of response.

The message from Beijing has been that they can ride this out.

Donald Trump's spokesperson says there's a belief that China has to negotiate - well, China doesn’t think it has to do anything.

This is a massive, powerful country and Beijing is saying it won’t kowtow to a bully.

Here’s a simple guide to understanding some of the key concepts and jargon that might be making their way onto our page today:

• A stock market crash: A steep and sudden collapse in the price of stocks or of the broader stock market
• Bear market: This occurs when a stock market enters a long-term decline (so more than two months). If you have a fall of 20%, then you enter a bear market
• Recession: A period where the economy shrinks for two three-month periods (or quarters) in a row – our business editor assesses if we’re heading for one
• Tariffs: Taxes that countries charge on goods that are brought in from other countries – it is the companies that pay the tax to the government, but that added cost can be passed on to the customer
• Reciprocal tariffs: The same concept as above, but reversed. Put simply: a country says "what they do to us, we do to them" – BBC Verify looks at whether Trump’s tariffs fit this definition

Trump's 'trade wall' raises fears of global recessionpublished at 07:25 British Summer Time 9 April

07:25 BST 9 April

Dharshini David
Deputy economics editor

By imposing the largest tariffs on American importers and households in a century, President Trump has in effect, built a trade wall - aimed at reducing an influx of goods and preventing jobs migrating the other way, with a vision of reinvigorating American manufacturing.

For while that sector made a quarter of global goods 30 years ago, now it’s responsible for one in seven.

But this policy has raised a more immediate heightened risk of recession - in the US and globally - say economists.

And these extra tariffs won’t just threaten growth in the countries directly affected but in the UK too, thanks to complex supply chains and vulnerability to demand elsewhere.

However, lower oil prices and the increased chance of cheaper imports diverted to this country may lessen inflation - and, investors think, pave the way for several more rate cuts from the Bank of England this year, easing the pressure on millions of households.

Image source, Getty Images

Among the nations hardest hit by these tariffs are China (104%), Vietnam (46%) and Cambodia (49%).

Several US-based global brands such as Nike and Apple, which manufacture their goods outside the US, have suffered steep falls in their share prices over the last few days - and are expected to be impacted further by the reciprocal tariffs.

Let’s take a look at some of these:

China

• Apple makes most of its hardware in China and some in India
• H&M manufactures most of its clothing in China and Bangladesh

Vietnam

• Gap - an American clothing retailer that also operates Old Navy, Banana Republic and Athleta - sources about 21% of its clothing from Vietnam, according to an analysis by Prof Sheng Lu at the University of Delaware
• About half of Nike and 39% of Adidas trainers are made in Vietnam
• Samsung also has significant production operations in Vietnam

Donald Trump's latest tariffs have come into effect - but what do they mean for international trade?

The president of global logistics firm Flexport expects significant impacts, though they might not be felt immediately.

Explaining how the they will work, Sanne Manders tells BBC Radio 4's Today programme: “When it gets loaded on a vessel now it will be taxed with 104%, if it was loaded before the cut-off date then it will still be under the old regime.

"So we will still see cargo arriving in the US in, let’s say, the next two weeks, that will be under the old regime."

Although he notes that for China there have already been first 10% and then 20% tariffs introduced since Trump took office.

Peter Bowes
North America correspondent, reporting from Washington

Image source, Reuters

The full weight of Donald Trump's "Liberation Day" strategy is now in force.

But as additional tariffs are imposed on imports from countries with which America has significant trade deficits, many US consumers fear rising prices on everyday goods such clothes and food, with some people stockpiling while they can.

China and the US, the world's two biggest economies, are now engaged in an escalating stand-off.

The 104% on Chinese goods represents the highest tariff in living memory.

Other countries, according to Donald Trump, are keen to try to negotiate a deal, with delegations from Japan and South Korea en route to Washington.

The drama of the past week appears to have fuelled divisions within the White House, exploding yesterday into a feud between Elon Musk and President Trump's trade adviser Peter Navarro, who the Tesla boss described as "dumber than a sack of bricks".

The White House press secretary Karoline Leavitt has dismissed their public sparring, saying "boys will be boys".

Tariffs on Trump’s so-called "worst offenders" have kicked in. But how do they work exactly?

Nike trainers are often imported to the US from Vietnam (a country that manufactures half of the company’s shoes).

As of today, the Southeast Asian nation faces a 46% tariff on goods imported by the US – before Trump’s announcement, that rate was just 14%. As a reminder, the tax is paid by the importer.

So here’s what changes for an importer buying $100 trainers:

• Before: The trainers cost the importer $114 (the $100 cost, plus a 14% tariff)
• After: The trainers cost the importer $146 (the $100 cost, plus a 46% tariff)

The exact price at a retail store will depend on how much of the cost Nike – or any firm importing to the US – decides to pass on to the customer.

• Read more about how tariffs might change the price of popular Western brands

Image source, Reuters

Fan Wang
Reporting from Singapore

While China braces for a 104% tariff on many of its exports to the US, anti-Trump sentiment is rising on the Chinese internet.

This morning, more than half of the top 10 trending topics on popular social media platform Weibo are about the US or tariffs.

Bear in mind, however, that the platform is heavily monitored and controlled- meaning what we can see there now, has been filtered by censors.

The top trending hashtag, with more than 15,000 comments, was started by state broadcaster CCTV and reads: "The US is fighting a trade war while asking for more eggs."

The broadcaster had noted in its postthat the US is seeking greater egg imports from EU countries to deal with a shortage at home, while imposing tariffs on the bloc.

"Doesn't Trump want to do everything himself? Ask him to raise chickens!" reads a top-liked Weibo comment.

Image source, Getty Images

Most Chinese imports to the US now face a 104% tariff, as the trade war between the world's two biggest economies shows no signs of slowing down.

"We've now reached an impasse that will likely lead to long-term economic pain," Alfredo Montufar-Helu, a senior adviser to the China Center at The Conference Board think tank, told the BBC earlier before the latest tariff took effect.

It's not clear how the US is going to find alternative supply for Chinese goods on such short notice.

"I think the US is overplaying its hand," says Deborah Elms, Head of Trade Policy at the Hinrich Foundation in Singapore.

She is sceptical of Trump's belief that the US market is so lucrative that China, or any country, will eventually bend.

"How will this end? No-one knows," she says. "I'm really concerned about the speed and escalation. The future is much more challenging and the risks are just so high."

Read more here on how analysts think this trade war will end.

The trade in goods between the US and China added up to around $585bn (£429bn) last year.

But the US imported far more from China, about $440bn, than China imported from America, which was about $145bn.

In 2024 the biggest category of goods exports from China to the US were electronics such as smartphones, laptops, and telecoms equipment, as well as toys. A large amount of batteries, which are vital for electric vehicles, were also exported.

Going the other way, the biggest export from the US to China was soybeans – primarily used to feed China's estimated 440 million pigs.

The US also sent aircraft, engines, pharmaceuticals and petroleum to China.

Tessa Wong
Live page editor

Good morning to our readers in the UK and Europe. If you're just joining us, here's what you've missed:

• US President Donald Trump's higher tariffs on about 60 countries importing to America have come into effect, including a 104% tariff on most Chinese goods, following tit-for-tat levies
• Hours earlier, Trump confirmed the higher tariff on China after Beijing missed a deadline to drop its retaliatory tariff on US goods
• Beijing has yet to respond, though state media have said that China "does not fear trouble" and would "fight till the end"
• Many places in Asia including US allies Japan, Taiwan and South Korea have also been hit with higher tariffs
• Asian markets opened lower today then dropped even further after the tariffs kicked in around midday in the region

Stay with us as we bring you the latest developments.

India's central bank has lowered interest rates for the second consecutive time this year.

Reserve Bank of India governor Sanjay Malhotra said in a statement that tariffs have exacerbated uncertainties.

This comes as it cut its key lending rate by 25 basis points to 6%.

Image source, Getty Images

Peter Hoskins
Business reporter, Singapore

Let's take a look at how Asia-Pacific stock markets are trading in the wake of the Trump's global tariffs coming into full effect.

Major indexes across the region had opened lower earlier today. After the tariffs kicked in around midday in Asia, they then extended their losses.

That's despite several announcements by countries of measures to support investors and businesses.

One notable exception is the Shanghai exchange, which opened a little higher and is still on a lunch break that started before the new levies kicked in.

• Nikkei 225 (Japan) -4.3%
• Kospi (South Korea) -1.4%
• Shanghai Composite (China) +0.2%
• Hang Seng (Hong Kong) -1.5%
• Taiex (Taiwan) -6.2%
• ASX 200 (Australia) -1.7%

Image source, Getty Images

The Chinese government has yet to respond to the 104% tariff kicking in, but we are starting to see an initial response in state media.

A commentary was published on Yu Yuan Tan Tian, a social media account affiliated with state broadcaster CCTV, at 12.01pm local time - the very minute the tariff took effect.

"We don't create trouble, but we don't fear trouble," the post said, adding that "Chinese people don't like pressure and threats".

The Weibo post reiterated that China would "fight till the end", though it "didn't shut the door of dialogue".

"China won't show weakness and won't compromise. We will show to the whole world our firm determination to safeguard the multilateral trade system."

Shares in India have been trading lower at the open.

The Nifty 50 index is down by 0.6% while the Sensex fell by 0.4%.

A pro-Beijing commentator has accused the United States of behaving like "a bull in a China shop" by imposing massive tariffs on Chinese goods.

Speaking earlier today to the BBC Newsday programme, Victor Gao, who is vice-president of the Center for China and Globalization in Beijing, said the tariffs "will not bring manufacturing jobs back to the United States".

"President Trump and his administration must wake up to sanity and use reason rather than maximum bullying against China and so many other countries."

Gao predicts that the Chinese government "will not blink" in what he considers a "total war" when it comes to trade.

"There is no panic buying in China, whereas you have massive amount of panic buying in the United States."

"China is a stabilising force, whereas the United States is fast being perceived as a disruptive force," he said.

Tariffs on imported goods to the US from roughly 60 countries, dubbed the "worst offenders" by Donald Trump, have come into effect.

Trump officials say these countries charge higher tariffs on US goods, impose non-tariff barriers to US trade or have acted in ways undermining American economic goals.

China now faces the biggest tariff of 104%. This is a combination of 20% levied earlier, 34% announced last week, and 50% imposed by Trump hours earlier following Beijing's refusal to withdraw a retaliatory tariff on US goods.

Others include Japan with a 24% tariff and Cambodia with 49%.

The custom tariffs are significantly more than the 10% baseline tariff on imports to the US from most nations that took effect on 5 April.

You can read more here:

• At a glance: Trump's tariffs on China, EU and rest of the world
• What are tariffs and why is Trump using them?

It's just gone past midnight in Washington DC. This means US President Donald Trump's higher tariffs for goods imported from about 60 countries - which he has called the "worst offenders" - have kicked in.

These include a 104% tariff on China, following tit-for-tat levies imposed by the two superpowers. We're waiting to see how Beijing reacts.

Stay with us as we bring you the latest developments and market reaction.

In case you have just joined us, here is where Asia-Pacific stock markets stand ahead of tariffs taking effect at 04:01 GMT (05:01 BST).

Several officials in the region have announced support measures for investors and businesses.

• Nikkei 225 (Japan) -2.6%
• Kospi (South Korea) -0.8%
• Shanghai Composite (China) +0.2%
• Hang Seng (Hong Kong) -1.2%
• Taiex (Taiwan) -4%
• ASX 200 (Australia) -1.2%