The Trump hokey cokey with tariffs is back.

It really got going on 2 April with Trump’s so-called “Liberation Day” - when he announced a swathe of punitive tariffs on trading partners across the world.

Listen to BBC Radio 4's The Briefing Room as it dives into what is going on, what’s happening to world trade and what happens next?

Tariffs have dominated President Trump’s second term. But where did he get the idea from? You can listen to an explainer episode on the history of US tariffs, here.

Financial markets in the US appear to be staying calm ahead of the midnight deadline, with the top three indexes remaining steady.

In terms of commodities, the value of copper is down 5%, crude oil is down 1% and natural gas is up by 2%.

And the US dollar is up 1.5%.

Image source, Reuters

We have just heard from the White House as the clock ticks towards the midnight deadline for new global tariffs. Here's a recap of what Karoline Leavitt has said:

• The Press Secretary says more deals could be made as foreign leaders seek to avoid steep tariffs announced back in April
• Leavitt affirmed that Trump “at some point this afternoon or later this evening” will sign an executive order imposing the new tariff rates
• Trump has previously suggested a blanket tariff rate of around 15% to 20% but there is no clarity on what the final decision is with hours to go
• More than 200 countries have reached out to do a deal, Leavitt says
• Already, tariffs have yielded $150bn in revenue for the US treasury and the revenues will "skyrocket" when the deadline passes, she says
• On China, the White House says it is continuing negotiations in Switzerland to reach a deal between the world's two largest economies. Separately, there is an August 12 deadline for a tariff deal with China

Laura Gozzi
BBC News

Image source, Reuters

Karoline Leavitt just touted the EU deal for bringing in billions of dollars of investment for the US.

We're looking at how the 15% tariffs announced earlier by Trump will hit EU countries. While each country will deal with the tariffs, they will each feel the effects in different ways.

Germany, Ireland and Italy are particularly exposed due to the nature of their partnerships with the US.

Germany:

• The US represents 13% of their exports, worth €34bn (£29bn)
• Hildegard Müller, president of the German Association of the Automotive Industry, said the new tariffs would be a costly burden

Ireland:

• Most reliant on the US as an export market
• Manufactures and exports pharmaceuticals worth $50bn a year

Italy:

• The agricultural, pharmaceutical and automotive sectors will suffer
• GDP could take a 0.2% hit as a result of the 15% levy, according to the Italian Institute of International Political Studies

For more on how tariffs will affect the EU, read here.

Bernd Debusmann Jr
Reporting from the White House

We've just wrapped up a relatively short press briefing from Press Secretary Karoline Leavitt at the White House - which focused heavily on tariffs.

As expected, the White House is still claiming tariffs very much as a victory, that they say will bring in billions of dollars to the US econony.

But even with some deals already announced - and some perhaps left to be made public by the time the clock strikes midnight tonight - there are clearly still many unanswered questions, and work to be done behind the scenes.

Notably, Leavitt did not provide much in the way of details regarding the tariff rates that will be levied on countries that have yet to come to a deal.

And although she teased that other conversations have taken place between Trump and other world leaders, she declined to provide specifics - noting that any further announcements would come from Trump directly.

It's clear, however, that last minute scrambling and negotiating are taking place at a frenzied pace.

While he's posted on Truth Social, we've not heard from Trump directly, on-camera today - although we will in a few hours when he signs an executive order later this afternoon.

The White House press secretary is asked about the countries that don't have a tariff deal with the US yet, and whether goods they send to the US will be taxed at levels that Trump set out on 2 April.

Leavitt says those discussions are taking place with Trump's trade team today and further guidance will come once the executive order is signed.

Asked if there will be any more tariff extensions today, Leavitt says if the president decides to share the conclusions of calls with foreign leaders who have reached out today, he will share them himself.

Earlier in the day Treasury Secretary Scott Bessent told CNBC that "rates could boomerang back to the April 2 level".

When Trump first unveiled his slate of new and higher tariffs on "Liberation Day" in April, he showed that some countries faced tariffs at rates never seen before. But Trump then put the rates, many higher than 30%, on pause while the US negotiated deals with trading partners.

Image source, Reuters

As we noted, White House Press Secretary Karoline Leavitt started her briefing by going over the details of a deal with the EU, while Trump's announcement earlier of a 15% tariff on imports from the bloc made international headlines.

It's with good reason. The EU is the US's top trading partner for goods imports. The chart below shows that the value of goods brought into the US from the bloc was $609bn, 18% larger than Mexico, which is the second biggest.

Leavitt says upwards of 200 countries have reached out to the trade and tariffs team at the White House.

She said they are prioritising American interests, and if countries have not heard from the US, they will get a letter by midnight.

Leavitt says more deals could happen between now and midnight.

"I will never count out the president, you have seen him do it before", she says.

She says foreign leaders are "ringing his phone" before the deadline kicks, and that they're bringing deals to the table.

Natalie Sherman
New York business reporter

We’ve just heard White House spokesperson Karoline Leavitt dismiss criticism from “experts” about how tariffs would weigh on the economy, arguing that the data so far suggest otherwise.

Is she right?

As Leavitt said, the US economy returned to growth in the April-June period, expanding by a better-than-expected 3%, according to a report this week from the Commerce Department.

But that was largely due to a drop in imports as tariffs hit – not necessarily an indicator of wider economic strength.

The report also showed a pick-up in consumer spending compared to earlier in the year, but that spending was still at a much slower pace than in 2024, consistent with a general cooling across a number of indicators.

It is also true that inflation has remained relatively contained.

But price increases for items affected by tariffs are starting to show up in the data, most recently in a personal expenditures report on Thursday. Inflation in June ticked up to 2.7%, from 2.4% a month earlier.

Karoline Leavitt says that customs and tariff revenues have already totalled more than $150bn since Trump took office, "leading to the first June budget surplus in nearly a decade".

"Those revenues will skyrocket even further starting tomorrow when new reciprocal tariff rates take effect," she adds.

The US government has already collected more than $100bn in tariff revenue this fiscal year (which began in the fall), a record.

White House Press Secretary Karoline Leavitt starts the briefing by saying Trump secured a trade deal with the European Union and listing some of the details. She also says the deal will bring in billions of dollars of EU investment in the US.

She says the investments will happen by the end of 2028.

Image source, Reuters

The White House press briefing has just started.

You can click watch live at the top of this page to follow along.

Natalie Sherman
New York business reporter

Image source, Getty Images

As we wait for the White House press briefing to begin, we turn to an issue arising from the shortage (in some areas) of hard facts on the new tariffs: Many US businesses are still unclear what they will have to pay.

The deal with the European Union, for example, left unresolved if wine and alcohol might be exempted from the new 15% tariff - a huge question for America's importers, bars and restaurants.

“It is extremely disappointing and utterly exasperating that the US and EU have not yet come to an agreement on spirits," Distilled Spirits Council President and CEO Chris Swonger said in a statement on Thursday. The group has called for zero tariffs.

“We urge President Trump and the negotiators to quickly resolve this issue, which will provide much-needed certainty to 1.7 million workers who depend on a vibrant U.S. spirits industry.”

We're expecting a briefing from the White House in the next few minutes.

We'll be covering any news lines about tariffs as they come in, and you can listen along live on the stream at the top of this page.

• The briefing may also include comments on the war in Gaza, which you can keep up to date with here.

Natalie Sherman
New York business reporter

Image source, Getty Images

The new tariffs, as we mentioned in the post below, cover most goods coming into the US.

But there are also exceptions, which will shield Americans from having to pay potentially higher prices to cover the border taxes.

Oil and gas are big ones.

Trump also agreed to let products covered by North America’s free trade agreement to continue to cross the border without facing duties. That represents the vast majority of goods exchanged with Mexico and Canada, including items like avocadoes that have become staples for many Americans.

Likewise, Trump has waived tariffs on orange juice coming from Brazil, which would otherwise have been hit by tariffs of 50%. In April, he exempted smartphones and certain other electronics too.

These are practical concessions. And they acknowledge the tough sell that tariffs are in the US – only 40% of Americans surveyed by the Wall Street Journal this month approved of the plans.

Even Trump supporters have doubts. A poll by Politico-Public First in June found only half of Trump voters surveyed believed his tariffs on goods from China would benefit American firms

Dharshini David
Deputy economics editor

For all the wrong reasons, 1 August has been circled on international policymakers’ calendars for several months. Agree new trading terms with the US by then, they’d been warned – or face potentially ruinous tariffs. With hundreds of countries involved, it was a tall order.

As President Trump unleashed his equivalent of economic shock and awe on the world in his second term, he threatened a wholesale upending of the established trade order from the White House Rose Garden in April.

And he has followed through on his threats - in part. He’s seemingly bended major trading partners to his will in the deals, or rather concessions granted, insisting they “buy American” while still swallowing higher tariffs. In those short few intervening months, clarity has emerged about the likely shape of the new trading system that the American President has tried to impose – and who the winners and losers may be.

One by one, the deals did emerge, with the UK first off the blocks, perhaps inevitably. While the 10% applied to most British goods may initially have raised eyebrows, it provided a hint of what was to follow - and ultimately came as a relief compared to the 15% rate applied to other trading partners such as the EU and Japan.

South Korea, Cambodia, Pakistan have since followed and tariff letters have been fired off elsewhere, the bulk of American imports are now covered by either an agreement or decree. And much has been revealed as a result.

We are expecting White House Press Secretary Karoline Leavitt's briefing at 13:00 EDT (18:00BST), which will also likely focus heavily on tariffs - in addition to developments in Gaza.

Before that here's a look at the countries and regions that have inked trade deals with the Trump administration ahead of the midnight deadline:

• United Kingdom - After reaching a deal in March, the tariff rate for UK exports will be set at 10%. Britain is allowed to export 100,000 cars to the US at a 10% tariff rate, as opposed to the 25% rate announced in March.
• European Union - A tariff rate of 15% will be imposed on most goods - this is half the rate of the 30% rate that had previously been threatened
• Japan - A tariff rate of 15% will be imposed on all Japanese goods, lower than the 25% that had been threatened
• Philippines - Exports from the Philippines will be taxed at 19%, down from 20%
• China - In late May, the US announced it would be reducing the tariff rate imposed on China to 30%, down from 145%
• Vietnam - Before striking a deal, the US announced a 46% tariff rate, it's now down to 20%
• Indonesia: On 15 July, a deal was made to bring the tariff down from 32% to 19%
• South Korea: Tariff rate after the agreement went from 25% to 15%

The court hearing on the legality of these tariffs wrapped up a few minutes ago

The Trump administration got tough questions from the panel of judges on the US Court of Appeals for the Federal Circuit in Washington, DC about whether Trump had exceeded his authority.

But some also appeared receptive to arguments that they should defer to the president’s authority in declaring a national emergency.

Trump administration lawyer Brett Shumate maintained that courts had no part to play in reviewing that decision. If there’s a problem with White House policy, he said, it is up to Congress to provide the check on the president’s actions.

We’ll have to wait for the ruling to know which way they will go.

Mexico is one of the three biggest individual US trade partners, the others being Canada and China, and over six months of talks Trump has given the country pauses and exemptions from his plans for new and higher tariffs.

The White House initially used fentanyl smuggling through US borders as a key justification for raising border taxes on all three nations.

On 1 February, Trump imposed his long-threatened 25% tariff on Mexican and Canadian goods, as well as a new 10% levy against China, citing the countries' failure to stop the export of chemicals used in the production of the powerful opioid fentanyl.

On 3 February, Trump agreed to a 30-day pause on the 25% tariffs for Mexico and Canada, which took effect on 4 March.

On 5 March, Trump granted a one-month exemption on tariffs impacting goods from Mexico and Canada for US automakers.

On 12 July, Trump threatened Mexico with 30% tariffs on imports from 1 August, and Mexico criticised it as an "unfair deal" and insisted its sovereignty was non-negotiable.

31 July sees the US and Mexico agree to a 90-day extension of their current deal of "25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminium, and Copper".