Image source, EPA

It's 09:45 here in London and the world is still reacting after Trump announced a raft of new tariffs on goods entering the US. Here's an overview:

The new tariffs Trump announced

• A minimum base level of 10% will apply to most countries - including the UK - from 5 April
• Roughly 60 countries deemed the "worst offenders" for unfair trade practices by the US have each received a higher and individual tariff rate - the EU gets 20%, China 54% (which includes earlier tariffs) and Japan 24% - to come in on 9 April
• A 25% tariff on foreign-made cars was put in place

Reaction from around the world

• Starmer says a trade war in not in the UK's national interest and that the intention remains to secure a trade deal with the US. But he adds that "nothing is off the table"
• EU chief Ursula von der Leyen says the consequences will be "dire" for millions around the world, and says the EU is finalising its package of measures in response to Trump's earlier tariff announcement on metals
• China has promised "resolute countermeasures", and Canada's Prime Minister Mark Carney says it is "essential to act with purpose and with force"
• UK and European stock markets have dipped in early trading

As parts of the western world start to wake up, reaction is still coming in to Trump's new global tariffs.

French Prime Minister François Bayrou says Trump's tariffs have created a "catastrophe" for both and the US.

's finance minister Jorg Kukies tells the BBC: "No one I spoke with closed the door on negotiations after the announcement."

Norway's Prime Minister Jonas Gahr Støre says his government will negotiate with the US on tariffs "if given the opportunity to do so".

Thailand's Prime Minister Paetongtarn Shinawatra says they're ready to send officials to talk to the US. "I think we can still negotiate."

Vietnam's Prime Minister Ông Phạm Minh Chính says he's setting up a task force to deal with the US tariffs.

Spain’s economy minister says the country wants to reach a "negotiated situation with the US on tariffs".

South Africa’s presidency says the new US tariffs "affirm the urgency to negotiate a new bilateral and mutually beneficial trade agreement with Washington".

There's undoubtedly a huge amount to get your head around on this story - so if you have questions, do get in touch:

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In trade wars, it's usually consumers who take the hitpublished at 09:22 British Summer Time 3 April

09:22 BST 3 April

Dharshini David
Deputy economics editor

President Trump's tariffs, designed on a sliding scale to reflect the size of the US's deficit with each country (rather than the tariffs those nations actually levy), aim to eradicate those deficits, boost US jobs and production, and raise tax money.

But they can't simultaneously achieve all of those.

To raise the revenue hoped for, US consumers are going to have to swallow price rises and keep on buying clothes made in, say, Bangladesh, or gadgets from South Korea in similar quantities as now.

But that doesn't bolster US manufacturing. To do that, American households need to buy more domestically produced goods, which means less money raised from tariffs than hoped for.

Given not just these tariff levels but also how global trade has expanded, we're looking at unprecedented upheaval to trade.

And history tells us such wars don't end well: the frontline casualties tend to be consumers, due to reduced choice and higher prices, and exporters. Growth, jobs and price stability are in the firing line.

BBC 5 Live's Nicky Campbell, and his guests, are taking your calls and comments now - you can watch live by pressing play at the top of the page.

We'll bring you a selection of the best comments here later.

Paul Kirby
Europe digital editor

Image source, Getty Images

, like the rest of Europe, is grappling with a new trade reality this morning but, in the words of government spokeswoman Sophie Primas: "We are ready for this trade war."

The European Union's 27 member states are facing tariffs across the board of 20% and higher tariffs on some sectors such as cars. While the EU says it remains open to negotiation, its first response will come in mid-April to US 25% tariffs on aluminium and steel.

Then, says Sophie Primas, a second response will come targeting all US goods and services. That response is still under discussion, she has told RTL Radio, but "the union must be strong, it must be united for this".

If US services are targeted, then some of the biggest names in digital services could be affected, such as Meta, Google, Microsoft and Apple.

Primas described Trump's announcement as "a heavy blow for the global economy, for the European economy and for the French economy in particular". Before his announcement came, the government in Paris had already revised down expected growth this year to 0.7%.

The wine and spirits sector in particular is likely to be hit. The head of one of the main wine organisations, Jérôme Bauer, has warned of a net loss of €1bn (£835m) to 's wine industry.

Stock markets in London, Paris and Berlin dropped sharply at the open on Thursday after US President Donald Trump's sweeping tariff announcements.

The FTSE 100 and the Cac 40 were down around 1.4% and 1.7%, but 's Dax index took the biggest hit, falling more than 2%.

German trade is seen as especially vulnerable to the tariffs.

Laura Gozzi
Europe reporter

Image source, EPA

Many European leaders this morning have condemned Trump's tariffs – some more forcefully than others, but most with a more or less united voice. Flying in the face of the majority is Hungary, whose Prime Minister Viktor Orban is a key Trump ally.

Foreign Minister Peter Szijjarto didn't mince his words this morning when he laid the blame for the tariffs squarely at the EU's feet, saying that "it has again been proven that in Brussels incompetent people are leading the European institutions, who are also suffering from a very serious Trump-phobia".

(: Hungary is one of the EU's 27 member states.)

Szijjarto argued that because Europe has a 10% tariff on the US in the automotive sector versus the US's 2.5% tariff on Europe, "European tariffs should have been reduced to 2.5% against the US and then a negotiating position could have been created".

"We strongly urge the EU Commission to get its act together and negotiate with the Americans, to negotiate on customs cooperation, because if they continue like this, it will be another blow to the European community," Szijjarto said.

Katya Adler
BBC Europe editor

European Commission chief Ursula von der Leyen spoke on behalf of all EU countries when she said the new tax imports would cause "dire" consequences for millions of people around the globe.

She said there was no clear path through what she called the chaos and complexity the new Trump tariffs would unleash worldwide.

But the Commission has promised to protect EU business - some of which will be more hard hit than others: like ’s car industry, Italy's luxury goods and ’s wine and champagne producers.

French President Emmanuel Macron has called an emergency meeting of French business leaders later today.

As the biggest single market in the world, the EU can hurt the US - targeting goods and services, including “big tech” like Apple and Meta with counter-measures.

But it says its aim is not to up the ante here – it’s to persuade US President Donald Trump to negotiate.

Last night, Italy’s Prime Minister Giorgia Meloni said that while she considered the Trump tariffs wrong, everything would be done to try and reach an agreement with the US.

Image source, Reuter

Bernd Lange, who chairs the European Parliament’s Committee on International Trade, has just held a news conference following Donald Trump's announcement of tariffs.

He says "the world has changed" and there now needs to be a "focus on goods" in future talks with the US.

Lange adds that during Trump's first term, safeguards were put in place for steel, with the World Trade Organization setting quotas for the European market. He says that safeguard expires next year, so the system needs to be reviewed.

He also says negotiations between different member states will begin next week.

On 9 April, he's heading to Washington to speak directly with White House officials to "limit the damage" from the tariffs.

We've already brought you the key lines from UK PM Keir Starmer this morning – now let's take a quick look at what Business and Trade Secretary Jonathan Reynolds has been saying.

He tells BBC Breakfast he's "disappointed" extra tariffs have been placed on the UK, saying the average tariff rate on the UK is around 4% and he doesn't think 10% is a "fair reflection of how we currently trade".

He also says British businesses have told him they " the calm-headed approach the government is taking".

The impact on the car industry – hit with a 25% tariff – is one of the government's "principal concerns", he says, adding "there is no need for them" and that the UK needs to try to negotiate to get those tariffs removed.

Reynolds - a key player in negotiations with Trump's team - also denies rumours that the UK and US have agreed the outlines of a deal but it's still waiting to reach Trump's desk.

"That's not an accurate," he tells Radio 4's Today programme.

Henry Zeffman
Chief political correspondent, reporting from No 10

Image source, PA Media

The prime minister’s comments to business leaders — but really to the nation — this morning might have been condensed into three words: trust the process.

Keir Starmer is determined to project calm. That’s why he was careful to stress how well prepared the government was for this moment, talking of “moving now to the next phase of our plan”.

Internationally, that means not responding with retaliatory tariffs but continuing to pursue a bilateral economic agreement with the US.

Domestically, he says it means moving “further and faster” to make the British economy more resilient. Government sources say that it has been clear since before Starmer entered Downing Street nine months ago that the economy needs to adapt to a less globalised world — better skills, stronger industry.

Yet the brutal reality is that no amount of planning and no assertion of calm can mask what a disorientatingly uncertain economic moment this is.

Since early March, all steel and aluminium entering the United States has faced a 25% tariff.

But the latest announcement is causing confusion for some businesses.

They're unsure what's covered under the new tariffs and whether this will put extra pressure on their company.

Our colleagues over at BBC Breakfast spoke to David, chief financial officer of Sheffield steel producer Marcegaglia:

The FTSE 100 stock index has dropped more than 1.4% at the open after Trump's tariff announcement.

Traders are concerned about the global economic impact of US trade policy.

Keir Starmer has repeated that “nothing is off the table” when it comes to how the UK might respond to Donald Trump’s tariffs.

“Today marks a new stage in our preparation. We have a range of levers at our disposal and we will continue our work with businesses across the country to discuss their assessment of the options.”

He also says “our intention remains to secure a deal”.

Starmer says we’re living in a changing world and “we must rise to this challenge”, adding that he’s told his team to move further and faster on the changes he believes will make the UK’s economy stronger and more resilient.

More now from Keir Starmer.

"Nobody wins in a trade war, that is not in our national interest," he says.

He adds that talks on an economic prosperity deal are ongoing, and "we will fight for the best deal for Britain".

Starmer also says he would only strike a deal with Donald Trump "if it is in our national interest and if it is the right thing to do for the security of working people, protects the pound in their pocket that they have worked hard to earn".

The prime minister has been speaking to business leaders from companies including pharmaceutical firm AstraZeneca, defence firm BAE and car maker Jaguar Land Rover.

We’ve got more now from Keir Starmer. Speaking to business leaders at Downing Street, he says: “Last night the president of the United States acted for his country, and that is his mandate.

“Today, I will act in Britain’s interests with mine.”

He adds: “Decisions we take in coming days and weeks will be guided only by our national interest, in the interests of our economy, in the interests of businesses around this table, in the interests of putting money in the pockets of working people.

“Clearly, there will be an economic impact from the decisions the US has taken, both here and globally.

“But I want to be crystal clear: we are prepared, indeed one of the great strengths of this nation is our ability to keep a cool head.”

UK Prime Minister Keir Starmer tells business chiefs in Downing Street that "clearly there will be an economic impact" from Trump's tariffs - but the government will respond with "cool and calm heads".

• We'll get more from Starmer in the next few moments, stick with us

Tom Espiner
Business reporter

There's "a great deal of concern and disappointment" among British manufacturers over Trump's tariffs, according to industry group Make UK.

The tariffs are partly aimed at boosting US manufacturing, but they could end up hurting UK industry.

British car makers, for example, now face 25% taxes on vehicle exports to the US - and the US is the UK's second biggest export market after the EU, Make UK chief executive Stephen Phipson tells the Radio 4 Today programme.

Car makers in the EU, finding it harder to sell in the US, may also try to shift more vehicles into Europe and the UK, putting them in direct competition with British manufacturers.

This could get worse if the EU and US start hitting back with more tariffs – a trade war, he says.