Trump said goods from China would be hit with a 34 per cent reciprocal tariff. Crucially, this will be on top on an existing 20 per cent tariff, taking the levy imposed by the president on imports from the US’s second-largest trading partner to at least 54 per cent.

The European Union plans to respond to President Trump’s tariffs with two sets of retaliatory measures, an EU spokesman said Wednesday. The first set has already been announced and deals with U.S. steel and aluminum tariffs.

President Donald Trump will roll out what seems his biggest trade policy yet, reciprocal tariffs, naming Wednesday as “Liberation Day” for American trade—though he’s sowed confusion on what countries and goods will be included,