US will impose 104% tariffs on some Chinese goods from tonight, White House confirms

Six things to know as the tariff trade war deepens

1 From just past midnight local time (05:01 BST), China will face 104% tariffs from the US, after refusing to dial back on their own retaliatory action. The rest of Trump’s “reciprocal” tariffs will also go ahead, directly impacting about 60 countries and territories
2 Global leaders are still denouncing the tariffs. UN Secretary-General António Guterres says “nobody wins” in a trade war, and France’s President Emmanuel Macron urges Trump to “reverse his decision”
3 Almost 70 countries have approached the US to begin negotiations over the tariffs, the White House said.
4 Trump’s economic advisor Kevin Hassett says the discussions are positive, and that there are “a lot of concessions on the table”. It will be down to Trump to decide on any deals.
5 As for the stock markets, US stocks have rallied, and the big European markets were in the green, but that doesn’t mean the worst is over, analysts warn
6 Sarah Wells, the founder of a small US-based company whose products are manufactured in China, calls the tariffs “unsustainable”** and says she is “devastated” at the price rises she faces from the tariffs

Stick with us for more developments, reaction and analysis.

What you need to know: A tariff-focused press briefing from the White House

We’ve been listening to White House press secretary Karoline Leavitt deliver a rapid-fire 40 minute briefing. Here’s what she said:

On China: Leavitt confirmed that 104% tariffs will begin at 00:01 local time (05:01 BST) on Wednesday, after China refused to withdraw its retaliatory tariffs against America. She added that Trump believes China wants to make a deal.

On negotiations: almost 70 countries have reached out to negotiate the tariffs, she told reporters. Leavitt said any deals will be focused on whether they are good for the American worker. They will have a “tailor-made” approach to each country.

On delays: there will be no delays, or extensions, against the tariffs, Leavitt said. Just before her briefing she spoke to Trump, and he said he expects the tariffs to come into effect from April 9.

On Musk and Navarro: Leavitt was asked about the public clash between trade advisor Pete Navarro and Elon Musk. She said “boys will be boys”, and that it shows Trump is willing to hear from different points of view.

Canadas retaliatory car tariffs start tomorrow

From tomorrow, some vehicles entering Canada from the United States will face 25% tariffs, the Canadian finance department has just confirmed.
The measures were announced earlier in the month.
This will affect:

• Non-Canada-US-Mexico Agreement compliant fully assembled vehicles
• Non-Canadian and non-Mexican content of CUSMA compliant fully assembled vehicles
  In a statement, the department adds the tariffs will remain in place until the US eliminates its tariffs against the Canadian auto sector.

Canada has strongly disagreed with American tariffs, and since March 13 imposed 25% tariffs against a list of US products including steel, aluminium, tools, and sports equipment amounting to $29.8bn (£23.2bn).

Nobody wins in a trade war, warns UN chief

United Nations Secretary-General António Guterres says “nobody wins” in a trade war, and that the impacts will be felt most acutely by the poorest countries.

Speaking to reporters, he says: “Trade wars are extremely negative. Nobody wins with a trade war, everybody tends to lose.

“And I’m particularly worried (about) the most vulnerable developing countries in which the impact will be more devastating.”