China’s commerce ministry has said that China and the European Union have agreed to restart negotiations on electric-vehicle tariffs, coming hot on the heels of Trump’s announcement of more tariffs.

Alongside Wall Street, global stock markets took a beating after Trump unveiled a 10% baseline tax on all imports, as well as higher tariff rates for some major trade partners.

In a background call before Trump's speech, a senior White House official told reporters that the president would impose a "baseline" tariff on all imports to the US. That rate is set at 10% and will go into effect on 5 April.