President Donald Trump said countries, whether staunch allies or adversaries, would be subject to at least a 10% tariff.

The U.S. and global markets have already started to feel the impact of Trump’s tariffs, with the U.S. stock market taking the worst hit thus far. The Wall Street slump and global dip in stocks have sparked fresh fears in economists and concerns as to whether the U.S. is heading into a recession.

The BBC's Henry Zeffman and Anthony Zurcher explain the fallout from Donald Trump's global trade tariffs. On Wednesday, the US president announced taxes on goods coming into his country including 10% on all UK imports.

Countries will struggle to figure out how Trump’s officials calculated each specific rate, which he said was based on a mix of tariffs, subsidies and currency manipulation. A few, such as Brazil and the UK,

He called it "Liberation Day," but President Donald Trump's Wednesday unveiling of reciprocal tariffs could cause political headwinds for his party and economic pain for his constituents if his promises to recast the economy do not work out.

President Donald Trump's punishing tariffs rocked global financial markets on Thursday, with the dollar and U.S. stocks tumbling as investors rushed to safe havens on fears a broadening trade war would push an already fragile world economy into recession.

Nations prepare offers to Washington including weapons deals, dropping their own tariffs and moves against China

Liberation Day” has quickly turned into Libation Day for many Wall Street analysts, who are being forced to take Donald Trump both seriously and literally. The tariffs announced went far further than anyone had expected.