Trump tariffs live: US stocks plummet in after-hours trading as experts warn Americans could see higher costs – as it happened

This liveblog is now closed. For continued coverage on the tariffs, head to the live business blog.

Donald Trump's planned tariffs will be negative across the world, with the damage depending on how far they go, how long they last and whether they lead to successful negotiations, the European Central Bank head, Christine Lagarde, said on Wednesday.

The Trump administration on Wednesday is set to announce reciprocal tariffs" targeting nations that have duties on US goods. That move would come after it slapped new import levies on products from Mexico, China and Canada - the top US trading partners - as well as on goods including steel and autos.

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