Trump announces sweeping tariffs on imports from all countries

Speaking in the White House Rose Garden, US President Donald Trump announced "reciprocal" import tariffs. A baseline rate of 10% will apply to all countries, with higher rates for states that run large trade surpluses with the US.

Goods from China will face a total rate of 54% including earlier tariffs, the European Union 20% and Japan 24%. Trump called the day of the announcement "Liberation Day".

Global stock markets reacted with a sharp fall. The S&P 500 lost almost 5% the next day, and oil prices fell.

Armenia faces the baseline 10% tariff. Armenian exports to the US are relatively small, but economists warn of indirect consequences of slowing world trade.