With the incoming 34pc rate and new 50pc threat, the total additional tariffs this year could hit 104pc, White House says.

Senior US officials said dozens of countries have contacted the White House seeking to renegotiate new US tariffs. Meanwhile, Asian markets are plunging. DW has more.

US President Donald Trump denied the presence of inflation despite a global market slump, blaming past leaders and foreign nations, especially China, for exploiting the US. He defended tariffs, claiming they bring in billions weekly.