Argentina's foreign minister will meet U.S. Secretary of State Marco Rubio on Tuesday in a trip aimed at laying the initial groundwork for a trade deal between the two nations, even as President Donald Trump prepares to impose sweeping tariffs.

The US will impose reciprocal tariffs on China of 34 per cent and hit the EU with a levy of 20 per cent, Donald Trump announced on Wednesday as he detailed new restrictions targeting America’s trading partners. The US will impose universal 10 per cent tariff on all countries, including on the UK, he said.

Tariffs are taxes charged on goods imported from other countries. Companies bringing the goods into the country pay the amount, typically a percentage of the goods' value, to the government. Trump has announced a 10% "baseline" tariff on all imports to the US – this is what the UK will face.

Donald Trump launched a new assault on the global trading order on Wednesday, imposing a barrage of new tariffs including on all US imports in a move that sent Wall Street stock futures tumbling. The president said a levy of 10 per cent would apply to nearly all US imports from April 5 as he also revealed additional so-called reciprocal duties,

President Donald Trump's move to slap a 10% tariff on most goods imported to the United States, as well as much higher levies on dozens of rivals and allies alike, has intensified a global trade war that threatens to stoke inflation and stall growth.

World markets were left reeling on Thursday after U.S. President Donald Trump unveiled reciprocal tariffs to match duties put on U.S. goods by other countries.

One Anglesey firm is braced for the tariffs being brought in by Donald Trump Donald Trump's new 10% tariffs on all imports to the United States could spell the end of one Welsh company's sales there but could present opportunities for others,

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.