Donald Trump suggests tariff exemptions for smartphones and other tech products from China could be short-lived – read more on how we got here
Writing on social media, the US president says: "Nobody is getting off the hook for unfair trade balances"
Beijing officials earlier called on Trump to "completely cancel" the import taxes, currently at 145%
The back-and-forth over tariffs last week caused major swings in global financial markets – but European markets rose in early trading on Monday
Elsewhere today, China's Xi Jinping embarks on a tour of South East Asia as he seeks to bolster trading ties there
Meanwhile, Trump says he will provide an update today about his administration's approach to duties on semiconductors
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Trump tells reporters new tariffs on medicines and semiconductors will 'happen very fast'
Edited by Emily Atkinson
Emily Atkinson
Live page editor
Nine days ago, a baseline tariff of 10% on almost all foreign imports to the US kicked in, joined five days later by custom duties on Donald Trump's "worst offenders".
For China, the planned 54% levies were effectively doubled overnight to 104% – the opening move in what became something like a staring match between the world's biggest economies.
Beijing shot back, and now has a 125% tariff on US imports, against the current 145% rate on goods going the other way.
Washington appeared to blink on Friday with its exemptions for smartphones and other tech products from China.
But the US president struck a defiant tone on Sunday night, saying: "Nobody is getting off the hook for unfair trade balance."
The message from China is it can ride this out. Who might blink next remains uncertain.
Today, both countries are focusing on trading partners in Asia.
President Xi Jinping is in Vietnam for the first leg of a South East Asia tour as he seeks to shore up ties there.
And in Washington, Trump is preparing to announce his plan for duties on semiconductors, which mostly come from Taiwan.
We're ending our live coverage now, but will have the latest in our main news story. For more on what a US-China trade war could do to the world economy read our explainer.
As we head towards midday, the FTSE 100 is still in the green with the UK index trading 1.8% higher.
In Frankfurt, the German Dax is up 2.5% and in Paris, the CAC-40 is 2.22%.
It is still a little early to say what Trump will announce in terms of tariffs on semiconductors – something that could move global stock markets significantly.
As we've been reporting, US President Donald Trump has said he will give an update on his administration's approach to tariffs on semiconductors.
Everyday devices such as smartphones and laptops rely on semiconductors, which are small and powerful pieces of tech that form the basic building blocks of modern computation.
They are also in routers, switches, and communication infrastructures that are the backbone of the internet, enabling global connectivity.
Made from fragments of raw materials, such as silicon, semiconductors are altered in a process called doping so that they will sometimes conduct electricity and sometimes not. They're also incredibly valuable – they are at the heart of a $500bn (£401bn) industry that is expected to double by 2030.
The UK, US, Europe and China rely heavily on Taiwan for semiconductors. The Taiwan Semiconductor Manufacturing Company (TSMC) provides over half of the world's supply, including for AMD, Apple, ARM, Broadcom, Marvell, MediaTek and Nvidia.
Influencer and Barbie collector Mistik worries prices for her beloved dolls will surge amid Trump's tariffs
Trump's tariffs have rocked global supply chains.
In Spain, Barbie influencer and collector Noemi Lama – known on social media as Mistik – worries the US "overcharge[s]" every product coming in from overseas, meaning her beloved dolls could get more expensive.
"Barbie to me, it is my essence. She is part of me, not only on a doll level, but on a creativity and beauty level," she says.
Gloria Diez, a fellow collector and store owner, worries about the impact on her business.
Diez says she is keeping a close eye on communications coming from her local distributor, fearing an imminent price rise due to market volatility.
She also fears escalating costs on manufacturers and distributors will trickle down to her customers.
Sony says it has increased the price of its PlayStation 5 console in markets in Europe, Britain, Australia and New Zealand.
The Japanese technology and entertainment conglomerate says a "challenging economic environment" is behind the move, citing inflation and fluctuating exchange rates.
The price of a PlayStation 5 console without a disc has risen to 499.99 euros (US$569.59), the company says.
The same device will cost £429.99 (US$566.90) in Britain. According to Reuters, this is an 11% and 10% hike in prices, respectively.
Customers in New Zealand and Australia will see a rise in the price of the same console, along with a standard PS5 with a Blu-ray drive.
The company says there will be some price rises in the Middle East and Africa region, without giving details.
European stock markets have rebounded after the US announced tariff exemptions on some tech goods made with materials from China – including smartphones.
Here's how the major markets are looking (as per a 09:30 BST snapshot):
Shares in chip-related companies Infineon, ASML, and BE Semiconductor have also risen by between 2.9% and 4.0% so far today.
And the pan-European Stoxx 600 Technology stocks rose 2.8%.
Dearbail Jordan
Senior business and economics reporter
For a moment there, it looked like there was just the tiniest bit of thawing in US-China tensions over tariffs.
On Friday, Trump announced exemptions for things like smartphones, computers and some electronic devices.
But, of course, it didn’t last.
On Sunday, US Commerce Secretary Howard Lutnick said that these products would be re-examined as part of an investigation into semiconductors which are facing their own tariffs “probably in a month or two”.
Lutnick confirmed that tariffs may on smartphones such as iPhones may be reinstated. “We need our medicines and we need semiconductors and our electronics to be built in America,” he said. 
Guy Hedgecoe
Reporting from Madrid
Spanish Economy Minister Carlos Cuerpo has announced that he is travelling to the US to meet Treasury Secretary Scott Bessent on Tuesday.
Cuerpo says the aim of the meeting is to strengthen bilateral ties.
Bessent recently warned Spain that its efforts to forge closer trade relations with China were like "cutting your own throat”.
Exports to the US contribute around 30% of Vietnam's GDP
Adam Sitkoff, executive director of the US Chamber of Commerce in Vietnam, tells the BBC World Service's Newsday programme that business owners around the world are suffering "whiplash" from the ongoing uncertainty around tariffs.
Asked about the 90-day pause on a host of duties, Sitkoff says "the endgame is still a mystery".
The price of clothing – a major export for Vietnam – will not go up automatically in line with tariffs, Sitkoff says, as it's all linked to where the materials come from.
But, he adds, there's "no doubt these tariffs are an attack on the American consumer".
Dearbail Jordan
Senior business and economics reporter
For once, there are far more risers on the FTSE 100 than fallers.
Following Trump exempting smartphones and computers from tariffs (for now), technology related companies have seen their share price increasing this morning. These include the likes of Convatec, which makes medical products and technology.
It is the same on the FTSE 250. Cambridge computer maker Raspberry Pi's share price has jumped by 5%.
How long will that last? Who knows – the day is young and Trump is, presumably, still in bed and not on social media.Emily Atkinson
Live editor
Good morning from London. We're taking on this live coverage from our colleagues in Singapore – here’s a quick digest of the key lines:
In France, the CAC-40 index has opened up 1.9% while in Germany, the Dax is up more than 2%.
Stay with us for an update on the stock market winners – and losers.
The FTSE 100 has risen in the first few moments of trading.
It is up by around 1.4% so far. 
Ali Abbas Ahmadi
Reporting from Windsor, Ontario
Kathryn Lawton works at a Ford factory in Windsor, the heart of Canada's auto industry, just a bridge away from the US state of Michigan.
The region is an important centre for North American vehicle production.
The Canadian city now finds itself on the front lines of Trump's trade war as it faces a 25% tariff on foreign-made vehicles. This is reduced by half for cars with at least 50% of US-made components.
Windsor has also been hit with blanket US tariffs on steel and aluminium imports, with import taxes on car parts expected next month.
Lawton is worried that tariffs could upend her life in what she described as "Ford City".
Meanwhile, Christina Grossi, who has worked at Ford for 25 years, said the prospect of losing her job is "terrifying". Read their full accounts here.
Ford workers Kathryn Lawton (L) and Christina Grossi are afraid the tariffs could upend their lives
Trump says he will announce his tariff plans on imported computer chips this week, telling reporters "we want to make our chips and semiconductors and other things in our country".
But one expert has warned about the amount of time and investment needed to achieve that goal.
"The reality is [semiconductor fabrication plants] take years and tens of billions of dollars to build and the administration knows that," Marc Einstein, research director at Counterpoint Research, tells the BBC.
"What I think is ultimately going on is the current administration is looking for a deal and they have said as much."
Einstein adds that would have a "strong and quick negative impact" on large US technology firms like Apple, Nvidia and Microsoft.
He cites national security and strong demand as major reasons for the US wanting to push China out of its chip market.
"It's unsurprising the US is trying to use its clout to get a piece of the pie and to circumvent China and possibly other countries from gaining dominance in the space."
As we've been reporting, Chinese President Xi Jinping has arrived in the Vietnamese capital Hanoi, where he is set to hold talks with top officials.
Here's how his trip is looking so far:
Vietnam is the first stop of the Chinese President's visit to South East Asia
Xi was received by Vietnam's President Luong Cuong at the Noi Bai International Airport
People waving Chinese and Vietnamese flags as Xi arrives in Hanoi
New figures show China's exports to the US rose in the first three months of the year as factories rushed out shipments before the latest US tariffs took effect.
According to official data, Chinese exports to America increased by 4.5% in the period. The US was the largest single overseas destination for Chinese exports between January and March, amounting to $115.6bn (£88.2bn).
China also said on Monday that its total exports grew 12.4% year-on-year in March.
Xi will attend a state banquet hosted by Malaysia's king
Xi is scheduled to leave Hanoi tomorrow afternoon, following a visit to the Ho Chi Minh Mausoleum, the resting place of Vietnam's figurehead and Communist revolutionary leader.
The Chinese president is scheduled then to spend three days in Malaysia, where he will attend a state banquet hosted by the king and meet Prime Minister Anwar Ibrahim.
Some analysts have called Xi's South East Asia tour a strategic "charm offensive" as the trade war rages and Beijing presents itself as an alternative to the US.
The countries Xi is visiting are among the hardest hit by Trump's tariffs, with Vietnam and Cambodia slapped with 46% and 49% import levies, respectively. The US has since announced a 90-day pause on some of these measures.
Cambodia is the last stop on Xi's tour, where he will meet Prime Minister Hun Manet and his father Hun Sen. China provides half of all Cambodia's direct investment from abroad and most of its foreign aid.
While Xi was in Vietnam in December 2023, his last visit to Cambodia was in 2016, and Malaysia three years before that.
If you're just joining us, let's get you up to speed:
Stay with us as we continue to bring you the latest developments on the Trump administration's tariffs.
Let's take a look at how stock markets in the Asia-Pacific region are trading today.
We're seeing gains across the board as investors breathe a small sigh of relief after the US said devices like smartphones and laptops were exempted from higher tariffs… for now.
Nikkei (Japan) +1.9%
Hang Seng (Hong Kong) +2.4%
Shanghai Composite (China) +0.9%
Kospi (South Korea) +0.8%
ASX 200 (Australia) +1.5%
Taiex (Taiwan) +0.2%
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