Stock markets LIVE: Von der Leyen vows to fight back as Trump tariffs leave EU reeling

The European Union will retaliate against Donald Trump's tariffs, the European Commission's president has vowed. Ursula von der Leyen branded the sweeping tariffs unveiled by the US President on Wednesday evening as a "major blow" to the world.

The 27-strong bloc is to be charged with 20% tariffs, double the amount the UK has been hit with.

Speaking from Uzbekistan, where she is to join the EU-Central Asia summit later on Thursday, Ms Von der Leyen said Brussels was ready to hit back at Washington with countermeasures.

She said: "We are already finalising the first package of countermeasures in response to tariffs on steel. And we're now preparing for further countermeasures to protect our interests and our businesses if negotiations fail."

THIS IS A LIVE BLOG. FOLLOW OUR COVERAGE BELOW.