Hello, welcome to the program. This is News Hour from the BBC World Service. We're coming to you live from London. My name's Paul Henley.

European stock markets have followed Asia, opening sharply lower, in direct response to Donald Trump's US import tariffs. The German Dax was down nearly 10% at one point,

while the 100 share index in London was down more than 5%. Huge losses were also recorded in Japan,

Hong Kong and China. Mr. Trump has said that the world needs to take his medicine.

Reacting to the continuing market turmoil, he told

reporters on board Air Force One that he was ready to talk to leaders from Europe and Asia.

I do want to solve the deficit problem that we have with China, with the European Union and other

nations, and they're going to have to do that. And if they want to talk

about that, I'm open to talking. But otherwise, why would I want to talk? But the billionaire hedge fund

manager, Bill Ackman, who was a big backer of Donald Trump last year, said the president was losing

the confidence of business leaders and should pause his trade war.

He suggested America was heading toward what he described as a self-inflicted economic nuclear winter as a result of the tariffs.

Arriving at a European minister's meeting in Luxembourg, Ireland's Minister for Foreign Affairs,

trade and defence, Simon Harris, said it was important now to create an environment that could bring the US administration to the negotiating table.

Europe has been very clear, we're up for a deal.

I mean, President von der Leyen has talked about wanting to address any of the trade barriers that exist, wanting to buy more stuff from the United States and vice versa, we're up for a deal.

I suppose the outstanding question is the United States up for one.

And what we have to consider here today, what can we do strategically to help further, I suppose, increase our own leverage to get the United States around a negotiation table.

So I look forward to having an engagement with Secretary Lutnik.

I think it's always important to keep the lines of communication open,

to share insights, to pick up the latest views.

Pascal Lamy is a former European Commissioner for Trade.

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