Sky News halted for breaking news as Trump addresses televised cabinet

Sky News halted its usual programming to show US President Donald Trump speaking at a televised cabinet meeting. When asked about what will happen next with the , he replied that they would have to "see what happens".

It comes as the US has imposed an effective tariff rate of 145% on Chinese imports. He added that the US would like to strike a deal with China - but he said that China had taken advantage of the US in the past. Discussing Chinese leader President Xi Jinping, Trump said he was sure they'll "be able to get along".

He said: "We would love to be able to work a deal. They've really taken advantage of our country for a long period of time. They've ripped us off. All we're doing is putting it back in shape. We're resetting the table, and I'm sure that we'll be able to get along very well.

"I have great respect for President Xi. He's been, in a true sense, a friend of mine for a long period of time. I think that we'll end up working out something that's very good for both countries. I look forward to it."

Also in the briefing, Trump praised . Discussing the Tesla and SpaceX owner, Trump gushed that he had done a "fantastic job" heading up his new Department of Government Efficiency. He quipped: "I don't need Elon for anything other than I happen to like him".

In another admission, Trump revealed that he splashed out on a top of the range Teslas as a "show of support" for Musk. Adding that he "doesn't need" the vehicle, he explained that he lets office staff in the White House drive it instead. He told the press: "They're all driving around the most beautiful car. It's gorgeous. But I did that as a show of support. Numerous people have done that. It's a show of support because he's done a fantastic job, but he hasn't been treated properly."

Earlier today, the White House announced US tariffs on now amount to a whopping 145%. As the trade war between Beijing and Washington worsens by the hour, Donald Trump's office said tariffs on China were

However, officials told , this rate needs to be added to the 20% fentanyl-related tariff already slapped on China by the Trump administration.

It comes as the S&P 500 has dropped 2.8% following the opening of US markets. The tech-heavy Nasdaq Composite tumbled 3.5% and the Dow Jones Industrial Average fell almost 1,000 points, or 2.2%. Meanwhile, in London the made early gains, surging nearly 6% on opening, while Asian markets also reacted positively to the news. Japan's Nikkei rose 8.2%, and the Hang Seng Tech Index gained 3.1%.