U.S. President Donald Trump's trade war with China will give Brazilian agricultural exporters an opportunity to take an even bigger share of the Chinese market at the expense of American farmers, but it could also fuel already high food inflation in Brazil.

"Tariffs are about making America rich again and making America great again," Trump said in his address to Congress.

The Nasdaq composite index has fallen more than 10 percent from its December peak. The S&P 500 now sits below its level on Election Day.

Dutch food exports to the United States could be drastically reduced if former U.S. President Donald Trump follows through on his plan to impose a 25 percent import tariff on European goods. An analysis released by ABN AMRO on Thursday warns that this proposal could cut Dutch food exports to the U.

The European Central Bank is cutting interest rates by a quarter percentage point, lowering credit costs for consumers and businesses to support an economy that is struggling to show solid growth.

The rollout of US tariffs on its major trading partners has created a mix of winners and losers in the financial markets today.

U.S. President Donald Trump's trade war with China will give Brazilian agricultural exporters an opportunity to take an even bigger share of the Chinese market at the expense of American farmers, but it could also fuel already high food inflation in Brazil.