European Stocks Plunge As Trump’s New Tariffs
European stock markets plunged sharply on Thursday after Trump announced higher-than-expected tariffs. The Stoxx 50 plunged 3.7%, and the broader Stoxx 600 dropped 2.7%. Companies with global supply chains were hit hard—Adidas plunged 11%, and shipping giant Maersk plunged 9.5%. Auto stocks plunged 3.9% as Trump’s 25% tariffs on imported vehicles took effect, adding to existing duties on steel and aluminum. Banks dropped 5.6%, and technology stocks plunged 4.5%, while utilities, considered a safer bet during market turmoil, rose nearly 3%. Trump’s “reciprocal tariffs” include a 20% tax on EU imports and a 10% tax on British goods. In response, EU leaders, including Ursula von der Leyen and Emmanuel Macron, warned of retaliatory measures and urged companies to reconsider U.S. investments. (Newsmaker23)
Source: Trading Economics