European Stocks Fall Sharply on Trump’s New Tariffs
European stock markets fell sharply on Thursday after Trump announced higher-than-expected tariffs.
The Stoxx 50 dropped 3.7%, and the broader Stoxx 600 lost 2.7%. Companies with global supply chains were hit hard—Adidas plunged 11%, and shipping giant Maersk fell 9.5%. Auto stocks slid 3.9% as Trump's 25% tariff on imported vehicles took effect, adding to existing steel and aluminum duties.
Banks fell 5.6%, and tech stocks dropped 4.5%, while utilities, seen as safer during market turmoil, gained nearly 3%. Trump’s "reciprocal tariffs" include a 20% tax on EU imports and 10% on UK goods.
In response, EU leaders, including Ursula von der Leyen and Emmanuel Macron, warned of countermeasures and urged companies to reconsider U.S. investments.
Source: Trading Economics