Europe tech stocks jump 2.8%, boosting regional markets after Trump tariff exemptions
European stock markets were broadly higher at the Monday open, as investors parsed news of a U.S. tariff exemption for some tech items while the earnings season kicks into gear.
The pan-European Stoxx 600 index was 2.16% higher at 8:50 a.m. London time with all sectors in the green, bolstered by technology gains of 2.88%. Oil and gas stocks jumped 3.1%, while banks rose 3.3%.
U.S. President Donald Trump’s extreme and fast-changing tariff policy has led to one of the most volatile periods on record for global equities. After a strong start to the year in which it had been outperforming U.S. markets, the Stoxx 600 has fallen more than 8% in April so far, while Wall Street’s S&P 500 has lost 4.43%.
In fresh developments over the weekend, smartphones, computers, and other electronic devices and components were exempted from the U.S. duties — though only temporarily, according to officials. U.S. Customs and Border Protection guidance indicates 20 product categories are exempt from the 125% tariff newly-imposed by Trump on Chinese imports and the 10% baseline tariff on imports from other countries, while a 20% tariff on all Chinese goods remains in effect.
Trump on Sunday said he would be announcing the tariff rate on imported semiconductors over the next week, NBC News reported.
Key questions for markets remain over exactly how long Trump’s pause on his full “reciprocal tariff” plan will last, and how various countries will seek to or be able to negotiate without resorting to their own retaliatory action. The European Union last week paused its own countertariffs for 90 days in order to engage in talks.
Source : CNBC
