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European markets suffer losses as Trump tariffs bite
European markets suffered sharp losses and all indices closed in the red on Monday after US President Donald Trump imposed tariffs on several countries and threatened to do the same with the European Union and the United Kingdom.
The pan-European STOXX 600 index fell 0.93%, paring losses after announcing a one-month freeze on Mexico tariffs, with all sectors in negative territory.
The FTSE 100 in the UK fell 1.04% to 8,583.56 points.
The German DAX index fell 1.50% to 21,405.12 points.
While the French CAC 40 index fell 1.20% to 7,854.92 points.
The STOXX 600 auto index fell more than 4%, while the technology, industrials and mining indexes fell more than 2% each. Germany’s DAX index also fell more than 1.7% in early trading.
On the othe hand, tariffs impede free trade, slow innovation and create a negative spiral. Ultimately, they hurt customers, making products more expensive and less innovative.
“We are assessing any potential impact on the automotive industry and our company as a result of the tariffs announced in the United States, Canada and Mexico,” a company spokesperson said in emailed comments.
