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European Markets React to Trump’s Tariffs on EU
(MENAFN) European equities ended Monday with a varied performance following the announcement by US President Donald Trump of a 30% tariff rate targeting the European Union, effective from August 1.
The broad pan-European Stoxx 600 index registered a marginal decline of 0.06%, slipping by 0.35 points to close at 546.99.
Germany’s DAX 40 index fell by 0.39%, finishing at 24,160.64, while France’s CAC 40 decreased 0.27% to settle at 7,808.17.
Conversely, the UK’s FTSE 100 gained 0.64%, climbing to a record high of 8,998.06 points.
Italy’s FTSE MIB also advanced 0.27%, ending at 40,186.35, and Spain’s IBEX 35 index increased 0.19% to 14,036 points.
On Saturday, President Trump declared that the United States would enforce 30% tariffs on imports from the EU and Mexico starting August 1, jeopardizing ongoing US-EU trade negotiations as the bloc aimed to finalize a broad trade agreement within the month.
In a social media message, Trump posted a letter addressed to European Commission President Ursula von der Leyen, notifying her of the US tariff imposition on goods originating from EU nations.
In response, von der Leyen expressed willingness to continue efforts toward reaching an agreement with the US before August 1 and pledged to take all necessary actions to protect the EU’s interests, including implementing “proportionate countermeasures.”
The broad pan-European Stoxx 600 index registered a marginal decline of 0.06%, slipping by 0.35 points to close at 546.99.
Germany’s DAX 40 index fell by 0.39%, finishing at 24,160.64, while France’s CAC 40 decreased 0.27% to settle at 7,808.17.
Conversely, the UK’s FTSE 100 gained 0.64%, climbing to a record high of 8,998.06 points.
Italy’s FTSE MIB also advanced 0.27%, ending at 40,186.35, and Spain’s IBEX 35 index increased 0.19% to 14,036 points.
On Saturday, President Trump declared that the United States would enforce 30% tariffs on imports from the EU and Mexico starting August 1, jeopardizing ongoing US-EU trade negotiations as the bloc aimed to finalize a broad trade agreement within the month.
In a social media message, Trump posted a letter addressed to European Commission President Ursula von der Leyen, notifying her of the US tariff imposition on goods originating from EU nations.
In response, von der Leyen expressed willingness to continue efforts toward reaching an agreement with the US before August 1 and pledged to take all necessary actions to protect the EU’s interests, including implementing “proportionate countermeasures.”
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