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Trump Greenland Tariff Threat Drives European Market Plunge
(MENAFN) European equity markets closed Monday's trading session with significant losses as geopolitical tensions escalated over the US-European confrontation regarding Greenland.
The continent-wide Stoxx Europe 600 index plummeted 1.19%, shedding 7.32 points to settle at 607.06.
Germany's DAX 40 declined 1.34% to 24,959.06 points, while the UK's FTSE 100 index surrendered 0.39% to finish at 10,195.35.
France's CAC 40 index tumbled 1.78% to 8,112.02 points and Italy's FTSE MIB 30 dropped 1.32% to 45,195.89.
Over the weekend, US President Donald Trump declared tariffs would be levied against eight European nations for resisting the US acquisition of Greenland, contending the conflict jeopardizes global stability.
Trump announced a 10% tariff would apply to imports from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland beginning Feb. 1, escalating to 25% on June 1.
Trump's pronouncements heightened geopolitical uncertainty, triggering downward pressure across equity markets.
European automotive producers and luxury goods manufacturers responded sharply to the development. The Stoxx Europe 600's Automotive and Parts Index plunged more than 2%.
Conversely, most European defense sector stocks climbed.
Olof Gill, a spokesperson for the EU Commission, indicated readiness to retaliate should the US implement additional tariffs on European nations backing Greenland, affirming the EU will take all necessary measures to safeguard its economic priorities.
Additionally, reports surfaced that EU member states are formulating countermeasures against Trump's decision to impose extra tariffs, including retaliatory duties totaling €93 billion.
The continent-wide Stoxx Europe 600 index plummeted 1.19%, shedding 7.32 points to settle at 607.06.
Germany's DAX 40 declined 1.34% to 24,959.06 points, while the UK's FTSE 100 index surrendered 0.39% to finish at 10,195.35.
France's CAC 40 index tumbled 1.78% to 8,112.02 points and Italy's FTSE MIB 30 dropped 1.32% to 45,195.89.
Over the weekend, US President Donald Trump declared tariffs would be levied against eight European nations for resisting the US acquisition of Greenland, contending the conflict jeopardizes global stability.
Trump announced a 10% tariff would apply to imports from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland beginning Feb. 1, escalating to 25% on June 1.
Trump's pronouncements heightened geopolitical uncertainty, triggering downward pressure across equity markets.
European automotive producers and luxury goods manufacturers responded sharply to the development. The Stoxx Europe 600's Automotive and Parts Index plunged more than 2%.
Conversely, most European defense sector stocks climbed.
Olof Gill, a spokesperson for the EU Commission, indicated readiness to retaliate should the US implement additional tariffs on European nations backing Greenland, affirming the EU will take all necessary measures to safeguard its economic priorities.
Additionally, reports surfaced that EU member states are formulating countermeasures against Trump's decision to impose extra tariffs, including retaliatory duties totaling €93 billion.
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