European Markets in Turmoil

Following US President Donald Trump's announcement of imposing 20% tariffs on the European Union and 25% on all foreign cars, European markets experienced a significant downturn. Investors reacted sharply to these measures, leading to a widespread sell-off across the continent.

Market Reactions Across Europe

The German DAX led the decline, sinking 8.04%, with Commerzbank shares plummeting by 12.20%. Other major indices, including the Euro Stoxx 50, British FTSE 100, French CAC 40, Italy's FTSE MIB, Switzerland's SMI, and Spain's IBEX 35, also faced substantial losses, with some stocks crashing by over 20%.

Currency Movements

Amid the market chaos, the euro saw a slight increase against the dollar, trading 0.35% higher, while the pound sterling remained stable against the US currency.

EU's Next Steps

EU trade ministers are under pressure to formulate a joint response to Washington's aggressive trade policies, as the bloc seeks to mitigate the impact of these tariffs on its economy.