European Markets React to Trump's Tariff Announcement

As the sun rose over Europe, the continent's financial markets were already in a state of upheaval. Investors anxiously awaited the EU's response to the recent announcement by United States President Donald Trump regarding reciprocal tariffs, set to take effect on April 9.

Market Performance Across Europe

Germany's DAX took a significant hit, dropping 4.83% or 1,013 points by 7:42 am ET. Not far behind, the British FTSE 100 saw a slight decrease of 0.79% at 7:43 am ET. France's CAC 40 wasn't spared either, declining by 2.58% at the same time. The Euro Stoxx 50 fell by 4% at 7:44 am ET, while Italy's FTSE MIB experienced a dramatic plunge of 7.44%. Switzerland's SMI and Spain's IBEX 35 also faced downturns, losing 5.38% and 6.33% respectively.

Currency Movements

Amid the market chaos, the euro showed a slight increase against the dollar, trading 0.25% higher at $1.09910 by 7:46 am ET. The British pound, however, remained steady against the dollar, selling for $1.29099 at 7:47 am ET.