The pan-European Stoxx 600 index has fallen 1.5% at the start of trading, to its lowest level in over two months.
Germany’s DAX fell almost 2.5% at the start of trading in Frankfurt, while in Paris, the CAC 40 is down 2.2%, and Spain’s IBEX lost 1.5%.
Roman Ziruk, senior market analyst at global financial services firm Ebury, says:
“Trump’s “Liberation Day” announcements landed at the very negative end of market expectations, with the average tariff rate rising to over 20% from just 2.5% before Trump took office, the highest level since the early 20th century.
“Asian countries were hit the hardest, with some seeing punishing reciprocal tariffs of over 40% and China being hit with a massive 34% levy on top of the 20% already imposed since the start of Trump’s second term.
“On the other side of the spectrum are the UK and major Latin American countries, which were slapped with at most a 10% duty, with the EU in the middle at 20%.
Source: The Guardian
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