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Main indices endure heavy losses as EU ministers put together to debate response to US president’s newest commerce salvo.
Europe’s inventory markets have dropped sharply as buyers weigh United States President Donald Trump’s newest tariff threats towards the European Union and Mexico.
Main European indices suffered heavy losses on Monday as EU ministers have been set to debate their response to Trump’s plans to impose a 30 % tariff on the bloc’s items from August 1.
Germany’s benchmark DAX had fallen almost 0.9 % as of 08:30 GMT, whereas France’s CAC 40, Italy’s FTSE MIB and Spain’s IBEX 35 have been down 0.7 to 0.8 %.
The pan-European STOXX 600 index dipped about 0.5 %.
The UK’s FTSE 100 bucked the sell-off, rising about 0.2 %.
In Asia, Japan’s Nikkei 225 fell about 0.3 %, whereas Hong Kong’s Dangle Seng edged up by about the identical quantity.
US futures, that are traded outdoors of standard market hours, fell early on Monday, with these tied to the S&P 500 and Nasdaq Composite indices each dropping greater than 0.5 %.
Markets are on edge forward of Trump’s August 1 deadline for US buying and selling companions to succeed in commerce offers or face steep tariffs.
Regardless of months of negotiations, the Trump administration has up to now introduced agreements with solely the UK, China and Vietnam.
EU officers have threatened to impose retaliatory tariffs on US items price about 100 billion euros ($117bn) if Brussels and Washington are unable to succeed in a deal.
The EU is the US’s largest buying and selling associate, with their two-way commerce in items and companies amounting to 1.7 trillion euros ($2 trillion) in 2024, in response to the EU statistics company Eurostat.
On Sunday, European Fee President Ursula von der Leyen introduced that the bloc would delay retaliatory tariffs on the US to August to present officers extra time to succeed in an settlement with the Trump administration.
“We’ve got at all times been very clear that we want a negotiated answer,” von der Leyen mentioned.
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