European markets plunged again Monday as investors reacted to US President Donald Trump’s sweeping tariffs of 20% on the European Union, and 25% on all foreign cars. The continued sell-off followed Trump’s Sunday remarks claiming tariffs were the only fix for the “massive” trade deficit with the bloc and other major economies. EU trade ministers are expected to plan a joint response today amid growing pressure to counter Washington’s aggressive stance.
At 9:00 am CET, the German DAX sank 8.04% or 1,663 points as Commerzbank slumped 12.20%. The Euro Stoxx 50 dipped 6.83% with Siemens AG crashing 10.07%. The British FTSE 100 fell by 4.57% as F&C Investment Trust nosedived 8.38%. The French CAC 40 fell by 2.12% with Bureau Veritas retreating 8.59%. Italy’s FTSE MIB plummeted by 7.50% as Assicurazioni Generali slid 7.13%. Switzerland’s SMI lost 5.94% with Roche Holding tumbling 4.39%. Spain’s IBEX 35 nosedived by 5.30% with ACS crashing 22.42%.
The euro traded 0.35% higher against the dollar at 8:59 am CET to sell for $1.10017. Simultaneously, the pound sterling was flat against the United States currency to change hands for $1.29010.