European stock markets plunged on Thursday as U.S. President Donald Trump announced sweeping retaliatory tariffs affecting more than 180 countries and territories, triggering a broad market selloff.
The regional Stoxx 600 index fell 1.27% after Trump imposed 20% tariffs on European Union imports on Wednesday as part of an aggressive trade policy.
German sportswear retailer Adidas was among the hardest hit, plummeting 10.4% due to concerns about its global supply chains. London’s FTSE dropped 0.98%, with Britain facing relatively lighter 10% tariffs compared to the EU’s 20%.
Danish shipping giant Maersk, widely considered a barometer for global trade, slumped 7.55%, while Frankfurt’s DAX lost 1.3% and Paris slid 1.7%.
“We will impose additional countermeasures if negotiations fail,” European Commission President Ursula von der Leyen said following Trump’s announcement. “The consequences will be very serious for millions of people around the world“.
The Stoxx Autos index initially dropped more than 2% as Trump’s 25% tariffs on imported vehicles took effect, adding to existing new duties on steel and aluminium. However, the sector later pared those losses.
Banking stocks were deeply in the red, falling 3.3%, while utility shares—traditionally a defensive play during market turbulence—bucked the trend by rising 1.6%.
The EU has indicated it is ready to retaliate but will not immediately announce additional countermeasures as negotiations are still ongoing.
(information from naftemporiki.gr)
