European markets sink after fresh Trump tariff threat; Volkswagen down 7%

European markets traded lower on Monday after U.S. President Donald Trump imposed trade tariffs on several countries and threatened to do the same with the European Union and U.K.

The pan-European Stoxx 600 was down 1.4% at 12:47 p.m. London time, with all sectors firmly in negative territory.

The Stoxx 600 autos index was down 3.8%. Shares of French car parts supplier Valeo and automaker Renault fell 8.6% and 1.4%, respectively, during early morning deals. Meanwhile, Germany’s BMW was 4% lower, Volkswagen was down 6.8% and Porsche
 was seen trading down by around 5%.

Europe’s tech, industrials and banking indexes each shed more than 2%.

Markets in the region were reacting negatively to President Trump’s decision at the weekend to slap 25% tariffs on imports from Mexico and Canada and a 10% levy on goods from China. Canada has retaliated with its own sanctions on U.S. imports and Mexico has threatened to do the same.

Read Full Article Here