European stocks end mixed after Trump’s announcement of 30% tariff on EU
ISTANBUL
European stocks closed with a mixed course on Monday after US President Donald Trump announced a 30% tariff rate on the EU starting on Aug. 1.
The pan-European Stoxx 600 index slightly fell 0.06%, or 0.35 points, to close at 546.99.
Germany’s DAX 40 index was down 0.39% to end at 24,160.64 and France’s CAC 40 dropped 0.27% to 7,808.17.
On the other hand, Britain’s FTSE 100 added 0.64% to reach an all-time high of 8,998.06 points.
Italy’s FTSE MIB index was also up 0.27% to close at 40,186.35 and the IBEX 35 index in Spain rose 0.19% to 14,036 points.
On Saturday, Trump announced that Washington will impose 30% tariffs on the EU and Mexico starting Aug. 1, putting the US-EU trade talks at risk, as the bloc was working to finalize a comprehensive trade deal this month.
In a social media post, Trump shared a letter addressed to European Commission President Ursula von der Leyen announcing the US tariff on goods from EU countries.
Von der Leyen then voiced readiness to work toward an agreement with the US by Aug. 1 and vowed to take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures.
EU trade chief Maros Sefcovic warned Monday that the US’ planned 30% tariff on EU goods would effectively rule out trade and vowed to use every minute before the Aug. 1 deadline to reach a negotiated solution.
“The EU, as you know very well, never walks away without genuine effort,” Sefcovic said.
Separately, Volvo announced Monday that it would face a one-off, non-cash tariff-related impairment charge of 11.4 billion Swedish kronor ($1.19 billion) in the second quarter related to two models.
The company’s shares were down around 4.4% after the announcement.
The euro/US dollar parity was at 1.1664, down 0.22% as of 1650GMT.
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