After U.S. President Donald Trump placed trade duties on a number of nations and threatened to do the same with the European Union and the United Kingdom, European markets saw a decline on Monday.
As of 12:47 p.m. London time, the Stoxx 600 was down 1.4% across the board, with all sectors solidly in negative territory.
The index of Stoxx 600 cars fell 3.8%. During early morning trading, the shares of French manufacturer Renault and auto components supplier Valeo, respectively, dropped 1.4% and 8.6%.
German automaker BMW was down 4%, Volkswagen was down 6.8%, and Porsche was down about 5%.
The European banking, industrial, and technology indices all saw losses of above 2%.
President Trump’s decision to impose 10% taxes on Chinese goods and 25% tariffs on imports from Canada and Mexico over the weekend caused a negative reaction from the region’s markets.
Mexico has vowed to follow suit, and Canada has responded with its own import restrictions.
Source (CNBC)