President Donald Trump’s threat to impose a sweeping 50% tariff on all European Union imports starting June 1 sparked a broad selloff across European markets Friday, triggering fears of a transatlantic trade war just as global growth faces renewed pressure.
In a post on Truth Social, Trump said the EU’s “powerful Trade Barriers, VAT Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against American Companies” were to blame for an annual trade deficit exceeding $250 billion, which he called “totally unacceptable.”
The proposed tariff would exempt goods manufactured in the United States, potentially creating sharp distortions for EU-based exporters and global supply chains.
European Benchmarks Tumble
The fallout was immediate in markets. The Euro STOXX 50 index – as closely tracked by the iShares MSCI Eurozone ETF (NYSE:EZU) – dropped 3%, Italy’s FTSE MIB sank 2.9%, France’s CAC 40 lost 2.6% and Spain’s IBEX 35 fell 2.2%.
Germany’s DAX, as tracked by the iShares MSCI Germany Index Fund (NYSE:
Full story available on Benzinga.com
President Donald Trump’s threat to impose a sweeping 50% tariff on all European Union imports starting June 1 sparked a broad selloff across European markets Friday, triggering fears of a transatlantic trade war just as global growth faces renewed pressure.
In a post on Truth Social, Trump said the EU’s “powerful Trade Barriers, VAT Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against American Companies” were to blame for an annual trade deficit exceeding $250 billion, which he called “totally unacceptable.”
The proposed tariff would exempt goods manufactured in the United States, potentially creating sharp distortions for EU-based exporters and global supply chains.
European Benchmarks Tumble
The fallout was immediate in markets. The Euro STOXX 50 index – as closely tracked by the iShares MSCI Eurozone ETF (NYSE:EZU) – dropped 3%, Italy’s FTSE MIB sank 2.9%, France’s CAC 40 lost 2.6% and Spain’s IBEX 35 fell 2.2%.
Germany’s DAX, as tracked by the iShares MSCI Germany Index Fund (NYSE:
Full story available on Benzinga.com
President Donald Trump’s threat to impose a sweeping 50% tariff on all European Union imports starting June 1 sparked a broad selloff across European markets Friday, triggering fears of a transatlantic trade war just as global growth faces renewed pressure.
In a post on Truth Social, Trump said the EU’s “powerful Trade Barriers, VAT Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against American Companies” were to blame for an annual trade deficit exceeding $250 billion, which he called “totally unacceptable.”
The proposed tariff would exempt goods manufactured in the United States, potentially creating sharp distortions for EU-based exporters and global supply chains.
European Benchmarks Tumble
The fallout was immediate in markets. The Euro STOXX 50 index – as closely tracked by the iShares MSCI Eurozone ETF (NYSE:EZU) – dropped 3%, Italy’s FTSE MIB sank 2.9%, France’s CAC 40 lost 2.6% and Spain’s IBEX 35 fell 2.2%.
Germany’s DAX, as tracked by the iShares MSCI Germany Index Fund (NYSE:Full story available on Benzinga.com Read MoreAAPL, ADDYY, Analyst Color, ASML, BBVA, BMWYY, DASTY, DB, Donald Trump, ESLOY, Europe, EWG, EZU, GOOGL, HESAY, IFNNY, LVMUY, Macro Economic Events, MSFT, PHG, RACE, SAP, SCGLY, Sector ETFs, STM, Stories That Matter, tariffs, UNCRY, Eurozone, Econ #s, Top Stories, Economics, Analyst Ratings, ETFs, HESAY, US42751Q1058, LVMUY, EWG, US4642868065, ESLOY, EZU, US4642866085, GOOGL, US38259P5089, AAPL, US0378331005, RACE, ASML, USN070591862, BMWYY, US0798901098, MSFT, US5949181045, UNCRY, DB, DE0005140008, PHG, US5004723038, SAP, US8030542042, STM, US8610121027, SCGLY, US83364L1098, DASTY, US2375451083, IFNNY, US45662N1037, BBVA, US05946K1016, ADDYY, US00687A1079, Sector ETFs, Analyst Color, Macro Economic Events, Eurozone, Econ #s, Top Stories, Economics, Analyst Ratings, ETFs, Benzinga Economics
