European stocks tank 5% as global tariff rout deepens; Rheinmetall drops 10.5% – CNBC
The pan-European Stoxx 600 was 5.2% lower at 9:52 a.m. London time, with all sectors and major bourses suffering significant losses. Germany’s DAX index was 5.6% lower, pulling back from a 10% loss earlier in the session.
Trump announced his full list of so-called reciprocal tariffs, with investors surprised by the extent to which imports from key U.S. trading partners would be hit with new duties.
The move also sparked fears of a global trade war, with China retaliating by slapping 34% tariffs on U.S. goods and the EU vowing to impose countermeasures of its own if negotiations with America fail.
On Wall Street, stocks tanked toward the end of last week, with the “Magnificent Seven” mega-cap tech stocks losing more than $1 trillion in a single day. On Friday morning, U.S. stock futures moved lower as the tariffs fallout continued.
Overnight in Asia, stocks also continued to sell off, led by shares listed in China. Asian economies are set to be among those hit hardest by reciprocal tariffs, with Vietnam targeted by 46% duties, China with new 34% tariffs, while Cambodia has been hit with 49% tariffs and Sri Lanka with 44%. Many of the region’s economies play key roles in international firms’ supply chains.
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