European markets saw broad gains on Wednesday, even after the European Union announced retaliatory tariffs on a swathe of U.S. imports and President Donald Trump suggested further counter-measures would follow.
The regional Stoxx 600 index closed 0.8% higher, climbing down from earlier gains, but with major bourses remaining in positive territory. German stocks led gains, with the DAX index climbing 1.56%.
Global markets have been sent on a roller-coaster ride amid uncertainty around Trump's tariff policy. A 25% duty on steel and aluminum imports went into effect on Wednesday, shortly followed by the EU's announcement of its own potential duties on a range of U.S. goods in response. Later on Wednesday, Trump told reporters: "As you know we're going to be doing reciprocal tariffs, so whatever they charge us we're going to be charging them."
However, market sentiment in Europe was boosted as talks between U.S. and Ukrainian officials in Saudi Arabia on Tuesday ended with Ukraine agreeing to an immediate 30-day ceasefire negotiated by the U.S. if Russia accepts the plan.
Source : CNBC
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