European stocks sank on Monday after US President Trump announced tariffs on China, Canada, and Mexico, but closed above its mid-session lows after the President delayed measures against Mexico slightly before the bell.
The STOXX 50 dropped 1.4% to 5,214 and the pan-European STOXX 600 dropped 0.9% to 534. Trump had imposed 25% tariffs on its North American neighbors and 10% levies on China, in addition to pledges of tariffs on the EU and the UK at a future date, after a series of conflicting signals of protectionism by the administration.
Auto manufacturers led the losses amid their high exposure to tariffs through Mexican production and assembly plants, with Stellantis and Volkswagen dropping 4.5%. Industrials and banks also booked sharp losses, with Schneider Electric, Siemens, Santander, and BBVA sinking between 3% and 2.5%.
Source: Trading Economics
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