European markets opened lower Wednesday as global traders brace themselves for a raft of fresh trade tariffs due to be announced by U.S. President Donald Trump's administration.
After rebounding Tuesday, the regional Stoxx 600
index was back in the red early Wednesday, down 0.23% shortly after the open. Most sectors notched declines, though travel and oil and gas stocks posted slight gains.
Investors are concerned that the White House could be erring toward more punitive import duties after Trump said earlier this week that his "reciprocal tariffs" plan will target "all countries" when they are announced Wednesday, while the White House said that the tariffs "will be effective immediately." An announcement is due after European markets close on Wednesday.
The Washington Post reported Tuesday that White House aides had drafted a proposal that would levy tariffs of roughly 20% on most imports. The paper, which cited three people familiar with the matter, noted that advisors cautioned that several options were still on the table, however, meaning the 20% tariffs may not materialize. CNBC reached out to the White House for comment and is awaiting a response.
Other trade duties are set to come into effect Wednesday, dubbed "Liberation Day" by the White House, including a 25% levy on "all cars that are not made in the United States."
Asia-Pacific markets were mixed overnight, while U.S. stock futures were lower.
Source: CNBC
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