European stock markets closed sharply higher in Tuesday trading as the Stoxx Europe 600 advanced 2.72%, Germany's DAX rose 2.48%, the FTSE 100 in London climbed 2.71%, France's CAC 40 increased 2.50%, and the Swiss Market Index surged 2.82%.
US President Donald Trump rejected a European Union proposal to eliminate tariffs on bilateral trade in industrial goods, which means a 20% tariff on all EU imports will take effect Wednesday, Bloomberg reported Tuesday. Trump criticized European Commission President Ursula von der Leyen's offer as insufficient to reset the transatlantic trading relationship as the EU maintains other trade barriers, according to the report.
Meanwhile, European pharmaceutical companies warned von der Leyen that US' tariffs will encourage more biotech firms to migrate to the US unless the bloc makes changes, Reuters reported Tuesday, citing industry sources. The European Federation of Pharmaceutical Industries and Associations did not immediately reply to MT Newswires' request for comment.
The European Union will soon issue decisions on whether tech giants Apple and Meta Platforms failed to comply with tech competition rules, according to media reports Tuesday, citing antitrust chief Teresa Ribera. The probe, launched in March 2024, is reviewing possible violations of the Digital Markets Act, which seeks to rein in large tech platforms and boost competition.
Source : MT Newswires
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