European stocks closed sharply lower on Wednesday, with Tuesday's market recovery proving short-lived as U.S. country-specific tariffs kicked in.
The pan-European Stoxx 600 ended the session down 3.5% at its lowest close since January 2024, with all sectors and major bourses in negative territory. Regional health care and oil and gas indexes were among the biggest losers, dropping 5.9% and 5%, respectively.
Europe's main indexes extended losses after China announced it would impose retaliatory tariffs of 84% on U.S. imports from April 10, up from 34%, and the European Union agreed to a series of initial trade retaliation measures in response to U.S. duties on steel and aluminum. France's CAC 40 index fell 3.34%, while Germany's DAX dropped 3% and the FTSE 100 dropped 2.9%. European markets closed in the green on Tuesday, ending a four-day losing streak.
The gains came after Asia-Pacific stocks began a global equity recovery, which was also followed by U.S. stocks before eventually retreating. Anxiety about the impact of U.S. President Donald Trump's tariffs and retaliatory measures from U.S. trading partners weighed on markets as fears of more tariffs being announced grew and uncertainty persisted. (Newsmaker23)
Source: CNBC
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