European stocks erased early gains and closed mostly lower on Tuesday as markets continued to assess how potential tariffs from the US may hurt European businesses. The STOXX 50 closed 0.3% lower at 5,358 and the STOXX 600 fell 0.4% to close at 545.
US President Trump had previously announced a 30% tariff on imports from the European Union starting August 1st, prompting the bloc to continue to seek a trade agreement. EU officials recently stated that a deal is still being negotiated to avoid tariffs, but a retaliation package is being prepared regardless, which may tariff up to€72 billion worth of US goods.
Financial service providers led the losses in the session, with Allianz, BBVA, and UniCredit dropping between 2% and 1%. Also, Ericsson fell over 4%, despite the company beating earnings forecasts, as US import tariffs weighed on results. On the other hand, ASML jumped 2.7%, benefitting from the US relaxing export curbs on Nvidia chips.
Source: Trading Economi
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