European markets were thrown into turmoil on Monday as anxiety over export tariffs spread throughout the region. The impact of Donald Trump’s tariffs on global trade is being strongly felt, with Germany’s DAX dropping 10% on opening and finishing the day more than 4% down. France and the UK also saw significant losses.
In response to Washington’s new trade regime, EU trade ministers met in Luxembourg to discuss their options. Beginning on Wednesday, the EU will face tariffs of 20% on nearly all exports to the United States. This move has caused frustration and concern in European capitals, as the transatlantic trade relationship is valued at 1.5 trillion euros.
European officials have expressed a preference for dialogue over confrontation with the US on tariffs, but are prepared to consider all options if necessary. The uncertainty surrounding global trade policies has led to crashing stock markets and economic instability in the region.
The situation remains fluid as European leaders navigate the challenges posed by the escalating trade tensions. For more updates on this developing story, visit http://www.dw.com/en/
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