European Markets React to Trump's Tariff Announcement

European markets experienced a downturn on Monday, reversing earlier gains, after US President Donald Trump announced potential global tariffs ranging from 15% to 20%. This move has cast a shadow over the trade outlook, dampening investor confidence.

Impact on Key European Indices and Currencies

The DAX fell by 1.14%, with Porsche AG and Volkswagen AG among the hardest hit, dropping 4.09% and 3.68% respectively. The EURO STOXX 50 and FTSE 100 also saw declines, while the euro and pound weakened against the US dollar, highlighting the widespread impact of Trump's statements.

Trump's Focus on UK Goods and Pharmaceuticals

During discussions with UK Prime Minister Keir Starmer, Trump hinted at reviewing tariffs on British goods and pharmaceuticals, further unsettling markets. These remarks have particularly pressured European exporters, erasing the optimism from recent trade developments.