European Markets Dip After US, EU Tariff Deal
(MENAFN) European equity markets closed with a downward trend on Monday, with Italy being the only major exception, following the announcement of a trade agreement between the United States and the European Union that includes 15% duties on EU products entering the US.
The broad-based Stoxx Europe 600 index retreated by 0.22%, losing 1.19 points to settle at 548.76.
Germany’s primary benchmark, the DAX 40, experienced a sharper decline of 1.02%, finishing at 23,970.36. The UK's FTSE 100 index dropped by 0.43%, ending the day at 9,081.44.
Similarly, France’s CAC 40 slipped by 0.43% to reach 7,800.88.
Conversely, Italy’s FTSE MIB 30 index recorded a marginal gain of 0.01%, closing at 40,732.34, bucking the wider regional trend.
The agreement, revealed on Sunday, stipulates that the US will introduce a 15% tariff on a wide range of EU exports—half the previously threatened 30% rate.
Additionally, the European bloc committed to injecting $600 billion into the US economy and acquiring $750 billion worth of American energy supplies and defense-related products.
US President Donald Trump expressed optimism regarding the pact, calling it "great" for both sides and suggesting it would bring them "closer together."
European Commission President Ursula von der Leyen also commended the outcome, referring to it as the result of "tough negotiation" and stating: "We have a deal; we have a trade deal between the two largest economies in the world, and it's a big deal."
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