European Stocks Dip Amid U.S. Tariff Threats
European shares experienced a dip on Monday as new U.S. tariff plans by President Trump raised concerns about escalating trade tensions. The STOXX 600 fell 0.2% with steel companies like ArcelorMittal and Thyssenkrupp declining. Meanwhile, Sanofi's acquisition of Blueprint Medicines highlighted continued activity in the pharma sector.
European stock markets opened lower on Monday, affected by fresh U.S. tariff announcements expected to stoke global trade tensions once again. The STOXX 600 index saw a 0.2% decline early in the day.
President Donald Trump declared his intent to raise tariffs on imported steel and aluminum to 50% from the current 25%. Reacting to this, the European Union voiced intentions to implement retaliatory measures.
Steel companies on the continent, including ArcelorMittal and Thyssenkrupp, saw their shares fall, echoing broader concerns in the automotive sector. Meanwhile, the pharmaceutical industry buzzed with Sanofi's acquisition of Blueprint Medicines, valued at $9.1 billion, as markets anticipate economic data and central bank announcements this week.
(With inputs from agencies.)
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