The pan-European Stoxx 600 dropped 1% after the opening bell, hitting its lowest point since February 19. Autos led the losses with a 2.6% drop as all sectors traded in the red. Telecoms stocks were the best performer, falling just 0.2% in early trade.
President Trump announced the sweeping tariffs on Mexican goods Thursday afternoon in response to what he claimed is a “border crisis,” throwing the fate of the United States-Mexico-Canada Agreement, or USMCA, into question.
Stateside, investors will be monitoring the fallout from the announcement of the tariffs, which President Trump said could increase to 25% by October 1 this year if Mexico doesn’t stem the flow of undocumented migrants to the U.S. southern border. Prominent former diplomat John Negroponte told that the move was “bad politically and bad economically.”
Source: CNBC
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