European stocks slumped to fresh two-week lows on Friday after U.S. President Donald Trump said his country would impose tariffs on imported steel and aluminium, triggering anxiety over a global trade war.
Frankfurt’s DAX 30 index dropped 2.1% to 11,955.09, and France’s CAC 40 slumped 1.6% to 5,179.80. Italy’s FTSE MIB lost 1.2% to 22,050.80, and the UK’s FTSE 100 shed 0.7% to 7,129.65.
The pan-regional Stoxx Europe 600 index fell 1.2% to 370.29.
On Thursday, U.S. President Donald Trump, at a meeting with the heads of steel companies in the White House, promised to impose tariffs on steel and aluminium imports.
In turn, the European Commission said it would make proposals for WTO-compatible countermeasures against the U.S. in the coming days in order to balance the situation.