European shares open lower as automakers drop amid Trump’s tariff threats
European shares began the day on a negative note on Tuesday, dragged by automakers, as Donald Trump’s tariff threat on the United States’ largest trading partners prompted worries that the bloc might share the same fate in a likely global trade war.
The pan-European STOXX 600. STOXX was down 0.5% as of 0820 GMT, set to snap a three-day winning streak. The auto sector. SXAP dropped more than 2%, with Stellantis STLAM.MI and Volkswagen VOWG_p.DE among the top losers.
President-elect Trump pledged major tariffs on Canada, Mexico, and China, hurting the positive market sentiment following the nomination of Scott Bessent as U.S. Treasury secretary. The dollar = USD rose, while global equities declined.
Banks. SX7E, retail. SXRP and miners. SXPP were some of the other badly-hit sectors, down more than 1% each.
