On the 9th (local time), major European stock market indices fell by 2% to 4% compared to the previous day. That day, the tariffs imposed by the Trump administration on over 80 countries worldwide went into effect, with the decline in the stock markets varying according to the tariff rates.
Previously, the United States announced tariffs by country, imposing a tariff rate of 20% on the European Union (EU). The European large-cap index Euro Stoxx 50 closed at 4,615.75 points, down 3.31% from the previous day. The German index DAX 40 fell by 2.96%, the French CAC 40 by 3.34%, and the Italian Italy 40 by 2.91%.
The United Kingdom was subject to only 10% of tariffs from the United States, half of that of the EU. The UK FTSE 100 index fell by 2.92% from the previous day. The Swiss index (SMI), which faced a 32% tariff, declined by 4.64% compared to the previous day.
Some national stock markets narrowed losses to the 1% range at one point during the trading session. However, as the United States decided to impose a tariff of 104% on China, China indicated that it would apply a tariff rate of 84% on U.S. imports, further escalating the U.S.-China conflict.
The EU will impose retaliatory tariffs of up to 25% on certain U.S. imports starting from the 15th. According to a leaked retaliation tariff list, additional tariffs of 10% to 25% will be levied on a total of €22 billion (approximately 36 trillion won) worth of U.S. products, including tobacco, motorcycles, home appliances, poultry, and wood.