European stock markets plummeted at the start of trading Monday, April 7th, with Frankfurt slumping as much as 10% as a global sell-off intensified due to U.S. President Donald Trump’s tariffs.
Indices were in freefall, with Paris diving more than 6%, London sliding nearly 6%, losses of more than 5% seen in Amsterdam, and Oslo and Milan down over 3%.
Last week, Donald Trump unveiled sweeping tariffs against U.S. trading partners for what he said was “years of being ripped off” and claimed that governments were lining up to cut deals with Washington.
After Asian markets closed on Friday, China said it would impose retaliatory levies of 34% on all U.S. goods from April 10th.
Asian equities collapsed on Monday for markets, with Hong Kong’s loss of 12% its worst in more than 16 years, while Taipei tanked more than 9% and Tokyo more than 7%.
“Sometimes you have to take medicine to fix something,” Trump said on Sunday.
