European Stocks Drop as US, China Trade Tensions Intensify
(MENAFN) European stocks ended the week with significant declines as investor concerns grew following China's decision to retaliate against the United States' reciprocal tariffs.
On April 10, China will implement a 34 percent tariff on all goods imported from the US in response to the tariffs imposed by the US.
The tariffs, set to take effect next Thursday, will target all American products imported into China, as stated in an announcement by the Customs Tariff Commission of the State Council.
The statement criticized the US' retaliatory tariffs as a one-sided act of "bullying," arguing that they breach international trade regulations and harm China’s rights and interests.
China imposed a 34 percent reciprocal tariff on the US when Leader Trump inked an executive order earlier in the week, placing tariffs on various countries.
Reacting to China's counter-tariffs, US President Donald Trump claimed that Beijing had "panicked" in response to his administration's tariff actions. "CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump posted on Truth Social.
On the economic front, Germany’s factory orders remained unchanged in February compared to the previous month, falling short of expectations, which anticipated a 3.4 percent rise.
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