European stocks tumbled on Monday following a collapse of Asian equities as US President Donald Trump refused to back down on sweeping tariffs after China retaliated in an escalating trade war that many fear could spark a global recession.
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European stock markets plummeted at the start of trading Monday, with Frankfurt slumping as much as 10 percent as a global sell-off intensified on US President Donald Trump‘s tariffs.
Indices were in freefall, with Paris diving more than six percent, London sliding nearly six percent, losses of more than five percent in Amsterdam and Oslo and Milan down over three percent.
Earlier Asian equities collapsed on a black Monday for markets after China hammered the United States with its own hefty tariffs, ramping up a trade war many fear could spark a recession.
Read moreWorld rushes to negotiating table as Trump tariffs shake global markets
Trading floors were overcome by a wave of selling as investors fled to the hills, with Hong Kong‘s loss of 12 percent its worst in more than 16 years, while Taipei tanked more than nine percent and Tokyo more than seven percent.
Futures for Wall Street‘s markets were also taking another drubbing, while concerns about the impact on demand also saw commodities slump.
Trump sparked a market meltdown last week when he unveiled sweeping tariffs against US trading partners for what he said was years of being ripped off and claimed that governments were lining up to cut deals with Washington.
(FRANCE 24 with AFP)
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European stocks extend slump as China retaliates to Trump tariffs – France 24
