European stock markets held steady on Tuesday as investors digested U.S. President Donald Trump’s latest tariff proposals targeting multiple countries.
The pan-European STOXX 600 index was largely unchanged at 543.22 points early in the trading session (07:10 GMT), reflecting cautious investor sentiment amid growing trade tensions, News.Az reports, citing Reuters.
On Monday, President Trump sent letters to 14 countries, including major U.S. trade partners Japan and South Korea, announcing plans to impose significantly higher tariffs on their imports starting August 1.
Originally set for July 9, the deadline for countries to negotiate new trade deals with the U.S. has now been extended to August 1, though Trump indicated flexibility on the timeline if proposals were submitted.
Notably, the European Union is not among the countries receiving a tariff increase letter, according to EU officials. The bloc is reportedly seeking exemptions from the baseline 10% U.S. tariff currently in place.
Market reactions were mixed within Europe: real estate shares fell 0.6%, while basic resources stocks rose 0.7%. Meanwhile, Belgian biotech company ArgenX gained 1.4% following an upgrade by Deutsche Bank from “hold” to “buy.”
Economic data released Tuesday showed German exports dropped more than expected in May, continuing a decline in demand from the U.S. for a second month after a period of strong purchases ahead of tariff implementation.
As trade uncertainties linger, investors remain watchful of developments that could impact global economic growth and market stability.