Overview
- President Trump announced tariffs on certain imports from eight European NATO countries starting at 10% on February 1 and rising to 25% on June 1 in connection with the Greenland dispute.
- Germany’s DAX slipped about 1.2% and briefly fell below 25,000 points, while the EuroStoxx 50 declined 1.6%.
- Shares of BMW, Mercedes-Benz, Volkswagen, Porsche and supplier Continental dropped, with losses reaching roughly 4%.
- EU Council President António Costa is moving to convene a special summit to coordinate the bloc’s response, possibly on Thursday.
- A pending U.S. Supreme Court ruling on whether the president can impose such tariffs unilaterally could arrive this week, and gold and silver set record highs as investors sought safety.