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European stocks declined on Tuesday, after having hit a record high in the previous session led by defense-related stocks. <\/p>\n
Trade tensions weighed on markets<\/span> after U.S. President Donald Trump’s long-threatened tariffs against Canada, Mexico and China went into effect today.<\/p>\n Canada announced 25 percent tariffs on $107 billion worth of U.S. goods, with $20.7 billion in immediate effect. Mexican President Claudia Sheinbaum said her country is preparing countermeasures.<\/p>\n China has announced 15 percent tariffs on U.S. chicken, wheat, corn and cotton, plus 10 percent cent tariffs on soybeans, pork, beef and dairy beginning March 10.<\/p>\n The pan European STOXX 600 dropped 0.9 percent to 558.28 after rallying 1.1 percent in the previous session. <\/p>\n The German DAX lost 1.5 percent, France’s CAC 40 fell over 1 percent and the U.K.’s FTSE 100 was down 0.6 percent. <\/p>\n Automakers led losses, with Volkswagen, Renault, BMW and Stellantis losing 2-5 percent. <\/p>\n Oil & gas giant BP Plc slumped 4 percent and Shell gave up 3.2 percent, tracking the downward trend in crude oil prices. <\/p>\n Ashtead Group shares tumbled 3.5 percent. The British equipment rental firm missed third-quarter pre-tax profit and revenue expectations but maintained its full-year outlook. <\/p>\n Germany’s Continental AG plummeted 9 percent after saying it expects limited improvement to profitability this year.<\/p>\n Bilfinger, an industrial services provider, rallied 3.6 percent after lifting dividend and confirming its mid-term view. <\/p>\n Low-cost carrier Wizz Air Holdings slumped 4.6 percent after unveiling passenger tariff figures for January. <\/p>\n Fresnillo, a precious metals mining company, climbed 2.2 percent after announcing a solid financial performance for the full year ended December 31, 2024. <\/p>\n Defense and technology<\/span> group Thales soared 10 percent in Paris after reporting robust 2024 earnings. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n