London [England], March 5: European stock markets suffered heavy losses on Tuesday as fears of a global trade war intensified following new U.S. tariffs on Canada, Mexico, and China.
All major European indexes closed in negative territory. Britain's FTSE 100 recorded its biggest single-day drop of the year, falling 1.27 percent, while Germany's DAX plummeted over 3.5 percent, and France's CAC 40 declined by 1.85 percent.
U.S. President Donald Trump reaffirmed that the 25 percent tariffs on imports from Canada and Mexico would take effect as planned on Tuesday, alongside an additional 10 percent tariff on Chinese imports.
In response, Canada and China have already announced retaliatory tariffs on U.S. goods, with Mexico expected to follow suit later this week.
Simon Sutcliffe, a Customs & Excise duty partner at audit, tax, and business advisory firm Blick Rothenberg, told The Guardian that signs of an escalating trade war are becoming increasingly evident, warning that the European Union and Britain are "waiting in trepidation for their turn to come."
Source: Xinhua News Agency
