Trump's Tariffs On Auto Imports Hurt European Stocks

(RTTNews) - European stocks closed weak on Thursday after U.S. President Donald Trump confirmed 25% tariffs on autos and auto components imported into U.S.

Trump also posted on his Truth Social Platform that he will impose even steeper tariffs on the European Union and Canada if they collaborate to harm the U.S. economy.

European Commission President Ursula von der Leyen said she "deeply regrets" Trump's latest tariffs move. "The EU will continue to seek negotiated solutions, while safeguarding its economic interests," she said.

Meanwhile, British Chancellor Rachel Reeves, who addressed the media in Cardiff following the spring statement, called US-UK trade talks a "delicate moment" but stressed that the UK has no plans for retaliation.

The pan European Stoxx 600 fell 0.68%. The U.K.'s FTSE 100 closed down 0.74%, Germany's DAX settled lower by 0.89% and France's CAC ended 0.57% down. Switzerland's SMI lost 0.67%.

Among other markets in Europe, Austria, Denmark, Finland, Iceland, Ireland, Netherlands, Norway, Russia, Sweden and Turkiye closed weak.

Poland and Portugal ended higher, while Belgium, Greece and Spain closed flat.

Auto and auto components makers were under pressure. Pharma and tech stocks too were weak amid concerns over potential tariffs targeting pharmaceutical and tech companies.

Antofagasta, M&G, Taylor Wimpey, Segro, Smith & Nephew, Anglo American Plc, Standard Chartered and Glencore were among the major losers in the UK market. These stocks shed between 2 to 5%.

Melrose Industries, Barclays, IAG, F&C Investment Trust, EasyJet and British American Tobacco also closed notably lower.

Fashion retailer Next zoomed 10.5% after reporting annual sales and profit growth in line with expectations.

Marks & Spencer rallied about 3.5%, and Compass Group climbed 2.75%. Associated British Foods, Endeavour Mining, Beazley, Kinfisher and Hiscox gained 1 to 2%.

In the German market, Heidelberg Materials and Siemens Energy tumbled 5.6% and 5%, respectively. BASF, Infineon, Mercedes-Benz, Porsche, Continental, Commerzbank, Volkswagen, Deutsche Bank, Daimler Truck Holding and Siemens were among the other notable losers.

Zalando rallied more than 3%. Symrise gained nearly 3%, Henkel climbed 2.7% and Merck moved up 2.1%. Sartorius, Beiersdorf, Deutsche Boerse and E.ON also ended notably higher.

In Paris, Stellantis closed lower by about 4.2%. ArcelorMittal ended down 4%. Dassault Systemes, Legrand, Schneider Electric, Publicis Groupe, Essilor, Accor, Saint Gobain, STMicroElectronics, Airbus and BNP Paribas lost 1 to 2.5%.

Teleperformance closed nearly 4.5% up. Michelin, Bouygues, Carrefour and Edenred gained 1.3 to 2.1%. Veolia Environment and Renault posted moderate gains.

UK car production declined for the twelfth successive month in February due to rising trade tensions and weak domestic demand, the Society of Motor Manufacturers and Traders, or SMMT, said Thursday.

Car production declined 7.6% yearly to 73,814 units in February, data showed.

Production for the export market plunged 33.3% in February, while that for the export market advanced by 1.3%.

Combined car and commercial vehicle production declined 11.6% to 82,178 units in February.