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CAC 40 Down More Than 3% As Mood Turns Bearish Again
(RTTNews) - French stocks are deep down in negative territory on Tuesday as recessions fears have intensified following U.S. President Donald Trump's tariffs, including a 20% levy on European Union imports becoming effective today.
The European Commission is reportedly contemplating imposing tariffs of up to 25% on over 22 billion euros worth of American agricultural and industrial exports.
U.S. President Donald Trump pushed ahead with higher duties on roughly 60 trading partners that he dubbed the "worst offenders." The latest set of U.S. tariffs, including a massive 104% levy on Chinese imports, take effect today.
Trump also proposed the imposition of a "major" tariff on drug imports in a bid to stimulate domestic drug production and tripled the previously announced tariff rates on low-value packages exported to the U.S. from mainland China and Hong Kong.
The benchmark CAC 40 was down 217.42 points or 3.06% at 6,883.00 a few minutes ago.
All the components of the CAC 40 index are down in negative territory, with Sanofi topping the list with a 6.5% drop.
Safran, Unibail Rodamco, Airbus, TotalEnergies, Saint Gobain, Air Liquide, Kering, BNP Paribas and AXA are down 3 to 4.5%.
Societe Generale, LVMH, Veolia Environment, Michelin, ArcelorMittal, Schneider Electric, Essilor, Credit Agricole, Danone, Orange, L'Oreal, Thales, STMicroElectronics, Vinci and Legrand are down 2 to 3%.
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