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DAX Down 1% As Stocks Fall Ahead Of Trump's Tariff Announcement
(RTTNews) - German stocks are down in negative territory in cautious trade Wednesday morning, with investors awaiting U.S. President Donald Trump's announcement about his tariff plans later in the day.
There is uncertainty regarding the size and the scope of new U.S. tariffs that would take effect immediately after Trump's announcement.
The Washington Post noted that White House aides have drafted a proposal to impose tariffs of around 20% on most imports to the United States, but several options are on the table.
Treasury Secretary Scott Bessent reportedly told lawmakers that the U.S. president will impose the highest possible reciprocal tariffs on major trading partners.
It is feared that the U.S. President's 25% tariff on auto imports that are set to effect on Thursday (April 3), and a likely 20% levy on most imports, will push up inflation and impeded global economic growth.
The benchmark DAX, which dropped nearly 350 points to 22,189.92 earlier in the session, was down 225.90 points or 1% at 22,308.43 a little while ago.
Shares of automakers and auto components manufacturers are down sharply. BMW, Volkswagen, Porsche, Daimler Truck Holding, Porsche Automobil Holding and Mercedes-Benz are down 1.2 to 2.5%.
Bayer and Sartorius are declining 4.7% and 4.6%, respectively. Rheinmetall is down nearly 4%.
Merck, Continental, Fresenius, Fresenius Medical Care, MTU Aero Engines, Qiagen, Commerzbank, BASF, Infineon Technologies, Deutsche Post, Vonovia, Siemens and Siemens Healthineers are down 1 to 2.7%.
Zalando and Beiersdorf are bucking the trend, gaining about 0.5% and 0.3%, respectively.
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