European shares fall after China’s tariff announcement

European shares fell sharply on Tuesday in response to China’s announcement of anticipated increase in tariffs on large-engine gasoline vehicles and the introduction of duties of up to 39 per cent on brandy imports from the EU, effective October 11.

By 5:06 ET (9:06 GMT), the pan-European STOXX 600 index was down 0.86 per cent. Germany’s DAX declined by 0.55 per cent, while France’s CAC 40 dropped 1.02 per cent. Switzerland’s SMI saw a more modest decrease of 0.25 per cent.

In the UK, London’s FTSE 100 plummeted by 1.28 per cent, and Spain’s IBEX 35 experienced a decline of 0.28 per cent, reflecting the market’s concern over escalating trade tensions between China and the European Union.

Attribution: investing.com, Amwal Al Ghad English

Subediting: Y.Yasser