European stock markets opened in the red on Friday following US President Donald Trump’s new trade tariffs on dozens of countries on Thursday.
In Brussels, the Bel20 index fell by about 1.5% shortly after trading began on Friday morning. Similarly, stock markets in Paris and Frankfurt opened with losses of over 1%.
Nearly all of the United States’ trading partners will face higher US import duties on their goods. Most of these tariffs will take effect on 7 August, allowing US customs time to prepare for their collection, according to Bloomberg.
The new tariffs range from 10% to 41%, with the highest on Syria. According to the list attached to the decree, Switzerland will face additional taxes of 39%, South Africa 30%, Taiwan 20%, Serbia 35%, and India 25%.
Countries that signed a trade agreement before the deadline will be subject to the announced tariffs. The European Union (EU), Japan, and South Korea will see their products taxed at 15%, and the United Kingdom 10%.
The agreements reached so far are most often framework negotiations with rather vague details, which should later lead to more in-depth documents.
