The implementation of President Trump's tariffs against Canada, Mexico, and China sparked a panic in global stock markets, especially affecting European carmakers. Investors reacted to retaliation from Canada and China, resulting in a notable drop in European stocks, with the Euro Stoxx 50 index experiencing a 2.4 percent decline. German automakers suffered particularly, as assembly plants are located in Mexico. The article also highlights the downturn in oil prices and changes in currency values alongside market uncertainty surrounding the U.S. economic outlook.
Global stock markets, particularly European carmakers, tumbled as President Trump's tariffs against Canada, Mexico, and China took effect, raising concerns about a trade war.
The Euro Stoxx 50 index dropped 2.4 percent, showcasing Europe's largest companies struggling under the impact of trade tensions and retaliation from global partners.
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