European stocks suffer worst session since April as Trump rejigs tariffs

The pan-European Stoxx 600 index provisionally closed 1.8% lower on Friday in its worst session since April, after the White House hit countries around the world with a range of new tariff rates.

While the European Union and the U.K. have already negotiated their own trade agreements, the news sent stocks lower around the world on global growth concerns. Stoxx 600 travel stocks closed 2.7% lower, while banks fell 2.9%.

“The fact Trump hasn’t chickened out and pushed back the 1 August deadline to 1 September has soured the tone on the markets,” said Russ Mould, investment director at AJ Bell.

“Investors in the healthcare sector got a dose of the blues after Trump wrote to various company bosses outlining how they should cut U.S. prescription drug prices or face a crackdown,” he added.

 Corporate earnings season meanwhile continued Friday, with British Airways owned IAG closing nearly 2% lower despite reporting operating earnings jumped 35% year on year.