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European stocks experienced a significant drop on Monday, as the STOXX 50 index decreased by 1.3% and the STOXX 600 by 1.1%. This decline followed the weekend announcement by US President Trump of a new 10% tariff on goods exported to the United States from various European countries, including Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland. The tariffs, which are set to take effect on February 1, are part of a response to European resistance to US ambitions to acquire Greenland. If no agreement regarding the acquisition of the territory is negotiated by June 1, the tariff will increase to 25%. In retaliation, the European Union is contemplating the imposition of tariffs on up to €93 billion worth of American products. The luxury sector bore some of the greatest losses, with shares of LVMH dropping by 3.7%, Richemont by 4.1%, and Kering by 3.2%. There were also notable downturns in the technology sector, highlighted by declines in companies like ASML Holding (-2.0%), Infineon Technologies (-2.5%), and Siemens (-3.1%).
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