India, Aug. 1 -- German stocks are down sharply on Friday due to heavy selling across the board amid rising trade tensions following U.S. President Donald Trump announcing sharply higher tariffs on dozens of countries, including Canada and Switzerland. Trump also confirmed a 15% tariff on EU imports.
Pharma stocks are under pressure after Trump asked 17 major global pharmaceutical companies to lower drug prices in the U.S.
Investors are also continuing to react to corporate earnings announcements.
The benchmark DAX was down 411.74 points or 1.71% at 23.672.33 a little while ago.
Daimler Truck Holding is down nearly 6% after the owner of U.S. truck brand Freightliner trimmed its 2025 forecast, citing persisting market weakness in North A...