India, April 11 -- German stocks are down sharply on Friday, changing course after previous session's upmove, as investors are worried that the escalating trade tensions between the U.S. and China could significantly impede global economic growth.
After the U.S. said that Chinese goods will be taxed at 145% as against the earlier proposed levy of 125%, China's finance ministry has revealed that it will raise tariffs on U.S. goods to 125% from 84%, effective Saturday (April 12).
China has also stated that "there is no longer any possibility of American products being accepted in China's market."
The benchmark DAX was down 379.80 points or 1.84% at 20,209.55, off a low of 20,178.28 it touched earlier in the sessio.
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