India, July 14 -- European stocks drifted lower on Monday after U.S. President Donald Trump threatened to impose a 30 percent tariff on European Union goods, raising concerns over a prolonged and deeper economic slowdown.
Media reports suggest that the European Union has prepared a €21 billion ($24.52 billion) tariff package targeting American goods if trade talks between the two sides collapsed.
The pan European STOXX 600 dropped half a percent to 544.83 after falling 1 percent on Friday.
The German DAX declined 0.8 percent and France's CAC 40 shed 0.6 percent while the U.K.'s FTSE 100 was up 0.4 percent.
Automakers tumbled, with BMW, Mercedes-Benz, Volkswagen and Porsche all falling around 2 percent.
googletag.cmd.push(function...