India, April 7 -- European stocks slumped to a 16-month low on Monday after reports suggested the European Union is gearing up to impose retaliatory tariffs on the United States.
It is feared that U.S. President Trump's proposed massive tariffs and retaliatory actions against the U.S. tariffs could potentially lead to a global economic recession in 2025.
The pan European STOXX 600 was down 5.2 percent at 470.52 after plunging 5.1 percent on Friday to confirm correction territory.
The German DAX tumbled 5.7 percent, France's CAC 40 lost 5.2 percent and the U.K.'s FTSE 100 was down 5.1 percent.
Banks Commerzbank, Deutsche Bank, BNP Paribas, Societe Generale tumbled 6-9 percent on fears of a possible global recession.
Defense-related stoc...