India, April 3 -- European stocks tumbled on Thursday with several markets falling to multi-month lows as U.S. President Donald Trump's sweeping "reciprocal tariffs" announcement triggered widespread selling.
U.S. President announced a 10% baseline on all US imports and a 20% rate for goods from the European Union, with a steeper 25% tariff on imported cars set to take effect immediately.''
It is feared that the new levies could fuel inflation and disrupt global supply chains and lead to trade wars.
U.S. Treasury Secretary Scott Bessent urged trading partners against taking retaliatory steps against the new set of tariffs. "As long as you don't retaliate this is the high end of the number," Bessent told Bloomberg Television.
President o...