By Mucahithan Avcioglu
ISTANBUL (AA) - European stocks closed the first trading day of the week mostly with losses after US President Donald Trump raised his new global tariffs to 15% and the European Parliament suspended its work on approving the EU-US trade deal.
The pan-European Stoxx Europe 600 index fell 0.45%, or 2.86 points, to close at 627.7.
Germany's DAX 40 was down 1.06% to 24,991.97 points, while the UK's FTSE 100 index lost 0.02% to 10,684.74.
France's CAC 40 index dropped 0.22% to 8,497.17 points.
On the other hand, Italy’s FTSE MIB rose 0.49% to end at 46,699.29, and Spain's IBEX 35 gained 0.56% to 18,288.7.
Markets reacted negatively to the new tariffs imposed by Trump. The president said over the weekend that he would now introduce a new, blanket 15% global levy, up from 10%.
The new tariffs are “effective immediately,” Trump said in a Truth Social post. He also warned Saturday that additional levies would follow.
“I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,” he wrote.
On Monday, Trump threatened to impose steeper tariffs on countries that "play games" after the Supreme Court verdict.
The European Parliament on Monday also suspended its work on approving a EU-US trade deal following the renewed tariff threats.
Bernd Lange, chair of the EP’s trade committee, said on US social media platform X that work on the agreement would be suspended until further notice.
The euro/dollar exchange rate rose 0.1% to 1.1794 as of 1745GMT.