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As global stock markets plunge, here’s what to know about Europe’s response to Trump tariffs

Traders work on the floor of the New York Stock Exchange in New York City, on April 7, 2025
Traders work on the floor of the New York Stock Exchange in New York City, on April 7, 2025 (AFP via Getty Images)
  • Global stock markets plummeted following President Trump's sweeping tariffs, with US indexes down over 3 per cent and the UK's FTSE 100 hitting a one-year low.
  • The EU is preparing countermeasures, to be implemented on 15 April if negotiations with the US fail.
  • Trump defended the tariffs as necessary "medicine," while JP Morgan raised the probability of a global recession to 60 per cent.
  • A false report about a potential 90-day pause on tariffs caused significant market fluctuations before being debunked by the White House.
  • Prime Minister Keir Starmer expressed concern over the tariffs but emphasised the importance of the UK-US relationship, while also announcing adjustments to automotive sales rules to support the industry.
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