Trump’s Tariff Threats Hit European Markets From Cars to Credit

European shares tumbled from a near-record high, while credit risk gauges rose after Donald Trump reignited the trade war between the US and Europe, threatening fresh tariffs on eight countries over Greenland.

The Stoxx Europe 600 Index fell 1.2% at the close, with sectors most exposed to the US market — including automakers and luxury stocks — taking heavy losses. The telecom sector outperformed, while defense pared earlier gains triggered by the geopolitical tension. US equities futures also fell, while the cash market was closed for a public holiday.