European stocks sank for a fourth straight session on Monday, amid a global equity market rout that kicked off last week following the latest announcements of U.S. President Donald Trump’s tariffs regime.
The pan-European Stoxx 600 index fell up to 6% earlier in the session, but slightly pared losses to close 4.54% lower. France’s CAC 40 tumbled 4.8% as Germany’s DAX shed 4.26% and the U.K.’s FTSE 100 lost 4.4%.
In Asia on Monday, stocks also continued to sell off, led by shares listed in China. Asian economies are set to be among those hit hardest by reciprocal tariffs, with Vietnam targeted by 46% duties, China with new 34% tariffs, while Cambodia has been hit with 49% tariffs and Sri Lanka with 44%. Many of the region’s economies play key roles in international firms’ supply chains.
Despite the market reaction, Trump has doubled down on his trade policies. On Sunday, the president told reporters that while he didn’t want markets to go down, “sometimes you have to take medicine to fix something.”
