European stocks end week sharply lower after China's tariff response

ISTANBUL

European stocks closed the week with huge losses as investors' worries escalated after China retaliated to US reciprocal tariffs with its own 34% tariff on all goods imported from the US starting April 10.

The tariffs, set to go into effect next Thursday, will affect all US products imported to China, according to a Customs Tariff Commission of the State Council statement.

The statement called the US' reciprocal tariffs one-sided "bullying," adding that they violate international trade rules and harm China's rights and interests.

China was subjected to 34% reciprocal tariffs on Wednesday when Trump signed an executive order imposing reciprocal tariffs on many countries.

On counter-tariffs from China, US President Donald Trump said that Beijing has "panicked" in its trade policy response to his administration's recent tariff actions.

“CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!” Trump wrote on Truth Social.

On the macroeconomic data side, Germany's factory orders posted no change in February month-on-month, missing expectations of a 3.4% increase.

The pan-European Stoxx 600 fell 5.12%, or 26.79 points, to 496.33, posting its largest weekly loss of the year, down 8.3% from the week before.

Britain’s FTSE 100 lost 4.95% -- 419.76 points -- to close at 8,054.98, while Germany's DAX 40 index fell 4.95%, or 1,075.67 points, to 20,641.72.

France's CAC 40 also was off 4.26%, or 324.03 points, to 7,274.95, and Italy's FTSE MIB 30 index dove 6.53% to 34,649.22 in a 2,421.61-point dip.