European shares start lower after Trump's fresh tariff threats
European shares
opened lower on Monday, after rounding off monthly gains in May, as U.S. President
Donald Trump
's new
tariff
plans threatened to rekindle global trade tensions.
The continent-wide STOXX 600 was down 0.2% as of 0708 GMT.
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Late on Friday, Trump said he planned to increase tariffs on imported steel and aluminum to 50% from 25%, to which the European Union said it was prepared to retaliate.
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Steel companies in Europe fell, with ArcelorMittal down 1% and conglomerate Thyssenkrupp down 1.1%.
The tariffs, which can impact automobiles, weighed on
stocks
of carmakers, with the sector down 1.2%.
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Meanwhile, Sanofi agreed to buy U.S.-based Blueprint Medicines Corporation, paying $129 per share, representing an
equity
value of approximately $9.1 billion.
Shares
in the French pharma group were slightly lower.
This week, the spotlight will be on the European Central Bank, which will announce its
interest rate
decision on Thursday.
Comments from Federal Reserve Chair Jerome Powell and ECB President Christine Lagarde will be on tap, alongside a slew of economic data out of the trade bloc.
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