European shares drop from record high on threat of U.S. auto tariffs [Reuters]
NOKIAN TYRES PLC UNSP/ADR (NKRKY)
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Source: Reuters
European shares drop from record high on threat of U.S. auto tariffs (Reuters) - European shares reversed course and edged lower on Wednesday as U.S. President Donald Trump threatened to impose high tariffs on imports of cars from the European Union, pushing automobile stocks to a three-month low. Speaking at the World Economic Forum in Davos, Switzerland, Trump warned of the tariffs if the EU did not agree to a trade deal. The EU and the United States have recently locked horns over issues ranging from a French digital tax to aircraft subsidies. The threat prompted a response from Germany’s ambassador to the United States, Emily Haber, that the EU could also impose duties on U.S. products. The pan-European STOXX 600 index was 0.1% down, having touched a record high of 424.94 earlier in the day. Automobile stocks .SXAP were the worst performing sector, dropping more than 1% to their lowest since mid-October. The tariffs threaten to increase pressure on a sector that has already been g
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