European Stocks Retreat as White House Revives Tariff Spat
European equities dropped, tracking a selloff in Asian shares, as the prospect of higher U.S. tariffs on Chinese goods looked increasingly likely, spurring concern about global growth.
The Stoxx Europe 600 Index retreated 0.5 percent, with the basic resources and auto sectors leading the declines. Rio Tinto fell 1.9 percent and Glencore declined 2.1 percent. Rolls-Royce Holdings surged 4.1 percent after saying thatfull-year earnings will be at the upper end of a forecast range.
President Donald Trump has asked U.S. Trade Representative Robert Lighthizer to consider hiking the proposed tariff on $200 billion of Chinese goods to 25 percent from 10 percent, increasing pressure on Beijing. In Europe, automakers and miners have been particularly hurt by the conflicting trade rhetoric coming from Washington.
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