European shares extended declines on Friday, as market sentiment was dented after US President Donald Trump said his proposed tariffs on Mexican and Canadian goods would take effect next week.
The pan-European STOXX 600 index was down 0.9%, as of 0813 GMT, with broader losses led by basic resources which slid 2% as metal prices came under pressure due to the US’ imminent tariff plans.
Trump also vowed a fresh 10% duty on Chinese imports on top of the already existing 10% tariff levied on February 4.
Technology stocks lost 1.9%, following a sell-off in AI darling Nvidia on Wall Street after its earnings report failed to impress investors.
European shares close at record high after upbeat earnings
Automakers also dropped 1%, continuing their decline from the previous session when Trump floated a 25% “reciprocal” tariff on European cars and other goods.
Valeo fell 8.1% after the car parts supplier reported its annual results.
CEO Christophe Perillat said he saw a marginal impact on earnings from US tariffs on steel and aluminium.
Holcim, however, gained 1.5% as the building materials company reported better-than-expected fourth-quarter earnings.
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