World stocks under pressure after US slaps tariffs on EU

NEW YORK: Equity indexes on Wall Street and around the world fell on Thursday as trade concerns weighed on investors, taking the pep out of a recovery in many markets earlier in the day.
Washington is set to announce plans to slap tariffs on European Union steel and aluminium imports as early as Thursday morning, sources said, while the US commerce secretary said any escalation of a trade dispute would depend on the bloc’s reaction.
That helped deflate or, in some cases, erase earlier gains in global stock markets and a euro that was seeming to move past concerns about the Italian government.
The Dow Jones Industrial Average fell 220.08 points, or 0.89 per cent, to 24,447.7, the S&P 500 lost 10.96 points, or 0.40 per cent, to 2,713.05 and the Nasdaq Composite dropped 0.45 points, or 0.01 per cent, to 7,462.00.
The pan-European FTSEurofirst 300 index lost 0.49 per cent.
Germany’s DAX sank 1.27 per cent on reports that President Donald Trump aimed to push German carmakers out of the United States.
MSCI’s gauge of stocks across the globe shed 0.16 per cent after a stronger showing earlier.
China lashed out at the renewed threats from the White House on trade and warned it was ready to fight back, days ahead of a planned visit by US Commerce Secretary Wilbur Ross. SEE ALSO P11