European markets are set to open sharply lower on Monday, after President Donald Trump said the U.S. would hike tariffs on goods from China.
Germany's DAX index dropped 163 points to 12,230 while France's CAC slipped 80 points to 5,466, according to IG. In the U.K., markets are closed due to a public holiday.
Market participants eyed with caution the latest developments in trade negotiations between the U.S. and China. Trump said overnight that current 10% duties on $200 billion worth of Chinese goods would rise to 25% by Friday, throwing hopes of any near-term resolution into doubt. The president also said he would target a further $325 billion of Chinese imports with a 25% levy "shortly."of trade talks scheduled for this week. Sources told CNBC that Chinese Vice Premier Liu would likely cancel a trip for the final round of trade talks.
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