DAX Notably Lower As Trade War Worries Mount

(RTTNews) - German stocks are notably lower on Monday as trade war worries escalated after U.S. President Donald Trump threatened over the weekend that he would impose a 30% tariff on EU imports from August 1.

According to media reports, the European Union has prepared a €21 billion ($24.52 billion) tariff package targeting American goods if trade talks between the two sides collapsed.

The benchmark DAX, which dropped to 23,986.40 earlier in the session, was down 178.43 points or 0.74% at 24,061.55 a few minutes ago.

Automobile stocks are among the prominent losers.

Zalando is down more than 4%. Brenntag is lower by about 2.1%, while Porsche, BMW, Volkswagen, Mercedes-Benz, SAP and Infineon Technologies are down 1.4 to 1.7%.

Heidelberg Materials is declining 1.1%, while Porsche Automobil Holding, Siemens, Daimler Truck Holding, Deutsche Boerse, Sartorius, Hannover Rueck and MTU Aero Engines are also notably lower.

E.ON and Commerzbank are gaining about 0.7%, while Bayer, Qiagen and Fresenius are up with modest gains.