The FTSE fell 112 points (1.27%), the DAX plunged 820 points (3.54%), and the CAC fell 151 points (1.85%).
Fears of an all out trade war is spooking markets - Germany is heavily dependent on exports and was the hardest hit.
Trump has indicated he will implement tariffs on EU imports very soon.
US markets were all largely in negative territory.
The DOW was down 669 points (1.55%), the NBI rose 14 points (.34%), the NASDAQ Composite fell 65 points (.35%) and the Russell small cap index fell 22 points (1.08%).
US implemented the 25% tariffs on Canada and Mexico and a 20% tariff on China.
Mexico and Canada retaliated with tariffs on US goods including a 15% tariff on agricultural goods from the US.
A trade war has begun and threats from the US on reciprocal tariffs would indicate that trade war could be protracted.
The US S&P has now lost all of the post election gains. Tariffs will only increase inflationary pressure, and the US now seems to be a bit addicted to implementing tariffs on all trading partners. US Treasury 10 year bond yield is up to 4.208%
Oil prices slipped a bit to 71.11 per barrel. OPEC is considering reducing supply to bolster the falling oil price. Currently, oil prices are falling on fears of reduced demand.
Precious metal prices recovered some recently lost ground - gold is at US$2,917 per oz.
Bitcoin is up slightly to US$86,668.
IMU Price at posting:
3.6¢ Sentiment: Buy Disclosure: Not Held
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