European shares are higher Tuesday, following their Asian counterparts into the green. The gains come despite the imposition of fresh 10% import tariffs on $200 billion of Chinese goods.
Auto stocks are among the gainers Tuesday, against the backdrop of a new EU Commission investigation into possible emission tech collusion between Daimler, BMW and Volkswagen.
By around 1210 BST the EUROSTOXX 600 was 0.07% higher, while the EUROSTOXX 50 had gained 0.14%. Meanwhile, the regional bourses were also positive. The German DAX was up 0.19%, the French CAC was 0.23% in the green and the Spanish IBEX was 0.17% in positive territory.
Fresh US import tariffs
US President Trump announced Monday a round of new import tariffs on Chinese goods to the tune of 10% on some $200 billion of goods. In addition, the President has said further tariffs could come if China announces retaliatory tariffs.
Trump also tweeted Monday on the success of his attitude towards tariffs.
“Tariffs have put the US in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”,” the President tweeted.
While the imposition of fresh import tariffs and has failed to dent sentiment Tuesday, auto stocks are among the risers of note.
Daimler shares made gains, along with BMW and Volkswagen, despite the announcement of an EU Commission investigation into possible collusion between the three car makers over limiting the development of diesel and petrol engine emissions technology.
Daimler shares were 0.61% higher at €55.75, BMW shares rose 0.12% to hit €82.64, while VW shares were 2.84% in the green at €148.58.
Meanwhile, Audi shares are also in the green after showcasing its new all-electric e-tron SUV. Audi shares were 0.27% higher at €738.00.