Trump tariffs backfire as Europe gains

European stocks are rallying despite U.S. President Trump’s
international trade war, which has seemingly done
more damage to his own financial markets

EUROPEAN BENCHMARKS
OUTPERFORM S&P 500, 2025 (%)

Jan Feb Mar Apr May

25
20
15
10
5
0
-5
-10
-15
-20

Jan 2
0.7%
0.6%
0.4%
0.0%
-0.2%

May 30

IBEX 35
(Spain)
22.1%

DAX
(Germany)
19.8%

Euro
Stoxx 50
(Eurozone)
9.6%

Stoxx
Europe 600
(Europe)

8.1%
S&P 500
(U.S.)

0.5%
Testing
times for
Wall Street

Apr 2: Trump declares
Liberation Day, announcing
reciprocal tariffs on countries
not subject to other sanctions

Source: Bloomberg
Picture: Getty Images
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