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European shares fall on Trump's tariff plan

The European stock market continued to decline on Friday as the market's sentiment was affected by President Donald Trump's announcement that his proposed tariffs against Mexican and Canadian products would go into effect next week.

As of 0813 GMT the pan-European STOXX 600 Index was down 0.9%. Basic resources were leading the losses, falling 2%, as metal prices fell due to U.S. tariff plans.

Trump has also promised to impose a new 10% duty on Chinese imports, on top of the existing 10% tariff imposed on February 4.

The technology stocks fell 1.9% after Wall Street sold off the AI darling Nvidia, whose earnings report did not impress investors.

The automakers' share price also fell 1%. This is a continuation of the decline that began in the previous session, when Trump proposed a "reciprocal tariff" of 25% on European cars and goods.

Valeo dropped 8.1% following the announcement of its annual results. CEO Christophe Perillat stated that he only saw a marginal effect on earnings due to the U.S. steel and aluminum tariffs.

Holcim gained 1.5%, as the company reported earnings that were better than expected for the fourth quarter. (Reporting and editing by Nikhil Aich; reporting by Nikhil Shar)

(source: Reuters)