European Stocks Sink Into Correction as Trade Worries Escalate
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European stocks tumbled into a correction on Friday as China retaliated against US tariffs, escalating the global trade war.
The Stoxx Europe 600 Index slid 5.1% at the close in London, recording its worst weekly drop since the outbreak of the Covid-19 pandemic five years ago. Indexes in Italy, France, Switzerland and Germany were also in correction territory after news that Beijing would impose a 34% tariff on all imports from the US, starting April 10.