BRUSSELS (dpa-AFX) - After edging up a bit in early trades, the German market's benchmark index DAX slipped into negative territory Tuesday morning amid concerns about the impact the U.S. tariffs might have on global trade.
U.S. President Donald Trump, who threatened 100% tariffs on Canadian goods if Canada strikes a trade deal with China, has announced he would raise tariffs on South Korean imports to 25% because of a delay in the South Korean Legislature approving a trade deal with the U.S.
Investors also looked ahead to the Federal Reserve's monetary policy announcement due on Wednesday, and upcoming major U.S. tech earnings updates.
The DAX, which advanced to 25,023.13 earlier, was down 20.17 points or .0.08% at 24,930.13 nearly half an hour before noon.
Automakers were broadly lower after India and the European Union successfully concluded a Free Trade Agreement, cutting tariffs on cars from 110% to 10% for 250,000 vehicles annually.
Porsche Automobil Holding, Volkswagen and Mercedes-Benz slid 0.9 to 1.2%. BMW and Daimler Truck Holding lost 0.6% and 0.3%, respectively. Continental Holdings Corporation also showed weakness.
GEA Group and BASF lost 2% and 1.7%, respectively. Bayer eased by about 1.2%, while SAP lost nearly 1%. Henkel, Qiagen, Siemens Healthineers, Vonovia, Beiersdorf also drifted lower.
Fresenius moved up 1.85%. Commerzbank gained 1.2% and Deutsche Telekom advanced 1%. Munich RE, Zalando, Scout24, MTU Aero Engines and Rheinmetall gained 0.5 to 0.8%..
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