European Stocks Steady as Trump Raises Metal Tariffs

European stocks were mostly steady on Tuesday after reaching a record high in the previous session. Investors were worried about a trade conflict because U.S. President Donald Trump increased tariffs on metals. As of 0810 GMT, the pan-European STOXX 600 index dipped slightly by 0.05%. Trump raised the tariff on aluminum from 10% to 25%. This caused shares in basic resources to fall by 1%. European steel companies, which send about 15% of their steel to the U.S., also dropped. Thyssenkrupp and Salzgitter saw their shares fall by more than 1%. The travel and leisure sector decreased by 1.3%, mainly due to a 10% drop in shares of Entain after the British betting company announced that CEO Gavin Isaacs would leave right away. On the bright side, luxury brand Kering’s shares soared by 4.6% after the company reported better than expected sales for the last quarter. Investors are also waiting for U.S. Federal Reserve Chair Jerome Powell’s speech starting at 1500 GMT, hoping he will share insights on Trump’s trade policies and how they might affect U.S. interest rates.