Source: Sharecast
The pan-regional Stoxx 600 index was up 0.27% to 551.70 at 1153 BST. Germany’s DAX rose 0.36% and France’s CAC 40 gained 0.34%.
Trump said the US would impose 100% levies on imported branded drugs, 25% on heavy-duty trucks and 50% on kitchen cabinets.
Bathroom vanities would be slapped with a 50% tariff while upholstered furniture would face duties of 30%.
All the new charges would take effect on October 1, Trump added via social media posts with exemptions for those companies that built factories in America.
Traders were also assessing data overnight showing the US economy was yet to feel the impact of Trump’s tariff policies. GDP growth was revised up to 3.8% while there was also an unexpected fall in jobless claims.
Attention will now shift to August personal consumption expenditure data, which is the Federal Reserve’s preferred measure of inflation. Core prices are expected to have risen by 2.9% year on year.
“If today’s number turns out close to or below that, it provides evidence that the robust economic data seen of late has been boosted by improved productivity rather than prices alone, which should raise investors' spirits,” said Hargreaves Lansdown analyst Derren Nathan.
“The roll-out of Artificial Intelligence promises to help in that area, but whether its effects are showing up in national data just yet is hard to call.”
In equity news, Trump’s truck tariff threat hit shares in Daimler Truck and Traton.
Shares in Brunello Cucinelli fell sharply on reports by short sellers that the Italian fashion house was still conducting business in Russia, a claim the company has denied, saying its reduced activities in the area are in full compliance with European Union regulations.
Reporting by Frank Prenesti for Sharecast.com