European markets decline over fears of recession

European stock markets fell this week amid rising fears of a "Trumpcession," linked to U.S. trade policies. The EU plans to retaliate against U.S. tariffs on steel and aluminum with countermeasures on $28 billion worth of U.S. imports. U.S. tariffs, affecting 5 percent of EU exports, are expected to severely impact the steel and automotive sectors. Economists warn that uncertainty from these trade tensions could harm investments and jobs in both Europe and the U.S. Concerns are growing about a potential recession in Europe, particularly in Germany, Italy, and France, which face high debt levels. The European Central Bank has noted that current global volatility makes it difficult to predict economic stability.