European stock markets collapsed in early trading today.
In Frankfurt, the drop reached 10% as global selling intensified over US President Donald Trump's tariffs, AFP reports.
Indexes were in free fall as the European Union faces 20% tariffs that will take effect on April 9, after 10% duties were imposed on Britain and other countries on April 5.
Frankfurt recovered some of its early losses and was trading down about 7% about 40 minutes into the trading day.
Milan tumbled 7.5%, while Paris, Madrid and Amsterdam retreated more than 6%.
London and Oslo lost more than 5% in early trading.
"The great flight to cash continues as investors seek a haven for their finances amid the tariff storm," noted Susanna Streeter, head of money and markets at Hargreaves Lansdown.
"Trump has scalded hopes of policy easing by calling tariffs 'medicine' and investors are absorbing the consequences of this bitter pill for the global economy," she added.
Recession fears in the US and beyond have sparked a sea of red in equity markets, and have spared no sector.
In Paris, the share prices of aircraft maker Airbus, engine maker Safran and Gucci owner Kering all suffered losses. Each collapsed by 10%.
German arms company Rheinmetall fell more than 13% and Commerzbank lost almost 12% in Frankfurt.
Aerospace group Melrose Industries topped the list of losers in London with a drop of about 8.5%. | BGNES
