BRUSSELS (dpa-AFX) - German stocks are up marginally Tuesday morning, edging up a bit after a slightly weak start, with investors reacting U.S. President Donald Trump's tariff announcement on metals and awaiting the congressional testimony from Federal Reserve Chair Jerome Powell.
Steelmakers are under some pressure following Trump raising tariffs on steel and aluminium imports to a flat 25% 'without exceptions or exemptions.' Trump's move is aimed to support the struggling U.S. steel and aluminium companies, but the tariff increases the risk of a multi-front trade war.
A White House official confirmed that the measures would take effect on March 4.
The benchmark DAX, which is moving between 21,881.89 and 21,978.60, was down 1.41 points at 21,932.01 a little while ago.
Steel stock Thyssenkrupp is down nearly 3%. Salzgitter is lower by about 1%.
Automobile stocks are among the other notable losers. Volkswagen is down 1.8%, Porsche is declining 1.7% and BMW is down 1.6%. Mercedes-Benz and Continental are lower by 1% and 0.6%, respectively. Daimler Truck Holding is down by about 0.25%.
Bayer, BASF, Deutsche Post, Adidas, HeidelbergCement and Beiersdorf are down 0.3 to 1%.
Fresenius, Sartorius, Deutsche Boerse, Siemens Energy, Hannover Rueck, Deutsche Telekom, Siemens, Infineon, SAP and Rheinmetall are down 0.3 to 1%.
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