Shares in some of Europe’s leading exporters slumped and market volatility ticked higher today after US President Donald Trump imposed swingeing tariffs on trading partners.

Jeweller Pandora was among the biggest decliners in the Stoxx 600. As of mid-afternoon its shares were trading 12% lower at DKK 939, erasing around EUR 1.3bn from its market value.

Copenhagen-listed Pandora, which has a DKK 77bn (EUR 10.3bn) market cap, operates retail stores in the US while manufacturing its products at sites across Southeast Asia, making it one of the more exposed businesses to US import duties.

The US president last night disclosed plans to implement import duties of at least 10% on all countries other than Mexico and Canada, which are already subject to separate tariffs.

Higher import taxes were applied to goods imported from China (54% – in addition to tariffs already in effect), Vietnam (46%), Thailand (36%) Japan (14%) and the EU (20%).

The Stoxx 600, which is the benchmark index for Europe’s largest companies, responded by falling about 2.5%.

Volatility gauges went the opposite way, with Europe’s VStoxx ticking 315 basis points higher at 24.5% and the S&P 500 Volatility Index (VIX) up 460 basis points at 26.1% – in line with levels last seen in March 2023 following a bank run on US lender Silicon Valley Bank and the collapse of Credit Suisse.

In addition to Pandora, there were some other large single-stock moves. These were largely found among companies with business models relying on the export of goods to the US from countries in Asia, which bore the brunt of the tariffs.

Shares in Logitech, a Zurich-listed supplier of computer peripherals, declined 15% to CHF 64.13 because of higher-than-expected tariffs on China, where it manufactures most of its products.

US tech giants like Apple, which also have significant supply chains in Asia, are expected to log sizable share price declines when trading opens in New York. Shares in Apple were down 7% in the pre-market.

Shoemakers, which also manufacture predominantly in Asia, were also in focus in today’s session.

Shares in Frankfurt-listed Adidas were 9% lower, and Puma declined 11%.

NYSE-listed Nike was 11% lower during pre-market trading in New York.

Shares in shipping giant Moller Maersk fell 11% amid investor question marks about the prospects for global trade.

A blanket tariff of 25% on automakers appeared to be largely in line with investor expectations. Shares in Frankfurt-listed car producers Mercedes and BMW were down around 2% in today’s session.

Real estate operators, relatively immune from the tariff narrative, were among the session’s gainers.

Helsinki-listed rental property operator Kojamo and Frankfurt-listed sector heavyweights Vonovia and Deutsche Wohnen were all near the top of the Stoxx 600 leaderboard, up between 5% and 6%.

Brussels-based electricity grid operator Elia, which is in the process of raising EUR 1.35bn of equity, was the day’s biggest gainer, up around 7% to EUR 85.85.

The company is nearing the end of a rights issue subscription period that expires at 4pm CET today and benefited from an investor rotation into the defensive utilities sector.

The issue price for the Elia equity raise is EUR 61.88.