12:14 PM EDT, 04/03/2025 (MT Newswires) -- European stock markets plunged in Thursday trading following sweeping trade tariffs levied by the US, with the Stoxx Europe 600 dropping 2.57%, Germany's DAX falling 3.01%, the FTSE 100 in London losing 1.55%, France's CAC 40 shedding 3.31%, and the Swiss Market Index declining 2.45%.

European Union member states will vote on April 9 on how to respond to US tariffs on steel and aluminum tariffs, a European Commission official confirmed in an email to MT Newswires.

The UK government released an "indicative product list" Wednesday of which imports could be subject to tariffs in response to a 10% reciprocal tariff on a range of products announced by the US Wednesday. The list does not include products "in the wider public interest" such as medical supplies and military equipment. At the same time, the British government has launched a request for input from British businesses on the potential impact of possible retaliatory action.

Jonathan Reynolds, secretary of state for business and trade, said in a statement to Parliament Wednesday. "This exercise will also give businesses the chance to have their say, and influence the design of any possible UK response."

The seasonally adjusted HCOB Eurozone Composite PMI rose for the third straight month in March to 50.9 from 50.2 in February. It was also the index's highest reading since August. Ireland and Spain had the highest index readings at 54.6% and 54% respectively.

And in corporate news, consumer goods giant Unilever was asked by Ben & Jerry's co-founder Ben Cohen to set the brand free amid the company's plans to spin off its ice cream assets, The Wall Street Journal reported Wednesday. The report said that Cohen is looking for investors to buy the company from Unilever. However, a Unilever spokesperson said in a statement e-mailed to MT Newswires that "Ben & Jerry's, as a key part of the demerging ice cream business, is not for sale."

Shares of Unilever rose 3% in Thursday trading in London.

Novo Nordisk said Thursday that Executive Vice President of Commercial Strategy and Corporate Affairs Camilla Sylvest has decided to depart. Shares of the Danish pharmaceutical company dropped 2.1% on the Copenhagen Stock Exchange.

Stellantis said Thursday it will temporarily lay off 900 workers at five US facilities following President Trump's announcement of widespread tariffs late Wednesday, according to media reports. The European automaker is also temporarily pausing production at assembly plants in Mexico and Canada, the reports said. Stellantis did not immediately reply to a request for comment from MT Newswires.

Shares of Stellantis fell more than 8% on the Parisian bourse.

Mining company Rio Tinto said Thursday that its first locally made iron ore rail car has been built in Western Australia. The mining company is investing about 150 million Australian dollars ($95.2 million) to buy 100 locally built rail cars. Shares of Rio Tinto declined 2.4% on the FTSE 100.