07:53 AM EDT, 04/03/2025 (MT Newswires) -- European bourses tracked solidly lower midday Thursday after the Trump administration overnight unveiled sharply higher schedules of import tariffs, including on goods shipped from Europe.

European Commission President Ursula von der Leyen vowed countermeasures, if negotiations fail to temper the Trump import levies.

Food and property stocks bucked trends to gain on European exchanges, while bank and tech issues sagged.

Shares of shipping titan Maersk, considered a proxy for global commerce, shed 10% mid-session.

Investors also eyed Wall Street futures signaling red, and lower closes overnight on Asian exchanges.

In economic news, private-sector activity in the Eurozone expanded in March, reaching its highest point in seven months, S&P Global reported.

The Eurozone composite purchasing managers index, a combination of the continent's manufacturing and service sectors, rose to 50.9 last month from 50.2 in February, rising further above the 50-marker that separates growth from contraction, said S&P Global.

The pan-continental Stoxx Europe 600 Index was off 2.2% mid-session.

The Stoxx Europe 600 Technology Index was down 3.7%, and the Stoxx 600 Banks Index lost 4.3%.

The Stoxx Europe 600 Oil and Gas Index was off 4%, but the Stoxx 600 Europe Food and Beverage Index inclined 0.7%.

The REITE, a European REIT index, rose 1.3%, but the Stoxx Europe 600 Retail Index declined 1.5%.

On the national market indexes, Germany's DAX was down 2.4%, and the FTSE 100 in London lost 1.6%. The CAC 40 in Paris was off 2.8%, and Spain's IBEX 35 shed 1.6%.

Yields on benchmark 10-year German bonds were lower, near 2.66%.

Front-month North Sea Brent crude-oil futures were down 5.5% at $70.86 per barrel.

The Euro Stoxx 50 volatility index was up 7.3% at 24.51, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.