Shares in some of Europe's biggest companies have nosedived in response to China's 34% tariff on US goods. The Milanstock market has fallen 7%, with banking and insurance shares well down: financial group Unipol has plummeted 13%, Unicredit and Bper are down 11%, and Intesa and Banca Popolare di Sondrio have both lost 10% of their value. The DAX in Germany lost hundreds of points in a matter of minutes as banking shares and industrials tumbled. Deutsche Bank was down over 10%, while Daimler, Mercedes-Benz and MTU Aero Engines have slipped by between 5% and 7.5%. In France, banking groups Société Générale and BNP Paribas were down 10.8% and 8.6% respectively while car group Stellantis lost 8.5% of its value and steel firm ArcelorMittal was down 10%. In Amsterdam Dutch insurer Aegon and banking group ING are both down by more than 9%.