在巴黎，CAC 40指数周三下跌237点，跌幅3.34%。赛诺菲（-6.50%）、Unibail-Rodamco（-5.29%）和赛峰集团（-4.97%）领跌。

In Paris, the CAC 40 Index fell 237 points or 3.34 percent on Wednesday. Leading the losses are Sanofi (-6.50%), Unibail Rodamco (-5.29%) and Safran (-4.97%).

CAC 40指数面临进一步压力，周三暴跌超过4%，反映了全球市场的负面情绪，贸易紧张局势不断升级。特朗普对数十个经济体征收的新一轮关税生效，包括对中国商品征收104%的关税，促使北京从明天开始对美国产品征收84%的关税。对欧盟进口商品征收20%的税也于今天生效。作为回应，据报道，欧盟委员会正在考虑对价值超过220亿欧元的美国农产品和工业出口征收高达25%的关税。所有上市公司均出现亏损，赛峰集团（-7.4%）、赛诺菲（-7.1%）和Unibail-Rodamco-Westfield（-6.1%）领跌。金融、工业、奢侈品股和石油公司也面临大幅亏损。

The CAC 40 saw further pressure, plunging more than 4% on Wednesday, mirroring a negative sentiment across global markets, amid escalating trade tensions. Trump’s new wave of tariffs on dozens of economies took effect, including 104% levies on Chinese goods, prompting a retaliatory response from Beijing with 84% tariffs on US products starting tomorrow. A 20% levy on European Union imports also took effect today. In response, the European Commission is reportedly weighing tariffs of up to 25% on over €22 billion worth of American agricultural and industrial exports. All listed firms traded in the red, with Safran (-7.4%), Sanofi (-7.1%), and Unibail-Rodamco-Westfield (-6.1%) leading the decline. Financials, industrials, luxury stocks and oil companies also faced steep losses.

法国10年期OAT收益率在早些时候上涨后稳定在3.4%，这是由美国国债更广泛的抛售推动的，因为投资者对特朗普总统新的“互惠”关税实施后全球贸易战的潜在升级越来越不安。其中包括对中国进口商品征收104%的全面关税，对欧盟商品征收20%的税。作为回应，北京重申其倾向于避免贸易战，但警告称，如果美国继续加剧紧张局势，它将进行强有力的报复。与此同时，欧盟委员会宣布正在准备一揽子反制措施，以捍卫欧盟的利益。在地缘政治风险上升的情况下，投资者加大了对欧洲央行将以货币宽松作为回应的押注。货币市场已经完全消化了欧洲央行4月份会议上降息25个基点的影响，预计到年底还将有两次降息——一次可能最早在6月——而关于第三次降息的猜测也越来越多。

France’s 10-year OAT yield stabilized at 3.4% after an earlier uptick, which was driven by a broader sell-off in U.S. Treasuries, amid mounting investor unease over the potential escalation of a global trade war following the implementation of President Trump's new “reciprocal” tariffs. These include a sweeping 104% duty on Chinese imports and a 20% levy on goods from the EU. In response, Beijing reiterated its preference to avoid a trade war but warned it would retaliate forcefully if the U.S. continued to escalate tensions. Meanwhile, the European Commission announced it was preparing a package of countermeasures to defend EU interests. Amid rising geopolitical risks, investors increased their bets that the European Central Bank will respond with monetary easing. Money markets have fully priced in a 25 basis point rate cut at the ECB’s April meeting, with two more reductions expected by year-end—one potentially as early as June—and growing speculation around a third cut.

CAC 40指数周三暴跌2.3%，至6935点，与欧洲同行持平，抹去了前一交易日的显著涨幅，因为随着美国总统唐纳德·特朗普激进关税政策的实施，全球贸易战不断升级。这些措施包括对欧盟进口商品征收20%的税，于今天生效。据报道，作为报复，欧盟委员会正在考虑对价值超过220亿欧元的美国农产品和工业出口征收高达25%的关税。大多数股票交易大幅下跌，赛诺菲领跌，股价暴跌5.1%。意法半导体紧随其后，暴跌5%，而Unibail-Rodamco-Westfield下跌3.8%。奢侈品行业也受到打击，开云集团下跌3.3%，路威酩轩集团下跌3.2%，爱马仕下跌0.5%。此外，金融股仍面临压力，法国巴黎银行下跌3.1%，法国兴业银行下跌2.9%，法国农业信贷银行下跌1.6%，安盛银行下跌1.4%。

The CAC 40 plunged 2.3% to 6,935 on Wednesday, tracking European peers and erasing notable gains from the previous session, as the escalating global trade war intensified amid the implementation of US President Donald Trump’s aggressive tariff policies. These measures, which include a 20% levy on European Union imports, went into effect today. In retaliation, the European Commission is reportedly considering imposing tariffs of up to 25% on over €22 billion worth of American agricultural and industrial exports. The majority of stocks traded significantly lower, with Sanofi leading the losses as its shares plunged 5.1%. STMicroelectronics followed closely, plummeting 5%, while Unibail-Rodamco-Westfield declined 3.8%. The luxury sector also took a hit, with Kering falling 3.3%, LVMH dropping 3.2%, and Hermes slipping 0.5%. In addition, financial stocks remained under pressure, with BNP Paribas sliding 3.1%, Societe Generale down 2.9%, Credit Agricole dropping 1.6%, and AXA falling 1.4%.