The STOXX slid 0.27% to 628.87 points, with Germany’s DAX down the most by 0.4%

European shares edged lower in choppy trade on Monday after U.S. President Donald Trump announced a new blanket tariff rate, reviving uncertainty over U.S. trade policy.

The STOXX slid 0.27% to 628.87 points by 0942 GMT, with Germany’s DAX down the most by 0.4%.

The pan-European index ended last week with a record high after the U.S. Supreme Court struck down tariffs that Trump had imposed on other countries last year.

Over the weekend, Trump announced a new 10% rate and then lifted it to 15%, sparking ambiguity over the relevance of trade deals, such as those with the European Union. The European Commission has ruled out changes.

It is a positive outcome and shows that there are still limits for presidential power in the U.S., said Hertta Alava, a senior strategist at Nordea.

But short-term uncertainty actually rises a bit, because Trump will try to impose tariffs based on other laws. It is also uncertain, how this will impact negotiated trade deals, Alava said.

The resurgence in trade tensions with the U.S. over Greenland this year has pushed the eurozone to forge partnerships with Asia and Latin America, while also seeking greater cooperation within Europe.

On Monday, technology and industrials led sectors declines, while banks, seen as more domestically focused, were among the top gainers.

The Euro STOXX volatility index, a reflection of investor nervousness, also rose 0.62 points to 19.31.

The broader defence sector shed 1.1%.

French defence technology group Exosens slid 2.6%, pulling back from a record high hit on Friday, even as it issued a higher medium-term guidance.

Novo Nordisk declined 10% after the Danish company said its experimental obesity drug CagriSema did not meet the primary endpoint in a trial designed to show it was non-inferior to competitor Eli Lilly’s product in reducing body weight.