European stocks closed firmly lower on Friday amid the outlook of lower global trade flows. The STOXX 50 closed 1.1% lower at 5,380 and the STOXX 600 fell 1.1% to close at 547. Reports indicated that the EU Commission is set to receive an official tariff letter by US President Trump that places tariffs on the bloc, removing demand from key foreign clients for European corporate giants. This was after Trump announced a 35% tariff on Canadian imports starting August 1st and signaled plans to impose blanket tariffs of 15% to 20% on most other trading partners. Losses were distributed among most sectors, with LVMH, Kering, and Stellantis dropping close to 4% each while UniCredit, BBVA, and Nordea fell over 2% to lead the laggards among banks. Despite Friday's slump the STOXX 50 closed the week 1.7% higher, while the broader STOXX 600 added 1%.