Frankfurt's DAX trimmed early losses to close about 0.4% down at 24,165.7 on Monday, following US President Donald Trump's announcement of 30% tariffs on goods from the EU, set to take effect on August 1. Nevertheless, markets held onto hope that the measures will be softened as part of ongoing trade discussions. EU ministers, meeting today, agreed to prioritize talks with Washington in an effort to avoid the tariffs. European Union chief trade negotiator Maros Sefcovic confirmed that discussions are ongoing and expressed confidence that both sides are moving toward a "good" outcome, adding that the US remains open to further negotiations. Several sectors faced pressured, particularly retailers, autos, pharma stocks and chip companies. Zalando slipped over 5% to the bottom of the index, after Morgan Stanley cut its price target to €25.50 from €28.50, warning of growing disruption caused by TikTok Shop's expansion in Europe.