The Paris CAC 40 index and Frankfurt DAX fell by around three percent at one point, with shares in luxury and car companies taking a hit, before paring back some losses.
US stock futures -- contracts that indicate how markets will open -- were also in negative territory.
“All the optimism over trade deals wiped out in minutes -- seconds, even,“ said Fawad Razaqzada, market analyst at StoneX.
The US president had announced 20 percent tariffs on EU goods last month but suspended the measure to give space for negotiations.
He also threatened on Friday to hit Apple with a 25 percent tariff if its iPhones are not manufactured in the United States.
Investors were already on edge after Moody’s stripped the United States of its top-tier credit rating and the House of Representative approved Trump’s tax cut plan, which critics say would add to the country’s debt pile.
The yields eased late Thursday.
Independent analysts warn it would increase the deficit by as much as $4 trillion over a decade.
Oil prices also reversed course to fall by around one percent following Trump’s new tariff threats.
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