(fxcue news) - European stocks may open broadly lower on Tuesday as investors react to U.S. President Donald Trump's latest tariff announcements. After Trump announced a 100 percent tariff on foreign-made movies, industry figures are wondering how the proposal could possibly work. In another development, Trump has signed an executive order as part of efforts to rebuild U.S. prescription drug manufacturing, with an eye on reducing reliance on foreign-made medicines. Trump also warned that he will impose import tariffs on the pharma sector in the next two weeks. Meanwhile, U.S Treasury Secretary Scott Bessent said Monday that 17 trading partners, excluding China, have presented very good trade proposals and some deals may be announced as early as this week, echoing comments from Trump a day earlier. He also said that there could be substantial progress on trade with China in the coming weeks. Asian stocks were mostly higher, with South Korean and Japanese markets closed for public holidays. Chinese and Hong Kong markets led regional gains amid optimism over potential U.S.-China trade talks. China's services activity deteriorated more than expected in April to hit a 7-month low, a private survey showed, fueling speculation over new stimulus measures. The dollar steadied after a two-day decline as a two-day policy meeting of the Federal Reserve gets underway later today. An unprecedented two-day surge in the Taiwanese dollar spilled over to other regional peers and highlighted the fragility of the U.S. currency. Gold traded up nearly 1 percent above $3,350 per ounce as Trump's new tariff threats reignited concerns about the potential fallout of a global trade war. Oil prices jumped more than 1 percent, snapping a two-day decline as rising tensions in the Middle East offset concerns about a potential supply glut. Six airstrikes hit Yemen's Hodeidah port, a day after the Iran-aligned Houthis fired a missile that landed near Israel's main airport in Tel Aviv. In a major escalation, a missile launched by Yemen's Houthi rebels toward Israel struck near Ben Gurion Airport in Tel Aviv. U.S. stocks saw considerable volatility before ending lower overnight as business leaders flagged growing anxiety over new U.S. tariffs. Markets, however, ended off their day's lows as data showed stronger-than-expected service sector activity in April and the Bloomberg reported that India has proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis up to a certain quantity of imports in its trade negotiations with the U.S. The S&P 500 fell 0.6 percent to snap its nine-day winning streak, the longest in over two decades. The tech-heavy Nasdaq Composite shed 0.7 percent and the Dow dipped 0.2 percent. European stocks ended mixed on Monday as focus shifted to earnings and upcoming central bank meetings. The pan European STOXX 600 edged up by 0.2 percent, marking its 10th consecutive session of gains and the longest winning streak since August 2021. The German DAX rallied 1.1 percent while France's CAC 40 declined 0.6 percent. U.K. markets were closed for a bank holiday.