London: European stock markets ended mostly lower on Thursday, with the exception of Britain, as the newly announced trade deal between the US and China failed to provide the anticipated relief for investors concerned about high tariffs. According to Anadolu Agency, the pan-European Stoxx 600 index dropped by 0.33%, or 1.8 points, closing at 549.84. Germany's DAX 40 index saw a decline of 0.74%, ending at 23,771.45 points, while France's CAC 40 fell by 0.14% to close at 7,765.11 points. Italy's FTSE MIB 30 also experienced a slight drop, decreasing by 0.58% to 39,948.39 points. In contrast, Britain's FTSE 100 index rose by 0.23% to 8,884.92 points, bucking the general trend. US President Donald Trump announced on Wednesday that a trade deal between Washington and Beijing was finalized, pending final approval by the presidents of the two countries. In a social media post, Trump stated that the US would receive a total of 55% tariffs, while China would get 10%. He added that China would supply "full magnets a nd any necessary rare earths" upfront, while the US would fulfill its agreements, including allowing Chinese students to attend American colleges and universities. US Commerce Secretary Howard Lutnick, speaking to CNBC, confirmed that the tariffs on China would remain unchanged. He detailed that the 55% tariff rate includes a 20% tariff on fentanyl, a 10% reciprocal tariff, and a 25% tariff rate from Trump's first term. Meanwhile, US Treasury Secretary Scott Bessent emphasized the need for China to act as a reliable partner in the trade negotiations, suggesting that China has an opportunity to stabilize its economy by shifting focus from excess production to increased consumption. The trade discussions continued in London this week following the US imposition of significant tariffs on China in April. In May, both nations agreed to a broad rollback of these tariffs for an initial 90-day period. On the macroeconomic front, the euro/US dollar exchange rate rose to approximately 1.16 on Thursday, reaching its highest level since April 22. The UK's Office for National Statistics reported a 0.3% contraction in the UK economy in April, leading economists to adjust their expectations for potential interest rate cuts, now foreseen as more likely in August or November rather than at the upcoming Bank of England meeting. A record decline in exports to the US was identified as a major contributor to this economic contraction.