Amsterdam, January 19, 2026, 16:41 CET — Regular session
- ASML shares slipped in Amsterdam as fresh tariff worries shook European markets
- Trump has set a February 1 deadline to roll out new tariffs targeting the Netherlands and several other European countries
- Traders are focused on ASML’s earnings report set for January 28, looking for insights into demand and the company’s future prospects
Shares of ASML Holding NV dropped nearly 3.9% to around 1,122 euros in Amsterdam on Monday, weighed down by a broader selloff in European tech stocks. The decline came after U.S. President Donald Trump threatened to slap new tariffs on several European countries. 1
This development is notable because ASML sits at the top of the chip supply chain. Restrictions on high-end capital equipment could quickly throw chipmakers’ investment plans off track. The stock currently reflects expectations of a strong order cycle in 2026.
Monday’s session showed just how volatile markets have become, with investors on edge ahead of a flood of earnings reports and policy announcements. The semiconductor sector, sensitive to both demand swings and geopolitical risks, was especially in focus.
On Saturday, Trump declared a 10% tariff effective Feb. 1 on imports from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain. The tariff would jump to 25% on June 1 if no deal on Greenland is struck. Reuters also flagged a pending U.S. Supreme Court case that’s reviewing the scope of presidential tariff powers. 2
European shares fell, led by a slump in tech stocks amid rising volatility. Kyle Rodda, senior financial market analyst at Capital.com, pointed out that “after a low-volatility start to the year, equities may experience some downside pressure.” He also warned that thinner trading volumes, with U.S. markets closed for Martin Luther King Jr. Day, could amplify the moves. 3
ASML manufactures lithography systems, machines that carve circuitry onto silicon wafers, including extreme ultraviolet (EUV) models essential for advanced chips. These high-priced tools have long lead times, with buyers typically locking in orders years ahead.
European chip shares stumbled. Germany’s Infineon fell about 3%, and STMicroelectronics in France dropped close to 4.8%, according to Barron’s. Investors are wary of escalating trade frictions with the U.S. 4
Economists pointed out the latest threat has a different edge. ING economists told Reuters the reasoning behind higher tariffs is now “even more political and less economic.” Holger Schmieding, chief economist at Berenberg, called it “a bad geopolitical headache” for Europe but cautioned it “could also backfire for Trump.” 5
But a big “if” hangs over the price moves: will the tariff threat really become policy, and what’s Europe’s next move? If the matter is settled quickly, the stock might shift back to chip demand. Prolonged tensions, however, could raise costs, delay shipments, and cast doubt over 2026 spending plans.
ASML shareholders are preparing for the company’s Q4 and full-year results due Jan. 28. The earnings release hits at 07:00 CET, with a press conference and investor call scheduled for later. Investors will zero in on order intake numbers and management’s view on trade policy risks ahead of Feb. 1. 6
