European stock markets closed higher in Tuesday trading as the Stoxx Europe 600 rose 0.23%, Germany's DAX gained 0.58%, the FTSE 100 in London was up 0.11%, France's CAC 40 increased 0.28%, and the Swiss Market Index closed 0.53% higher.

European Commission President Ursula von der Leyen said Tuesday that the EC will hit back against US tariffs imposed on the bloc's steel and aluminum exports.

"I deeply regret the US decision to impose tariffs on European steel and aluminum exports," von der Leyen said in a statement. "Unjustified tariffs on the EU will not go unanswered - they will trigger firm and proportionate countermeasures," she said, adding that "the EU will act to safeguard its economic interests. We will protect our workers, businesses, and consumers."

In France, the number of unemployed decreased by 63,000 to 2.3 million people in Q4, compared with the previous quarter, according to the Institute for Statistics and Economic Studies.

And in corporate news, Shares of Entain fell 11% in London after the betting and gaming company said its Chief Executive Gavin Isaacs has stepped down, effectively immediately. The company named non-executive chair Stella David as interim CEO, and named Senior Independent Director Pierre Bouchut as interim non-executive chair.

British oil and gas giant BP (BP) reported Q4 underlying replacement cost profit Tuesday of $0.44 per American depositary share, down from $1.07 per share a year earlier. Revenue for the quarter ended Dec. 31 was $48.09 billion, down from $52.59 billion a year earlier. Analysts polled by FactSet expected $48.91 billion. For 2025, the company expects upstream production and underlying upstream production to decline slightly from 2024 levels.

BridgeBio Pharma (BBIO) said Tuesday that the European Commission has granted marketing authorization for acoramidis, under the brand name Beyonttra, to treat wild-type or variant transthyretin amyloidosis in adults with cardiomyopathy. BridgeBio said German pharmaceutical company Bayer will launch acoramidis in H1 of 2025 in the European Union.