Tariffs risk damaging far more than sales of whiskey and Champagne, the American Chamber of Commerce to the European Union says.

European shares were largely unchanged on Monday as investors started the new trading week with slight caution around the escalating trade war, while focus remained on the week's upcoming parliamentary vote on Germany's debt reform deal.

Senior members of the European Union’s executive arm and US officials spoke on Friday to explore ways to move forward after US President Donald Trump’s metals tariffs prompted a trade war.