(Reuters) -European shares were muted on Tuesday as investors assessed U.S. President Donald Trump’s new tariff proposals for a spate of countries.
The pan-European STOXX 600 index was flat at 543.22 points, as of 0710 GMT.
On Monday, Trump sent letters to 14 countries, including Japan and South Korea, unveiling sharply higher tariffs on imports into the U.S., to come into effect on August 1.
A July 9 deadline to secure trade deals with the U.S. was reset to August 1, but Trump said that the deadline was not 100% firm and he would consider extensions if countries made proposals.
The European Union will not receive a letter from the U.S. setting out higher tariffs, EU sources said on Monday, and the bloc is eyeing possible exemptions from the U.S. baseline levy of 10%.
European real estate shares fell 0.6%, while basic resources were up 0.7%.
Belgian biotech firm ArgenX gained 1.4% after Deutsche Bank upgraded its stock to “buy” from “hold”.
On the data front, German exports fell more than expected in May as demand from the U.S. decreased for the second consecutive month following a period of strong purchases in anticipation of U.S. tariffs.
(Reporting by Sukriti Gupta and Sanchayaita Roy in Bengaluru; Editing by Mrigank Dhaniwala)
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