While the inflationary impact on U.S. domestic prices is widely expected to be severe, the effect in Europe will be more mixed, according to analysts.

Officials from the European Union and the United States will start a new negotiating push, after President Trump delayed until July 9 tariffs of 50 percent.

European shares began June on a dour note as markets grappled with U.S. President Donald Trump's new tariff plans that threatened to reignite a fresh wave of global trade tensions. The continent-wide STOXX 600 slipped 0.