European shares were largely unchanged on Tuesday after a record close in the previous session, with investors assessing the risks of an escalating trade war after U.S. President Donald Trump raised tariffs on metals.

European Union trade ministers will hold an unscheduled video conference on Wednesday to discuss the bloc's response to impending U.S. steel and aluminium tariffs, EU diplomats said on Tuesday. U.S. President Donald Trump signed proclamations late on Monday to raise tariffs on all steel and aluminium imports to 25% without exceptions or exemptions.

The president of the European Commission is condemning President Trump’s decision to impose a 25% tariff on foreign steel and aluminum and pledging to retaliate.