European shares were muted on Tuesday as investors assessed U.S. President Donald Trump's new tariff proposals for a spate of countries.

The president has published just 22 letters, many to minor trading partners like Brunei, Moldova and Sri Lanka.

Instead of viewing tariffs as part of a broader trade policy, President Trump sees them as a valuable weapon he can wield on the world stage.

Gold prices were little changed on Tuesday, caught between safe-haven demand following U.S. President Donald Trump's new tariff proposals for Japan, South Korea, and others, and rising Treasury yields that capped any upside momentum.

Key African economies are set to stake out different approaches to interest rates in the coming weeks as they gauge the impact of US President Donald Trump’s new tariff proposals and their domestic influences on their economies and inflation.

Trump stepped into an unexpected trade war with Brazil this week after announcing a letter to President Luiz Inacio Lula da Silva that 50 percent tariffs on imported goods would take effect on August 1, in apparent retaliation for the prosecution of former president, Jair Bolsonaro.

U.S. President Donald Trump said at a dinner with Israeli Prime Minister Benjamin Netanyahu on Monday (July 7) that the August 1 effective date for U.S. tariffs was firm, but that he was open to extensions if countries made proposals. Wimbledon Day 8: Djokovic and Sinner survive scares as Swiatek and Andreeva impress

President Donald Trump sent out letters to nations that haven't entered into trade agreements with the U.S., informing them of their new tariff rates.

President Donald Trump has sent letters this week outlining higher tariffs countries will face if they don’t make trade deals with the U.S. by Aug. 1.

The Trump administration has said that some countries will receive notices of their higher tariff rates beginning July 7.