European trade ministers were hopeful for a negotiated trade deal after Trump announced 30% tariffs on the European Union.

European shares ended slightly lower on Monday, with tariff-sensitive auto stocks down after U.S. President Donald Trump's latest threat to impose steep tariffs on the European Union, though gains in financials and healthcare kept losses in check.

The bloc’s trade commissioner says two sides were close to a deal before the president last week threatened to impose a 30 percent levy.