Tariffs risk damaging far more than sales of whiskey and Champagne, the American Chamber of Commerce to the European Union says.

China’s consumption and industrial production grew faster in January-February, an upswing that exceeded forecasts, according to data released Monday. At the same time, new- home prices fell more quickly, worsening for the first time in six months despite efforts to prop up the market.

European shares were largely unchanged on Monday as investors started the new trading week with slight caution around the escalating trade war, while focus remained on the week's upcoming parliamentary vote on Germany's debt reform deal.

The escalating US-EU trade war is threatening their $9.5 trillion economic relationship, risking damage to goods trade, investments, and broader trans-Atlantic business ties.

The ongoing tariff conflict between the United States and the European Union is putting at risk an estimated $9.5 trillion in annual transatlantic business, according to a new report from the American Chamber of Commerce to the EU (AmCham EU).