Stocks were mixed in early trading on Monday after President Donald Trump over the weekend issued 30% tariffs on the European Union and Mexico, rekindling tensions with two of the largest U.S. trade partners and threatening to raise consumer prices.

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

Analysts said the muted market response was because many investors expected the levies to settle at lower levels after negotiations.