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.

Italy's foreign minister warned that, while he hopes for successful negotiations, the EU will respond resolutely to Trump's latest tariff threat.

The European Union’s top trade negotiator has signaled the bloc will continue trying to reach a deal with the U.S. after President Donald Trump threatened a 30% tariff on goods from the bloc and Mexico over the weekend.