Stocks closed slightly higher on Monday, shrugging off President Donald Trump's announced tariffs over the weekend targeting the European Union and Mexico. Those new levies rekindled tensions with two of the largest U.S. trade partners and threatened to raise consumer prices.

President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.

President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.