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

President Donald Trump on Saturday threatened duties of 30% on products from Mexico and the European Union, two of America’s biggest trading partners, in an ongoing tariff campaign that’s upended global trade since he retook office in January.