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.

U.S. markets have seemed to “keep calm and carry on” this year to date — despite dramatic policy changes that may have delayed impacts on the economy, according to David Kelly, chief global strategist at J.

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