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

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.

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.