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.

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

Guggenheim analyst Ronald Jewsikow cut his Rivian rating to Hold from Buy. He also dropped his price target of $16.