Stocks closed slightly higher on Monday, shrugging off President Donald Trump's announced tariffs over the weekend targeting the European Union and Mexico.

The European Union won’t immediately retaliate against President Donald Trump’s tariffs, a move that’s prompted warnings it could strengthen Washington’s position ahead of a looming deadline.

The ministers met Monday in Brussels following Trump’s surprise announcement over the weekend of such hefty tariffs, which could have repercussions for governments, companies and consumers on both sid...