The European Union has warned that its trade with the United States could be effectively wiped out if Washington makes good on its threat to slap a 30% tariff on goods imported from the bloc.

The EU says the U.S. is resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached with U.S. by Aug. 1.

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.