The European Union’s top trade negotiator has signaled the bloc will continue trying to reach a deal with the U.S. after President Donald Trump threatened a 30% tariff on goods from the bloc and Mexico over the weekend.

President Trump is threatening Mexico and the European Union, two of the largest U.S. trading partners, with 30% tariffs starting in August if they don't reach a trade deal with the U.S. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means for U.

Stocks were mixed in early trading on Monday after President Donald Trump over the weekend issued 30% tariff s on the European Union and Mexico, rekindling tensions with two of the largest U.S. trade partners and threatening to raise consumer prices.