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U.S. markets were closed for the Labor Day holiday, but other markets globally closed with slight upticks.
The broad Europe STOXX 600 rose 0.3 percent to 380.55, London's FTSE 100 rose 1.11% to 7,286.86 and France's CAC 40 added 0.2% to 5,487.66. Germany's DAX was 0.1% higher at 11,949.22.
In Asia, the Shanghai Composite Index gained 1.3% to 2,924.11 while Tokyo's Nikkei 225 shed 0.4% to 20,620.19. Hong Kong's Hang Seng lost 0.4% to 25,626.55. Seoul's Kospi ended 1 point higher at 1,969.19 and Sydney's S&P-ASX 200 retreated 0.4% to 6,579.40. New Zealand and Taiwan gained while Southeast Asia markets retreated.
A new round of tariffs hit Sunday when the U.S. began taxing $112 billion in Chinese imports at 15%. China hit back by taxing certain U.S. imports at 10% and 5%.
This round of U.S. tariffs is expected to send prices higher for some consumer goods, like footwear, clothing and textiles. President Trump had previously spared clothing and shoes from tariffs.
“The bottom line is that, for the first time, Trump’s trade war is likely to directly raise prices for a lot of household budget items like clothing, shoes, toys, and consumer electronics,” PIIE senior fellow Chad Brown wrote in a report.
If the U.S. and China cannot come to an agreement on trade, more tariffs are expected to hit Dec. 15.
The Associated Press and FOX Business' Megan Henney contributed to this report.