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.

Italy's foreign minister warned that, while he hopes for successful negotiations, the EU will respond resolutely to Trump's latest tariff threat.

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