Wall Street is taking President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are drifting higher on Monday. The S&P 500 was up 0.6% in midday trading, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy.

"If it escalates into bilateral tariffs, we estimate an 8% hit to EPS assuming unitary elasticity," Bank of America analysts said.

Wall Street is mixed in light trading early as anxiety dissipated somewhat after President Donald Trump agreed to a 30-day pause on his tariff threats against Mexico and Canada