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 0.4% in early trading, coming off a losing weekbookended 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's main indexes opened higher on Monday, recovering from last week's declines, as steelmakers surged after U.S. President Donald Trump said he would impose additional tariffs on steel and aluminum imports.