NEW YORK, March 5 (Xinhua) -- U.S. stocks pared early losses to trade higher on Monday as market concerns for a potential trade war eased.

The Dow Jones Industrial Average added 336.70 points, or 1.37 percent, to 24,874.76. The S&P 500 increased 29.69 points, or 1.10 percent, to 2,720.94. The Nasdaq Composite Index was up 72.84 points, or 1.00 percent, to 7,330.70.

U.S. equities opened lower on Monday as traders were digesting U.S. President Donald Trump's plan to impose steep tariffs on steel and aluminum imports.

Trump said on Thursday he would impose 25 percent of tariff on steel imports products and 10 percent on aluminum as early as the following week.

Many worried that the planned tariffs would raise prospects of a trade war and hurt the U.S. economy.

The concerns waned after Trump appeared to be opening the door for negotiations on tariffs on Monday.

Trump tweeted on Monday that "Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed."

Meanwhile, U.S. House Speaker Paul Ryan said he was "extremely worried" about Trump's trade plan. Congressional leaders will not rule out potential action if Trump decides to move forward with his tariff plan.

Last week, all three major indices saw sharp decreases, with the Dow, the S&P 500 and the Nasdaq tumbling 3.0 percent, 2.0 percent and 1.1 percent, respectively.