Wall Street's fear gauge jumped Monday after President Donald Trump confirmed that tariffs on Canada and Mexico will take effect.

The Cboe Volatility Index, or VIX, climbed to 22.78 on Monday. That is its highest closing level since the day after the Federal Reserve's December meeting, when the central bank's wait-and-see stance on interest rates sparked a stock selloff.

Traders also scooped up options contracts that would pay off if the VIX continues rising. In recent days, some of the most actively traded VIX options contracts have been calls tied to the measure jumping to 30 and 33, according to Cboe Global Markets data. Calls confer the right to buy a stock at a certain price by a set date.

Still, the VIX remains well below the highs seen during high periods of market stress. The VIX closed above 60 during the global markets rout last August.