President Donald Trump said the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans as global markets reflected concerns the levies could undermine growth and reignite inflation.

Follow the latest news on the tariffs and other Trump administration moves. Leaders for Canada, Mexico, and China, including Justin Trudeau, respond after President Donald Trump imposes tariffs.

Canada and Mexico ordered retaliatory tariffs on American goods in response to sweeping tariffs imposed by President Donald Trump, and businesses and consumers in both countries questioned Sunday how the new trade war might affect them.