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.

President Donald Trump on Sunday defended his decision to impose broad tariffs on Canada, Mexico and China, acknowledging they may cause “some pain” but claiming it “will all be worth the price,” as the import taxes have been widely condemned by business groups and economists who warn they’ll raise prices for American consumers.