U.S. President Donald Trump said the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans, while EU leaders gathered on Monday amid threats the bloc will also face punishing U.

Shares of the Big Three automakers slumped on Monday in premarket trade as the impact of 25% tariffs on Canada and Mexico hit the companies hard.

Tariffs are slamming the stock market but there’s still hope that the Trump administration's threatened levies are a negotiating tactic. Expect settlements with Mexico and Canada but Chinese imports to get more costly,