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.

President Donald Trump signed an order to put tariffs on U.S. neighbors Canada and Mexico, as well as China, starting Tuesday. Canada and Mexico quickly announced retaliatory tariffs, while China said it would take “necessary countermeasures.