A day after levying steep new tariffs on Mexico, Canada and China, President Trump acknowledged what economists, members of Congress and even some of his own aides — in their previous lives — have been saying all along: Americans may find themselves paying the costs.

Here are some things to know about Trump’s actions, the counters from U.S. trading partners and what it means for American consumers.

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.