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.

The Trump administration said Saturday it would levy 25% import tariffs on goods from Mexico and Canada, with Canadian energy products facing a 10% tariff. The announcement also includes an extra 10% tariff on imports from China.