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.

Amid warnings of price increases, Canada moved quickly to retaliate, China said it had planned countermeasures and Mexico said it would soon unveil its response.

While the US president managed to assert dominance by imposing these tariffs on other nations, the repercussions will be felt within the United States as well. Challenges are bound to increase for wor