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.

President Donald Trump said on Sunday the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "some pain" for Americans, as Wall Street and the largest U.S. trading partners signaled hope that the trade war would not last long.

Canada’s prime minister and Mexico’s president ordered retaliatory tariffs on goods from the U.S., following through with their threats after U.S. Donald Trump sparked a trade war by imposing sweeping tariffs on imports from Canada,