By Jarrett Renshaw, Daphne Psaledakis and David Lawder WASHINGTON (Reuters) - President Donald Trump said on Sunday 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.

Trump signed executive orders to impose tariffs on Mexico, Canada and China under the International Emergency Economic Powers Act (IEEPA), with a White House fact sheet claiming the move is meant to hold the US’ largest trading partners “accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country.