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.

Trump has long proposed raising tariffs—or taxes on imported goods that the businesses importing them pay the U.S. government—before the election, and said in November he’ll impose a 25% tariff rate on all imports from Mexico and Canada on the first day of his presidency and will impose an additional 10% tariff rate on all imports from China on top of other tariffs.

President Donald Trump signed an order to put tariffs on U.S. neighbors Canada and Mexico, as well as China, starting Tuesday.