A day after levying steep new tariffs on Mexico, Canada and China, President Trump acknowledged what economists, members of Congress and even some of his own aides — in their previous lives — have been saying all along: Americans may find themselves paying the costs.

Here are some things to know about Trump’s actions, the counters from U.S. trading partners and what it means for American consumers.

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.

Trump has said tariffs are a way to force the countries to stop the flow of migrants and fentanyl across the borders and into the U.S.

President Donald Trump said Sunday that Americans could feel “some pain” from the emerging trade war triggered by his tariffs against Canada, Mexico and China, and claimed that Canada would “cease to exist” without its trade surplus with the United States.

Trump’s move to impose new tariffs has bewildered the United States’ closest allies and trading partners, who have vowed to respond with levies of their own.

The new tariffs on imports from all three nations ‒ which are on top of existing taxes and go into effect on Tuesday.

Prime Minister Justin Trudeau says Canada is ready to respond with 25 percent tariffs against C$155 billion worth of American goods.

From an ice cream parlor in California to a medical supply business in North Carolina to a T-shirt vendor outside Detroit, U.S. businesses are bracing to take a hit from the taxes President Donald Trump has imposed on imports from Canada,