U.S. President Donald Trump said the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans, while EU leaders gathered on Monday amid threats the bloc will also face punishing U.

President Donald Trump has taken executive action to impose new tariffs on imports from Canada, China and Mexico.

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.