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.

Follow the latest news on the tariffs and other Trump administration moves. Leaders for Canada, Mexico, and China, including Justin Trudeau, respond after President Donald Trump imposes tariffs.

Trump knows the United States has more leverage over its neighbors than they do over his country. But exploiting that position of strength could cause a historic rupture.