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.

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.

Prime Minister Justin Trudeau set out "far-reaching" tariffs of 25%, affecting 155bn Canadian dollars' worth ($106.6bn; £86bn) of American goods ranging from beer and wine, to household appliances and sporting goods.