President Donald Trump said sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans, while EU leaders meeting on Monday braced for the possibility that they too will face punishing U.S. trade levies.
Global stock markets and currencies tumbled on concerns over an economically damaging trade war. The pan-European STOXX 600 index fell 1.3% in morning trading, set for its biggest one-day slide this year and futures for Wall Street's S&P 500 fell 1.4%.