American President Donald Trump on Sunday said that people of the country may feel economic "pain" from his tariffs on key trading partners, but argued it would be "worth the price" to secure US interests.
"Will there be some pain? Yes, maybe (and maybe not!)" Trump wrote on his Truth social media platform.
"But we will Make America Great Again, and it will all be worth the price that must be paid," he added.
The statement came a day after the Republican president signed an order to impose sweeping tariffs on imports from Mexico, Canada and China, drawing swift retaliation and an undeniable sense of betrayal from the country's North American neighbours as a trade war erupted among the longtime allies.
The decision prompted all three countries to vow retaliatory tariffs, escalating the risk of further economic disruption.
Canadian Prime Minister Justin Trudeau said Ottawa will respond to US tariffs with 25% levies on selected American goods, while Mexican President Claudia Sheinbaum also announced retaliatory tariffs.
China said it "firmly opposes" new tariffs, vowing to take "corresponding countermeasures to resolutely safeguard our own rights and interests."
The tariffs threaten to disrupt supply chains across industries, including energy, automobiles, and food. Should the tariffs remain in place, they could exacerbate inflation, undermining Trump’s promise to lower prices for consumers, particularly in groceries, gasoline, housing, and autos.
Meanwhile, the European Union on Sunday warned that it would hit back "firmly" if Trump goes ahead with his threat to impose tariffs on its member states.
"The EU would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods," said a European Commission spokesman.
(With inputs from AFP)