U.S. President Donald Trump warned on Monday he might increase tariffs on China beyond the 10% he imposed on Saturday and that "we will speak to China" probably over the next 24 hours. He described the tariffs he placed on Chinese imports as an "opening salvo" in his drive for more balance in the U.

A day after levying steep new tariffs on Mexico, Canada and China, President Trump acknowledged what economists, members of Congress and even some of his own aides — in their previous lives — have been saying all along: Americans may find themselves paying the costs.