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.

Trump declared an economic emergency to place duties of 10% on all imports from China and 25% on imports from Mexico and Canada. Energy imported from Canada, including oil, natural gas and electricity, would be taxed at 10%. The tariffs on the United States’ three largest trading partners will go into effect on Tuesday.