Mexico and Canada have managed to avoid U.S. tariffs — for now — after their leaders came to last-minute agreements with President Trump. But barring another eleventh-hour deal, tariffs on goods from China were scheduled to go into force Tuesday, raising the specter of a trade war that could rile the global economy and punish American consumers.

Trump said he would talk with the leaders of Canada and Mexico, which have announced retaliatory tariffs of their own, but downplayed expectations that they would change his mind.