# Does the magnetic field due to the current from a motional emf induce a counter emf?

It's well known among physics people that the motional emf generated in a loop of wire is minus the time derivative of the magnetic flux through the loop:

$$\varepsilon = -\frac{d\Phi}{dt}.$$

But if an emf is generated in a conducting loop of wire, then there'd be a current which would result in a magnetic field which would induce a counter emf. Is my understanding correct? If so, how does one keep track of the net emf in a conducting loop of wire when emfs create counter emfs which create counter counter emfs, etc., etc.?