President Donald Trump confirmed on Monday that his long-anticipated “reciprocal tariffs” won’t just target a handful of countries — they’ll hit “all countries” across the board.
“You’d start with all countries, so let’s see what happens,” Trump told reporters aboard Air Force One. “I haven’t heard a rumor about 15 countries, 10 or 15.”
The move, set for rollout on April 2 — dubbed “Liberation Day” by the administration — aims to mirror the tariffs other nations impose on U.S. exports. It’s a sweeping reset of trade relationships, and markets are not ready.
Automakers in the Crosshairs
Following last week’s announcement of 25% tariffs on all imported vehicles and parts outside NAFTA, Trump doubled down:
“I couldn’t care less,” he said when asked about potential price hikes.
“I hope it pushes more buyers toward American-made cars.”
JPMorgan estimates vehicle prices will rise ~11% on average, while Cornell’s Art Wheaton warns cars could jump $10,000–$20,000, particularly for foreign brands.
What’s at Stake
- Global supply chains face major disruption
- Asian automakers — especially from Japan and South Korea — are at risk ( China, Japan, South Korea will jointly respond to US tariffs)
- Consumer inflation could re-accelerate in Q2
Tariff revenue may rise — but so might recession odds, if higher prices crush demand.
Trump’s tariff wave isn’t surgical — it’s global. As April 2 approaches, investors, automakers, and allies alike are bracing for impact. Whether this resets trade or sparks retaliation will define the markets in Q2.
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