Trump’s political base of rural supporters could be among those bearing the brunt of the import taxes. About half of voters reporting household incomes of less than $50,000 annually backed Trump's 2024 election, along with 56% of voters without college degrees, according to an Edison Research exit poll.

From cars to champagne, consumer goods may be more expensive to import and export from Canada, China, Mexico, and other impacted countries.

To hear President Donald Trump tell it, the world is full of crafty foreigners who use “unfair” tariffs and other trade barriers to steal jobs and wealth from hapless Americans. But foreigners have their own complaints about the United States.

Noted economist Arthur Laffer warns that President Trump’s proposed 25% tariff on foreign-made vehicle imports could lead to a dramatic increase in prices and threaten the U.S. auto industry.

On top of that, Trump has already enacted 25% tariffs on steel and aluminum shipped to the US and he’s threatened to impose tariffs on copper. All three metals are needed to make cars, therefore, tariffs on those will also raise the cost of making a car.

Noted economist Arthur Laffer warns in a new analysis President Donald Trump’s 25% tariffs on auto imports could add $4,700 to the cost of a vehicle.

A Bernstein analysis published on Thursday estimated that 61% of Tesla's U.S.-sold vehicle content comes from the United States, with 22% coming from Mexico, 7% from Canada and 3% from China. It described Tesla as the industry outlier on tariff impacts.

Trump said he would impose new trade plans on "Liberation Day" on April 2. Here's everything we know, including a possible raft of reciprocal tariffs.