The proposed tariffs, if enacted, would raise annual spending costs for consumers by $835 per American, ING Economics estimated.

Business groups, economists and even some Republicans cautioned that new tariffs on goods from Canada, Mexico and China could undercut U.S. industry and the economy.

Trump knows the United States has more leverage over its neighbors than they do over his country. But exploiting that position of strength could cause a historic rupture.

The move likely will trigger retaliation and risk igniting a trade war that could cause broad economic disruption for all countries involved.

A growing number of countries, including American allies, are striking trade deals as the Trump administration erects a higher fence around its global commerce.

Stocks in the US dropped Monday morning, following European and Asian markets lower as investors digested Trump's tariff announcements.

GM, Ford, and Stellantis stock plunged in initial trading Monday in light of a pending trade war. But Wall Street showed some resiliency later.

Shares of automakers and megacap tech stocks bore the brunt of a wider equity pullback on Monday after U.S. President Donald Trump ordered sweeping tariffs against Mexico, Canada and China, sparking fears of a global trade war that could hit growth.

A uto stocks took a battering on Monday as the market reckoned with the reality of President Donald Trump’s 25% blanket tariff on all goods from Mexico and Canada. The sell-off