But some economists predict Americans will feel the pain – at least in the short term – and low-income Americans most of all. Start the day smarter. Get all the news you need in your inbox each morning.

If you know you need a new car soon anyways, there’s a pretty good argument for acting as fast as you can,” says one car-buying expert.

President Trump announced that the United States will hit back at any country that imposes trade barriers on American exports by subjecting them to sweeping “reciprocal” tariffs — an unprecedented move that threatens to upend the global economy,

Global analysts predict US tariffs will have a knock-on effect around the world – but the local automotive body says they will have little impact for Australian new-car buyers. Australia’s peak automotive body – the Federal Chamber of Automotive Industries (FCAI) – says the impact of US tariffs on new car prices and the broader automotive industry in Australia will be “limited”.

What will immediate impact on UK be? - Some of UK’s key industries were hit after US president announced sweeping measures

Trump will unveil his global tariffs plan today at 4 p.m. − shortly after the recently volatile U.S. financial markets have closed for the day.

One manufacturer told NBC News that she had managed to push the existing 45% duty on her products onto American customers.