Storm clouds gather over US economy as Trump kicks off trade war

Greg DacoeY chief economist

The exceptionalism and resilience that we've been talking about for two years, I think is starting to show some cracks,

Daco added

We're going to see a price level change upward,

said Kleinhenz

We've got now multiple trade wars on multiple fronts,

Swonk said

The president gets to make the decision,

the Commerce secretary said

It's not really an exemption."

Asked if autos could see an exemption from the tariffs that went into effect early on Tuesday, Lutnick told Bloomberg

Tariffs are about making America rich again and making America great again. And it’s happening, and it will happen rather quickly,

he said

There will be a little disturbance, but we’re OK with that,

Trump said

Plants are opening up all over the place. Deals are being made,

Trump said

Thank you all for your cheap shares today and soaking up that dividend at these low share prices."

One Stellantis watcher wrote

Let's go FORD bulls!"

Another expressed enthusiasm over the tax deduction plan, saying

Trump will be tremendous for these companies,

wrote another

It will not eliminate the tariffs, but it might modify the tariffs somewhat. That's a decision that will come tomorrow,

Lutnick said

The president is considering giving you relief, if you live under those rules. And if you haven't lived under those rules, well, then you have got to pay the tariff,

Lutnick said

Everything across the board is impacted,

Spatafore said

They are mortified by what’s happening, and they don’t support what’s going on, and they don’t like how Canada’s being kind of dragged through the mud on this,

said Katie Stokes, co-owner of the shop

My company will feel an immediate, detrimental impact as a result of these tariffs,

Traci Tapani, co-president with her sister of Wyoming Machine, a sheet metal fabricator in Stacy, Minnesota that relies on Canadian aluminum, said in a statement

Things are unfolding so quickly,

Brian Cornell, CEO of discount retailer Target, told reporters Tuesday

We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely,

When it ... Best Buy’s Barry said

Let’s be real honest, long-term, a 25% tariff across the Mexico and Canadian border will blow a hole in the U.S. industry that we have never seen,

Farley said at an investor conference last month

One of the reasons that a lot of them have sought to move production to Mexico is because labor costs are a lot cheaper, materials cost is cheaper, environmental costs are not as high, healthcare costs are an issue, as well,

said Aaron Bragman, Detroit bureau chief for Cars.com