What are the potential impacts of a 25% tariff on trade with Canada and Mexico on U.S. manufacturing and businesses?

According to Ford CEO Jim Farley, a 25% tariff on trade with Canada and Mexico would create unprecedented damage to the U.S. manufacturing industry, affecting every single manufacturer and leading to higher prices for consumers. The policy creates significant uncertainty for businesses trying to plan ahead, as the implementation details and timeline remain unclear. Smaller businesses, particularly those dealing with foreign-made products and parts like auto dealers in Detroit, face additional challenges in managing costs and customer expectations amid this trade policy uncertainty.