What are the potential economic impacts of President Trump's proposed tariffs on American industries and businesses?

Industry leaders, including Ford CEO Jim Farley, warn that proposed 25% tariffs on imports from Canada and Mexico could severely damage U.S. manufacturing and create unprecedented disruption to American industry. The tariffs are causing concern even within Trump's own Republican party, with Senator Mitch McConnell expressing worries about negative impacts on American workers and industries. The proposed tariffs could lead to increased consumer prices, supply chain disruptions, and particular uncertainty for businesses in manufacturing hubs like Detroit. While the administration aims to address unfair trade practices, the economic consequences may harm the very industries and workers the policies are intended to protect.