What are the expected economic impacts of President Trump's newly implemented tariffs on Chinese imports, steel, aluminum, and goods from Canada and Mexico?

President Trump has implemented a series of tariffs including a 10% levy on Chinese imports and 25% taxes on steel and aluminum, with additional 25% duties on Canadian and Mexican imports scheduled for early March. These trade policies are expected to significantly impact American consumers through higher prices across various sectors. Market analysts and manufacturers, from car dealerships in Detroit to parts manufacturers nationwide, anticipate that these tariffs will inevitably lead to increased consumer costs. While the administration suggests potential job growth could offset short-term economic fluctuations, experts emphasize the uncertainty surrounding these policies and their long-term effects on both consumer spending and investment markets.