President Trump is embracing a far more aggressive approach to tariffs in his second term, one that signals he’s willing to impose sweeping trade taxes even if it means higher consumer prices, a slumping stock market, and economic pain for everyday Americans. His latest moves have rattled markets and drawn fresh criticism, not only from economists and investors but also from working-class voters who say they are already feeling the pinch and now wonder whether Trump is going too far.
This week, Trump unveiled a surprise 25% tariff on all imported cars and auto parts, a decision he signed from the Oval Office with little warning. It follows a barrage of other aggressive proposals, including secondary tariffs on Chinese goods to block imports of Venezuelan oil, threats of new levies on Canadian and European imports, and even the consideration of taxing imported copper, a critical material for U.S. manufacturing, electronics, and transportation.
These actions come ahead of what Trump is calling “Liberation Day” on April 2, when he’s expected to announce a massive new slate of tariffs across a broad range of goods from Europe and other trading partners. While details remain murky, insiders say the scope could dwarf anything from his first term.
Economists are warning that this tariff blitz could fuel inflation, depress asset prices, and disrupt global supply chains, making it harder for American businesses to invest and for consumers to afford essential goods. Ajay Rajadhyaksha, global chair of research at Barclays, told reporters that the market is underestimating the damage, adding, “I think we will be negatively surprised.”
Sarah Bianchi of Evercore ISI described the second Trump term as being “more bearish than the sum of its parts”, signaling that Trump is now using powers traditionally constrained by political or economic risk but no longer seems to care about the blowback.
By contrast, past presidents took a more measured approach. George W. Bush’s 2002 steel tariffs were limited in scope to avoid harming U.S. manufacturers, and Joe Biden’s tariffs on China focused mostly on strategic goods like solar panels. Even Trump’s first-term tariffs were more targeted like those on steel and aluminum, which had minimal impact on overall inflation.
But now, the gloves are off. Trump is betting big that a hardline trade war will rally his base and force foreign nations to bow to U.S. demands but that gamble is hurting American families, especially at the checkout line. Car prices are expected to rise, electronics could follow, and construction materials may soon carry an extra cost. Combined with existing inflation pressures, these new tariffs could deepen financial strain on the very voters who helped return Trump to the White House.
Even longtime Trump supporters are starting to voice concerns. Truck drivers, contractors, small business owners, and middle-class families are seeing costs go up while their wages remain stagnant. In swing states like Michigan, Pennsylvania, and Wisconsin where imported auto parts are a key part of the economy some voters are asking: Is this really helping us, or just making life harder?
As the April 2 announcement looms, one question is growing louder: Should Trump stop before this economic strategy backfires on the American people? The president’s aggressive posture may win headlines, but it’s becoming increasingly clear that the consequences are real, painful, and immediate for millions of Americans.