US President Donald Trump has called on American businesses and the public to "hang tough" as his administration pushes ahead with a sweeping new economic plan that includes hefty tariffs on foreign goods.
The President vowed the measures would deliver "historic" results, despite mounting concerns across sectors and a sharp downturn in global financial markets.
Luxury carmaker Jaguar Land Rover (JLR) confirmed it will temporarily halt all vehicle shipments to the United States following the introduction of a 25% tariff on foreign-manufactured cars.
The move underscores growing unease among international firms operating in the US market.
The latest round of tariffs also includes a 10% levy that came into effect this morning for certain countries, raising alarm among both US and UK businesses. Industry leaders on both sides of the Atlantic have warned the measures could stifle trade and lead to increased consumer prices.
John Boyd, President of the National Black Farmers Association, told the BBC the tariffs are having a "direct" impact on the agricultural sector. “Farmers are already under immense pressure. This is another blow we simply cannot afford,” he said.
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Importers, too, are struggling to adjust. One American importer commented, “The math won’t add up. These tariffs make it nearly impossible to maintain margins.”
Major US corporations, including Apple and Nike, have reportedly begun feeling the pinch.
Supply chains are being disrupted, and investor confidence appears shaken. Wall Street reflected the growing anxiety, with all three main indexes—Dow Jones, S&P 500, and Nasdaq—falling by more than 5% in yesterday’s trading session.
Analysts suggest the tariffs could mark the beginning of a prolonged period of economic uncertainty, particularly if retaliatory measures follow from affected countries. Despite the turbulence, President Trump remains defiant, promising long-term gains that will outweigh the short-term pain.
As markets reel and business leaders call for clarity, all eyes remain on the White House for the next move in what’s shaping up to be a defining chapter in Trump’s economic legacy.