General Motors projects a $4 billion loss, Stellantis, the maker of Jeeps, said it anticipates tariffs will add $1.7 billion in expenses, and Ford, which builds more cars in the U.S. than any of its rivals, said it expects tariffs to cause a $2 billion loss this year.

Americans are bracing for prices to increase as President Trump's new tariffs hit more than 90 countries. NBC News Senior Business Correspondent Christine Romans reports more details. University of Michigan Professor of Economics and Public Policy Justin Wolfers joins Erielle Reshef to share his skepticism over the tariffs.

After months of delays, President Donald Trump’s sweeping global tariffs are now in place, hitting thousands of everyday goods.