The new tariff policy includes a 20% tariff on all trading partners to generate revenue and a 25% tariff on imported cars, which could significantly raise consumer costs. If passed down, a $50,000 car could see a price increase of up to $12,500. The impact on car sales and consumer willingness to pay higher prices remains uncertain. Back in February, the president announced tariffs on Canada and Mexico and then pulled back. This raised questions about the economic effects of potential tariff reversals. Greg McBride, Chief Financial Analyst for Bankrate, joins to share how these tariffs will impact American families and whether they will affect car sales and consumer willingness to pay higher prices. Lastly, he shares what the potential reversal of these tariffs would do to the economy and whether there is any beneficial kind of tariff policy.

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