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25% auto tariffs take effectNew 25% tariffs on imported cars are being collected.Economists say President Donald Trump's policy could accelerate the cost of cars by more than $10,000, but Trump argues the long-term goal will equalize the trade playing field.The Trump administration expects the taxes to raise some $100 billion a year, incentivizing domestic and foreign automakers, who manufacture cars across the U.S., Mexico, Canada, and elsewhere, to do it strictly in the U.S. Trump says the process will re-shore jobs, balance trade, and ensure national security.For cars assembled in Canada and Mexico that are supposed to be part of a free trade agreement that Trump negotiated during his first term, only non-U.S.-made portions of the car will be subject to the 25% tariff.But car makers warn the tariff's immediate aftermath will lead to lower sales and higher costs that consumers will ultimately pay."Ideally, you want these tariffs to be a strategic. That means doing the homework to know where we have capacity to expand production in the U.S.," Senior Economist Adam Hersh of the Economic Policy Institute said. "Production may slow down. We just may not have the ability to make cars at those prices and so there could be layoffs and furloughs or even factory closures in the short term."There are also 25% tariffs on big-ticket auto parts taking effect early next month, likely jacking up the cost to repair cars.10% tariffs on all imported productsTrump used his self-proclaimed "Liberation Day" Wednesday to announce sweeping new tariffs on all global trading partners, sparking an outpouring of responses ranging from caution to outrage. Starting Saturday, the U.S. will collect 10% on all imported products, with higher rates for other countries starting next week, including 34% on China and 20% on imports from the European Union. When added to the 20% tariffs Trump previously placed on China, total taxes on shipments from the country could exceed 50%. Some products subject to a free trade agreement with Canada and Mexico won't see new tariffs, but products from those countries not part of the treaty will pay 12% in addition to the 25% levy Trump already enacted to curb immigration and drug trafficking.The announcement roiled markets in Asia Wednesday night as leaders called the tariffs "unreasonable" and "extremely regrettable," threatening to strain alliances and increase costs for the average American by thousands of dollars.But Trump continues to argue the tariffs will boost U.S. manufacturing and restore fairness in trade, addressing what he calls an "economic emergency."Trump also signed an order closing a loophole on small-ticket imports from China, scrapping exceptions to taxes on goods worth less than $800.Bipartisan pushback on Canadian tariffsTrump is facing bipartisan pushback after the Senate passed a bill Wednesday to stop tariffs on Canada.But the bill will likely not go far — there is almost no chance of the House taking it up and even narrower odds that Trump would sign it.Republicans are broadly backing the tariffs, although some have expressed a "wait and see" uneasiness about their impact on prices.Still, four Republicans, including Sen. Susan Collins of Maine, Sens. Mitch McConnell and Rand Paul of Kentucky, and Sen. Lisa Murkowski of Alaska, sided with all Democrats in approving the measure.Collins said the price hikes "will hurt those the most who can afford them the least," while McConnell echoed, "trade wars with our partners hurt working people most.""Americans know tariffs are a tax they are going to have to pay," Paul said, adding that presidents shouldn't be able to single-handedly raise taxes as he says Trump has done.Meanwhile, Democrats are panning the tariffs as the president going back on a campaign promise to lower prices.Prior to Wednesday, Trump enacted higher tariffs on Canada and Mexico because of fentanyl trafficking. Last year, police confiscated more than 21,000 pounds at the Mexican border but just 43 pounds at the Canadian border.