President Trump says the disruption caused by the tariffs "won't be long." NBC News' Aaron Gilchrist has the latest reporting. New York Times chief White House correspondent Peter Baker and MacroPolicy Perspectives LLC founder Julia Coronado join Chris Jansing to explain more on the potential economic impact of a trade war.

Bottles of Champagne are for sale at a wine dealer shop as President Donald Trump threatened a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned tariff on American whiskey, Thursday, March 13, 2025 in Ville d'Avray, outside Paris.

Trump's plans for tariffs - and their back-and-forth implementation since he took office in January - have upended industries from cars to energy and unnerved businesses and investors. Worries that rising costs will reignite inflation, and that souring consumer sentiment could herald a U.S. recession, have caused stock markets to plunge.

The European Union is planning new tariffs on a wide range of U.S. imports next month in response to President Donald Trump’s new taxes on imported aluminum and steel that went into effect Wednesday.

Trump told CEOs in the Business Roundtable on Tuesday that the tariffs were causing companies to invest in U.S. factories. The 8% drop in the S&P 500 stock index over the past mon

The European Union launched countermeasures on Wednesday against new US metals tariffs, with plans to impose its own duties on up to €26 billion ($28.3 billion) worth of American goods.