Shumita Basu

But first, it was another wild day for stocks as the markets continued to react to President Trump's tariff policy. The Dow Jones fell more than 300 points, marking a third straight day of losses and its biggest one-day swing in points ever. The S&P 500 dipped about a quarter of a percent and briefly entered bear market territory. The Nasdaq, meanwhile, rose 0.1 percent.

But first, it was another wild day for stocks as the markets continued to react to President Trump's tariff policy. The Dow Jones fell more than 300 points, marking a third straight day of losses and its biggest one-day swing in points ever. The S&P 500 dipped about a quarter of a percent and briefly entered bear market territory. The Nasdaq, meanwhile, rose 0.1 percent.

Also exacerbating the volatile trading session today, President Trump continued his back and forth with China, threatening to enact additional tariffs of 50 percent if Beijing doesn't remove its 34 percent tariff on U.S. goods. Beijing issued a statement saying China will, quote, fight to the end.

Also exacerbating the volatile trading session today, President Trump continued his back and forth with China, threatening to enact additional tariffs of 50 percent if Beijing doesn't remove its 34 percent tariff on U.S. goods. Beijing issued a statement saying China will, quote, fight to the end.

Also exacerbating the volatile trading session today, President Trump continued his back and forth with China, threatening to enact additional tariffs of 50 percent if Beijing doesn't remove its 34 percent tariff on U.S. goods. Beijing issued a statement saying China will, quote, fight to the end.

As we continue to examine the fallout of the Trump administration's tariff policy, let's take a closer look at Michigan. Nearly 20% of the state economy is tied to the auto industry, which is now facing 25% tariffs on imported vehicles. And starting next month, Trump has promised 25% tariffs on imported parts as well.

As we continue to examine the fallout of the Trump administration's tariff policy, let's take a closer look at Michigan. Nearly 20% of the state economy is tied to the auto industry, which is now facing 25% tariffs on imported vehicles. And starting next month, Trump has promised 25% tariffs on imported parts as well.

As we continue to examine the fallout of the Trump administration's tariff policy, let's take a closer look at Michigan. Nearly 20% of the state economy is tied to the auto industry, which is now facing 25% tariffs on imported vehicles. And starting next month, Trump has promised 25% tariffs on imported parts as well.

Gene Whalen is an economics reporter at The Wall Street Journal who recently spent time in Detroit.

Gene Whalen is an economics reporter at The Wall Street Journal who recently spent time in Detroit.

Gene Whalen is an economics reporter at The Wall Street Journal who recently spent time in Detroit.

One reason tariffs represent such a threat to Michigan is because many auto manufacturers, through free trade deals like NAFTA, moved production to other countries or states over the last few decades, where they could produce at lower costs. That means Michigan's auto industry today increasingly depends on places like Canada, Mexico, and China—

One reason tariffs represent such a threat to Michigan is because many auto manufacturers, through free trade deals like NAFTA, moved production to other countries or states over the last few decades, where they could produce at lower costs. That means Michigan's auto industry today increasingly depends on places like Canada, Mexico, and China—

One reason tariffs represent such a threat to Michigan is because many auto manufacturers, through free trade deals like NAFTA, moved production to other countries or states over the last few decades, where they could produce at lower costs. That means Michigan's auto industry today increasingly depends on places like Canada, Mexico, and China—

Auto parts typically cross the border multiple times as a car is assembled. Whalen told us it's a little too early to say how these tariffs could change Michigan's auto industry at large, but there are some clear impacts so far.

Auto parts typically cross the border multiple times as a car is assembled. Whalen told us it's a little too early to say how these tariffs could change Michigan's auto industry at large, but there are some clear impacts so far.

Auto parts typically cross the border multiple times as a car is assembled. Whalen told us it's a little too early to say how these tariffs could change Michigan's auto industry at large, but there are some clear impacts so far.

Other local auto suppliers in the Detroit area are talking about possibly raising prices for customers. A major economic group that consults for the auto industry said tariffs could add anywhere from $2,500 to $12,000 to the overall price of many new cars. And Whalen spoke to one economist at the University of Michigan about the potential impact of the recent steel and aluminum tariffs.

Other local auto suppliers in the Detroit area are talking about possibly raising prices for customers. A major economic group that consults for the auto industry said tariffs could add anywhere from $2,500 to $12,000 to the overall price of many new cars. And Whalen spoke to one economist at the University of Michigan about the potential impact of the recent steel and aluminum tariffs.

Other local auto suppliers in the Detroit area are talking about possibly raising prices for customers. A major economic group that consults for the auto industry said tariffs could add anywhere from $2,500 to $12,000 to the overall price of many new cars. And Whalen spoke to one economist at the University of Michigan about the potential impact of the recent steel and aluminum tariffs.