U.S. President Donald Trump said on Sunday that reciprocal tariffs he is set to announce this week will include all nations, not just a smaller group of 10 to 15 countries with the biggest trade imbalances.

Former Target executive Gerald Storch said in an interview Tuesday the effect of President Trump’s tariffs are “grossly exaggerated.” “I think this whole thing with the tariffs is grossly exaggerated by a factor of at least two,

President Trump plans to announce reciprocal tariffs on all nations, expanding beyond a smaller group of countries.

Carmakers are likely to face higher costs regardless of how they respond to President Trump’s 25 percent tariffs on cars and auto parts.

Working-class car buyers will be the hardest hit by U.S. President Donald Trump’s 25% tariff on imported vehicles because almost all low-cost new cars sold in the United States are built elsewhere.

Some analysts have warned that Trump's import charges could lead to the temporary shutdown of some US car production, with increased prices passed onto consumers. But the US president told NBC News on Saturday that he hoped foreign carmakers will raise prices as it meant "people are gonna buy American-made cars - we have plenty".