Wall Street saw significant declines on Wednesday, notably a 1.1% drop in the S&P 500, driven by President Trump's announcement of a 25% tariff on non-US auto imports effective April 3. Major automakers like General Motors faced major stock declines, with shares dropping over 6% as they brace for increased production costs. Analysts warn that these tariffs could elevate vehicle prices by $5,000 to $15,000. The Nasdaq Composite led losses with a 2% drop. Economists express concern over the potential for rising inflation and reduced economic growth stemming from these tariffs and ongoing trade policies.