LAS VEGAS (KTNV) — President Donald Trump announced a new wave of tariffs Wednesday morning during a ceremony at the Rose Garden.
"My fellow Americans, this is liberation day. The day America's destiny was reclaimed and the day we began to make America wealthy again," said Trump at the Rose Garden.
WATCH: Jhovani Carillo speaks to financial analyst about Trump's tariffs
He revealed a 10% tariff on all countries, set to take effect on April 5.
Additionally, he outlined plans to impose targeted reciprocal tariffs on nations with which the U.S. has the largest trade deficit, with those tariffs scheduled to begin April 9.
This comes after the President's tariffs on Mexico and Canada.
"Reciprocal, that means they do it to us, we do it to them," said the president.
"So what the Trump administration did is they looked at individual countries and are levying tariffs based on the trade deficit with that specific country," said Steven Budin, ACB13 Financial Analyst. "There's a minimum 10 percent but it does go higher depending on what country it is and what that deficit is."
Financial analyst Steven Budin said most business sectors are likely to feel an impact.
"Just about every industry will feel this, directly or indirectly. Most immediately and most directly would be the automotive industry because they specifically said that they will impose tariffs on foreign cars. Now, it's not as simple as all that but that is what they said. Other industries that could be impacted could be apparel, other retail, toys."
He said the economic uncertainty people may be feeling could lead them to cut back on spending, which could affect the gaming industry in Vegas.
"Las Vegas could feel the impact in a couple of different ways. Firstly, if you are a U.S. citizen and you are not sure if you are going to have a job next week, you are going to reconsider any travel plans that you have and certainly, that will impact us immediately. Secondly, for our foreign tourists, if the exchange rate of the US dollar changes drastically, that could impact the affordability of a trip for a foreign tourist. And thirdly, more and more foreign tourists are expressing their discontent with the United States by not traveling here."
However, a local thrift store Chanel 13 spoke with is hopeful they'll see a positive impact.
The manager at Reclaim, Daniel Trejo, said if larger clothing stores start to increase their prices, people might be enticed to at local shops like his.
"It'll really incentivize local shopping and supporting smaller businesses because we are not necessarily importing so many goods from out of the country. It's kind of like a circulation of goods that are already in the country that are being provided and curated for you," said Daniel Trejo. "So really, the tariffs don't really affect our goods as much as like let's say a Louis Vuitton."
President Trump said the tariffs are designed to boost domestic manufacturing, but Budin tells me those changes take time.
"What they're trying to do is encourage foreign manufacturers to build factories and produce goods here. If it's cheaper to build the item in the United States than it is to build it abroad because of the tariffs and the taxes, companies might consider doing that. The issue with that is it doesn't happen overnight. Just because you levy taxes or tariffs today doesn't mean an automotive assembly plant gets built in the United States tomorrow. The lag time on a lot of these things is really long. So my guess is that this is the opening shot of a discussion that will take place. If a country or a company decides to commit capital and build a factory here, maybe the tariffs get relaxed in the short term, but these things just don't happen overnight," said Budin.
