Here's the thing about tariffs—they hit harder than people realize. US manufacturers rely heavily on European suppliers for machinery, turbines, and precision components. Jacking up import duties means their production costs spike immediately. But it doesn't stop there. Once Europe retaliates (and they will) with counter-tariffs on American goods, you've got exporters getting squeezed from both sides. Companies shipping products across the Atlantic suddenly face higher input costs AND reduced access to European markets. Mary Lovely points out the real damage: it's not just about the numbers on paper. Manufacturers caught between rising material costs and shrinking export opportunities could be forced to cut production, raise prices, or shift supply chains altogether. The ripple effect? Job losses, slower growth, inflation pressure—exactly the kind of economic headwinds that ripple through every asset class.