As expected, President Trump went with the sweeping-tariffs option. And what was my first deep thought as a trusted, long-time business journalist? How I won’t be replacing my 2016 Toyota Corolla anytime soon. … Not surprisingly, Fox2 Detroit is all over the big imported-cars tariffs that take effect tonight. … The WSJ and Financial Times and NYT have more on the tariffs in general.

Update — From the Globe’s Larry Edelman: “Ouch! Trump went much tougher on tariffs than expected. Consumers and businesses will feel the pain.”

Update II –– From an ecstatic Hub Blog reader: “I feel liberated! No more cheap foreign stuff for me! I am free from low prices!”

Update III — More from the NYT: “Auto Tariffs Take Effect, Putting Pressure on New Car Prices.” … And it’s going to drive up prices for used cars too, as consumers who can’t afford new cars flock to used cars. It’s all about supply and demand.