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US President Donald Trump’s tariffs on three trade partners Canada, Mexico, and China will go into effect today. These tariffs could cost US car buyers thousands of dollars.
The 25% tariffs on goods from Canada and Mexico, and an additional 10% tariff on imports from China could increase the car costs by as much as $12,200 for some models, according to a report.
The tariffs are likely to make cars costlier, including SUVs, small cars, and electric vehicles. The financial burden falls directly on the customers or manufacturers may want to stop producing certain cars.
Some product lines and equipment combinations could become uneconomical for automakers to continue producing, says the CEO of Anderson Economic Group.
The range of added costs on vehicles could run from $4000 to $10000 with the cost of producing some electric vehicles that depend heavily on components from China rising by as much as $12,200.
The projected impacts of the tariffs on some types of popular vehicles include a $12200 increase in electric crossover vehicles,$9000 on a full-size SUV, $8000 on a pickup truck, and $6200 on a small car.
The tariff-driven cost increase may lead to a potential loss of sales for domestic automakers, which could lead customers to look at the used car market for automobiles assembled in Japan.
Tags China Tariffs Donald Trump US Car Prices US Tariffs
