International markets reeled from President Donald Trump’s announcement hours earlier of even more sweeping tariffs set to begin later this week and next.
Steep tariffs of 25% on vehicles imported into the United States went into effect early Thursday morning, as international leaders reacted to and markets reeled from President Donald Trump’s announcement hours earlier of even more sweeping tariffs set to begin later this week and next week.
The auto tariffs, which apply to imported cars, SUVs, minivans, cargo vans and light trucks, could raise car prices by thousands of dollars, according to experts.
Overall, half of the approximately 16 million vehicles purchased in the U.S. last year were imported, according to the White House.
The White House touted the tariffs as a means of safeguarding U.S. national security and economic strength, saying the U.S. auto industry had been undermined by excessive imports.
Experts say U.S. shoppers will almost certainly see higher prices for foreign cars, as the increased tariffs are passed on to consumers. That sticker shock could also send prices higher for used vehicles.
Tariffs of 25% on key imported auto parts, including engines and electrical components, were set to go into effect later.
The auto tariffs went into effect just hours after Trump unveiled a long-promised wide-ranging tariff plan that included a baseline tax on imports from all trading partners as well as steeper ones on countries that impose levies on U.
