Car Prices Expected to Increase by as Much as $12,000 Thanks to Trump’s Tariffs
The potential imposition of President Donald Trump's tariffs on imported vehicles is set to drive up car prices in the United States, with some models facing price increases of over $12,000. The impact will be felt across various vehicle segments, including battery-electric crossover SUVs and popular models such as the Toyota RAV4 and Chevrolet Equinox. As dealerships work through their existing inventory, the effects may take several months to materialize.
- The tariffs' potential to disrupt domestic supply chains and force automakers to pass on increased costs to consumers could have long-term implications for the automotive industry's competitiveness in the US market.
- How will the cumulative effect of these tariffs contribute to a widening income gap between low- and high-income households, who may struggle with the increased cost of new vehicles?