Trump’s Tariffs Could Add Thousands to New Cars and Trucks
A new report by the Anderson Economic Group (AEG) finds that President Trump's tariffs could lead to huge price increases for Americans looking to buy a new car or truck. The proposed 25% tariff on Canadian and Mexican imports, as well as parts that cross over the border many times during production, would result in significant cost hikes for US buyers. As a result, prices could increase by $3,500 for standard gas-powered crossovers, $8,000 for pickup trucks, and $9,000 for full-size SUVs.
- The impact of these tariffs highlights the complex web of global supply chains and trade agreements that underpin the automotive industry, where even seemingly minor changes in policy can have far-reaching consequences.
- How will the imposition of these tariffs affect the competitiveness of American automakers, particularly those with existing trade agreements like GM, Ford, and Stellantis?