President Trump's tariffs on Canadian and Mexican imports have been implemented, potentially leading to significant price increases for at least 39 car models sold in the US. The automotive industry, heavily reliant on an intricate cross-border supply chain, faces mounting costs that could escalate by $4,000 to $12,000 per vehicle. This could result in higher consumer prices, with new vehicle costs already averaging over $50,000. Industry groups argue the tariffs threaten American competitiveness and investment in domestic jobs, as automakers see share values drop sharply following the announcement.
Trump's tariffs on Canadian and Mexican imports could increase vehicle prices, affecting at least 39 car models, due to the complex supply chain involving cross-border manufacturing.
Experts warn that Trump's tariffs could raise manufacturing costs by $4,000 to $12,000, leading automakers to pass these costs onto consumers in the form of higher vehicle prices.
A trade group representing major automakers stated that the import tariffs would reduce American competitiveness, elevate consumer prices, and hinder investment in US jobs.
Vehicle parts and finished vehicles rank as the US' top imports from Mexico and second only to oil from Canada, emphasizing the importance of cross-border trade.
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