Vehicle prices face $3,000 increase as Trump tariffs hit auto sector

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Vehicle prices face $3,000 increase as Trump tariffs hit auto sector - Business Standard

Quick Summary:

Trump on Saturday followed through on his warning to impose 25 per cent tariffs on imports from the two countries, blaming the flow of migrants and drugs over the US borders — as well as large trade deficits — for the move.

The duties would immediately hit almost one quarter of the 16 million vehicles that are sold in the US each year, as well as the parts and components that go into them — an import market that totaled $225 billion in 2024, according to research from automotive consultant AlixPartners.

General Motors, the largest US carmaker, has said it wouldn’t move production unless the company can be sure it makes long-term sense.“We are working across our supply chain, logistics network, and assembly plants so that we are prepared to mitigate near-term impacts,” CEO Mary Barra told analysts on Jan.28.“Many of these actions are no cost or low cost.