Trump tariffs would cause vehicle prices to soar, wipe out jobs: report
The average price of imported vehicles sold in the United States could jump by thousands of dollars if the Trump administration imposes tariffs under a worst-case scenario provided by the Center for Automotive Research.
The Michigan-based think-tank estimates U.S. consumers would see the average price of new imports rise by US$6,875, if a 25 per cent tariff is applied, or up to US$2,750 if a 10 per cent tariff is imposed to imports from all countries.
The impact on American consumers would be substantially less if Canada and Mexico — partners with the United States under the North American Free Trade Agreement — are exempted.
CAR estimates the average cost of imports sold in the United States would rise by US$3,980 if a 25 per cent tariff is applied only to non-NAFTA countries and by US$1,345 if a 10 per cent tariff is levied on only non-NAFTA imports.