President Donald Trump’s 25 percent tariff on imported auto and auto parts could raise the price of vehicles sold in the United States by thousands of dollars.
Each of the top 10 most sold vehicles in the U.S. could see price increases of at least $947 if Trump’s proposed tariffs go into effect, according to an AutoWise analysis of data from the National Highway Traffic Safety Administration.
Cars manufactured in the U.S. are unlikely to escape the impact of the proposed tariffs due to the auto industry’s heavy reliance on imported auto parts.
“While it’s understood the administration is trying to protect American manufacturing and jobs in the automotive industry, tariffs on foreign vehicles (including auto parts) will almost certainly lead to an increase in vehicle prices across the board, as even the most ‘American made’ vehicles use a significant percentage of imported parts,” AutoWise said in a statement to CBS News.
The estimated price increases for the top 10 vehicles sold in the U.S. are below:
- Toyota Corolla — $1,162 estimated price increase
- Toyota Camry — $1,762 estimated price increase
- Toyota RAV4 — $3,676 estimated price increase
- Honda Civic — $947 estimated price increase
- Honda Accord — $1,178 estimated price increase
- Honda CR-V — $970 estimated price increase
- Nissan Rogue — $3,410 estimated price increase
- Ram 1500 — $1,910 estimated price increase
- Ford F150 — $1,038 estimated price increase
- Ford Escape — $1,017 estimated price increase
AutoWise’s estimation on the Toyota Camry’s price increase aligns with estimations from Toyota itself, which said in a statement on June 27 that Trump’s proposed tariffs would raise the price of the car by $1,800.
Trump told Fox News on Sunday that he sees his threat to impose tariffs on foreign auto and auto parts as the biggest weapon in his budding trade war.
“You know, the cars are the big one,” Trump said. “We can talk steel, we talk everything. The big thing is cars.”
Trump has frequently railed against the European Union’s 10 percent tariff imposed on U.S. car imports, which is four times what the U.S. taxes imported cars. The president fails to mention that the U.S. imposes a 25 percent tariff on light trucks. (RELATED: White House Data: America Is More Restrictive In Trade Than Canada, EU)
White House data shows the U.S. is actually slightly more restrictive in trade than Canada and the EU when factoring in tariffs and non-tariff barriers, The Daily Caller News Foundation previously reported.
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