The Trump administration’s 25% tariffs on imported auto parts, which goes into effect Saturday, is likely to raise prices for new and used cars, as well as for insurance and repairs for them, as even cars made in the United States have components that are made in other countries, a new report indicates.
President Donald Trump ordered the tariffs in March, and they are coming into play after his 25% tariffs on imported cars, which went live in April, reports The New York Times.
The administration said this week that the tariffs will “protect national security” through reducing Americans’ reliance on foreign-made automobiles and their party and by incentivizing domestic automobile production.
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