Few industries are more exposed to the new tariffs being imposed by the Trump administration than the car industry. And for car shoppers, that vulnerability spells higher prices and leaner inventories of cars on dealer lots.
A 25% tariff on imported automobile parts went into effect May 3, joining a 25% tariff on imported cars that went into effect in April. The tariffs will create burdens of at least $2,000 per car, according to Anderson Economic Group, and car buyers are likely soon to see that ripple effect.
