President Donald Trump’s 25% tariffs on autos not made in the U.S. and certain auto parts are sending more tremors through an industry already being pummeled by steel and aluminum import duties and on-again, off-again 25% levies on Canada and Mexico. The new tariffs, announced Wednesday, are likely to jack up new vehicle prices and will also impact the used car market.
Trump has been itching to tax foreign autos for years. In his first term, he declared auto imports a threat to national security giving him the authority to impose tariffs on them.
