March 04, 2025 – Washington, D.C. – A new economic analysis has sounded the alarm on President Donald Trump’s recently imposed tariffs on Canada, Mexico, and China, predicting a steep rise in car prices that could hit American consumers hard. According to a report from the Anderson Economic Group (AEG), a Michigan-based consultancy, the tariffs—set at 25% on goods from Canada and Mexico and an additional 10% on imports from China—could increase the cost of some vehicles by as much as $12,200.
The tariffs, which took effect today after a 30-day pause on those targeting Canada and Mexico expired, are part of Trump’s broader trade strategy aimed at addressing border security and curbing the flow of fentanyl into the United States. However, industry experts warn that the policy could backfire, delivering a significant blow to the auto sector and inflation-weary consumers already grappling with near-record vehicle prices.
Patrick Anderson, AEG’s chief executive, outlined the potential fallout in stark terms. “These are cost increases that cannot be hidden from the consumer,” he said. “Substantial portions, or perhaps all of it, will be passed along to buyers, or manufacturers will stop producing certain models altogether.” The report highlights a range of projected price hikes: battery-powered electric crossover vehicles could see costs soar by $12,200, while other popular models like SUVs and small cars might climb by $4,000 to $10,000.
The U.S. auto industry, deeply integrated with supply chains spanning North America and beyond, is bracing for disruption. Canada and Mexico alone accounted for over 3.6 million vehicle imports to the U.S. last year, with billions more in parts crossing borders to assemble cars domestically. General Motors, for instance, produces nearly 40% of its North American vehicles in these countries, including top sellers like the Chevrolet Silverado and Equinox. Meanwhile, China supplies critical components, especially for electric vehicles (EVs), amplifying the tariffs’ reach.
Industry leaders have voiced alarm. “There’s no question that tariffs at this level, if prolonged, would wipe out billions in profits and hurt U.S. jobs,” said Jim Farley, CEO of Ford Motor Company, in a recent statement. Analysts at S&P Global Mobility echoed this, estimating that a $25,000 car imported from Mexico or Canada could jump by $6,250—costs likely to ripple through showrooms nationwide.
Consumers may feel the pinch almost immediately. “That kind of cost increase will lead directly—and I expect almost immediately—to a decline in sales,” Anderson told reporters. With the average new car price already hovering near $50,000, tariff-driven hikes could push buyers toward the used-car market or foreign alternatives assembled outside the affected countries, such as Japan or Europe.
Trump, however, remains steadfast, calling the tariffs a “win” for American manufacturing. In a post on social media, he argued that the duties would spur “massive amounts of auto manufacturing” in states like Michigan. “So what they have to do is build their car plants in the United States, in which case they have no tariffs,” he said Monday, doubling down on his vision of reshoring production.
Critics, including Cornell University professor Gustavo Flores-Macias, counter that the tariffs could destabilize the intricate North American supply chain. “The automobile sector is likely to see considerable negative consequences, not only from disrupted manufacturing but also from price increases that dampen demand,” he told CBS MoneyWatch. 17GEN4.com
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