Key Takeaways New and used car prices are likely to increase if the US imposes a 25% tariff on cars and auto parts brought in from other countries, experts said. Production costs may rise $3,000 to $15,

President Donald Trump made official Wednesday his long-promised tariffs for the automotive industry, imposing a 25% import tariff on all cars, light-duty trucks and some car parts imported into the U.S. Trump argued the tariffs will boost domestic manufacturing by forcing American automakers to build cars in the U.S.

President Donald Trump’s auto tariffs could send the cost of a new car soaring. Fixing the car you already have will likely get more costly, too.