By Leada Gore
If you’re in the market for a new car, particularly a foreign-made vehicle, you will want to make your purchase before April to avoid paying more.
President Trump said he plans to move forward with tariffs on foreign cars on April 2, The New York Times reported. The president did not specify how much the tariffs would be or which nations would be targeted.
The tariffs could result in higher vehicle prices even as industry leaders express concerns tariffs on steel imports will result in a spike in domestic vehicle prices. Starting on March 12, all steel and aluminum imports will be taxed at a minimum of 25%, the AP reported, charges that could have a serious impact on American companies such as Ford and GM.
CBS News reported the average $25,000 price of a car imported from Mexico or Canada could jump $6,250 if the Trump tariffs take effect, most of which would be passed along to the consumer. The proposed tariffs will also likely cut production by as much as 30%, experts warn.
Roughly 3.6 million light vehicles were imported into the U.S. from Canada and Mexico in 2024, accounting for 22% of all car sales nationwide, CBS News reported. Mexico is the largest source for light vehicle imports, representing about 15% of sales.
