7. Cars
Tariffs could drive up the cost of your next new car or truck no matter where it’s made, automakers warn.
Besides the steel and aluminum tariffs expected to jump-start commodity price hikes, Trump has proposed to boost tariffs on European imports.
Honda, Ford, Toyota, General Motors and other car makers have issued statements warning that tariffs will boost the prices of cars and trucks sold in America even if they’re made with American steel and aluminum.
However, U.S. Commerce Secretary Wilbur Ross told CNBC that there’s about a ton of steel that now costs about $700 in an average car. “So 25 percent on that would be one half of 1 percent price increase on the typical $35,000 car. So it’s no big deal.”
That’s roughly $175 per car.