A trade group representing nearly all major automakers warned on Tuesday that new 25% tariffs on imports from Canada and Mexico imposed by U.S. President Donald Trump will lead to drastic price hikes.
"All automakers will be impacted by these tariffs on Canada and Mexico," said John Bozzella, who heads the Alliance for Automotive Innovation that represents all major automakers in the U.S. except Tesla. Members include General Motors Ford, Toyota, Volkswagen, Hyundai and Stellantis.
"Most anticipate the price of some vehicle models will increase by as much as 25% and the negative impact on vehicle price and vehicle availability will be felt almost immediately."
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