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Michigan Economic Group Predicts Vehicle Price Hikes as High as $12,000 Following Trump’s Tariffs

Mar 4, 2025 | 12:32 PM

Photo: Christine Tannous ~ USA TODAY NETWORK

MICHIGAN, March 4, 2025 ~ A Michigan economic consultant agency is predicting steep increases in new car prices following President Donald Trump placing tariffs on Canada, Mexico, and China.

After delaying them for about a month, Trump launched a trade war by placing 25% tariffs on Canadian and Mexican goods, plus 20% tariffs on Chinese products. Estimates from Anderson Economic Group claim vehicle costs could rise between $4,000 to $12,000, with electric vehicles potentially seeing the biggest increases.

PODCAST:

March 4, 2025 ~ New tariffs on imports from Mexico and Canada are expected to have a swift and noticeable impact on the automotive market with the risk of U.S. car prices driving up as much as $12,000. Keith Naughton, auto reporter at Bloomberg, joins Guy Gordon, Lloyd Jackson, and Jamie Edmonds to talk about how hard Detroit will be hit by this and the complexity of these supply chains.

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