The effects that Trumps tariffs will have on car prices
The implementation of tariffs on goods coming from foreign countries by the Trump administration has had far-reaching effects on various sectors of the U.S. economy, including the automotive industry. These tariffs, target the materials such as steel, aluminum, as well as a lot of various vehicle components found in foreign and domestic vehicles. It is projected that these tariffs will have a devastating effect on the auto industry as a whole. To fully understand the gravity of this unprecedented change in US foreign relations we want to outline some details as well as the changes. The effects that Trumps tariffs will have on car prices Defining Tariffs Tariffs are taxes imposed on imported goods, designed to protect domestic industries by making foreign products more expensive. The Trump administration introduced several significant tariffs, including a 25% tariff on steel and a 10% tariff on aluminum in 2018. Additionally, there were discussions and ...