Economists Estimate New Tariff Costs to Range Between $2,000 To $12,000 Per Vehicle
A Michigan economics group, calculating tariff impact after President Donald Trump’s latest executive orders, has estimated that the least-impacted vehicles will still face a $2,000 tariff and the most impacted will see a tariff of $15,000.
Anderson Economic Group started analyzing the costs of tariffs imposed on a variety of vehicles sold in the United States as soon as Trump signed his latest executive orders on auto tariffs, Patrick Anderson, CEO of the consulting firm, told the Detroit Free Press.
The firm’s new estimates include the changes Trump made on April 29 intended to provide some relief to automakers who assemble vehicles in the United States but use foreign parts in them. The order provides a small break on tariffs for two years to allow automakers time to re-source parts from domestic suppliers.
“The adjustments provide significant and beneficial softening of the cost impact of these tariffs, at least for US-assembled vehicles,” said Anderson, who is the lead author of this study. “However, the cost is still substantial for most American cars and trucks.”
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