The Trump tariff ‘chain reaction’: America’s car and auto insurance payments could soar by $24 billion
By Wyatte Grantham-Philips, The Associated Press, Fortune
Even if you’re not in the market for a new car, U.S. President Donald Trump’s 25% tariffs on auto imports could make owning one more expensive.
The new taxes, which are set to begin April 3 and expand in the following weeks, are estimated to raise the average cost of a car imported from another country by thousands of dollars. But repairs for vehicles that currently use foreign-made parts are also expected to get pricier — and, as a result, hike insurance costs farther down the road.
