Tariffs will hike the average US car price to $54,500: study
The 25% tariffs declared by President Donald Trump against Mexico and Canada will raise the average price of autos in the United States by $5,790, according to a research released Wednesday.
The average price of a car in the United States after tariffs is $54,500, according to a survey done by investment firm Benchmark Co. This is a 12% increase from 2024.
It states that the automotive industry will be the most affected by Trump’s tariffs due to the amount of trade, «the complexity» of supply and manufacturing networks, and the number of enterprises engaged.
Trump’s tariffs, which affect the two US partners in the TMEC free trade deal, are set to take effect on March 4.
On February 3, the US president postponed its implementation for 30 days after Mexico and Canada made concessions to stem the flow of migrants and fentanyl into the US.
