Trump’s Tariffs: 19 Cars That May Get More Expensive if Trump Wins the Election
Republican presidential candidate Donald Trump has declared he would impose a tariff on cars entering the U.S. if re-elected in 2024.
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“We will put a 100% tariff on every single car coming across the Mexican border,” Trump said in a speech in Georgia on September 24, as reported by numerous national news outlets. “The only way they’ll get rid of that tariff is if they want to build a plant right here in the United States, with you people operating that plant,” he added.
A tariff, which is a form of tax on imported goods, is designed to protect American companies from foreign competition by making similar imported goods more expensive. Payment of the U.S-imposed tariff falls on the person or company that imports the product, which Axios noted can be passed along to the consumer in some cases.
Not every imported vehicle will be subject to a 100% tariff. Trump also proposed a 60% tariff on all goods coming from China, and a tariff of up to 20% on everything else the U.S. imports, Tax Foundation reported. Anything coming from Mexico could see the biggest hit, with a 100% tariff on every car coming across the Mexican border, per Reuters.
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If enacted, these tariffs would cause a big disturbance in the auto industry. According to Fortune, many automakers build smaller, lower-cost vehicles in Mexico or in other countries due to slim profit margins and lower labor costs. If that happens, the only way to get around those costs would be for automakers to build cars in the U.S.
While not every car model may see price increases, here are 19 car brands that may get more expensive if Trump wins the election, according to the ITA and Consumer Reports:
Audi
BMW
Buick
Ford Motor Company
General Motors
Honda
Hyundai
Jac by Giant Motors
Kia
Lincoln
Mazda
Mercedes Benz
Nissan
Polestar
Stellantis
Toyota
Volkswagen
Volvo
Tesla
According to the International Trade Administration (ITA), Mexico and China were two of the world’s largest vehicle manufacturers in 2022. There are even several American and European brands that sell Mexican and Chinese-built vehicles in the U.S, Consumer Reports noted.
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This article originally appeared on GOBankingRates.com: Trump’s Tariffs: 19 Cars That May Get More Expensive if Trump Wins the Election