Every car is about to get more expensive. ‘It’s just math,’ former Ford CEO says
CNN
There’s nowhere to hide in the auto industry from President Donald Trump’s auto tariffs, according to former Ford CEO Mark Fields.
There is nowhere to hide in the auto industry from President Donald Trump’s auto tariffs, according to former Ford CEO Mark Fields. “The cost of vehicles will go up. It’s just math. The bottom line is there is absolutely no vehicle that won’t be impacted by tariffs,” Fields told CNN in a phone interview. Trump’s 25% tariff on imported cars kicked in on Thursday as part of the president’s bid to revive American manufacturing jobs. The administration plans to slap tariffs on car parts by May 3. Bank of America estimates that a 25% tariff on all imported auto parts would increase the cost of US assembled vehicles by about $26 billion — or around $3,285 per vehicle on average. Even cars assembled at US factories will likely get more expensive because they use many foreign parts. Goldman Sachs estimates the cost of foreign-made cars will increase by between $5,000 and $15,000 per vehicle due to tariffs. Fields suspects that automakers will decide to eat some of the cost of the tariffs and pass along the rest to consumers in the form of higher prices and reduced incentives. It’s unclear if consumers can stomach the pain of tariff-fueled price hikes, especially when car prices are already near all-time highs.
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