How Trump’s car tariffs will impact Americans, in 3 charts

CNN — Car prices are about to shoot higher. But even putting that aside, the 25% tariff on imported cars could raise prices per vehicle by a range of $5,000 to $15,000, depending on the make and model, according to Goldman Sachs estimates. For decades, North America has functioned virtually without any border when it comes to producing cars, as a result of free trade agreements that allowed cars and car parts to come into the US duty-free. For instance, at least 60% of Volvo, Mazda, Volkswagen and Hyundai’s US car sales last year were imported, according to an analysis by S&P Global Mobility. For the time being, imported cars that comply with the United States-Mexico-Canada Agreement, which was negotiated by Trump during his first term, will be able to come in to the US duty-free until US Customs and Border Protection has a system in place to apply tariffs to non-US parts, according to a fact sheet published by the White House.