TUSCALOOSA, Ala. (WBRC) – President Donald Trump is designating Wednesday as ‘Liberation Day,’ the day his promised tariffs will take effect.
The move includes a 25% tariff on imported cars that could raise the price you pay for one.
It’s a mix of good news and bad news. We’ll begin first with the sticker price.
According to Shelton State Community College economics professor Ashley McLeod, you can expect prices on new vehicles like SUVs, light trucks and passenger cars to rise anywhere from $4,500 to $10,000. That’s why some car makers across the county reported a jump in car sales in March.
“And it’s the parts that are also being tariffed, so you got transmissions, engines and other components and those parts alone will make up 40 to 50% of the vehicle, so it’s likely going to affect both new and used cars. The new cars currently on the lot now likely won’t be impacted immediately by those prices yet,” said McLeod.
And therein lies the good part of all this. McLeod says even though the tariffs will take effect on April 2, you likely won’t see any change in the sticker price for a few more days, which gives would-be car buyers a little more time to shop around.
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