'Much more expensive': What do Trump's auto tariffs mean for car prices?

Auto tariffs announced by President Donald Trump will likely raise car prices by thousands of dollars days after the policy takes effect, while hiking costs for repairs and insurance, some experts told ABC News.

Within hours of the policy rollout, Ferrari said it will raise prices by as much as 10% for some models to compensate for the tariffs.

The 25% tariffs, set to take effect next week, will apply to imported passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks, according to a White House statement released after Trump's Oval Office remarks on Wednesday.

The tariffs will also apply to key imported auto parts, including engines, powertrain parts and electrical components.

https://www.yahoo.com/news/much-more-expensive-trumps-auto-211007346.html