The news: President Donald Trump plans to impose 25% tariffs on imported vehicles starting April 2 to push foreign automakers to relocate production to the US, per CNN.
The tariffs—which are in addition to the planned duties on Canada and Mexico that threaten to crash the US auto industry—would drive up the price of new cars by thousands of dollars.
Sticker shock: Car prices are near record highs even before the planned tariffs take effect.