VIDEO TRANSCRIPT: Trump’s tariffs may affect future car buyers
Dhani Joseph: Recent policy from the Trump administration may take an expensive toll on consumers. We have Lucy Vulgamore live with more. Lucy?
Lucy Vulgamore: That’s right Dhani. The Trump administration imposes tariffs on our neighbors North and South on Tuesday. I spoke with local officials to see what exactly the effect is going to be on local consumers. Check it out. Just this week, President Trump implemented a 25% tariff on goods imported from Canada and Mexico. Some products expected to increase in price are lumber, fruits, vegetables, gas and cars. What does this mean for consumers, and when should we expect to feel the full effects of this policy? Todd Ingraham from AAA says for car buyers, it may not be as fast.
Todd Ingraham: Right now, it’s really difficult to tell what effect it’s going to have on the overall price structure for fuel. And as far as the automobile industry, it’s way too early for that.
Vulgamore: The flow of commerce for cars, car parts and car manufacturing has been flowing throughout Mexico, Canada and the U.S. for decades. According to an analysis by the Anderson Economic Group, the cost of producing these vehicles in the U.S. can increase by up to $10,000 per car from these tariffs. These prices can be expected to be passed on to buyers. SU supply chain professor Patrick Penfield says consumers will likely notice these changes sooner rather than later.
Patrick Penfield: So, like, with food and perishables, probably next week. With cars, probably a month. So everything’s going to be a little different.
Vulgamore: The president has said these tariffs are intended to encourage companies to move their manufacturing to the United States. Reporting live from Syracuse, I’m Lucy Vulgamore with NCC News.
SYRACUSE, N.Y. (NCC News) — President Trump implemented a 25% tariff on goods imported from Canada and Mexico on Tuesday, March 4. Some products expected to increase in price are lumber, fruits, vegetables, gas and cars.
What does this mean for consumers, and when should we expect to feel the full effects of this policy? Todd Ingraham from AAA says for car buyers, it may be a little early to tell.
“Right now it’s really difficult to tell what effect it’s going to have on the overall price structure for fuel,” said Ingraham. “And as far as the automobile industry, it’s way too early for that.”
The flow of commerce for cars, car parts and car manufacturing has been circulating throughout Mexico, Canada and the U.S. for decades. The cost of producing these vehicles in the U.S. can increase by up to $10,000 per car from these tariffs, according to an analysis by the Anderson Economic Group. These prices can be expected to be passed on to buyers.
The president has said these tariffs are intended to encourage companies to move their manufacturing to the United States. Syracuse University supply chain professor Patrick Penfield says consumers will likely notice these changes sooner rather than later.
“So with food and perishables, probably next week,” said Penfield. “With cars, probably a month. So everything’s going to be a little different.”