Tariff policies will drive up the prices of new and used cars in the United States, and maintenance costs will also increase

The New York Times reported on the 3rd that the United States' 25% tariff on imported auto parts could significantly increase the prices of new and used cars, as well as repair and insurance costs. The report stated that imposing tariffs on imported auto parts will have widespread effects, as even cars manufactured in the United States often have engines, transmissions, batteries, and other components produced in other countries. Trump's tariff policy has already driven up new car prices, as consumers rushed to dealerships to purchase cars before the tariff policy took effect. The tariff policy has also impacted the used car market, as more people are seeking affordable alternatives to new cars, increasing demand and prices. The tariffs on auto parts are also expected to raise repair costs and insurance premiums, as replacing auto parts will become more expensive. The rising car prices will exacerbate inflation