Trump's proposed tariffs could raise car prices in the U.S. and Europe

Donald Trump's proposed tariffs could significantly increase car prices in the U.S. and Europe. A 25% tariff on imports from Canada and Mexico, along with a 20% tariff on vehicles from the EU and UK, may reduce carmakers' earnings by up to 30%. General Motors, Jaguar Land Rover, Stellantis, and Volvo are expected to be the most affected. Wells Fargo estimates that U.S. car prices could rise by an average of $2,100, while fully imported vehicles from Canada or Mexico might see increases of $8,000 to $10,000. Trump plans to sign an executive order for these tariffs on his first day in office. Both Canadian and Mexican leaders have criticized the proposals, warning they could harm industries and raise prices for consumers in both countries.