The ongoing Trump trade war is wrecking havoc on vehicle prices.
The latest estimates are projected to tack on an additional $3,000 to the price of some of our favorite pickup trucks.
As a result of increased auto and steel tariffs, popular vehicles that stand to be affected are the Ford F-150 and the Toyota Tundra. Toyota has a strong U.S. base, with more than 10 factories employing more than 130,000 workers.
“A 25 percent tariff on automotive imports, which is just a tax on consumers, would increase the cost of every vehicle sold in the country,” said Toyota in a statement.
Tariffs have already severely impacted forecasts, with General Motors reporting $300 million extra in commodity expenses in its most recent quarter despite a $2.4 billion profit. Ford also took a massive hit with a $145 increase in commodity costs in the same period, worsened by a parts supplier fire that delayed production of its flagship F-150 series.
Now, Europe is in Trump?s crosshairs with proposed 25 percent tariffs on European passenger cars, 15 percent over its current 10 percent obligation.
As a result, deal talks between the U.S. and European Union representatives are ongoing.