Price Shock: Be Prepared To Pay $12,000 More For Cars In New York

Experts say New Yorkers should expect to pay up to $12,000 more for a new car.

New tariffs are to blame.

Trump Tariffs Expected To Increase Car Prices In New York

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On Tuesday, 25 percent tariffs on imports from Mexico and Canada and 20 percent tariffs on goods from China took effect.

The Anderson Economic Group believes the new tariffs mean vehicle prices could jump between $4,000 and $12,000.

According to Fox Business, the tariffs mean manufacturing costs for these vehicles will increase the most:

How Much More Might You Pay For Vehicles In New York

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U.S. Automakers To Get One-Month Tariff Exemption

The White House has confirmed the "Big Three" domestic automakers will get a one-month exemption from 25 percent tariffs on goods from Canada and Mexico.

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The "Big Three" domestic automakers include:

General Motors Company (GM)
Stellantis (formerly known as Fiat Chrysler)
Ford Motor Company

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"We spoke with the Big Three. We are going to give a one-month exemption on any autos coming through USMCA," Press Secretary Karoline Leavitt said. "At the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage."

Tariffs will still go into effect for these companies on April 2.