If there is a truck that you’re thinking about buying, you might not want to hesitate. Trump tariffs are happening and could force prices for popular trucks to skyrocket. Favorited brands like Ford, Chevrolet, and Toyota aren’t exempt.
Trump tariffs will impact popular trucks
New Trump tariffs are now in place, impacting trade between Canada, China, Mexico, and the United States. Experts predict that this will affect your next truck purchase and truck parts.
According to Pickup Truck Talk, Trump levied a tariff of a 25% increase on goods produced in Mexico, and Canada and another 10% on Chinese-produced goods. There’s also a 10% increase in Canadian oil.
Popular vehicles in the automotive industry might not be as American-made as you think. Many companies depend on vehicle assembly and parts production in Canada, China, and Mexico.
Ford, General Motors, Ram, and Toyota have vehicles assembled in Mexico. General Motors and Ford also have assembly plants in Canada.
The Ram 1500, Chevrolet Silverado 1500, Toyota Tacoma, Ford Maverick, GMC Sierra, and Ford Ranger are a few examples that rely heavily on manufacturing plants in Canada, China, and Mexico.
Plus, SUVs and other vehicles source their powertrains and other expensive components from these countries. Each time the parts are imported, they will face a 25% tariff.
To cover the extra costs, truck prices will rise. Even if an auto brand faces tariffs on SUVs, price increases could be applied across the entire model lineup to cover price increases.
Automakers are currently stockpiling crucial components in warehouses to keep costs down. For as long as they can at least. But when those parts run out, they’ll be forced to raise prices.
The tariffs are aimed at bringing manufacturing jobs back to America. However, manufacturing jobs are at an all-time high as plants struggle to fill jobs.
