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Trump's Tariffs Hit Auto Industry with $35.4 Billion Cost

3/18/2026

22 4 Full Breakdown

Summary

Story summary

U.S. President Donald Trump has imposed tariffs costing the automotive industry more than $35.4 billion since 2025, according to Automotive News.
Toyota faces the largest burden, projected at $9.1 billion in tariffs for the 2026 fiscal year.
The Big Three automakers—General Motors, Ford, and Stellantis—are expected to incur $6.5 billion in tariff costs.
The tariffs create uncertainty and prompt price increases.

History

Historical Context

The Smoot-Hawley Tariff Act, enacted on June 17, 1930, raised tariffs on over 20,000 imported goods to protect American industries during the Great Depression. This legislation led to a 66% decline in international trade, exacerbating economic woes. Today, similar tariffs imposed by President Trump burden the automotive industry with over $35.4 billion in costs, echoing the historical consequences of protectionist policies.

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Story summary

U.S. President Donald Trump has imposed tariffs costing the automotive industry more than $35.4 billion since 2025, according to Automotive News.
Toyota faces the largest burden, projected at $9.1 billion in tariffs for the 2026 fiscal year.
The Big Three automakers—General Motors, Ford, and Stellantis—are expected to incur $6.5 billion in tariff costs.
The tariffs create uncertainty and prompt price increases.

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