Live updates: Trump announces sweeping new tariffs on imports on ‘Liberation Day’

The auto tariffs set to take effect on foreign cars tomorrow could raise the price of some imported cars by up to $20,000, according to new analysis by Michigan think-tank Anderson Economic Group, or AEG.

Cars that are fully imported will see the highest price hikes, anywhere from $8,000-$20,000. That includes brands like Audi, BMW, Jaguar-Land Rover, Mercedes, Genesis, and Lexus. AEG expects cost increases could hit in-demand models within a month.

The imported vehicles highest on the tariff impact list: Full-size SUVs, luxury models, and electric vehicles.

If the Trump administration eventually rolls out tariffs on auto part imports, as it has promised, that will also raise the cost for cars assembled in the US but with parts from Canada, Mexico, and Europe. That’s every car built in the US, as every domestic vehicle contains imported parts.

That includes large SUVs, such as the Chevrolet Suburban, GMC Yukon, Cadillac Escalade, which will cost $10,000-$12,000 more. Mid-sized SUV’s and pickup trucks could see hikes of $5,000-8,500. Some EV’s could see price increases of $15,000.

Even cars assembled in the US but with a low share of foreign parts could see price hikes of at least $2,500.

AEG predicts the tariffs will cost consumers $30 billion in the first year. And while the group expects manufacturers to absorb the tariff cost for the first year, they say eventually it will shift cost entirely to the consumer.