Cox Automotive estimates that 25% tariffs will add $3,000 to the cost of a U.S.-made vehicle and $6,000 to vehicles made in Canada or Mexico.

On March 24, Hyundai Motor Group Executive Chairman Euisun Chung stood alongside President Trump and other prominent politicians at the White House to announce that the automaker was making a total $21 billion investment that it will spend over the next four years to increase its annual production capacity to 1.2 million cars in the States.

Foreign leaders were quick to criticize the tariffs, a sign that Trump could be intensifying a broader trade war that could damage growth worldwide.