Finance19 March, 20261 min read
Trump Admin Tariffs Cost Automakers $35.4 Billion; Toyota Hit Hardest
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Automakers face at least $35.4 billion in tariffs since 2025, per Automotive News. Toyota bears the heaviest burden, projecting $9.1 billion in tariffs for year ending March 31.
Tariff Costs Exceed $35B
Automotive News determined tariffs have cost automakers at least $35.4 billion since 2025. Toyota projected roughly $9.1 billion in tariff-related expenses for the 2026 fiscal year.
The Detroit Three absorbed $6.5 billion in costs during 2025 alone. Other global manufacturers each reported or expected costs exceeding $1 billion.
Tariff Structure Complex
The tariff burden varies significantly among companies depending on their share of US sales from foreign-built factories. Vehicles from the EU, Japan, and South Korea are subject to a 15% import duty.
Canada- and Mexico-built vehicles that meet NAFTA criteria face a 25% tariff on the non-US portion. Imports of steel and aluminum are taxed at 50%.
Price Increases Begin
Most automakers initially bore the costs, expecting tariffs to be short-lived. Price increases began to take effect despite this stance. Sticker prices of foreign-produced vehicles rose more quickly than domestically produced models.