Trump announces 25% tariffs on auto imports, potentially increasing vehicle costs by thousands

(CNN) - President Donald Trump plans to impose tariffs of around 25% on auto imports, semiconductor (computer/phone) chips, and pharmaceuticals shipped to the United States.

The new tariffs could begin as early as April.

For tariffs on semiconductor chips and drugs, Trump intends to eventually increase the rate, but he said he wants to give time for potentially affected companies to bring their factories to America.

Trump recently enacted a 10% tariff on all goods coming from China and a 25% tariff on all steel and aluminum imports.

Economy and industry experts have warned the steep new tariffs could have far-reaching effects and hurt consumers and businesses with higher prices and costs.

Consumers are expected to be affected most by the new import taxes on cars, as prices could jump by thousands of dollars.