ROCHESTER, N.Y. — The Trump Administration has announced it plans to pause auto tariffs for one month after a meeting with U.S. automakers.
The North American auto supply chain is highly integrated, with parts crossing borders multiple times during development. This could lead to automakers facing multiple tariffs, resulting in significant price hikes for consumers.
The Anderson Economic Group predicts consumers may see an increase of over $12,000 on battery-powered electric crossover vehicles. Full-sized SUVs could see an average price hike of $9,000. Pickup trucks may cost an additional $8,000, while small cars could see a $6,200 increase. These potential price increases highlight the impact tariffs could have on the automotive industry and consumers.
Best Buy is also predicting an increase in prices now that the tariffs are in effect. Best Buy leaders say 55% of their products are from China and 20% are from Mexico. The CEO of the electronics hub said the supply chain for electronics is global and said price increases for consumers is “highly likely.”
In other news, Shake Shack is stepping into the value meal arena to keep customers from cutting back. The fast-food chain is offering its first-ever combo meal, available until March 15. Shake Shack is following in the footsteps of competitors like McDonald’s, Burger King, and Wendy’s, which have all introduced their own value meals.
The $9.99 meal deal includes a Chicken Shack sandwich, fries, and a small drink.
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