The tariffs are expected to shrink the supply of less expensive vehicles. Nearly 80 percent of cars priced at less than $30,000 will be subject to 25 percent tariffs, including popular vehicles like the Honda Civic, Toyota Corolla and Chevrolet Trax, according to Cox Automotive.

A 25% import tax on engines, transmissions and other key car parts has come into force in the US, raising pressure on an industry finding its way through a thicket of policy changes. The new tariff comes days after Donald Trump eased the measure in response to business worries,

The Trump administration’s tariffs on imported cars and auto parts will cost General Motors between $4 billion and $5 billion this year, as the nation’s largest automaker slashed its earnings projections.

Mr. Trump's claim about tariffs lowering taxes amounts to "an argument that says, 'If Americans pay more out of their left pocket, the government will be able to put more in their right pocket,'" said Joe Rosenberg, senior fellow at the Urban-Brookings Tax Policy Center, another think tank focused on taxes.

The sweeping tariffs imposed by U.S. President Donald Trump since April 2 and the subsequent pauses on some of them have generated uncertainty for companies worldwide, causing some to withdraw or refrain from giving financial guidance.

President Donald Trump might want a new, “America First” world, but in the race to control inflation the United States may actually come last. While his tariff hikes are widely expected to jack up prices at home,

Apple expects Trump's tariffs to add $900 million in costs in the June quarter, as its services revenue hit a record high in the March period.

Apple CEO Tim Cook publicly addressed the impact of tariffs on the iPhone maker’s business for the first time on an earnings call Thursday, saying they could add $900 million to the company’s overall costs.

And Apple CEO Tim Cook had quite a carefully crafted statement. (Check out CNET's regularly updated tariff pricing tracker.) And the word of the day for this earnings call was "color." "Now let me walk you through the impacts of tariffs in the March quarter and give you some color on what we expect for the June quarter,