Kansas City car owners brace for high-risk of Canadian auto tariffs impact
SHAWNEE, Kan. (KCTV) - If you’re in the market for buying a new car, auto tariffs from the Trump istration could put you in a pinch. According to the Canada Chamber of Commerce, Kansas City is a top three most at-risk city for Canada tariffs.
The list was created based on a city’s level of dependence on Canadian exports. These 25 percent tariffs will affect imports on auto parts and finished vehicles manufactured across Canada and Mexico.
“Ultimately the goal of that change is to help the American consumer, help our national debt not be so high,” said BMG senior wealth advisor Jennifer Malone.
For automakers, the 25 percent tariffs could mean higher costs to receive parts, and lower sales. Financial advisers expect this will lead to a 15 to 20 percent increase in car prices.
“For the consumer in the short-run, you may be paying a little bit more and in the long run things will continue to cost more but that just may be the new normal and it’s gonna be okay,” said Malone.
Malone said she expects car dealers will offer more financing options for customers to help ease the blow. One thing buyers can do is make sure they have sufficient funds in their emergency savings and 401k. If necessary, Malone suggests being prepared to pull from those s to buy a new car or make repairs if needed.
Looking into buying a U.S. manufactured car or a used car are other potential options she suggested to consider and some local car owners are already taking heed.
“When people start having to pay a higher tax, a tariff to get products made in other countries, maybe they’ll look at resources within resources within our own country,” said local car owner Teresa Belew.
Global tariffs are what Belew said motivates her to buy American-sourced products.
“By investing in American jobs, American products, American pride and once you have that, you can have everything,” she said.
Other car owners said they accept the unknown.
“If you gotta get something done, you gotta get it done and you just have to pay to get it done whatever that is so if it goes up, it goes up,” said car owner Travis Wilson.
Financial experts said they’ve seen other phases of uncertainty from a global pandemic to interest rate hikes. Their message to buyers is that the stock market and the American consumer are resilient.
“The economy will continue to grow. It may not grow at the rate that we saw last year but the economy will continue to grow and just be patient through these turbulent times,” said Malone.
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