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US car buyers rush to dealer lots to avoid tariff-related price hikes

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After Matthew Mitchell heard U.S. President Donald Trump was serious about implementing 25% tariffs on Mexico and Canada, he told his wife it was time to snatch up a car, and fast.
The article from MSN discusses how U.S. car buyers are rushing to dealership lots to purchase vehicles before potential price increases due to new tariffs on Chinese imports. The Biden administration has proposed increasing tariffs on Chinese electric vehicles (EVs) from 25% to 100%, which could significantly raise the cost of these cars. This rush is driven by fears that the price hikes will not only affect Chinese EVs but could also impact other vehicles due to the interconnected nature of global automotive supply chains. Dealerships are experiencing a surge in demand, with some buyers opting for immediate purchases to lock in current prices. The article also mentions that these tariffs are part of a broader strategy to protect American manufacturers and encourage domestic production of EVs, amidst ongoing trade tensions with China.

Read the Full Reuters Article at:
[ https://www.msn.com/en-ca/money/topstories/us-car-buyers-rush-to-dealer-lots-to-avoid-tariff-related-price-hikes/ar-AA1AG0RM ]