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US car prices higher in April after tariffs hit

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U.S. new-vehicle prices surged in April, data released on Monday showed, a sign that the effects of President Donald Trump's auto-tariff measures are rippling through the car market.
In April, U.S. car prices experienced an increase following the implementation of new tariffs on Chinese imports, as reported by Cox Automotive. The average transaction price for new vehicles rose to $48,275, marking a 0.5% increase from March and a 3.7% rise from the previous year. This surge was influenced by a 25% tariff on Chinese electric vehicles and a 100% tariff on Chinese-made vehicle batteries, which affected the pricing of electric vehicles and hybrids. Despite the price hike, demand for electric vehicles remained strong, with their prices increasing by 5.5% year-over-year to an average of $55,242. Meanwhile, the prices of gas-powered vehicles also saw a slight increase, averaging $47,244, up by 3.4% from the previous year.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/money/companies/us-car-prices-higher-in-april-after-tariffs-hit/ar-AA1EDuQp ]