Car prices are rising due to post-pandemic demand and potential new tariffs

From Yahoo Finance: 2025-03-27 09:22:00

Car prices are on the rise post-pandemic, with experts warning of additional hikes due to a new 25% tariff on imported vehicles and parts. President Trump considers lowering tariffs on China to facilitate a sale of TikTok’s U.S. operations to avoid a ban. Taxpayers are less worried about errors on returns amid IRS cuts and chaos.

If TikTok’s Chinese owner doesn’t cede control to an American company by April 5, a ban in the U.S. will take effect. Some taxpayers feel less concerned about errors on their tax returns this year due to IRS turmoil. The Daily Money provides essential consumer and financial news, simplifying complex topics and explaining their impact.

Read more: The Daily Money: Car prices rise again