The president said he would go ahead with auto tariffs industry officials say could decimate Michigan's signature industry, as well as other taxes.

President Donald Trump's plans for broad tariffs took effect while most were sleeping.He declared Wednesday "liberation day" as he announced his plans.

The array of automotive parts that President Trump plans to tariff is more extensive than the industry expected, raising concerns about significant cost increases for U.S.-built vehicles. As part of Trump’s tariff announcement Wednesday,

President Trump’s auto tariffs took effect, placing a 25% import tax on all foreign-made cars. Similar tariffs on car parts are set to take effect May 3.

The average price tag for new cars sold in the U.S. may increase by thousands of dollars as they face President Donald Trump’s 25% tariffs on all imported vehicles and some auto parts on Wednesday, according to industry analysts.

Far-reaching tariffs announced by the U.S. will deal a major blow to German industry, a major exporter to the world's top economy, sector leaders said, with one institute putting the expected damage at 200 billion euros ($222 billion).

President Trump has suggested his impending 25% tariffs on foreign vehicles and auto parts could be avoided by those who buy cars made entirely in the United States. The only problem: There aren’t any.

Inga Fechner and Rico Luman, economists at Dutch bank ING, said that while Germany is most exposed to Trump's 25% auto tariffs in terms of value, it is Slovakia that may feel the biggest impact. Nicknamed the "Detroit of Europe" due to its thriving automotive industry,

The recent tariff war is expected to have minimal impact on the Indian automobile industry due to limited exports to the US. Automobiles are exempt from new tariffs, while the ongoing US-India trade talks aim for a balanced resolution benefiting both economies.