New auto import tariffs may raise car repair and insurance costs [Video]

Even if you’re not in the market for a new car, U.S. President Donald Trump’s 25% tariffs on auto imports could make owning one more expensive.The new taxes, which are set to begin April 3 and expand in the following weeks, are estimated to raise the average cost of a car imported from another country by thousands of dollars. But repairs for vehicles that currently use foreign-made parts are also expected to get pricier — and, as a result, hike insurance costs farther down the road.Related video above: Economists warn of possible price hikes amid Trump auto tariffsWhile the White House says these tariffs will foster domestic manufacturing and raise $100 billion in revenue annually, economists stress that straining the auto industry’s global supply chain brings significant disruptions. Dealerships and car repair shops will likely have little choice but to raise prices — leading drivers across the country to pay …