ALBUQUERQUE, N.M. – In an effort to boost manufacturing in the U.S., President Trump says he is putting 25% tariffs on imported cars and car parts. This will increase vehicle prices. 

Nearly half of all vehicles sold in the U.S. are imported and many companies, even if they have American factories, use foreign parts. 

Experts say the tariffs could raise prices on new cars by thousands of dollars.

“This is the beginning of Liberation Day in America, we’re going to take back just some of the money that’s been taken from us. In our case, all we’re doing is saying you can’t come in unless you build here,” said Trump.

The stock market is already feeling the impact. Share prices for major manufacturers like GM and Toyota dropped Thursday.

The new tariffs go into effect in a week.