Higher production costs driven by Trump administration trade moves will likely push up new vehicle prices, analysts said. That could send more shoppers looking for used cars and trucks, pushing up prices for secondhand vehicles.

President Donald Trump made official Wednesday his long-promised tariffs for the automotive industry, imposing a 25% import tariff on all cars, light-duty trucks and some car parts imported into the U.S. Trump argued the tariffs will boost domestic manufacturing by forcing American automakers to build cars in the U.S.

President Donald Trump is calling Wednesday Liberation Day. Trump is expected to roll out some tariffs he claims will free the United States from its reliance on foreign goods. This includes goods on foreign vehicles,

President Trump's first round of auto tariffs start Wednesday, which means a 25% tax on car imports. That will likely lead to higher prices for customers. CBS News New York's Nick Caloway visited a New Jersey car dealership,

Some car buyers and car dealers are collectively holding their breath as they brace for the 25% tariffs President Donald Trump is expected to impose on auto imports.