Trump's tariffs won't just raise car prices, but insurances rates, experts say (1 Viewer)

[Politics - CBSNews.com]

Chicago — Steve Walter's family has been fixing cars on Chicago's North Side for 70 years.

"I'm fourth generation," Walter said. "My grandfather worked on pre-war Italian race cars."

Walter's mechanics replace metal more often than they repair it, so he's bracing for the impact of President Trump's newly announced 25% tariffs on all vehicles and auto parts imported into the U.S., set to take effect April 2.

"Those tariffs are going to increase the average repair order," Walter said.

He also believes that the tariffs will drive up auto insurance...

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