Expectations include millions of less vehicle sales, higher new and used vehicle prices and increased costs of more than $100 billion for the industry.

President Trump’s 25% tariffs on foreign-made automobiles took effect at 12:01 a.m. ET. The tariffs would cover finished automobiles and automotive parts, a senior administration previously said. The administration had considered exempting auto parts from the tariffs.

The president said he'd lower tariffs on countries other than China but it did not apply to industrial sector tariffs like autos.