Auto tariffs announced by President Donald Trump will likely raise car prices by thousands of dollars, while hiking costs for repairs and insurance, some experts told ABC News. Within hours of the policy rollout,

The 25% import tariffs on foreign cars will increase prices for vehicles coming from Germany, Japan and South Korea, as well as for foreign-made parts assembled in the U.S.

U.S. President Donald Trump plans to hold a press conference on Wednesday afternoon to announce tariffs on automobile imports, the White House said.Trump had said on Monday that the long-promised tariffs on imported cars could come this week,