Noted economist Arthur Laffer warns in a new analysis that President Donald Trump’s 25% tariffs on auto imports could add $4,711 to the cost of a vehicle.

For many consumers, buying a new car is already a costly challenge. President Donald Trump has now made it even more financially difficult. Trump announced Wednesday that he wants to impose a 25 percent tariff on imported cars and parts on the theory that a trade war might boost manufacturing jobs in the United States in the long run.