U.S. President Donald Trump's 25% auto tariffs will cover more than $460 billion worth of imports of vehicles and auto parts imports annually, according to a Reuters analysis of tariff codes included in a federal register notice on Wednesday.

President Donald Trump’s auto tariffs went into effect Thursday. The 25% tariffs apply to imported cars to the U.S. and Trump also plans to extend the tariffs to cover car parts, which likely will increase the cost of repairs and insurance. These tariffs are also expected to extend to applicable auto parts in the coming weeks, through May 3.

Trump has historically opposed unions, though he has courted union voters through his focus on U.S. manufacturing across his political campaigns.

President Donald Trump will announce new tariffs on Wednesday, potentially increasing consumer prices amid concerns from economists and promises to revive American manufacturing jobs.

The White House will unveil automotive tariffs this afternoon, White House press secretary Karoline Leavitt said at a press briefing. The scale and scope of the tariffs remain unknown, but the White H

"Mercedes-Benz continues to seek sales growth for its highly desirable vehicles," the company said in a statement to Reuters.

Even if you’re not in the market for a new car, U.S. President Donald Trump’s 25% tariffs on auto imports could make owning one more expensive.

White House trade adviser Peter Navarro said tariffs would raise about $600 billion to $700 billion a year. Economists say that’s nearly impossible.

Fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners.