Car companies paid $1B+ in tariffs

(CNN)– U.S. tariffs hit car companies hard in July.

Auto industry consulting firm “Anderson Economic Group” said carmakers paid more than $1.4 billion to import cars and car parts from Canada and Mexico.

This comes after a 25% tariff on cars and car parts went into effect in April and May.

General Motors, Stellantis, Ford, Tesla, and Hyundai assemble many of their vehicles in the U.S., but they import a number of parts from Canada and Mexico.

The automakers paid nearly $300 million in tariffs on car parts in July.