10:03 AM EDT, 04/03/2025 (MT Newswires) -- President Donald Trump's auto tariffs will likely cost US car buyers about $30 billion in the first year, assuming carmakers will absorb some of the costs during the period, Anderson Economic Group said in a report Wednesday.

Investors and employees of manufacturers, suppliers, and dealers in the automotive industry are expected to absorb at least another $30 billion in tariff costs during this same time, the report said.

Tariffs are estimated to cost an additional $2,500 to $4,500 for certain small crossovers, sedans, and one mid-sized SUV assembled in the US, and up to $20,000 for some imported models, according to the report.

The report said the Trump administration's annual revenue estimate of $100 billion from the auto tariffs is "vague in scope, policy, and timeframe."

Eventually, carmakers are expected to cut the number of models sold in the US, shift some production to the US, and "pass almost all tariff costs on to consumers," the report said.