About 22% of all vehicles sold in the U.S. are imported from Canada and Mexico, according to S&P Global, while several automakers rely on assembly and manufacturing for some vehicles in either country, including BMW, U.S.-based General Motors, Nissan, Volkswagen, Toyota and Stellantis, among others.

Higher prices will deter buyers and force automakers to curtail production, said Jonathan Smoke, chief economist at Cox Automotive. He forecast that U.S. factories would produce 20,000 fewer cars per week, about 30 percent less than usual.