President Donald Trump remains undeterred in the face of potential price hikes in the auto industry in response to his new tariffs on foreign-made vehicles. What Happened: On Saturday, Trump refuted claims that he had advised auto industry leaders against price increases in response to the new tariffs.

President Trump on Saturday denied reports alleging he urged auto CEOs not to raise costs amid tariffs on foreign-made cars, instead doubling down on his decision to increase levies in an effort to create an American manufacturing boom.

Working-class car buyers will be the hardest hit by U.S. President Donald Trump’s 25% tariff on imported vehicles because almost all low-cost new cars sold in the United States are built elsewhere.

Carmakers are likely to face higher costs regardless of how they respond to President Trump’s 25 percent tariffs on cars and auto parts.

Donald Trump's tariffs will lead to higher prices, fewer choices of models or limits on features for consumers, industry experts said.