For many consumers, buying a new car is already a costly challenge. President Donald Trump has now made it even more financially difficult. Trump announced Wednesday that he wants to impose a 25 percent tariff on imported cars and parts on the theory that a trade war might boost manufacturing jobs in the United States in the long run.

President Donald Trump announced new tariffs on auto imports during a press conference on Wednesday. Auto industry experts weigh in on when to buy a car as the levies loom.

Automakers in the U.S. rely on complex supply chains that often include parts imported from China, Mexico and Canada. Because of that, Trump's tariffs are expected to drive up manufacturing costs and, in turn, push new vehicle prices higher later this year, according to AEG's data.