Dean Terence Lau L’98, a former general counsel for Ford Motor Co.’s International Trade and Transactions practice group, recently spoke with CBS News Money Watch and the Detroit Free Press about the effects of tariffs on the auto industry.
U.S. automakers including Ford, GM and Stellantis have recently warned that higher U.S. tariffs will reduce their profits by billions of dollars. That is likely to increase new car prices, Lau said to CBS News Money Watch.
“My advice to consumers back in April was that they should wait to buy cars,” said Lau, who expects dealer prices for 2026 models to rise between 4% and 6%. “In August, my advice is to buy now.”
Lau said to the Detroit Free Press, “The Detroit 3 are being squeezed. The tariff on steel and aluminum, as well as on imported vehicles from their foreign subsidiaries, is hurting them deeply.”