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US tariffs on imported autos start as markets reel from Trump's trade escalation

ABC News
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Tariffs of 25% on cars, SUVs, minivans, cargo vans and light trucks go into effect early Thursday morning .

Experts say the tariffs could raise car prices by thousands of dollars .

The White House touted the tariffs as a means of safeguarding U.S. national security.

The European Union said it has a "strong plan to retaliate," which European Commission President Ursula von der Leyen will deliver on Thursday .