Tariffs implemented by the Trump administration may boost prices and reduce vehicle production, an analyst for S&P Global Mobility said Tuesday.

Many in the industry feel that the levies could still be called off. Virtually everyone is hoping that, if enacted, the tariffs will be short-lived. Regardless, uncertainty has already taken its toll.

Automotive experts believe the added costs of President Trump's tariffs will be passed on to the consumer, and the auto industry could see the biggest price shock of any goods coming from Canada, Mexico and China.

Auto industry analysts say it would take automakers years of sustained spending and construction that would cost tens of billions of dollars to replicate the production capacity needed to supply North America in addition to entirely rebuilding their supply chains.

In a victory lap address to Congress on Tuesday, U.S. President Donald Trump said that his election win, combined with new tariffs, would allow the auto industry in the U.S. to flourish.