Analysts expect that the new tariffs will add approximately $3,000 to the price of US-made cars, and up to $6,000 on cars made in Mexico and Canada

Jose Munoz, co-CEO of Hyundai Motor , said on Thursday there were no plans to raise prices in the United States at this time in response to U.S. tariffs.

Hyundai CEO José Muñoz said the US is a "very important market" where it needs to "offer a competitive product."