Noted economist Arthur Laffer warns in a new analysis that President Donald Trump's 25 per cent tariffs on auto imports could add $4,711 to the cost of a vehicle, adding that the proposed taxes could weaken the ability of US automakers to compete with their foreign counterparts. In the 21-page analysis obtained by The Associated Press, Laffer, whom Trump awarded the Presidential Medal of Freedom in 2019 for his contributions to economics, says the auto industry would be in a better position if the president preserved the supply chain rules with Canada and Mexico from his own 2019 USMCA trade pact.