President Donald Trump on Wednesday announced new tariffs on auto imports during a press conference at the White House.

The president said the tariffs will impose a 25% tariff on all imported autos, up from 2.5% previously.

Trump, who views tariffs as a way to bring in tax revenue to finance his plans for tax cuts while spurring a revitalization of domestic manufacturing, previously suggested that he could impose auto tariffs that run "in the neighborhood of 25%."

Tariffs could increase the cost of cars for consumers by thousands of dollars, according to analyses by auto industry groups. Higher costs could cause automakers to curb production and potentially lead to job losses in the industry.

This is a developing story. Please check back for updates.

Reuters contributed to this report.