The move to put 10% additional tariffs on imports from China will affect a small number of U.S. vehicles, but increased costs of auto parts could affect already heightened car prices. The biggest impact on vehicles will be on Ford Motor's Lincoln Nautilus and General Motors' Buick Envision.

U.S. President Donald Trump will speak with Chinese President Xi Jinping as soon as this week, Trump's spokesperson said, setting up a major diplomatic exchange as the world's two largest economies seek a deal that could avert a broader trade war.