President Trump’s trade tariffs seem to be driving Toyota up a wall, as the company is letting reporters know. The tariffs will add about $3,000 to the sticker price of its most popular cars, due to the fact that Toyota is not an American automaker. The broad scope of the tariffs and the fact they actually hurt consumers more has Toyota trying to communicate with the press very intently. For example, the Toyota Camry is assembled in Kentucky, but still will be subject to the tariff and cost and extra $1,800 to the consumer, according to the company. The Trump administration's trade war will make Toyota pickup trucks and minivans more expensive, adding about $3,000 to the sticker price of some of its best-selling automobiles, Toyota executives said after reporting record profits Friday. Global net income at the Japanese automaker rose from 613.0 billion yen ($5.52 billion) to 657.3 billion yen during its first quarter ended June 30. But executives told reporters on a call Friday that the increased U.S. tariffs could seriously affect Toyota's bottom line and hurt jobs. "A 25 percent tariff on automotive imports, which is just a tax on consumers, would increase the cost of every vehicle sold in the country," Toyota said in a statement. The extremely popular Toyota Camry sedan, which is assembled in Kentucky, would cost an extra $1,800 if a 25 percent tariff were to take effect, the company said. Click here to continue reading
Toyota Warns Trump Tariffs Will Only Hurt Workers and Consumer Wallets was originally published to CarDaddy
source https://autonews.cardaddy.com/toyota-warns-trump-tariffs-will-only-hurt-workers-and-consumer-wallets/
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