Toyota Releases Statement on Proposed Tariffs on Vehicle Imports
Automaker asserts that tariffs would increase costs of its vehicles and negatively impact consumers.
On May 23, President Donald Trump directed the U.S. Commerce Department to conduct an investigation, under section 232 of the Trade Expansion Act, to determine whether imports of vehicles (including cars, SUVs, vans, and light trucks) and automotive parts are a threat to national security.
The president announced he will impose a 25 percent tariff on vehicle imports if the government concludes that they are a security threat. Commerce Secretary Wilbur Ross announced plans to complete the probe by late July or August after holding hearings next month.
The Commerce department has set Friday, June 29th as a deadline to file comments on its proposed tariff. Industry trade associations, automakers, including Toyota, and other groups plan to submit comments.
Below is Toyota’s statement in advance of its formal submission.
Toyota Media Statement on 232 Submission
“A hundred and thirty-seven thousand Americans support their families working for Toyota, and Toyota and Lexus dealerships. They are not a national security threat. Indeed, Toyota operates 10 manufacturing plants in the U.S. We are an exemplar of the manufacturing might of America. A 25% tariff on automotive imports, which is just a tax on consumers, would increase the cost of every vehicle sold in the country. Even the Toyota Camry, the best-selling car in America, made in Georgetown, Kentucky, would face $1,800 in increased costs. We believe the only plausible outcome of this investigation is to reject the notion that automotive imports threaten national security.”
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