Toyota Says Tariffs Would Increase Price of Every Car in U.S.

 Alexa Lardieri

THE POPULAR TOYOTA Camry could see a price bump of $1,800 if President Donald Trump's proposed tariffs go into effect later this year.

On May 23, the president directed the U.S. Commerce Department to investigate whether imports of vehicles are a threat to national security. If the investigation deems the imports are a threat, Trump announced he will impose a 25 percent tariff on the import of cars and car parts.

In a statement, Toyota called the 25 percent tariff on automotive imports "just a tax on consumers," and said it would increase the cost of every car in America, including the Toyota Camry, which is made in Georgetown, Kentucky.

Toyota says it employs 137,000 Americans and operates 10 manufacturing plants across the country. "They are not a national security threat," the company said.

"We are an exemplar of the manufacturing might of America … We believe the only plausible outcome of this investigation is to reject the notion that automotive imports threaten national security," the statement says.

About 55 percent of the Camry's parts are from the U.S. or Canada, and about 30 percent come from Japan, according to an estimate by the National Highway Traffic Safety Administration CNN reported.

The Commerce Department is accepting comments on the proposed tariffs until Friday. Toyota, along with other manufacturers and industry trade associations, intends to submit comments, it announced in its statement.

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Domain: Afterhours
Category: Entertainment
Alexa Lardieri
11 October, 2018
Alexa Lardieri
05 October, 2018
Alexa Lardieri
04 October, 2018