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Donald Trump just threatened Toyota — but it looks like he got the facts wrong
- President-elect Donald Trump threatened to impose a hefty tax on Toyota Motor it if builds its Corolla cars for the U.S. market at a plant in Mexico.(Reuters)President-elect Donald Trump continued his Twitter tirade against the auto industry on Thursday, slamming Toyota for investing in Mexico but appearing to misstate key details of the company's operations.Trump warned the Japanese carmaker over Twitter that it could face hefty fines for building a plant in Baja, Mexico, to sell the popular Corolla sedan to American consumers.
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Japan Inc. Hits Back After Trump Threatens Toyota On Twitter
- U.S. President-elect Donald Trump talks to members of the media at Mar-a-Lago estate in Palm Beach, Florida, U.S., December 21, 2016.REUTERS/Carlos Barria5408893Japan said that it has been and will continue to create jobs and contribute to economic growth in the U.S. after President-elect Donald Trump threatened Toyota.Trump criticized foreign automaker Toyota Motor Corp for its plans to build Carolla cars in Mexico.
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Toyota emphasizes U.S. investment in response to latest Trump tweet
- But the plant he apparently referenced will not be built in Baja — though Toyota does have an existing facility there.Rather, Toyota is planning to build a new plant to produce Corollas in Guanajuato, Mexico.In response to Trump's tweet, the company emphasized that the new plant will not decrease the global giant's job numbers or investment in the U.S."Toyota has been part of the cultural fabric in the U.S. for nearly 60 years," the company said in a statement.
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Toyota Promises To Increase US Trade Defict By $10 Billion In Response To Trump Tweet
- Best States For Business 2016As we know the President-elect, Donald Trump, tweeted that he was most unhappy that Toyota announced an investment in and expansion of a plant in Mexico.Instead, cars should be built in the US--with the idea that if not perhaps a large border tax, a trade import tariff, should or would be considered.To which we've had the answer from Toyota--they have agreed to increase the US trade deficit by $10 billion over 5 years.
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Trump Tweet: Why Pick On Toyota? - Toyota Motor Corporation (NYSE:TM)
- Slapping a import tariff on Toyota would be an undeserved slap-in-the-fact to an excellent corporate citizen and is simply bad trade policy, period.An import tariff on Toyota's built in Mexico and sent to the U.S. would likely hurt American consumers much more than Toyota.The incoming administration would have been wise to examine Toyota U.S.A's operations in the U.S. and the love affair Americans have with Toyota vehicles.
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