Toyota Motor North America (TMNA) has warned that the Trump administration’s plan to introduce US import duties on steel and aluminium will hurt automakers and push up prices.
“Toyota’s procurement philosophy has always been to build where we sell and to buy where we build. In fact, more than 90% of the steel and aluminium we purchase is from right here in the US,” Toyota said in a statement.
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“Nonetheless, the Administration’s decision to impose substantial steel and aluminium tariffs will adversely impact automakers, the automotive supplier community and consumers as this would substantially raise costs and therefore prices of cars and trucks sold in America,” it added.
President Donald Trump announced yesterday that he would impose new tariffs on imported steel and aluminium to protect US producers, risking retaliation from major trade partners.
President Trump said the new duties of 25% on steel and 10% on aluminium would be announced next week, although White House officials reportedly said some details still need to be ironed out.
