Mexican Media Brands
Toyota Urges U.S. Dealers to Oppose Trump Border Tax
Toyota Motor Corp. has urged its retailers in the U.S. to tell their Congressional representatives that the Trump administration’s plan to impose a border tax on all imports will hike car prices.
#economics
Share
Toyota Motor Corp. has urged its retailers in the U.S. to tell their Congressional representatives that the Trump administration’s plan to impose a border tax on all imports will hike car prices.
About half of the 2.4 million vehicles Toyota sells in North America are imported.
Reuters reports that dealers who responded warned legislators that a 20% import tax could add thousands of dollar to the price of a new car. Jim Lentz, CEO of Toyota operations in North America, tells the news service that high prices will hurt sales and employment, thereby threatening President Trump’s goal of boosting jobs.
In a letter last week to import car dealers, the American International Automobile Dealers Assn. described the tariff proposal as “heart stopping.” Trump has proposed offsetting the impact of tariffs with lower corporate taxes, eased regulations and other financial breaks.
RELATED CONTENT
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.