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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.
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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.
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