Toyota warns: New Trump tariffs will cause price of cars to rise in US

Toyota warns: New Trump tariffs will cause price of cars to rise in US
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Toyota Motor Corp. warned that tariffs on steel and aluminum that President TrumpDonald John TrumpDavis: Supreme Court decision is bad news for Trump, good news for Vance Meadows trying to root out suspected White House leakers by feeding them info: Axios Pressley hits DeVos over reopening schools: 'I wouldn't trust you to care for a house plant let alone my child' MORE will impose next week will cause the price of cars and trucks in the U.S. to rise.

The major motor vehicle maker spoke out against the new tariffs just hours after Trump announced the measures.

"The Administration's decision to impose substantial steel and aluminum tariffs will adversely impact automakers, the automotive supplier community and consumers," Toyota said in a statement obtained by Reuters Thursday.

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The company also noted that more than 90 percent of the steel and aluminum purchased for cars manufactured in the U.S. already comes from within the country, according to Reuters.

“This would substantially raise costs and therefore prices of cars and trucks sold in America,” the statement also read, according to CNBC.

Matt Blunt, president of the American Automotive Policy Council, also slammed the announcement.

"This would place the U.S. automotive industry, which supports more than 7 million American jobs, at a competitive disadvantage," Blunt told CNBC.

Trump announced earlier Thursday that he will implement a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

“We'll be signing it next week. And you'll have protection for a long time in a while,” Trump said.