Toyota warns cost of some best-selling models could rise because of Trump tariffs

Toyota warns cost of some best-selling models could rise because of Trump tariffs
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The cost of some of Toyota's most popular automobiles will increase by as much as $3,000 because of President TrumpDonald TrumpSenators given no timeline on removal of National Guard, Capitol fence Democratic fury with GOP explodes in House Georgia secretary of state withholds support for 'reactionary' GOP voting bills MORE's ongoing trade war, the company said Friday.

CNBC reported that the Japanese automaker's executive made the announcement after reporting record profits on Friday. But the company said tariffs imposed by the U.S. could severely impact Toyota's bottom line and negatively affect jobs.

"A 25 percent tariff on automotive imports, which is just a tax on consumers, would increase the cost of every vehicle sold in the country," Toyota said in a statement, according to CNBC. 


CNBC notes that models such as Toyota's popular Camry sedan, Tundra pickup truck and the Sienna minivan would see cost increases because of Trump's tariffs. The company said the Camry, which is assembled in Kentucky, would cost an extra $1,800 if a 25 percent tariff were to take effect, according to CNBC. 

CNBC reported that the company said the Tundra and Sienna would cost $2,800 and $3,000 more, respectively. 

137,000 people in the U.S. are employed by Toyota across 10 of its factories and dealerships. 

"They are not a national security threat," Toyota said, according to CNBC, referencing the Trump administration's justification for implementing tariffs on foreign nations. 

Toyota's announcement comes as the U.S. becomes increasingly enmeshed in trade disputes with numerous countries, including longtime U.S. allies. 

Trump has already imposed 25 percent tariffs on billions of dollars worth of goods from China, and he has threatened to raise tariff levels.  

On Friday, China said it would impose tariffs upward of 25 percent on 5,207 American goods if the Trump administration follows through with its threats to hit Beijing with 25 percent tariffs on $200 billion of Chinese imports.