Economics
Toyota Says Trump’s Tariffs to ‘Adversely Impact’ Automakers
- Automakers, parts suppliers, car dealers oppose trade action
- Ford, GM raw material costs were already seen rising this year
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The auto industry is warning that U.S. sales declines, which have become routine over the past year, may continue thanks to the tariffs President Donald Trump plans to slap on steel and aluminum imports.
Toyota Motor Corp., which plans to build a new $1.6 billion factory in Alabama with Mazda Motor Corp., said the administration’s decision will “adversely impact” auto companies by raising costs and prices of cars and trucks sold in the U.S. That’s even as more than 90 percent of the steel Asia’s biggest carmaker needs in the U.S. is from the country.