Toyota says U.S. tariffs on steel, aluminium will substantially raise production costs
2 March 2018
Toyota Motor Corp said on Friday U.S. tariffs on imported steel and aluminium would substantially raise costs and therefore prices of cars and trucks sold in America.
“The (U.S.) Administration’s decision to impose substantial steel and aluminium tariffs will adversely impact automakers, the automotive supplier community and consumers,” the automaker told Reuters.
Toyota added that more than 90 percent of the steel and aluminium purchased for cars built in the United States is sourced from the country.
President Donald Trump announced on Thursday he would impose hefty tariffs on imported steel and aluminium to protect U.S. producers, risking retaliation from major trade partners like China, Europe and neighboring Canada.
Trump said the duties of 25 percent on steel and 10 percent on aluminium would be formally announced next week although White House officials later said some details still needed to be ironed out.
Source: reuters.com
