US trade war will add $3,000 to price of some Toyota pickups, minivans
Source: CNBC
The Trump administration's trade war will make Toyota pickup trucks and minivans more expensive, adding about $3,000 to the sticker price of some of its best-selling automobiles, Toyota executives said after reporting record profits Friday.
Global net income at the Japanese automaker rose from 613.0 billion yen ($5.52 billion) to 657.3 billion yen during its first quarter ended June 30. But executives told reporters on a call Friday that the increased U.S. tariffs could seriously affect Toyota's bottom line and hurt 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.
The extremely popular Toyota Camry sedan, which is assembled in Kentucky, would cost an extra $1,800 if a 25 percent tariff were to take effect, the company said.
Read more: https://www.cnbc.com/2018/08/03/tariffs-will-raise-car-prices-and-hurt-us-workers-toyota-says.html
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