The cost of some of Toyota’s most popular automobiles will increase by as much as $3,000 because of President Trump’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.
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Toyota warns cost of most popular cars could rise by thousands due to Trump tariffs https://t.co/D76z3AkZxH pic.twitter.com/waSmEFlqxB
— The Hill (@thehill) August 4, 2018
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