Toyota Pick Up Trucks and Vans Will Go Up This Much Because of Tariffs
Author By Sophia VidaPosted on President Trump’s trade war will be adding more to the price tag of Toyota truck and minivans according to the automaker.
Toyota announced this week after reporting record profits, that a 25% tariff on automotive imports will cause prices to rise even for vehicles that are made in the United States.
For the first quarter ended June 30th, Toyota revealed on Friday that net income rose from 613 billion yen to 657.3 billion yen.
“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 executives stated.
Toyota also said that its Toyota Camry sedan would cost an extra $1,800 if the 25% tariff takes effect. The Camry is made in Kentucky.
“This is not helping those blue-collar workers who voted for Trump,” Kelley Blue Book senior analyst Rebecca Lindland remarked.
“Renegotiating NAFTA is long overdue. But slapping tariffs on an inflexible industry is not protecting American jobs, American investors or American consumers.”
Disclaimer: We have no position in Toyota Motor Corp (NYSE: TM) and have not been compensated for this article.
