Trump trade war will add $3000 to the price of Toyotas
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resident Trump’s trade war will add $3000 to the sticker-cost of Toyota’s best selling vehicles, especially pickup trucks and minivans, the company said.“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 CNBC reported on Friday.
Toyota reported record profits on Friday. Global net income at Toyota rose from $5.52 billion to $5.91 billion during its first quarter, but executives said on Friday that the increased tariffs could harm Toyota’s bottom line and negatively affect jobs.
For example, CNBC notes, a Toyota Camry sedan, assembled in Kentucky, would cost an extra $1,800 if a 25 percent tariff took effect. A similar cost increase would be seen on the Tundra pickup and the Sienna minivan with an additional $2,800 and $3,000 added to the prices respectively. Fleet customers such as taxi companies, Uber, or Lyft would be affected by these increases as well.
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