In an unusually strongly worded statement, Toyota (NYSE:TM) rebukes Pres. Trump's declaration that imported cars threaten U.S. national security, a signal that difficult talks may lie ahead for the U.S. and its key trading partners.
The company says it has spent $60B-plus building operations in the U.S., including 10 manufacturing plants, and Trump's declaration that the U.S. needs to defend itself against foreign cars and components "sends a message to Toyota that our investments are not welcomed."
The Trump administration earlier today set a six-month deadline for negotiating deals with Japan, the European Union and other major auto exporters.
Toyota says it remains hopeful that the talks can be resolved quickly but warns reducing imports would prove "a major setback for American consumers, workers and the auto industry."
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