- 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."