March 2, 2018 / 1:32 AM / 21 days ago

Toyota says U.S. tariffs on steel, aluminum will substantially raise production costs

TOKYO (Reuters) - Toyota Motor Corp said on Friday U.S. tariffs on imported steel and aluminum would substantially raise costs and therefore prices of cars and trucks sold in America.

FILE PHOTO: The Toyota logo is shown at the Los Angeles Auto Show in Los Angeles, California, U.S., November 30, 2017. REUTERS/Mike Blake/File Photo

“The (U.S.) Administration’s decision to impose substantial steel and aluminum tariffs will adversely impact automakers, the automotive supplier community and consumers,” the automaker told Reuters.

Toyota added that more than 90 percent of the steel and aluminum purchased for cars built in the United States is sourced from the country.

President Donald Trump announced on Thursday he would impose hefty tariffs on imported steel and aluminum to protect U.S. producers, risking retaliation from major trade partners like China, Europe and neighboring Canada.

Trump said the duties of 25 percent on steel and 10 percent on aluminum would be formally announced next week although White House officials later said some details still needed to be ironed out.

Reporting by Minami Funakoshi; Editing by Lincoln Feast

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