Edition: Global  
One News Page
“Probably the fastest-access news portal in the world”
> >

Japan fights back as Trump takes aim at Toyota

Proactive Investors Friday, 6 January 2017
Government officials and major Japanese companies have rebuffed Donald Trump’s claims after the President-elect called out Toyota Motor on Twitter yesterday. Trump was angered by Toyota’s plans to build a car factory in Mexico which would supply the US market, telling Toyota to move its production base across the border or face heavy import taxes. Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax. — Donald J. Trump (@realDonaldTrump) January 5, 2017 In-keeping with other companies threatened by Trump on Twitter, Toyota shares slumped on the Tokyo Stock Exchange on Friday causing hundreds of millions of dollars to be wiped off the carmaker’s market value. But fellow Japanese firms and officials weighed in on behalf of their counterpart. “Toyota is responsible for large employment at US plants such as in Kentucky,” said Taro Aso, Japan’s finance minister. “It is questionable whether the new US President has a grasp of how many vehicles Toyota builds in the US.” The country’s trade and industry minister, Hiroshige Seko, added that, although it was a matter for a private company, the Japanese government would do its part in defending Toyota to the US administration. Sony’s chief executive, Kazuo Hirai, and Nissan boos, Carlos Ghosn, also aired their views backing Toyota. Back in 2015, the car manufacturer announced plans to build a new US$1bn production facility in Guanajuato which will make Corolla vehicles from 2019. Trump, still intent on “making America great again”, wants companies that benefit from the US’s large economy to create more jobs in the country. In response to his comments yesterday, Toyota has reassured its US workforce that no jobs would be lost as a result of the Mexico plant’s opening. Toyota shares closed on Friday at JPY¥6,930, almost 2% lower than close of play on Thursday.
0
shares
Share on
Facebook
Share on
Twitter
Post on 
Reddit
Share by
Email
 
Source: Reuters Studio - < > Embed

News video: Trump's talk threatens Toyota and wider sector

Trump's talk threatens Toyota and wider sector 01:40

Japan's government has hit back at President-elect Donald Trump, who's threatened to tax Toyota if the car company makes vehicles for the U.S. in Mexico. It comes amid wider fears of how Trump could impact on the industry. Laura Frykberg reports.

You Might Like


Recent related news

Trump’s reaction to sanctuary ruling draws rebuke in Bay Area

President Trump’s Twitter barrage directed at a federal judge who blocked his attempt to cut off funding to immigrant-protective sanctuary cities drew a sharp...
SFGate - USAlso reported by •VOA News

Toyota to Hold the 28th Toyota Automobile Museum Classic Car Festival

Overview of Toyota Automobile Museum Classic Car FestivalExhibitions, driving demonstrations, commemorative photos, and test ridesThe '2000GT' James Bond Car to...
ACN Newswire - Press ReleasesAlso reported by •PRWeb

Toyota Starts Trial of a Hybrid Power Generation System

Reference: Difference between fuel cellsOverview of the hybrid power generation systemCombining Fuel Cell Technology with Micro Gas Turbines at Motomachi...
ACN Newswire - Press Releases


Other recent news in Business

GOOGLE and Facebook duped in huge 'scam'FYRE FESTIVAL turns from 'luxury' to 'disaster' with ticket-holders stranded in Bahamas
UK economy slows as BREXIT weighs on consumersQUALCOMM says Apple withholding royalty payments amid legal row
Garden Bridge scrapped? LONDON Mayor Sadiq Khan pulls his supportFACEBOOK gearing up to fight political propaganda
BARCLAYS pulls FTSE 100 lowerCLOUDERA founder: Why investors are 'thrilled' my company is worth $2 billion less after our IPO (CLDR)
US Congress Passes Short-term Bill to Avert GOVERNMENT SHUTDOWNApple asks CALIFORNIA to change its proposed self-driving car testing policies

Twitter

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2017 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+