Automakers are blasting Trump’s idea to impose tariffs on imported cars and trucks

Toyota emphasized its long ties to the American market and significant contribution to American employment.

“Over the next 60 years, just three generations, Toyota has become the company equivalent of the American ‘rags to riches’ story,” the statement said. “From humble beginnings, Toyota has blossomed into a major U.S. employer and contributor to the manufacturing might of America, and become inextricably entwined in the cultural and economic fabric of the country.”

The company also warned that the cost of its cars would rise significantly due to the tariffs, which could harm consumers and its business.

“Free and fair trade is the best way to create sustained growth for the auto industry, employment opportunities for American workers and provide more choice and greater value for American consumers,” Toyota said. “Erecting trade barriers, like import tariffs, will ultimately invite retaliation from other nations and undermine America’s leadership, exports and competitiveness overseas.”