Trump Threatens Toyota Over Mexico Plant

Trump Threatens Toyota Over Mexico Plant

Story written by Katie Little at CNBC

In Donald Trump's latest Twitter rebuke of an automaker, the he threatened Toyota Motor on Thursday with a large border tax if it builds a new plant outside the U.S.

The company's shares on the Nasdaq were slightly lower in afternoon trading following the message.

In response to Trump's tweet, Toyota said in a statement to Reuters that the new Mexican plant will not cut its United States employment, adding that it "looks forward to collaborating with the Trump administration to serve in the best interests of consumers and the automotive industry."

The threat about the Japanese automaker's planned new plant in Mexico is just the latest from Trump, who already has gone after two other automakers.

Earlier this week, Trump issued a separate ultimatum to General Motors: make its Chevy Cruze cars in the U.S. or expect to pay a big border tax.

He has also been pressuring Ford about its own plans for Mexico. Two days ago, Ford announced it was canceling its plans to build Mexican plant, but insisted Trump was not the main factor for the decision.

Toyota announced on Tuesday that it is beginning to move hundreds of jobs out of its northern Kentucky headquarters as part of a nationwide consolidation.

Posted by: The Trust Advisor

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