Toyota Motor Corp. said Thursday it is opposed to the U.S. move to raise tariffs on imported vehicles, which could hit the domestic auto industry and economy.
The United States is the biggest market for Japanese carmakers and increasingly they have been shifting their production to the country. If U.S. President Donald Trump decides to rein in auto imports, that shift in production could accelerate, hollowing out the domestic industry that contributes much to Japan's growth.
"We believe free and fair trade is the best way to create sustained growth for the auto industry and provides more choices and greater value for American consumers," Toyota said in a statement.