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Toyota Criticizes US Security Threat Finding;Trump Delays Tariffs On Car Imports

Toyota Motor Corp. (TYT.L,TM) criticized U.S. President Donald Trump for declaring auto imports a national security threat. Meanwhile, Trump announced a six-month delay in imposing steep tariffs on auto imports.

Toyota said that Trump's proclamation sends a message to the company that its investments are not welcomed, and the contributions from each of its employees across America are not valued.

The company said it has spent more than $60 billion building operations in the U.S., including 10 manufacturing plants.

On Friday, Trump signed a proclamation saying that "automobiles and certain automobile parts are being imported ... in such quantities and under such circumstances as to threaten to impair the national security of the United States."

The tariffs would deal a major blow to the European and Japanese auto industries if implemented.

The U.S. imported more than $191 billion worth of automobiles in 2017, while American-made vehicles account for only 22% of automobiles sold in the U.S., the White House said in a statement.

The White House set a 180-day deadline for negotiating deals with Japan, the European Union and other major auto exporters. if agreements are not reached within 180 days, the President will determine whether and what further action needs to be taken, White House said.

Meanwhile, Toyota said it remains hopeful that the upcoming negotiations on trade can be resolved quickly and yield what is best for the American consumer, workers and the auto industry.

"History has shown that limiting import vehicles and parts is counterproductive in creating jobs, stimulating the economy and influencing consumer buying habits. These artificial limitations would reduce consumer choice and impact all automakers since vehicle parts used in U.S. manufacturing are sourced from around the globe. If import quotas are imposed, the biggest losers will be consumers who will pay more and have fewer vehicle choices," Toyota said.

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