Toy­ota ex­ec­u­tive warns against im­port tax

The Washington Times Daily - - POLITICS - — David Sherfin­ski

A top Toy­ota ex­ec­u­tive on Mon­day said that an im­port tax be­ing weighed by con­gres­sional Repub­li­cans could ul­ti­mately bump up sticker prices for con­sumers.

“Very quickly, we’ve kind of es­ti­mated that the bor­der ad­just­ment tax could po­ten­tially add an ad­di­tional thou­sand dol­lars on the top of our Camry and that … cost will be passed on to con­sumers,” Wil James, pres­i­dent of Toy­ota Mo­tor Man­u­fac­tur­ing, Ken­tucky, Inc., said on Fox Busi­ness Net­work.

“So we see that as a neg­a­tive from the point of view of in­creas­ing the cost of prod­ucts,” he said.

Toy­ota on Mon­day an­nounced a $1.33 bil­lion in­vest­ment in Ken­tucky as part of the com­pany’s plan to in­vest $10 bil­lion in the U.S. over the next five years.

“Although this is our largest in­di­vid­ual in­vest­ment for us here in Ge­orge­town, this is not the only sig­nif­i­cant in­vest­ment that we’ve made,” Mr. James said.

“This is just part of the con­tin­u­a­tion of the in­vest­ment pro­gram that we’ve … had in place,” he said.

As part of broader tax re­form ef­forts, con­gres­sional Repub­li­cans have floated a so-called “bor­der ad­just­ment tax” that would im­pose an across-the-board tax on im­ports.

AS­SO­CI­ATED PRESS

A top Toy­ota ex­ec­u­tive Mon­day said that an im­port tax could, ul­ti­mately, bump up prices for con­sumers.

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