BREAKING: Just Minutes After Toyota Announces They Are Building Plant In Mexico- LOOK What Happens


U.S. President-elect Donald Trump on Thursday targeted Toyota , threatening to impose a hefty fee on the Japanese automaker it if builds its Corolla cars for the U.S. market at a plant in Mexico.

“Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax,” Trump said in a post on Twitter.


Back in September, Toyota announced that it would spend $150 million at the Baja plant to boost output of its Tacoma pickup truck. The company has also said it seeks to invest $1 billion in a new Corolla plant at Guanajuato that would produce 200,000 vehicles per year for sales throughout North America. The plant would employ 2,000 people, Western Journalism reports.

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Toyota shares began plummeting almost instantly, causing an initial drop of around $1.2 billion in value.


The stock price finished the day down 0.75 points, or 0.62 percent.

“My new favorite thing is watching the stock charts of companies immediately after Trump tweets, here’s Toyota.”


Experts expect the stock price will rebound over time, as happened before to Boeing when Trump tweeted criticism over the cost of the new Air Force One.

FOX reports that Toyota President Akio Toyoda said in Japan on Thursday that the automaker has no immediate plans to curb production in Mexico, preferring to wait until after Trump’s Jan. 20 inauguration before deciding whether to make any changes.

“We will consider our option as we see what policies the incoming president adopts,” Toyoda said at an industry gathering in Tokyo on Thursday before Trump’s tweet, when asked whether his company was considering any changes to a production plant the automaker was building in Mexico.

Toyota later issued a statement insisting its Mexico plans would not hurt employment in the United States.

Automakers in the United States have been slammed by Trump for building cars in lower-cost factories south of the border, which he said costs American jobs. Pressure to curb that production intensified this week after Ford Motor Co scrapped plans to build a $1.6 billion assembly plant in Mexico after Trump harshly criticized the investment.

Ford, however, still plans to shift production of small cars to Mexico from Michigan, even as it uses $700 million from the planned Mexico investment to expand its operations in Flat Rock, Michigan, and add 700 jobs.

During the campaign, Trump criticized barriers to U.S. auto exports to Japan and said the U.S. government did not do enough to open the market to more American-made vehicles.

“Until you open your markets, you’re not selling any more cars over here,” Trump said of Japan in an August 2015 interview with the Detroit News. “That’s going to force people to build in the United States.”

Jack Davis  at Western Journalism reports that one expert said whether Trump wins or loses his battles with the auto giants, the fact that he is fighting them resonates politically with one key group.

“Trump’s attack tweets against different companies may seem pretty random, but look closer. When he calls out Carrier, Ford, GM, Lockheed-Martin, Boeing, etc., all of the companies he’s targeting have something in common: They’re either unionized companies or in generally unionized industries,” wrote Jake Novak on CNBC, who said Trump’s “protectionist and border security message, which became evident right from the first day he announced his campaign, clearly spoke to union rank-and-file members across the country.”

When Trump fights for union jobs, he increases his support among union members, undercutting a traditional base of the Democratic Party, Novak wrote.

“Expect this to continue throughout his presidency. And all it takes is a look at the election map to see why. Trump’s siphoning of union support from the Democrats brought him a narrow election victory, it’s only logical that he’ll do what it takes to siphon yet more to ensure more support and a bigger re-election margin in the coming years,” he added.

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