Japan auto group ‘disappointed’ by Trump’s stance on imports

Bloomberg

The Japan Automobile Manufacturers Association said it is “profoundly disappointed” by US President Donald Trump’s declaration that imported vehicles and parts threaten national security, echoing a statement made just days ago by Toyota Motor Corp.
Although the comments are unusually strong, the source is no surprise: Toyota President Akio Toyoda is also chairman of JAMA, the influential trade group.
“We are dismayed to hear a message suggesting that our long-time contributions of investment and employment in the US are not welcomed,” Toyoda said in a statement. “As chairman, I am deeply saddened by this decision.”
Such language is unusual for Japanese companies, and reflects growing concern that Trump may trigger an all-out trade war ahead of US elections next year. Trump agreed with his Commerce Department, which concluded imports of vehicles and auto parts have threatened national security by eating into the market share of “American-owned” carmakers since the 1980s. The White House set a 180-day deadline for negotiating deals with Japan, the European Union and other major auto exporters. “Any trade restrictive measures would deliver a serious blow to the US auto industry and economy, as it would not only disadvantage US consumers, but also adversely affect the global competitiveness of US-produced vehicles and suppress company investments in the US,” Toyoda said.
Japan’s auto industry has 24 factories, 45 research-and-development or design centers and 39 distribution centres in 28 states. Japanese carmakers have invested $51 billion in manufacturing facilities and provide more than 93,000 direct American jobs, JAMA said.