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Toyota says US tariffs on steel, aluminum will raise car prices

Toyota Motor Corp. said March 1 that the U.S. administration's decision to impose steep import duties on steel and aluminum will increase production costs and, consequently, vehicle prices in the U.S., Reuters reported.

Over 90% of the steel and aluminum that the Japanese carmaker uses to make vehicles in the U.S. is sourced from the country, according to the report.

Toyota's statement comes after U.S. President Donald Trump announced March 1 that he will impose tariffs of 25% on steel and 10% on aluminum. Trump intends to sign the new tariffs into law next week.