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MarketScreener Homepage  >  Equities  >  Tokyo  >  Toyota Motor Corporation    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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U.S. has not ruled out imposing tariffs on imported autos: Commerce chief

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12/03/2019 | 09:10pm EST
U.S. Secretary of Commerce, Wilbur Ross, speaks during an interview in New York

U.S. Commerce Secretary Wilbur Ross said on Tuesday the Trump administration has not ruled out imposing tariffs on imported autos, after letting a review period end in November with no action.

"We've been having negotiations with the individual companies. We've had some very good benefits from that," Ross told Reuters in New York. "It may or may not turn out that there is any need for the tariff."

U.S. President Donald Trump did not announce any new tariffs after a six-month, self-imposed review period expired in mid-November following a Commerce Department "Section 232" investigation into whether imported autos pose a national security threat. He has threatened to tax them by as much as 25%.

Asked if there was a new deadline, Ross referred to a White House statement last month that did not include a new deadline.

Auto experts have said the U.S. administration may have to find other means if Trump wants to tax European or Japanese car imports, a key part of Trump's pledge to make America's trade relationships more fair.

Senator Pat Toomey, a Pennsylvania Republican, said Tuesday in response to Ross' comments that the Commerce Department would need to a launch a new investigation before it could impose the tariffs.

"VWs & Toyotas don’t pose a nat’l security threat. The window to levy 232 tariffs on foreign autos is closed. If @CommerceGov wants to impose punitive taxes on Americans who buy foreign cars, they must launch a new investigation. Congress should reassert authority over 232 tariffs," Toomey wrote on Twitter.

Ross said it was theoretically possible that Washington could use tariffs authorized by the World Trade Organization under a separate case over aircraft subsidies to impose tariffs on European car imports. But he declined to say if the administration was examining that possibility.

Ross noted Tuesday the EU imposes a 10% tariff on U.S. cars, while the U.S. imposes a 2.5% tariff on EU cars.

"There has already has been a tariff war. The only thing is we haven't been defending ourselves. We've been accepting the lopsidedness of things," Ross said.

By David Shepardson

Stocks mentioned in the article
ChangeLast1st jan.
TOYOTA MOTOR CORPORATION 0.17% 7663 End-of-day quote.24.00%
VOLKSWAGEN AG 1.45% 178.24 Delayed Quote.28.30%
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Financials (JPY)
Sales 2020 30 103 B
EBIT 2020 2 562 B
Net income 2020 2 296 B
Debt 2020 14 876 B
Yield 2020 3,01%
P/E ratio 2020 9,59x
P/E ratio 2021 9,14x
EV / Sales2020 1,20x
EV / Sales2021 1,20x
Capitalization 21 348 B
Technical analysis trends TOYOTA MOTOR CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 8 404,00  JPY
Last Close Price 7 663,00  JPY
Spread / Highest target 30,5%
Spread / Average Target 9,67%
Spread / Lowest Target -24,3%
EPS Revisions
Managers
NameTitle
Akio Toyoda President & Representative Director
Takeshi Uchiyamada Chairman
Koji Kobayashi CFO, Representative Director & EVP
Shigeki Terashi Director & Executive Vice President
Shigeru Hayakawa Vice Chairman
Sector and Competitors
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HONDA MOTOR CO., LTD.12.46%50 749
GENERAL MOTORS COMPANY4.96%50 350