Toyota announces an additional $10 billion investment in the U.S.
The announcement comes as Washington presses Japan to make $550 billion worth of investments on U.S. soil.
U.S. flags fly in front of a Toyota dealership in Alhambra, Calif
(AFP) Japanese auto giant Toyota, the world leader in the sector, announced Thursday it will invest up to $10.Billion additional in the United States over the next five years, confirming a figure advanced by President Donald Trump.
The announcement comes as Washington presses Japan for Investments worth $550 billion in U.S. territory in exchange for a reduction in tariffs imposed on Japanese companies.
This new injection of resources "will bring the company's total investments in the United States to nearly $60 billion since the start of its activities on U.S. soil almost 70 years ago," Toyota said in a statement.
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The company did not detail any timetable for start-up or provide a list of projects.
In February, Toyota said its cumulative investments already made in the United States totaled $49 billion.
The group employs some 50,000 people on U.S. soil, where it has 11 factories.
During a visit to Tokyo in late October,Trump had said that Toyota planned to invest an additional $10 billion in the United States, although at the time the company qualified that it was "difficult to confirm the figure exactly."
Between April and September, Washington imposed tariffs of 25% on Japanese cars. In mid-September, the levies were capped at 15%.
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