WIll Tariffs Effect the Price of New Toyotas?

Tariffs on Imports Going into Effect April 3rd

With the official announcement from President Donald Trump on Wednesday, April 2nd, consumers now are assured that there will be tariffs on imported cars sold in the US. Among those vehicles are the top-selling SUV (The Toyota Rav4, built in Canada) and top selling small truck (The Toyota Tacoma, built in Mexico). Many buyers are wondering if they need to act right away to buy a vehicle on the lot before it can be affected by the new trade war.

For the moment, there is no indication from Toyota Motor Company that they are raising prices to offset the tariffs. In an earlier statement, Toyota said it will keep running its operations as it has been and focus on bringing down fixed costs, not expressing any intention to raise vehicle prices in response to U.S. President Donald Trump's tariffs.

"While closely monitoring developments from U.S. authorities including tariffs, we'll continue to work on reducing fixed costs and maintain our current operations for the time being," a Toyota spokesperson said in a statement.

In 2024, the U.S. was Toyota's biggest market globally, with a volume of 2.3 million vehicles delivered over the year, despite the lingering effects of a chip shortage from several years ago.

Toyota of Braintree is likewise committed to keeping costs in line with the correct market conditions, and will not raise any prices in anticipation of higher replacement costs for incoming Toyotas from Canada or Mexico.

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