Toyota Motor Corporation has firmly rejected claims that it pledged a fresh $10 billion investment in the United States during President Donald Trump’s recent visit to Japan.
The clarification came from senior Toyota executive Hiroyuki Ueda, who emphasized the automaker never made explicit promises about investments of that magnitude.
Trump had enthusiastically announced the supposed commitment while addressing American troops aboard the USS George Washington in Tokyo Bay on Tuesday.
He even urged them to “go out and buy a Toyota” and credited Japanese Prime Minister Sanae Takaichi for delivering the news.
What’s behind the confusion?
The confusion seems to stem from Toyota’s past investment history and the way executives framed ongoing discussions about its US operations.
According to Hiroyuki Ueda, Toyota’s Chief Officer for Public and External Affairs, the company referenced its previous spending during advance meetings with Japanese officials and the US Embassy before Trump’s visit, but never promised new numbers.
Toyota invested around $10 billion in the United States during Trump’s first term, and Ueda said the company simply indicated it plans to keep investing and creating US jobs on roughly the same scale, rather than pledging any fresh commitment.
Speaking at the Japan Mobility Show in Tokyo, Ueda clarified that “during the first Trump administration, I think the figure was roughly around $10 billion, so while we didn’t say the same scale, we did explain that we’ll keep investing and providing employment as before”.
This historical context likely led to Trump’s announcement, with Ueda adding, “probably because of that context, the figure of about $10 billion came up”.
Trump’s announcement and broader trade context
President Trump made his bold announcement during a speech to US military personnel stationed at Yokosuka naval base near Tokyo, declaring that Prime Minister Takaichi had informed him Toyota would be “putting auto plants all over the United States, to the tune of over $10 billion”.
The president enthusiastically encouraged the troops to purchase Toyota vehicles, presenting the investment as part of a broader wave of foreign capital flowing into America.
Trump claimed that money was “pouring into the United States of America,” estimating that $17 trillion was flowing in from around the world, with projections reaching “$21 trillion of money coming into our country” by year’s end.
The announcement came just as the US and Japan finalized a sweeping trade deal in July.
Under the agreement, Japan will invest $550 billion in the US economy in return for lower tariffs. The US set a 15% base tariff on almost all Japanese imports, far lower than the 24% that was first proposed.
Toyota has long had a major footprint in the US, with nearly $50 billion already invested and about 49,000 people on its payroll nationwide.
The company also recently pledged another $88 million to boost hybrid production at its West Virginia plant, helping secure jobs for roughly 2,000 workers.
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