President Akio Toyoda has promised $10 billion in U.S. investment.
TOKYO -- Japanese Prime Minister Shinzo Abe is arranging to meet with
Toyota Motor President Akio Toyoda to discuss how Japan should respond to U.S. President Donald Trump's trade demands ahead of the two leaders' first summit meeting in early February.
A government source said the meeting, tentatively scheduled for Friday in Tokyo, will also be attended by Chief Cabinet Secretary Yoshihide Suga. The three men will focus on how Japan should respond to Trump's demand that Japanese carmakers invest and create more jobs in the U.S.
The meeting is also aimed at demonstrating to people in Japan and overseas that Japan's government and industry are working closely together to address trade issues with Washington, according to the source.
After his inauguration, Trump told manufacturers to invest more in the U.S. to create jobs. He blasted Toyota over its plans to build a new plant in Mexico.
Trump has also criticized Japanese trade practices with regard to autos, calling them "unfair," and has called for a correction of the U.S. trade deficit with Japan.
Earlier in January, Toyota announced plans to invest a total $10 billion over the next five years in the U.S., including gradual upgrades to equipment at a plant in the state of Kentucky. The automaker began taking concrete steps to boost U.S. investment last week, saying it will expand capacity at a plant in Indiana by 40,000 vehicles annually and add 400 new workers, starting in the autumn of 2019.
In a telephone conversation on Saturday, Trump told Abe he wants Japanese automakers to create jobs in the U.S. Abe responded that Japanese companies are already contributing to the U.S. by investing and creating jobs in the country.
According to sales figures released by Toyota on Monday, the automaker increased production outside Japan by 2.1% compared with 2015.
The date of the Abe-Toyoda meeting may change depending on how discussions in the Diet, which is now in session, unfold, the source said. Chief Cabinet Secretary Suga said at a news conference Monday afternoon that the meeting "has not been decided yet."
Toyota's stock price was nearly flat on Monday closing at 6,705 yen, up 1 yen from Friday.
Toyota Motor President Akio Toyoda to discuss how Japan should respond to U.S. President Donald Trump's trade demands ahead of the two leaders' first summit meeting in early February.
A government source said the meeting, tentatively scheduled for Friday in Tokyo, will also be attended by Chief Cabinet Secretary Yoshihide Suga. The three men will focus on how Japan should respond to Trump's demand that Japanese carmakers invest and create more jobs in the U.S.
After his inauguration, Trump told manufacturers to invest more in the U.S. to create jobs. He blasted Toyota over its plans to build a new plant in Mexico.
Trump has also criticized Japanese trade practices with regard to autos, calling them "unfair," and has called for a correction of the U.S. trade deficit with Japan.
Earlier in January, Toyota announced plans to invest a total $10 billion over the next five years in the U.S., including gradual upgrades to equipment at a plant in the state of Kentucky. The automaker began taking concrete steps to boost U.S. investment last week, saying it will expand capacity at a plant in Indiana by 40,000 vehicles annually and add 400 new workers, starting in the autumn of 2019.
In a telephone conversation on Saturday, Trump told Abe he wants Japanese automakers to create jobs in the U.S. Abe responded that Japanese companies are already contributing to the U.S. by investing and creating jobs in the country.
According to sales figures released by Toyota on Monday, the automaker increased production outside Japan by 2.1% compared with 2015.
The date of the Abe-Toyoda meeting may change depending on how discussions in the Diet, which is now in session, unfold, the source said. Chief Cabinet Secretary Suga said at a news conference Monday afternoon that the meeting "has not been decided yet."
Toyota's stock price was nearly flat on Monday closing at 6,705 yen, up 1 yen from Friday.
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